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Exhibit 10.20  

 
 

FIRST AMENDMENT TO LEASE    
    

        THIS FIRST AMENDMENT TO LEASE ("Amendment") is dated for reference purposes April 12, 2001 by and between
Boyd Enterprises Utah, L.L.C. as Lessor, and Datamark Systems, Inc., as Lessee. 

        WHEREAS, Lessor and Lessee are the parties to a lease agreement dated April 9, 1998 (the "Lease") whereby the Lessor leased to
Lessee approximately 26,400 square feet of the property commonly known as The Monroe Building, 2305 South Presidents Drive, Unit A,B,C,D (the "Original Premises"). Except as expressly
provided in this Amendment, all capitalized terms not otherwise defined herein shall have the meaning ascribed to those terms in the Lease. 

        WHEREAS, Lessee desires to expand the Premises by approximately 14,400 square feet for the remainder of the term of the Lease. 

        NOW THEREFORE, in consideration of the mutual covenants contained in this Amendment, the parties agree to modify, amend and supplement the
Lease as follows: 

	1).	 	As of May 1, 2001 ("Expanded Premises Commencement Date"), in addition to the Original Premises, Lessor agrees to lease to Lessee, and Lessee agrees to Lease from Lessor approximately 14,400 square feet of space
known as The Monroe Building 2305 South Presidents Drive, Unit E & F ("Expanded Premises") located in the Building, as depicted on Exhibit "A" to this Amendment. From and after the Expanded Premises Commencement Date, except
as specifically provided in this Amendment, the term "Premises" shall be deemed to include the Original Premises and the Expanded Premises.
	

2).	
 	

This Amendment is specifically conditioned upon Lessee delivering to Lessor at the time of execution of this Amendment by Lessee, but in no event later than April 30, 2001, the sum of $8,362 which comprises the first month's rent for the
Expanded Premises.
	

3).	
 	

The term of this Lease as to the Expanded Premises shall end on the same date as the term of the Lease as to the Original Premises, i.e. June 30, 2005.
	

4).	
 	

As of May 1, 2001, the Rent for the Expanded Premises shall be $8,362 and the Rent for the Original Premises shall be $21,112 per month for a total of $29,474 per month, and shall thereafter be adjusted pursuant to Exhibit "B" to this
Amendment which hereby replaces Addendum A to the Lease.
	

5).	
 	

Lessor, at its sole cost and expense, shall deliver the Expanded Premises to Lessee prior to the Expanded Premises Commencement Date in a broom clean condition. In addition, Lessor agrees to paint existing offices and patch any holes in walls. Wall
between suite E & F, in shop area, must be returned to plumb. [initialed by TD & WB]
	

6).	
 	

Except as amended by the terms of this Amendment, all other terms and conditions of the Lease shall remain in full force and effect, including but not limited to any approvals or consents which Lessor has previously given Lessee for the Original
Premises.
	

7).	
 	

Lessee shall have two (2) two year options to extend this Lease based upon Exhibit B Rent Extension Schedule with a 90 day prior written notice to Lessor.

        IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment as of the date first written above. 

	 Lessee: Datamark, Inc.	 	Lessor: Boyd Enterprises Utah, LLC
	

By:	

/s/  THOMAS DEARDEN      
	
 	

By:	

/s/  WILLIS BOYD      

	 	Title:	Exec. V.P. / COO	 	 	Title:	Manager

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Exhibit 10.21  

 
 

SECOND AMENDMENT TO LEASE    
    

        THIS SECOND AMENDMENT TO LEASE ("Amendment") is dated for reference purposes January 15, 2004 by and
between Boyd Enterprises Utah, L.L.C. as Lessor, and Datamark, Inc., as Lessee. 

        WHEREAS, Lessor and Lessee are the parties to a lease agreement dated April 9, 1998 and First Amendment dated April 12, 2001
(the "Lease") whereby the Lessor leased to Lessee approximately 40,800 square feet of the property commonly known as The Monroe Building, 2305 South Presidents Drive, Unit A,B,C,D,E,F
(the "Original Premises"). Except as expressly provided in this Amendment, all capitalized terms not otherwise defined herein shall have the meaning ascribed to those terms in the Lease. 

        WHEREAS, Lessee desires to expand the Premises by approximately 8,800 square feet for the remainder of the term of the Lease. 

        NOW THEREFORE, in consideration of the mutual covenants contained in this Amendment, the parties agree to modify, amend and supplement the
Lease as follows: 

	1).	 	Upon substantial completion of Lessor's cleanup of the Expanded Premises ("Expanded Premises Commencement Date"), in addition to the Original Premises, Lessor agrees to lease to Lessee, and Lessee agrees to Lease from
Lessor approximately 8,800 square feet of space known as The Tyler Building 3781 West 2270 South, Unit A ("Expanded Premises") From and after the Expanded Premises Commencement Date, except as specifically provided in this Amendment,
the term "Premises" shall be deemed to include the Original Premises and the Expanded Premises.
	

2).	
 	

This Amendment is specifically conditioned upon Lessee delivering to Lessor at the time of execution of this Amendment by Lessee, but in no event later than March 1, 2004, the sum of $4,544 plus CAM of $704 to a total of $5,248 which comprises
the first month's rent for the Expanded Premises. Such payments shall be returned to Lessee in the event Lessor is unable to deliver the Expanded Premises as set in Section 5 below.
	

3).	
 	

The term of this Lease as to the Expanded Premises shall end on the same date as the term of the Lease as to the Original Premises, i.e. June 30, 2005.
	

4).	
 	

As of April 1, 2004, the Rent for the Expanded Premises shall be $5,248 and the Rent for the Original Premises shall be $30,805 per month for a total of $36,053 per month, and shall thereafter be adjusted pursuant to Exhibit "C" to this
Amendment which hereby replaces Exhibit B to the Lease.
	

5).	
 	

Lessor, at its sole cost and expense, shall deliver the Expanded Premises to Lessee prior to the Expanded Premises Commencement Date in a broom clean condition. In addition, Lessor agrees to paint and carpet, in a workmanlike manner, existing offices
as necessary and patch any holes in walls.
	

6).	
 	

All representations and warranties of Landlord regarding the Original Premises are hereby extended to and made as to the Expanded Premises.
	

7).	
 	

Except as amended by the terms of this Amendment, all other terms and conditions of the Lease shall remain in full force and effect, including but not limited to any approvals or consents which Lessor has previously given Lessee for the Original
Premises.

        IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment as of the date first written above. 

	 Lessee: Datamark Inc.	 	Lessor: Boyd Enterprises Utah, L.L.C.
	

By:	

/s/  KEVIN BODILY      
	
 	

By:	

/s/  WILLIS BOYD      

	 	Title:	CFO	 	 	Title:	Managing Member

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SECOND AMENDMENT TO LEASEExhibit 10.12

 

	
  

  	
  LIMITED LIABILITY PARTNERSHIP

  

  CONFORMED COPY

  

 

DUCHESSGROVE
LIMITED

LAVENDERVIEW
LIMITED

GRAPEDRIVE
LIMITED

GRAPECLOSE
LIMITED

THE MANAGERS

THE INVESTORS

INMARSAT
VENTURES PLC

 

 

SHAREHOLDERS
AGREEMENT

 

 

 

 

CONTENTS

 

	
  Clause

  	
   

  	
   

  
	
  1.

  	
  Initial Transaction Steps

  	
   

  
	
  2.

  	
  Conditions

  	
   

  
	
  3.

  	
  Completion

  	
   

  
	
  4.

  	
  Warranties

  	
   

  
	
  5.

  	
  Undertakings

  	
   

  
	
  6.

  	
  Directors

  	
   

  
	
  7.

  	
  Financial Information

  	
   

  
	
  8.

  	
  Matters Requiring Consent

  	
   

  
	
  9.

  	
  Miscellaneous

  	
   

  
	
  10.

  	
  Costs And Fees

  	
   

  
	
  11.

  	
  Service Agreements

  	
   

  
	
  12.

  	
  Adherence By New
  Shareholders

  	
   

  
	
  13.

  	
  Corporate
  Governance And Conduct After Completion

  	
   

  
	
  14.

  	
  Independent
  Appraisals/No Duty Of Care

  	
   

  
	
  15.

  	
  Listing

  	
   

  
	
  16.

  	
  Further Share Issues

  	
   

  
	
  17.

  	
  Duration

  	
   

  
	
  18.

  	
  Announcements And Notices

  	
   

  
	
  19.

  	
  Governing Law

  	
   

  
	
  20.

  	
  Interpretation

  	
   

  
				

 

	
  Schedule 1

  	
  The Managers

  	
   

  
	
  Schedule 2

  	
  The Original Investors

  	
   

  
	
  Part A The
  Permira Original Investors

  	
   

  
	
  Part B The Apax
  Original Investors

  	
   

  
	
  Schedule 3

  	
  Warranties

  	
   

  
	
  Schedule 4

  	
  Authorised And Issued Share Capital And
  Directors Immediately After Completion

  	
   

  
	
  Schedule 5

  	
  Veto Rights Of Original Investors

  	
   

  
	
  Schedule 6

  	
  Remuneration And Audit Committees

  	
   

  
	
  Schedule 7

  	
  Listing Matters

  	
   

  
	
  Part A Warranties

  	
   

  

 

 

	
  Part B Registration Rights

  	
   

  
	
  Schedule 8

  	
  Agreed
  Form Deeds Of Adherence

  	
   

  
	
  Part A Agreed Form Managers Deed Of
  Adherence

  	
   

  
	
  Part B Agreed Form Additional Investors
  Deed Of Adherence

  	
   

  
	
  Part C Agreed Form Original Investors Deed
  Of Adherence

  	
   

  
			

 

 

AGREED FORM DOCUMENTS

 

1.                                 Announcement

 

2.                                 Articles of Association

 

3.                                 Deeds of Adherence

 

4.                                 Delegated Authorities Memorandum

 

5.                                 Disclosure Letter

 

6.                                 Finance Documents

 

7.                                 Managers’ Questionnaires

 

8.                                 Intercompany Loan Agreements

 

9.                                 Service Agreement Amendment Agreements

 

10.                           Subordinated Preference Certificates Instrument

 

11.                           Scheme Document

 

12.                           Tranche A Subordinated Preference Certificates Instrument

 

13.                           Warrant Instrument

 

14.                           Written Resolutions

 

 

This Agreement
is entered into on 16 October 2003

 

BETWEEN:

 

(1)                            DUCHESSGROVE LIMITED (registered in England under no. 4886072), whose registered office
is at 10 Upper Bank Street, London, E14 5JJ (the “Company”);

 

(2)                            LAVENDERVIEW LIMITED (registered in England under no. 4917504), whose registered office
is at 10 Upper Bank Street, London, E14 5JJ (“SPCCo”);

 

(3)                            GRAPEDRIVE LIMITED (registered in England under no. 4886115), whose registered office
is at 10 Upper Bank Street, London, E14 5JJ (“MidCo”);

 

(4)                            GRAPECLOSE LIMITED (registered in England under no. 4886096), whose registered office
is at 10 Upper Bank Street, London, E14 5JJ (“BidCo”);

 

(5)                            THE SEVERAL PERSONS whose names and addresses are set out in Schedule 1 (the “Managers” and each a “Manager”);

 

(6)                            THE SEVERAL PERSONS whose names and addresses are set out in Parts A and B of Schedule
2 (the “Original  Investors” and each an “Original Investor”); and

 

(7)                            INMARSAT VENTURES PLC (registered in England under no. 3674573), whose registered office
is at 99 City Road, London, EC1Y 1AX (the “Target”).

 

WHEREAS:

 

(A)                        The Company is the holding company of SPCCo and the ultimate holding
company of MidCo and BidCo.

 

(B)                          BidCo intends to acquire the entire issued ordinary share capital of
the Target.

 

(C)                          In order to effect the acquisition of the Target, the Target intends
to propose a scheme of arrangement under section 425 of the Act to its
shareholders pursuant to which BidCo will become the owner of the entire issued
share capital of the Target and (i) BidCo will pay the cash consideration due
under the Cash Offer and (ii) to the extent that Target Shareholders so elect,
the Company and SPCCo will issue TopCo Units due under the Securities Offer.

 

(D)                         This Agreement sets out the terms on which the Original Investors
and the Managers are willing to invest in the Company and the terms on which
the Original Investors are willing to subscribe for Subordinated Preference
Certificates in SPCCo.

 

(E)                           This Agreement creates certain other rights and obligations between
the parties and those becoming parties to this agreement.

 

(F)                           Those Target Shareholders who validly elect to receive TopCo Units
pursuant to the Securities Offer shall become parties to this agreement (as
Additional Investors) by execution of a Deed of Adherence.

 

(G)                          The Target is only a party to this Agreement for the purpose of its
rights and obligations pursuant to clauses 1, 2.1, 2.2, 2.4 and 2.5.

 

2

 

NOW IT IS HEREBY agreed as follows:

 

1.           INITIAL TRANSACTION STEPS

 

1.1                           In order to
implement the Scheme, the parties hereby agree, subject to the provisions of
this Agreement, to take all actions within their control as set out below to
cause the following matters to be carried out as soon as reasonably practicable
following the execution of this Agreement and in any event, by the times set
out in this Agreement:

 

1.1.1                            the Target
will lodge a Claim Form with the Court, inter alia, seeking leave to convene
the Court Meeting;

 

1.1.2                            the
Announcement will be released for publication by the Company and BidCo;

 

1.1.3                            BidCo and
the Original Investors will give their written consent to the despatch of the
Scheme Document with the inclusion of references to each of them and their
respective directors and officers.  The
Target will despatch the Scheme Document containing the independent directors’
recommendation to its shareholders; and

 

1.1.4                            BidCo and
the Target will make all necessary regulatory filings and/or clearance
applications for the implementation of the Offer.

 

1.2                           The
obligations of the Target under this Agreement shall not require the Target to
breach any duty of confidentiality which it owes to any third party or require
its directors to do or omit to do anything (including without limitation
causing Target to do or omit to do anything) if, and only to the extent that,
they conclude, in good faith, that such action or omission would be in breach
of their fiduciary duties as directors of the Target.

 

2.                                 CONDITIONS

 

2.1                           Completion
is conditional upon the following matters (the “Shareholders Agreement Conditions”) being fulfilled:

 

2.1.1                            the Offer
having been announced in accordance with Rule 2.5 of the Takeover Code within 7
days of the date hereof or such later period as the Original Investors and the
Target may agree; and

 

2.1.2                            in the
case of the Scheme, the Effective Date having occurred or, in the case of a
Subsequent Offer, the offer becoming or being declared unconditional in all
respects in each case by 30 April 2004.

 

2.2                           The Company undertakes to the Original Investors:

 

2.2.1                            not to,
and to procure that the other relevant members of the Group do not, amend,
vary, novate, supplement or terminate any of the Finance Documents, the
Subordinated Preference Certificates Instrument or the Tranche A Subordinated
Preference Certificates Instrument or waive any right or give any consent or
exercise any discretion under any of those documents, or vary, amend, increase
or extend the Scheme or announce a Subsequent Offer, or agree 

 

3

 

                                                    to do any of such things, without in each such case the unanimous
written consent of the Original Investors; and

 

2.2.2                            if the
Original Investors (acting unanimously and having obtained the written consent
of each of the other parties to such agreements or, in the case of the Scheme
or Subsequent Offer, the Target) so direct, to take (and to procure that each
relevant member of the Group shall take) such action as the Original Investors
shall direct to amend, vary, novate, supplement or terminate any of the Finance
Documents or the Subordinated Preference Certificate Instrument or waive any
right or give any consent or exercise any discretion under any of those
documents, or vary, amend, supplement, increase, extend or withdraw the Scheme
whether such variation, amendment, increase, extension or withdrawal is
effected by scheme of arrangement, Subsequent Offer or otherwise.

 

2.3                           Each of the
Managers undertakes to the Company, BidCo and the Original Investors subject to
his fiduciary duties as a director of the Target and of any other member of the
Target Group and any requirements of law or a regulatory authority including
any obligations of confidentiality to which he is subject:

 

2.3.1                            and,
further subject to clause 2.4.1, to use his reasonable endeavours to procure
that, prior to the Completion Date, the business of the Target Group is carried
on in the ordinary course and that no Confidential Information concerning the
Target Group or its business is disclosed to any third party other than (i) in
the ordinary course of business or (ii) as required pursuant to the Takeover
Code or (iii) to the Original Investors and their professional advisers;

 

2.3.2                            and,
further subject to receipt by the Manager of such information as he may reasonably
require so as to enable him to form the opinion set out in Section 156(2) of
the Act to ensure, to the extent that he is able, that he will at or around
Completion do everything necessary to ensure the Target Group is able to give
any financial assistance contemplated by the Finance Documents, including but
not limited to the passing of any board resolutions or giving of any required
statutory declarations; and

 

2.3.3                            to give
notice to the Original Investors in writing promptly if he becomes aware before
the Completion Date of any fact, matter, event or circumstance which:

 

(a)                     does or would be
reasonably likely to give rise to a breach of any of the obligations undertaken
by any of the Managers pursuant to this Agreement;

 

(b)                    does or would be
reasonably likely to give rise to a breach by a member of the Target Group of
its obligations pursuant to clause 2.4.1;

 

(c)                     does or would be
reasonably likely to give rise to a breach of any of the representations,
warranties, undertakings or agreements contained in the Finance Documents; or

 

(d)                    is reasonably
likely to prevent a Shareholders Agreement Condition being satisfied.

 

4

 

2.4                           Between the
execution of this Agreement and Completion the Target shall in consideration
for BidCo agreeing to the publication of the announcement of the Scheme:

 

2.4.1                            undertake
and procure that each member of the Target Group shall undertake that unless
otherwise agreed by BidCo none of the acts specified in paragraphs 1 to 36 of
Schedule 5 shall be carried out PROVIDED THAT,

 

(a)                     for the purposes
of this clause 2.4.1, references in Schedule 5 to the Enlarged Group shall be
replaced by the Target Group; and

 

(b)                    a matter covered
by Schedule 5 will not require the consent of Bidco if it has been approved by
Michael Storey as the Chief Executive Officer of the Target and such approval
is within the scope of the Delegated Authorities Memorandum in the agreed form;

 

2.4.2                            procure
that the Company, BidCo and the Original Investors and any of their duly
authorised employees, officers or representatives (including professional
advisers) and finance providers and their advisers shall at all times on
reasonable prior notice be given all reasonable access to the employees and
premises of the Target Group, including, but not limited to,

 

(a)                     procuring that
such officers and senior employees of the Target shall be made available for
meetings with the Original Investors as reasonably requested including to (i)
confirm compliance with Schedule 5 and (ii) provide an update on current
trading and capital expenditure of the Target Group; and

 

(b)                    ensure that the
auditors of the Group are given sufficient access to the premises and financial
papers of the Target Group to facilitate the giving of any financial assistance
on or around the Completion Date by any member of the Enlarged Group as
contemplated by the Financing Documents;

 

2.4.3                            before 30
November 2003, provide the Original Investors with consolidated financial
statements of the Group in accordance with generally accepted accounting
principles in the United States (“US GAAP”)
for the nine month period ending on 30 September 2003 with comparative
statements for the nine month period ending on 30 September 2002, reviewed (but
not audited) by the auditors of the Group;

 

2.4.4                            to take
all commercially reasonable actions within its control as soon as practicable
to:

 

(a)                     satisfy, or
procure the satisfaction of, each Shareholders Agreement Condition and
Condition to the extent that it is within the control of Target or any member
of the Target Group; and

 

(b)                    implement the
Scheme;

 

5

 

2.4.5                            shall, to the extent permitted by law:

 

(a)                     co-operate with BidCo in good faith with a view to satisfying each
Condition, including providing all information reasonably required by BidCo
promptly on request;

 

(b)                    provide all
information reasonably required by any Regulatory Body;

 

(c)                     regularly update
BidCo on the progress of obtaining any approvals, consents, modifications or
waivers necessary or reasonably desirable in relation to the implementation of
the Offer and Scheme; and

 

(d)                    promptly inform
BidCo of the satisfaction of any Condition;

 

2.4.6                            consult
with BidCo, to the extent reasonably practicable in advance in relation to all
Communications, including promptly providing copies of any written
Communications to BidCo;

 

2.4.7                            subject to
the directions of the Court as soon as reasonably practicable after the date
hereof give notice to Target Shareholders convening the Meetings to take place
at a date on or about 1 December 2003 or such later date as the Original
Investors may agree;

 

2.4.8                            consult
with BidCo regarding the timing of publication and content of the Scheme
Document in good time prior to its publication; and

 

2.4.9                            to the
extent it is commercially reasonable, as soon as practicable and in any event
by the relevant due date, to procure that all covenants in the Finance
Documents are complied with, including without limitation, covenants in
connection with the High Yield Notes.

 

2.5                           Shareholder Documentation

 

2.5.1                            Target and
BidCo shall provide to each other any information about their respective Groups
which is reasonably required by the other party to be included in any
Communications, in the Scheme Document, in the announcement of the Offer or any
other document required to be published in relation to the Offer or the Scheme.

 

2.5.2                            Each of
Target and BidCo shall procure that, so far as is reasonable, members of its
board or other relevant officers accept responsibility for the information
contained in the Scheme Document relating to Target or BidCo, as required, and
shall give its consent to the inclusion of its name and statements accepting
responsibility for such information in the Scheme Document.

 

2.5.3                            If any
supplementary Scheme Document or other document relating to the Offer or the
Scheme is proposed to be sent by Target to its shareholders in relation to the
Offer or the Scheme, Target shall, so far as reasonably practicable, consult
with BidCo regarding the timing and content of the relevant document in good
time prior to publication of the document.

 

6

 

2.5.4                            Where
consultation has taken place in accordance with clause 2.5.3, each of Target
and BidCo shall procure that, so far as is reasonable, members of its board or
other relevant officers accept responsibility for the information contained in
the supplementary Scheme Document or other document relating to that party and
give their consent to the inclusion of their names and statements accepting
responsibility for such information in such document in each case as required.

 

2.5.5                            Where no
consultation has taken place in accordance with clause 2.5.3, no member of the
BidCo board or other relevant officer shall be required to accept
responsibility for the information contained in the supplementary Scheme
Document or other document relating to BidCo or give their consent to the
inclusion of their names and statements accepting responsibility for such information
in such document.

 

2.6                           If the
Shareholders Agreement Conditions are not fulfilled by 30 April 2004, or if the
Offer lapses or if a majority of the Independent Directors conclude, acting in
good faith, that they should withdraw their recommendation of the Cash Offer
and give written notice of the same to the Company, this Agreement shall
automatically terminate with immediate effect:

 

2.6.1                            this
clause 2.6, together with clauses 9 (other than clause 9.19)
(Miscellaneous), 14 (Independent Appraisals/No Duty of Care), 18 (other than
clause 18.1) (Announcements and Notices), 19 (Governing Law) and 20
(Interpretation) shall continue to apply; and

 

2.6.2                            termination
shall not affect a party’s accrued rights and obligations at the date of
termination although each party’s further rights and obligations shall cease
immediately on termination.

 

3.                                 COMPLETION

 

Completion
will take place at the offices of the Original Investors’ Solicitors on the
Completion Date (or at such other place or date as the Original Investors may
agree but no later than 30 April 2004). 
At Completion the following shall take place (to the extent that they
have not taken place prior to the Completion Date):

 

3.1                           the
directors of each Group Company shall hold a board meeting to approve all documents
to be executed by such Group Company at Completion and all matters contemplated
or required by such documents;

 

3.2                           the
shareholders of the Company shall execute the Written Resolutions to adopt the
Articles of Association, to increase the authorised share capital of the
Company to the amounts set out in Schedule 4, and to authorise the issue and
allotment of the shares referred to in clauses 3.3, 3.4 and 3.5 below;

 

Managers Subscription

 

3.3                           each of the Managers shall subscribe and pay for in cash at the
price of EUR 1.00 plus the amount calculated as the Ratchet Premium per share
(by transfer of funds for same 

 

7

 

day value),
and the Company shall issue and allot to them, the number of “A” Ordinary
Shares set opposite their respective names in column 2 of Schedule 1 and the
Company shall enter their respective names in the register of members of the
Company and shall issue share certificates in respect of such shares;

 

Additional Investor Allotments

 

3.4                           the Company
and SPCCo shall allot and issue to each Target Shareholder which has made a
valid election (or to such of its Affiliates as have validly elected) under the
Securities Offer such number of “B” Ordinary Shares and Subordinated Preference
Certificates respectively as it shall be entitled to receive under the
Securities Offer and (i) the Company shall enter the names of each such persons
in the register of members of the Company and shall issue certificates to such
persons in respect of such “B” Ordinary Shares and (ii) SPCCo shall enter the
names of such persons in the register of Subordinated Preference
Certificateholders and shall issue certificates to such persons in respect of
such Subordinated Preference Certificates;

 

Original Investors Subscription

 

3.5                           each of the
Original Investors, or such of its Original Investor Newcos that it has
notified the Company in writing of at least 5 Business Days before the
Effective Date (subject to each Original Investor Newco validly entering into a
Deed of Adherence in accordance with clause 12 below), shall subscribe and pay
in cash at the price of EUR 1.00 per share (by transfer of funds for same day
value) and the Company shall issue and allot to them,

 

3.5.1                            the
Minimum Share Subscription; and

 

3.5.2                            pro rata
to each Original Investor’s subscription pursuant to clause 3.5.1, such
additional number of “B” Ordinary Shares at a price of EUR 1.00 per share as
equals

 

(a)                     the difference
between the Maximum Share Subscription and the Minimum Share Subscription less

 

(b)                    such number of “B”
Ordinary Shares that are to be issued to Additional Investors pursuant to
clause 3.4 as a result of the Target Shareholders electing to accept the
Securities Offer,

 

and the
Company shall enter their respective names in the register of members of the
Company and shall issue share certificates in respect of such Shares;

 

3.6                           each of the
Original Investors, or such of its Original Investor Newcos that it has
notified the Company in writing of at least 5 Business Days before the
Effective Date (subject to each Original Investor Newco validly entering into a
Deed of Adherence in accordance with clause 12 below), shall subscribe and pay
in cash in US$ the following amounts to be converted at the Conversion Rate on
the Effective Date and applied to subscribe at the price of EUR 1.00 per EUR
1.00 in discounted nominal amount of Subordinated Preference Certificates (by
transfer of funds for same day value) and SPCCo shall issue to them
Subordinated Preference Certificates in respect thereof,

 

8

 

3.6.1                            the
Minimum Subordinated Preference Certificate Subscription Amount; and

 

3.6.2                            pro rata
to each Original Investor’s subscription in clause 3.6.1, such additional
nominal amount of Subordinated Preference Certificates as equals:

 

(a)                     the difference
between the Maximum Subordinated Preference Certificate Subscription Amount and
the Minimum Subordinated Preference Certificate Subscription Amount; less

 

(b)                    the amount in US$
treated, pursuant to the terms of the Scheme, as being applied in subscribing
for such number of Subordinated Preference Certificates as are to be issued to
Additional Investors pursuant to clause 3.4 as a result of the Target
Shareholders electing to accept the Securities Offer;

 

and SPCCo
shall enter their respective names in the register of subordinated preference
certificateholders of SPCCo and shall issue subordinated preference
certificates in respect of such Subordinated Preference Certificates.

 

For the
avoidance of doubt, the ratio of any further subscription of “B” Ordinary
Shares to Subordinated Preference Certificates by the Original Investors
pursuant to clauses 3.5.2 and 3.6.2 shall be in the same ratio as the Minimum
Share Subscription to the Minimum Subordinated Preference Certificate
Subscription Amount.

 

3.7                           Following,
and to the extent of, receipt by the Company of the respective subscription
monies referred to in clauses 3.3, 3.4 and 3.5 above, the Company shall
subscribe and pay for in cash at the price per share set out below (by transfer
of funds for same day value) the following number of shares in SPCCo
respectively:

 

1,080,000           A ordinary shares at EUR 2.00 per
share;

 

25,461,000         B ordinary shares at EUR 1.00 per
share;

 

and SPCCo
shall issue and allot such shares to the Company, in the capital of SPCCo and
that SPCCo shall enter the name of the Company in its register of members and
shall issue share certificates to the Company in respect of such shares.

 

3.8                           Following,
and to the extent of, receipt by SPCCo of the subscription monies referred to
in clause 3.7 above, SPCCo shall subscribe and pay for in cash at the price per
share set out below (by transfer of funds for same day value) the following
number of shares in MidCo respectively:

 

1,080,000 A ordinary
shares at EUR 2.00 per share;

 

25,461,000 B
ordinary shares at EUR 1.00 per share;

 

and MidCo
shall issue and allot to SPCCo such shares in the capital of MidCo and shall
enter SPCCo in its register of members and shall issue a share certificate to
SPCCo in respect of such shares.

 

9

 

3.9                           Following,
and to the extent of, receipt by MidCo of the subscription monies referred to
in clause 3.8 above, MidCo shall subscribe and pay for in cash at the price per
share set out below (by transfer of funds for same day value) the following
number of shares in BidCo respectively:

 

1,080,000 A
ordinary shares at EUR 2.00 per share;

 

25,461,000 B
ordinary shares at EUR 1.00 per share;

 

and BidCo
shall issue and allot to MidCo such shares in the capital of BidCo and shall
enter MidCo in its register of members and shall issue a share certificate to
MidCo in respect of such shares.

 

3.10                     Upon, and to the
extent of, receipt of the subscription monies referred to in clauses   3.4 and 3.6 above, MidCo shall drawdown and
SPCCo shall advance to MidCo  pursuant to
the terms of the MidCo/SPCCo Intercompany Loan (by transfer of funds for same
day value) an amount in US$ equal to the amount paid pursuant to clause 3.6 in
subscribing for Subordinated Preference Certificates provided that such monies
shall be advanced in US$ and converted at the Conversion Rate at the Effective
Date into Euros for the purpose of determining the amount advanced pursuant to
the MidCo/SPCCo Intercompany Loan.

 

3.11                     Upon, and to the
extent of, receipt of the amount referred to in clause 3.10 above, BidCo shall
drawdown and MidCo shall advance to BidCo pursuant to the terms of the
BidCo/MidCo Intercompany Loan (by transfer of funds for same day value) of the
same amount as the amounts advanced pursuant to clause 3.10 and shall also be
advanced in US$ and converted at the Conversion Rate at the Effective Date into
Euros for the purposes of determining the amount advanced pursuant to the
BidCo/MidCo Intercompany Loan.

 

3.12                     Michael Storey,
Michael Butler and Ramin Khadem shall (if they are not already directors) be
appointed to the Board as directors and (if they are not already directors)
Graham Wrigley shall be appointed to the Board as the Permira Director, Richard
Wilson shall be appointed to the Board as the Apax Director and any person
entitled to be appointed to the Board by an Additional Investor in accordance
with Article 12 of the Articles of Association shall be so appointed.

 

3.13                     Subject to him agreeing
to subscribe and pay the subscription monies due (by transfer of funds for same
day value) the Company shall issue and allot to Andrew Sukawaty (“AS”) 189,000 “A” Ordinary Shares at a
subscription price in cash of EUR 1.00 plus the amount calculated as the
Ratchet Premium per share and the Company shall enter his name in the register
of members of the Company and shall issue a share certificate in respect of
such shares.  AS shall be appointed to
the Board as non-executive director and Chairman of the Company.

 

3.14                     The Company shall
execute and deliver the Warrant Instrument and the Tranche A Subordinated
Preference Certificates Instrument in compliance with the Bridge Facility
Documents.

 

10

 

3.15                     The Company shall
procure that the Target executes, and each Manager shall execute, his Service
Agreement Amendment Agreements.

 

3.16                     The Company shall
do such acts and things required to be performed under the Finance Documents.

 

4.                                 WARRANTIES

 

4.1                           Each of the
Managers hereby severally (but not jointly) warrants to each of the Original
Investors that (subject to the matters fairly disclosed in the Disclosure
Letter and to any matter expressly provided for under this Agreement) each of
the statements set out in Schedule 3 (the “Warranties”)
is true and accurate in all respects at the date of this Agreement (save that
Paul Griffith does not warrant the statements set out in paragraph 3 of
Schedule 3).  The Warranties contained in
paragraphs 1 and 2 of Schedule 3  but,
for the avoidance of doubt, none of the other Warranties shall be deemed to be
repeated on each day up to and including the Completion Date.

 

4.2                           The
Managers acknowledge that the Original Investors are entering into this
Agreement in reliance on each of the Warranties.

 

4.3                           Each of the
Warranties are separate and independent warranties and the Original Investors
shall, subject to clause 4.8, have a separate claim and right of action in
respect of every breach.  The Warranties
shall continue in full force and effect after Completion.

 

4.4                           Each of the
Managers hereby agrees with the Original Investors and the Company to waive any
right which he may have in respect of any misrepresentation or inaccuracy in,
or omission from, any information or advice supplied or given to him by any
other Manager, any member of the Target Group or any of the Target Group’s
officers or employees for the purpose of enabling him to give the Warranties or
to prepare the Disclosure Letter save for fraud on the part of the relevant
person.

 

4.5                           Each of the
Warranties is given subject to the matters fairly disclosed in the Disclosure
Letter and to any matter expressly provided for under this Agreement but is
otherwise subject to no qualification.

 

4.6                           Where any
of the Warranties or the statements in the Disclosure Letter is qualified by
the expression “to the best of the knowledge, information and belief of” or “as
far as the Manager is aware” or any similar expression, it shall be deemed to
include and be limited to any knowledge or awareness which the person would
have if the person had made all reasonable enquiries of the other Managers and
such other persons that have been agreed in writing between each Manager and
the Original Investors.

 

4.7                           Each
Manager gives those Warranties which he gives pursuant to clause 4.1 in respect
of himself only and not in respect of any other Manager.

 

4.8                           Save for
claims in respect of any breach of any of the Warranties arising (or any delay
in the discovery of which arises) as a result of fraud or dishonest concealment
on the part of the relevant Manager:

 

4.8.1                            the
aggregate liability of each Manager for all claims pursuant to the Warranties
shall not exceed the amount set opposite his name in column 4 of Schedule 1;

 

11

 

4.8.2                            no
liability of a Manager in respect of any claim for breach of any of the
Warranties given by such Manager shall arise unless the amount of such claim
exceeds £100,000;

 

4.8.3                            no
liability of a Manager in respect of a claim for breach of any of the
Warranties given by such Manager shall arise unless the amount of such claim
when aggregated with the amounts recoverable in respect of other claims for
breach of any of the Warranties given by such Manager exceeds £1,000,000, but
then the liability shall be in respect of the whole amount of such claim
subject to clause 4.8.1 and not just the excess over £1,000,000;

 

4.8.4                            no Manager
shall be liable in respect of any claim for breach of any of the Warranties
given by such Manager unless he shall have been given written notice of such
claim prior to the date being three months after the date on which the Enlarged
Group’s accounts for the financial year to 31 December 2004 are approved by the
Board;

 

4.8.5                            the
Original Investors shall not be entitled to recover more than once from each
Manager in respect of any one matter giving rise to a claim under the
Warranties;

 

4.8.6                            the
Managers shall not be liable for any claim for breach of any of the Warranties
given by the Managers to the extent that it arises, or is increased or extended
by:

 

(a)                     any change to
legislation, any increase in rates of taxation or any change in the published
practice of a revenue authority, in each case made on/or after Completion with
retrospective effect;

 

(b)                    any change in the
accounting reference date of any Group Company made on/or after Completion; or

 

(c)                     any change in the
accounting policy or practice of any Group Company made on/or after Completion,
save where such change is required to conform such policy or practice with
generally accepted policies or practices or where such change is necessary to
correct an improper policy or practice;

 

4.8.7                            the
Managers shall not be liable for any claim for breach of the Warranties given
by the Managers to the extent that the fact, matter, event or circumstance
giving rise to such claim is remediable and is remedied in full by or at the
expense of the Managers within 15 days of the date on which written notice of
such claim is given to the Managers; and

 

4.8.8                            the liability
of each Manager for each individual claim for breach of the Warranties given by
the Managers shall be limited to the percentage of the total amount of that
claim set out opposite his name in column (5) of Schedule 1.

 

12

 

5.                                 UNDERTAKINGS

 

5.1                           For the
purpose of this clause 5:

 

“the Business” means any business carried on by the Company
or any Associated Company at the date of termination of the employment of any
Manager and with which the relevant Manager has been concerned to a material
extent in the 12 months immediately preceding such termination;

 

references to “Associated Companies” shall only be references to companies
in respect of which the Manager has carried out material duties in the period of
12 months prior to the date of termination of the employment;

 

“Restricted Person” shall mean any person who or which has at
any time during the period of 12 months immediately preceding the date of
termination done business with the Company or any Associated Company as a LESO,
other distributor or satellite supplier and with whom or which the Manager
shall have had direct personal dealings, contact with or responsibility for
during the 24 months preceding the date of termination of his employment;

 

“Key Employee” shall mean any person who at the date of
termination of the Manager’s employment is employed or engaged by the Company
or any Associated Company with whom the Manager has had material contact during
the 24 months preceding the date of termination of his employment and (a) is
employed or engaged in a senior capacity and/or (b) is in the possession of
Confidential Information  belonging to
the Company and/or (c) is directly managed by or reports to the Manager (in
each case whether or not such person would commit a breach of contract by so
doing).

 

5.2                           As further
consideration for the Original Investors agreeing to subscribe for Ordinary
Shares and Subordinated Preference Certificates on the terms of this Agreement,
each of the Managers hereby undertakes and covenants with the Company, BidCo,
the Additional Investors and the Original Investors that (except with Original
Investor Consent):

 

5.2.1                            he will
not in connection with the carrying on of any business in competition with the
Business for the period of 12 months after the termination of his employment
without the prior written consent of the Board either alone or jointly with or
on behalf of any person directly or indirectly:

 

(a)                     do business with
a Restricted Person; or

 

(b)                    canvass solicit or
approach or cause to be canvassed or solicited or approached for orders in
respect of any services provided and/or any goods sold by the Company or any
Associated Company, any Restricted Person; or

 

(c)                     solicit or entice
away or endeavour to solicit or entice away from the Company or any Associated
Company any Key Employee;

 

5.2.2                            he will
not for the period of 12 months after the termination of his employment without
the prior written consent of the Board either alone or jointly with or on
behalf of any person directly or indirectly carry on or set up or be employed
or engaged by or otherwise assist in or be interested in any capacity save as a
shareholder of not more than 4% (four) in aggregate of any class of shares, 

 

13

 

                                                    debentures or other securities of any company which are quoted on or
dealt in any recognised investment exchange in a business anywhere within
England, Scotland, Wales, Northern Ireland or the rest of the world which is in
competition with the Business; and

 

5.2.3                            he will at
the cost of the Company enter into a direct agreement or undertaking with any
Associated Company whereby he will accept restrictions and provisions
corresponding to but not exceeding the restrictions and provisions in sub-clauses
5.2.1 and 5.2.2 above or such of them as may be appropriate in the
circumstances) in relation to such activities and such area and for such period
not exceeding 12 months from after the termination of his employment as such
Associated Company may reasonably require for the protection of its legitimate
business interests.

 

5.3                           The
covenants contained in sub-clauses 5.2.1 and 5.2.2 are intended to be separate
and severable and enforceable as such.

 

5.4                           It is
agreed between the parties that, whilst the restrictions set out in sub-clauses
5.2.1 and 5.2.2 are considered fair and reasonable, if it should be found that
any of the restrictions be void as going beyond what is fair and reasonable in
all the circumstances and if by deleting part of the wording or substituting a
shorter period of time or different geographical limit or a more restricted
range of activities for any of the periods of time, geographical limits or
ranges of activities set out in sub-clauses 5.2.1 and 5.2.2 it would not be
void then there shall be substituted such next less extensive period and/or
limit and/or activity or such deletions shall be made as shall render
sub-clauses 5.2.1 and 5.2.2 valid and enforceable.

 

5.5                           The
Company, BidCo and the Original Investors agree that any period for which a
Manager may have complied with a direction to perform no duties and/or not to
enter all or any of the premises of the Company in accordance with the clause
in such Manager’s Service Agreement Amendment Agreement entitled “Garden Leave”
or, in respect of Michael Storey, clause 21.2 of his Service Agreement dated 1
May 2002 shall be reduced from the 12 month period referred to in sub-clause
5.2.1, 5.2.2 and 5.2.3.

 

5.6                           The
Company, BidCo and the Original Investors agree that, where a Manager has
ceased to be employed by any member of the Enlarged Group in circumstances
where his contract of employment has been wrongfully terminated, the provisions
of sub-clauses 5.2.1 and 5.2.2 shall cease to apply in all respects immediately
from the date of termination.

 

5.7                           Each
Manager who is at the date he subscribes for Ordinary Shares, resident and
ordinarily resident in the United Kingdom for tax purposes hereby undertakes
that, if requested to do so by his employer company, he will enter into an
election with his employer company under Section 431(1) of the Income Tax
(Earnings and Pensions) Act 2003 (the “Election”),
no later than 14 days after subscribing for Ordinary Shares, and/or
Subordinated Preference Certificates and such obligations shall be reciprocal
on the relevant employer company if a Manager so requests that employer company
to enter into an Election.

 

14

 

5.8                           If a
reputable firm of valuers have not been engaged to produce a valuation report
valuing the market value of the shares in the capital of the Company held by
the Managers for the purposes of Chapter 2 of Part 7 of the Income Tax
(Earnings and Pensions) Act 2003 (the “Valuation
Report”) prior to the acquisition of such shares by the Managers
pursuant to this Agreement, then the Company undertakes as soon as reasonably
practicable after the issue of shares to the Managers to so engage a reputable
firm of valuers to produce a Valuation Report.

 

5.9                           The Company
(or employer company if different) undertakes to accept the valuation ascribed
to the Managers’ shares by the Valuation Report for the purposes of PAYE and
the Company undertakes to bear all costs relating to the preparation and
production of the Valuation Report.

 

5.10                     On any issue or
acquisition of shares in the capital of the employee’s employer by any employee
following Completion, the Company undertakes to procure and pay for a Valuation
Report and enter into (or procure the employee’s employing Company (if
different) enters into) an Election in accordance with clauses 5.6 and 5.8
(inclusive) which shall apply as if references to “the Managers” are references
to the employee in question PROVIDED THAT the maximum number of any Valuation
Reports for which the Company shall pay in any 12 month rolling period, shall
be one.

 

5.11                     For the purposes
of clauses 5.8 to 5.10 (inclusive), the words “employee” and “employer” shall
bear the meaning ascribed to them in section 421B(8) Income Tax (Earnings and
Pensions) Act 2003.

 

5.12                     The provision of
clause 5.1 to 5.11 shall not take effect until the Completion Date.

 

6.                                 DIRECTORS

 

6.1                           The Apax
Original Investors (when taken together) are, for so long as they hold at least
a Qualifying Threshold of the issued shares in the Company, entitled from time
to time successively to appoint a non-executive director of the Company and to
remove such director and appoint another person in their place.  The initial appointment shall be made
pursuant to clause 3.12.  Subsequent
appointments and removals shall be made by written notice served on the
Company.  Any director so appointed shall
be automatically removed from the Board, in the event that the Apax Original
Investors (when taken together) cease to hold at least a Qualifying Threshold
of the issued shares in the Company.

 

6.2                           The Permira
Original Investors (when taken together) are, for so long as they hold at least
a Qualifying Threshold of the issued shares in the Company, entitled from time
to time successively to appoint a non-executive director of the Company and to
remove such director and appoint another person in their place.  The initial appointment shall be made
pursuant to clause 3.12.  Subsequent
appointments and removals shall be made by written notice served on the
Company.  Any director so appointed shall
be automatically removed from the Board, in the event that the Permira Original
Investors (when taken together) cease to hold at least a Qualifying Threshold
of the issued shares in the Company.

 

15

 

6.3                           The Apax
Original Investors (when taken together) are, for so long as they hold at least
a Qualifying Threshold of the issued shares in the Company (whether or not they
have exercised their right to appoint an Original Investor Director), shall be
entitled from time to time, by notice to the Company, successively to appoint
an observer (the “Apax Observer”),
to remove the Apax Observer and to appoint another Apax Observer in his
place.  An Apax Observer shall have the
right to attend all meetings of the Board and of the board of directors of any
subsidiary undertaking of the Company, including SPCCo, MidCo, BidCo and the
Target.  An Apax Observer shall be given
all information as a director of the relevant company (including the Original
Investor Directors) would be entitled to receive and to receive that
information (including notice of meetings) at the same time as it is provided
to the directors of the relevant company. 
An Apax Observer shall be entitled to attend and speak at any such
meetings but shall not be entitled to vote nor shall an Apax Observer be
regarded as an officer of the Company or any subsidiary of the Company.  Any Apax Observer so appointed shall be
automatically removed, in the event that the Apax Original Investors (when taken
together) cease to hold at least a Qualifying Threshold of the issued shares in
the Company.

 

6.4                           The Permira
Original Investors (when taken together) are, for so long as they hold at least
a Qualifying Threshold of the issued shares in the Company (whether or not they
have exercised their right to appoint an Original Investor Director), shall be
entitled from time to time, by notice to the Company, successively to appoint
an observer (the “Permira Observer”),
to remove the Permira Observer and to appoint another Permira Observer in his
place.  A Permira Observer shall have the
right to attend all meetings of the Board and of the board of directors of any
subsidiary undertaking of the Company including SPCCo, MidCo, BidCo and the
Target.  A Permira Observer shall be
given all information as a director of the relevant company (including the
Original Investor Directors) would be entitled to receive and to receive that
information (including notice of meetings) at the same time as it is provided
to the directors of the relevant company. 
A Permira Observer shall be entitled to attend and speak at any such
meetings but shall not be entitled to vote nor shall a Permira Observer be
regarded as an officer of the Company or any subsidiary of the Company.  Any Permira Observer so appointed shall be
automatically removed, in the event that the Permira Original Investors (when
taken together) cease to hold at least a Qualifying Threshold of the issued
shares in the Company.

 

6.5                           Certain
Additional Investors may be entitled to appoint an Additional Investor Director
in accordance with the terms of Article 12.5 of the Articles of Association and
none of the Original Investors shall have any rights in respect of the
selection of the candidate for any such Additional Investor Director’s
appointment.

 

6.6                           If either
the Apax Original Investors, Permira Original Investors or Additional Investors
have not exercised their right to appoint an Original Investor Director or
Additional Investor Director, any references in this Agreement to consents or
approvals being required or given by a particular Original Investor Director or
Additional Investor Director shall be deemed to be references to the consent or
approval of the Original Investors or Additional Investors which have the right
to appoint such Original Investor Director or Additional Investor Director and
any notice, information, document or other matter or thing required to be given
or delivered to an Original Investor Director or 

 

16

 

Additional
Investor Director shall be given or delivered to the relevant Original Investor
or Additional Investor.

 

6.7                           The consent
or direction of an Original Investor Director or Additional Investor Director
may only be validly given (whether under this Agreement or otherwise) if the
Original Investor Director or Additional Investor Director:-

 

6.7.1                            gives his
consent or direction in writing to the Board; or

 

6.7.2                            signs the
minutes of the Board meeting approving the relevant transaction or matter.

 

6.8                           If the same
proposed transaction or matter requires an Original Investor Consent under more
than one provision of this Agreement, a single Original Investor Consent to
that proposed transaction or matter shall be deemed to cover all required Original
Investor Consents from that Original Investor.

 

7.                                 FINANCIAL
INFORMATION

 

7.1                           The Company
and SPCCo, to the extent different from the Company, shall with effect from the
Completion Date supply each of the Original Investors, the Original Investor
Directors and the Observers (if any) with the following information:

 

7.1.1                            as soon as
practicable, and in any event within 120 days, after the end of each financial
year, the audited consolidated financial statements of the Enlarged Group and
SPCCo and its subsidiary undertakings, if applicable;

 

7.1.2                            as soon as
practicable, and in any event within 60 days after the end of each financial
quarter, the unaudited consolidated accounts of the Enlarged Group and SPCCo
and its subsidiary undertakings, if applicable, for that quarter (including a
comparative statement with the corresponding period in the previous year);

 

7.1.3                            as soon as
practicable, and in any event within 21 days, after the end of each calendar
month, monthly management accounts (including a balance sheet, profit and loss
account and cashflow statement; a cashflow forecast; a comparison of actual
performance against budget; and a management commentary of trading and
performance of the Enlarged Group against budget and a comparative statement
with the corresponding period in the previous year) in a form approved by the
Original Investor Directors;

 

7.1.4                            before or
at the same time as provided to lenders, copies of any information provided to
lenders to the Enlarged Group pursuant to the Finance Documents (including,
pursuant to the terms of any facility or debt securities granted to or issued
by a member of the Enlarged Group upon a refinancing of the debt under the
Bridge Facility Documents);

 

7.1.5                            as soon as
it is received from the lenders, copies of any communication received from the
lenders under the Finance Document;

 

17

 

7.1.6                            before
March 15 2004, audited consolidated accounts of the Group in accordance with US
GAAP for the 12 month period ending on 31 December 2003; and

 

7.1.7                            such other
financial or management information as any Original Investor or any Original
Investor Director may from time to time reasonably request including
information on ongoing or proposed capital expenditure.

 

The Company
shall with effect from the Completion Date promptly supply to each of the
Additional Investor Directors copies of all the information provided to the
Original Investor Directors or any of them pursuant to this clause 7.1 PROVIDED
THAT commercially sensitive information shall not be supplied and, for the
purposes of this clause 7.1 and 7.2, the term “commercially sensitive
information” shall, in relation to any Additional Investor Director or
Additional Investor, mean any information relating to matters which such
Additional Investor Director is not permitted to vote pursuant to Article 39.10
and, in relation to Additional Investors who have not appointed Additional
Investor Directors, information relating to matters which any directors
appointed by them would be prohibited from voting on, pursuant to Article
39.10, had they been entitled to appoint an Additional Investor Director.

 

7.2                           The Company
and SPCCo, to the extent different from the Company, shall supply the following
information to each Original Investor and Additional Investor (PROVIDED THAT in
relation to clause 7.2.2 only, commercially sensitive information shall not be
supplied to an Additional Investor):

 

7.2.1                            as soon as
practicable, and in any event within 120 days, after the end of each financial
year, the audited consolidated accounts of the Enlarged Group and SPCCo and its
subsidiary undertakings, if applicable, for that year; and

 

7.2.2                            as soon as
practicable, and in any event within 60 days after the end of each financial
quarter, the unaudited consolidated accounts of the Enlarged Group and SPCCo
and its subsidiary undertakings, if applicable, for that quarter.

 

7.3                           At least 30
(but not more than 60) days before the beginning of each financial year of the
Company commencing with the financial year beginning on 1 January 2004, the
Company shall prepare and submit to the Original Investor Directors and
Additional Investor Directors a budget and business plan for the forthcoming
financial year for the Enlarged Group (the “Annual
Budget”).  The Annual Budget
shall contain such information and be in such form as the Original Investor
Directors and the Additional Investor Directors may reasonably require from
time to time.  Initially the Annual
Budget shall contain:

 

7.3.1                            a
statement of business objectives and the proposed method of achieving them; and

 

7.3.2                            itemised
individual and consolidated revenue and capital budgets.  Those budgets shall be broken down according
to the principal divisions of the Enlarged Group and shall show proposed trading
cash flow figures, balance sheet figures, summary of capital expenditure and
all material proposed 

 

18

 

                                                    acquisitions, disposals and other commitments for the forthcoming
financial year.  The budgets shall be
broken down into monthly statements (or statements for such lesser period as
may be required or approved).

 

The Annual
Budget shall not be adopted by the Board or implemented until approved by the
Original Investor Directors but shall be deemed to have been approved unless
the Company is notified within two months of submission that it is not
approved.  In respect of any period
during which no Annual Budget has been so approved (including, without
limitation, the period up to the adoption of the first Annual Budget),
references in this Agreement to the Annual Budget shall be deemed to be
references to the Long Range Financial Plan for the corresponding period (or,
in the case of any period falling (in whole of in part) after the last period
in the Long Range Financial Plan, that last period or the relevant part
thereof).

 

The provisions
of this clause 7.3 shall be without prejudice to the restrictions set out in
Article 39.9 of the Articles of Association.

 

7.4                           With effect
from Completion, each of the Managers agrees (so far as he is legally able) to
procure full and prompt performance by the Company of its obligations under
this clause 7.

 

7.5                           With effect
from Completion, the Original Investor Directors and Additional Investor
Directors may pass to the Original Investor or Additional Investor which they
represent (and to that Original Investor’s Investment Adviser) and to any of
their professional advisers, any information received from the Company or any
member of the Enlarged Group or any of the Managers or which may otherwise come
into his possession by virtue of that office.

 

7.6                           Subject to
any duty of confidentiality owed to any third party at the date of this
Agreement, with effect from Completion each Original Investor (which for the
purpose of this clause shall include any employee, officer or professional
adviser of that Original Investor while acting in the ordinary course of their
duties) may (on the basis that such information remains confidential) pass any
information received from any member of the Enlarged Group, any of the
Managers, an Original Investor Director or an Observer, or which may otherwise
come into its possession by virtue of its position as shareholder to:

 

7.6.1                            any group
undertaking of that Original Investor;

 

7.6.2                            any general
partner or limited partner in, or trustee, nominee, operator or manager of, or
adviser to, that Original Investor;

 

7.6.3                            any
Co-Investment Scheme of that Original Investor or any person holding shares
under such scheme or entitled to the benefit of shares under such scheme;

 

7.6.4                            each
Original Investor’s Investment Adviser;

 

7.6.5                            any other
Original Investor and any person to whom any other Original Investor may pass
information under this clause 7.6;

 

19

 

7.6.6                            (if
applicable) any person appointed by that Original Investor as an Original
Investor Director or Observer;

 

7.6.7                            the
Enlarged Group’s bankers and financiers or proposed bankers and financiers from
time to time;

 

7.6.8                            any
potential purchaser of shares in or assets of any member of the Enlarged Group,
subject to such person having executed a confidentiality undertaking in favour
of the Company (for itself and on behalf of each other member of the Enlarged
Group) and subject to the Original Investor having notified the Board in
advance of the identity of such potential purchaser and the particulars of the
information it intends to disclose;

 

7.6.9                            any
underwriter, sponsor or broker, for the purposes of facilitating an Exit;

 

7.6.10                      any professional
adviser of that Original Investor or of any other person referred to in this
clause 7.6, and their employees, officers or agents while acting in the
ordinary course of their duties; and

 

7.6.11                      any person to
whom it is required to pass such information by law or by any regulatory
authority provided that the Original Investor shall, in good time prior to such
disclosure to the extent reasonably practicable, inform the Board of the nature
and content of the information to be disclosed so long as it is not prohibited
by law or regulation from doing so.

 

7.7                           Each
Original Investor’s Investment Adviser and the Original Investor Director
and/or Observer appointed by it may pass information to those persons to whom
the Original Investor is entitled to pass information under clause 7.6 (subject
to the provisos set out therein).

 

7.8                           Each
Original Investor undertakes to notify the Board as soon as it proposes to
pursue an intention to seek a purchaser for any of the shares in the Company
held by it or for any shares in any member of the Enlarged Group or any
material assets of the Enlarged Group or as soon as it appoints any third party
to pursue any such intention on its behalf (in any such case, save always to
the extent that the Board has initiated or approved such action).

 

7.9                           Each
Additional Investor (which for the purpose of this clause shall include any
employee, officer or professional adviser of that Additional Investor while
acting in the ordinary course of their duties) may (on the basis that such
information remains confidential) pass any information received from any member
of the Enlarged Group, any of the Managers, an Original Investor Director, an
Observer or an Additional Investor Director or which may otherwise come into
its possession by virtue of its position as shareholder to its parent company
solely to the extent as is necessary for the parent company to monitor and
assess its shareholder investment in the Company.

 

7.10                     Each Additional
Investor shall be entitled to disclose the information not in the public domain
supplied to it under clause 7.2 to any potential purchaser (other than a
Non-Permitted Transferee (as defined in the Articles of Association)) of any of
the shares in the Company held by it provided that prior to any such disclosure
the potential purchaser 

 

20

 

                                          shall provide an undertaking in favour of each member of the
Enlarged Group to keep such information confidential and use it solely for the
purposes of considering the potential purchase of those shares.  No further information supplied by the
Company under clause 7.1 shall be disclosed to any such potential purchaser
without the prior written consent of the Original Investor Directors, such consent
not to be unreasonably withheld or delayed (provided that, without limitation,
it is agreed that it shall be reasonable for the Original Investor Directors to
withhold such consent if the provision of information to a potential purchaser
would result or be likely to result in commercially sensitive information being
provided to a customer, distributor or competitor of any member of the Enlarged
Group or other person whose commercial interests are in conflict with those of
any member of the Enlarged Group).

 

7.11                     Each of the LESO
Shareholders shall ensure that no information (other than information in the
public domain) regarding the business or affairs of the Company that may have
any material commercial value to any customer of the Company or other person
involved in the business of distributing or selling the services of the Company
(“LESO Sensitive Information”)
that may be received by the LESO Shareholder or by any Additional Investor
Director appointed by that LESO Shareholder shall be disclosed or otherwise
made available to any employee, director, officer, agent or adviser of that
LESO Shareholder having any management or decision making responsibility for
any aspect of the business of the LESO Shareholder related to the distribution
or sale of the services of the Company. 
A LESO Shareholder that receives such LESO Sensitive Information shall
use it solely in connection with the management of its investment in the
Company, and shall not use it for any purpose related to the sale or
distribution of the services of the Company.

 

7.12                     Notwithstanding
anything in the foregoing or anything else contained in this Agreement to the
contrary, each party (and any employee, representative or other agent thereof)
may disclose to any and all persons, without limitation of any kind, the Tax
treatment and Tax Structure of the Enlarged Group and any transaction
contemplated hereby and all materials of any kind (including opinions and other
tax analyses) that are provided to the parties relating to such Tax treatment
and Tax Structure. For this purpose, “Tax
Structure” means any facts that may be relevant to understanding the
purported or claimed US federal income tax (“Tax”)
treatment of the members of the Enlarged Group and any transaction contemplated
hereby.

 

7.13                     Each Additional
Investor may pass any information received by it in relation to any member of
the Enlarged Group or its investment in the Company to any person to whom it is
required to pass such information by law or any regulatory authority provided
that the Additional Investor shall, in good time prior to such disclosure to
the extent reasonably practicable, inform the Board of the nature and content
of the information to be disclosed so long as it is not prohibited by law or
regulation from doing so PROVIDED THAT such disclosure obligations shall not
apply to ordinary course filings with taxation and other Regulatory Bodies.

 

21

 

8.                                 MATTERS
REQUIRING CONSENT

 

8.1                           Subject to
clause 8.5, with effect from Completion, each of the Managers undertakes to
each of the Original Investors, and each Original Investor undertakes to the
other, that he will use his rights and powers as a director, shareholder or
otherwise to procure (so far as he is lawfully able) that none of the acts
specified in Schedule 5 shall be carried out without Original Investor Consent.

 

8.2                           Subject to
clause 8.5, each of the Additional Investors undertakes to each of the Original
Investors, that he will use his rights and powers as a shareholder (and, if an
Additional Investor has appointed a director, in such a capacity) or otherwise
to procure (so far as he is lawfully able) that none of the acts specified in
Schedule 5 shall be carried out without Original Investor Consent.

 

8.3                           Subject to
clause 8.5, as a separate covenant, the Company undertakes to each of the
Original Investors that none of the acts specified in Schedule 5 will be
carried out by it and it will use its rights as shareholder or otherwise to
procure (so far as it is able) that none of the acts specified in Schedule 5
are carried out by any other member of the Enlarged Group without Original
Investor Consent.

 

8.4                           Each of the
Original Investors and (if to the extent permitted by law and except to the
extent that this constitutes an unlawful fetter on its statutory powers) the
Company undertakes to each of the Managers and the Additional Investors that no
member of the Enlarged Group will enter into any agreement, arrangement,
contract or commitment with any Original Investor, any Affiliate of an Original
Investor (except for any agreement, arrangement, contract or commitment with an
Affiliate of an Original Investor by virtue only of it holding shares or other
interests for the purposes of a private equity investment, to the extent such
agreement, arrangement, or commitment is in the ordinary course and is not
material in the context of the relevant member of the Enlarged Group) or person
who from time to time controls, is controlled by or is under common control
with an Original Investor, without the consent of (i) the Additional Investor
Directors and (ii) the holder or holders of a majority in number of “A”
Ordinary Shares.

 

8.5                           Any matter
or act specified in Schedule 5 shall not require Original Investor Consent if:

 

8.5.1                            the
Original Investors cease to hold a Majority Original Investor Stake; or

 

8.5.2                            it has
been approved by the chief executive officer of the Company from time to time
and such approval is within the scope of the authority delegated to him at the
relevant time by the Board.

 

9.                                 MISCELLANEOUS

 

9.1                           The
provisions of this Agreement shall be binding upon and accrue to the benefit of
the parties and their respective heirs, legal representatives, successors and
assigns, but such persons shall not be entitled to the benefit of its
provisions unless they have entered into a Deed of Adherence.

 

9.2                           This
Agreement may be amended only by a written document signed by Target, the
Company, MidCo, Bidco, SPCCo, all the Original Investors, Managers (for so long
as he remains an employee or director of any member of the Group) together
holding 75% or 

 

22

 

                                          more of the “A” Ordinary Shares in issue and Additional Investors
together holding 75% or more of the “B” Ordinary Shares issued to the
Additional Investors and the prior written consent of each Additional Investor
Director.

 

9.3                           Each of the
parties to this Agreement hereby acknowledge that as regards (i) the Permira
Original Investors, the limited partners in each of Permira Europe III L.P.1.,
Permira Europe III L.P. 2 and Permira Europe III GmbH & Co KG and (ii) the
Apax Original Investors, the limited partners of each of Apax Europe V-A, L.P.,
Apax Europe V-B, L.P, Apax Europe V-C GmbH & Co KG, Apax Europe V-D, L.P,
Apax Europe V-E, L.P, Apax Europe V-F, C.V, Apax Partners V-G, C.V., Apax
Europe V-1, L.P. and Apax Europe V-2 L.P. have limited liability (for the
purposes of this Agreement and otherwise) and, notwithstanding any other
provision in this Agreement each party hereby agrees that the liability of the
partners in any of the parties which is constituted as a partnership shall be
regulated in accordance with the law of the jurisdiction in which that
partnership is registered or otherwise constituted.

 

9.4                           Nothing
contained in this Agreement shall be deemed to constitute a partnership between
the parties and persons shall not be deemed to be connected with each other
solely because they are parties to this Agreement.

 

9.5                           No failure
to exercise or delay in exercising or enforcing any right or remedy under this
Agreement shall constitute a waiver thereof and no single or partial exercise
or enforcement of any right or remedy under this Agreement shall preclude or
restrict the further exercise or enforcement of any such right or remedy.  The rights and remedies provided in this
Agreement are cumulative and not exclusive of any rights and remedies provided
by law.

 

9.6                           The
invalidity, illegality or unenforceability of any provision of this Agreement
shall not affect the continuation in force of the remainder of this Agreement.

 

9.7                           This
Agreement may be executed in any number of counterparts.

 

9.8                           All
obligations in this Agreement are several and not joint.

 

9.9                           Each party
confirms that it has not relied upon any representation, warranty or
undertaking other than those expressly set out in this Agreement.  Nothing in this clause 9.9 shall have the
effect of limiting or restricting any liability arising as a result of fraud.

 

9.10                     The Company,
SPCCo, MidCo, BidCo, each Manager and any Manager and Additional Investor who
shall adhere to this Agreement acknowledges and represents that it has not
relied on or been induced to enter into this Agreement by any representation,
warranty or undertaking (whether contractual or otherwise) given by any member
of an Original Investor’s Group (as defined in clause 9.12) (save for the
contractual obligations of them expressly set out in this Agreement and the
documents in the agreed form) and that no member of any Original Investor’s
Group shall have any liability to any of the Managers, any Manager or
Additional Investors who shall adhere to this Agreement, the Company, SPCCo,
MidCo or BidCo (in equity, contract or tort (including negligence), under the
Misrepresentation Act 1967 or in any other way), for any such representation,
warranty or undertaking (save for the contractual obligations of them expressly
set out in this 

 

23

 

                                          Agreement and the documents in the agreed form).  The Original Investors shall hold the benefit
of this acknowledgement, representation and agreement as agent and trustee for
each member of their respective Original Investor’s Group.  Any member of an Original Investor’s Group
may enforce the terms of this clause 9.10 subject to and in accordance with the
provisions of the Contracts (Rights of Third Parties) Act 1999.  Nothing in this clause 9.10 shall have the
effect of limiting or restricting any liability arising as a result of fraud.

 

9.11                     The Original
Investors, the Company, SPCCo, Midco, BidCo, and each Manager and any Original
Investor or Manager who shall adhere to this Agreement acknowledges and
represents that it has not relied on or been induced to enter into this
Agreement by any representation, warranty or undertaking (whether contractual
or otherwise) given by any Additional Investor (save for the contractual
obligations of them expressly set out in this Agreement and the documents in
the agreed form), and that no Additional Investor shall have any liability to
any of the Original Investors, or Manager (in equity, contract or tort
(including negligence), under the Misrepresentation Act 1967 or in any other
way), for any such representation, warranty or undertaking (save for the
contractual obligations of them expressly set out in this Agreement and the
documents in the agreed form).  Nothing
in this clause 9.11 shall have the effect of limiting or restricting any
liability arising as a result of fraud. 
The Additional Investors shall hold the benefit of this acknowledgement,
representation and agreement as agent and trustee for each of their Affiliates
(for so long as they remain an Affiliate). 
Any such Affiliate may enforce the terms of this clause 9.11 subject to
and in accordance with the provisions of the Contracts (Rights of Third
Parties) Act 1999.  Nothing in this
clause 9.11 shall have the effect of limiting or restricting any liability
arising as a result of fraud.

 

9.12                     For the purposes
of this clause 9, the members of an Original Investor’s Group shall comprise:

 

9.12.1                      any group
undertaking of that Original Investor;

 

9.12.2                      any general
partner, limited partner, trustee, nominee, operator or manager of, or adviser
to, that Original Investor or of or to any group undertaking of that Original
Investor, or any Original Investor or potential Original Investor in any of
them;

 

9.12.3                      any company or
fund (including any unit trust, investment trust, limited partnership or
general partnership) which is advised by, or the assets of which are managed
(whether solely or jointly with others) from time to time by, that Original
Investor or in respect of which the Original Investor is a general partner, or
which is advised or managed by that Original Investor’s general partner,
trustee, nominee,  operator, manager or
adviser;

 

9.12.4                      any
Co-Investment Scheme of that Original Investor or any person holding shares
under such scheme or entitled to the benefit of shares under such scheme;

 

9.12.5                      an Original
Investor’s Investment Adviser;

 

9.12.6                      any employee,
officer or agent of that Original Investor or any of the above; and

 

24

 

9.12.7                      any professional
adviser to that Original Investor or any of the above (including their
employees, officers or agents while acting in the ordinary course of their
duties).

 

9.13                     Nothing in this
clause 9 or in clause 14 shall constitute a waiver by an Original Investor of
any rights against a member of that Original Investor’s Group.

 

9.14                     In the case of
any conflict between the terms of this Agreement and the provisions of the
Articles, the terms of this Agreement shall prevail. The parties will, if so
requested by any of them, procure to the extent of their respective rights and
power to vote as shareholders (as the case maybe) any necessary amendment to
the Articles so as to remove such conflict.

 

9.15                     Every warranty,
covenant and undertaking in this Agreement which is expressed to be given to
the Original Investors is given to each Original Investor separately and each
Original Investor shall (subject to clause 4.8) have a separate claim and right
of action in respect of every breach.

 

9.16                     Except where
expressly provided in this Agreement, a person who is not a party to this
Agreement has no right under the Contracts (Rights of Third Parties) Act 1999
to enforce any term of this Agreement, but this does not affect any right or
remedy of a third party which exists or is available apart from that Act.

 

9.17                     The Company shall
not be bound by any provision of this Agreement to the extent that it would
constitute an unlawful fetter on any of its statutory powers, but that
provision shall remain valid and binding as regards the other parties to this
Agreement to which it is expressed to apply.

 

9.18                     Any Original
Investor who is beneficially entitled to shares in the Company which are held by
a nominee or trustee who is not a party to this Agreement undertakes to the
other parties to procure that the nominee or trustee observes the provisions of
this Agreement which would be binding on it if it were named in this Agreement
as an Original Investor.

 

9.19                     Each of the
parties agrees to use its or his reasonable endeavours to take all such action
or procure that all such action is taken as is reasonable in order to implement
the terms of this Agreement or any transaction, matter or thing contemplated by
this Agreement.

 

9.20                     The directors of
SPCCo shall not register any transfer of Subordinated Preference Certificates
unless the transferor also transfers to the same transferee or an Affiliate
thereof the Strip Proportion (as nearly as possible) of “B” Ordinary Shares (or
if the “B” Ordinary Shares are held by an Affiliate of the transferor, such
Affiliate transfers the same proportion of “B” Ordinary Shares) and/or
Subscription Rights (as defined in the Warrant Instrument) represented by the
Warrants held by such holder of Subordinated Preference Certificates.

 

9.21                     The Company shall
not register any transfer of “B” Ordinary Shares unless the transferor (or if
the Subordinated Preference Certificates are held by an Affiliate of the
transferor, such Affiliate) also transfers to the same transferee or an
Affiliate thereof the Strip Proportion of Subordinated Preference Certificates.

 

25

 

9.22                     Other than
pursuant to exercise of the Warrants, the Company shall not issue any “B”
Ordinary Shares and SPCCo shall not (other than the initial Tranche A
Subordinated Preference Certificates to be issued pursuant to the Finance
Documents on or about the Extension Date (as defined in the Warrant
Instrument)) issue any Subordinated Preference Certificates unless SPCCo and
the Company respectively issue to the same person or an Affiliate thereof
Subordinated Preference Certificates or “B” Ordinary Shares respectively in the
Original Strip Proportion. The Company and SPCCo acknowledge that the benefit
of this clause 9.22 and clause 9.20 and 9.21 shall also be for the holders of
Subordinated Preference Certificates who may enforce the terms of such clauses
in accordance with the Contracts (Rights of Third Parties) Act 1999.

 

9.23                     The Company
agrees that the amount subscribed in cash by the Managers for “A” Ordinary
Shares in accordance with clause 3.3 is acknowledged to represent the market
value of such “A” Ordinary Shares.

 

9.24                     Each of the
Managers, Original Investors and Additional Investors and any Manager, Original
Investor or Additional Investor who shall adhere to this Agreement undertakes
for the benefit of the Warrantholders (as such term is defined in the Warrant
Instrument) that he will use his rights and powers as a director or shareholder
to procure (so far as he is lawfully able) that the Company shall carry out and
observe its obligations under the Warrant Instrument.  Any Warrantholder may enforce the terms of
this clause 9.24 subject to and in accordance with the provisions of the
Contracts (Rights of Third Parties) Act 1999.

 

9.25                     Without prejudice to the
provisions of the Act and the express provision of the Articles of Association,
no amendment to the Articles of Association shall be made without the prior approval
of each Original Investor Director and each Additional Investor Director except
for:

 

9.25.1                      subject to the proviso
in clause 15.4.1(a) changes to the Articles of Association necessary in
connection with an IPO or any reorganisation of the share capital undertaken in
connection with an IPO required or permitted by clause 15; or

 

9.25.2                      subject to clause 16.3 any
amendment necessary in connection with the creation, issue and allotment of any
new class of shares, provided always that where the issue is for cash the
Company complies with Article 20.2 of the Articles of Association in respect of
any such issue.

 

10.                           COSTS AND FEES

 

10.1                     Upon Completion,
BidCo shall or shall procure that a member of the Enlarged Group shall, pay
such of the fees, costs and expenses (plus any VAT properly due thereon, where
applicable) of the professional advisers of the Original Investors and BidCo to
this Agreement and the reasonable legal and company valuation expenses of the
Managers as agreed by the Original Investor Directors PROVIDED THAT the
Original Investors will pay all fees in relation to their subscription for
shares in the Company incurred in connection with the transaction.

 

26

 

10.2                     The Additional
Investors shall pay their own fees, costs and expenses (plus VAT properly due
thereon where applicable) incurred in connection with the transaction.

 

10.3                     Apax Europe V
G.P. Co. Ltd and Permira shall be entitled to receive from the Enlarged Group a
fee of US$ 10,000,000 (plus any VAT properly due thereon) on Completion,
to be apportioned between them equally.

 

10.4                     The Company shall
pay to Apax Europe V G.P. Co. Ltd and Permira (or as they shall direct) a
semi-annually combined annual monitoring fee of US$ 500,000 (plus VAT properly
due thereon) per annum (the “Monitoring Fee”).  All decisions regarding the level of or any
increases in the Monitoring Fee and the future contractual arrangements between
the Company and Apax and Permira shall be reserved to a committee of the Board
which does not include the Original Investor Directors (although the Original
Investor Directors shall be permitted to take part in the discussions of that
committee but they shall not be permitted to vote on the resolutions put to
it).  The Monitoring Fee shall be
increased annually as such committee shall reasonably  determine, PROVIDED THAT the minimum annual
increase shall be the average percentage increase in the cash based
remuneration of the executive directors (excluding bonuses) of the Company for
such previous 12 month period.

 

11.                           SERVICE
AGREEMENTS

 

Notwithstanding
the provisions of any service agreement or contract of employment or terms of
appointment which any Manager may have from time to time with the Company or
any of its subsidiary undertakings, each Manager hereby agrees that with effect
from Completion the Company (or the relevant subsidiary undertaking) shall be
entitled to terminate his service agreement or contract of employment or terms
of appointment without notice and without compensation in the event that he
commits a material breach of clauses 3, 4, 5, 8 or 13 of this Agreement
(whether or not such breach amounts to a repudiatory breach) and if such breach
is capable of being remedied it has not been remedied within 30 days of the
Original Investors giving the Managers written notice of the breach (specifying
in reasonable detail the nature of the breach and if applicable, the corrective
action required).

 

12.                           ADHERENCE
BY NEW SHAREHOLDERS

 

12.1                     Each of the parties agrees that no person shall be registered as a
member of the Company unless:-

 

12.1.1                      he is a
Additional Investor who has entered into a Deed of Adherence pursuant to his
acceptance of the Securities Offer;

 

12.1.2                      he is already a
party to this Agreement;

 

12.1.3                      he is to be
registered as a member of the Company and holder of “B” Ordinary Shares issued
pursuant to exercise of Warrants constituted under the Warrant Instrument and
has entered into a Deed of Adherence to be bound by all those provisions of
this Agreement (other than clauses 1, 2, 3 and 19.4) expressed to be binding on
each of the Additional Investors as if he had been named herein as an
Additional Investor; or

 

27

 

12.1.4                      he has entered
into a Deed of Adherence in favour of all the other parties to this Agreement
whereby such person agrees:-

 

(a)                     if he is an
employee of the Company or any of its subsidiary undertakings, to be bound by
all those provisions of this Agreement (other than clauses 1, 2, 3 and 4)
expressed to be binding on each of the Managers as if he had been named herein
as a Manager;

 

(b)                    if he is a family
member or the trustee of a trust to whom shares have been transferred pursuant
to Article 4.1 of the Articles, to be bound by all those provisions of this
Agreement (other than clauses 1, 2 and 3) expressed to be binding on each of
the Managers as if he had been named herein as a Manager;

 

(c)                     if he is to have
the shares transferred to him by an Additional Investor, to be bound by all
those provisions of this Agreement (other than clauses 1, 2 and 3) expressed to
be binding on each of the Additional Investors as if he had been named herein
as an Additional Investor;

 

(d)                    if he does not
fall within paragraphs (a), (b) or (c) above, to be bound by all those
provisions of this Agreement expressed to be binding on each of the Original
Investors if he had been named herein as an Original Investor,

 

and, in the
event that a member falls within clause 12.1.4(b) above, if so required by the
Original Investor Directors, the person who established such trust shall also
enter into a Deed of Adherence as if he were a Manager.

 

12.2                     Any person who
enters into a Deed of Adherence in accordance with clause 12.1 shall:-

 

12.2.1                      be entitled to
all the benefits of this Agreement as if he had been named herein as a party;

 

12.2.2                      if he falls
within clauses 12.1.4(a) or (b) be entitled to all the benefits of this
Agreement expressed to be in favour of each of the Managers as if he had been
named herein as a Manager;

 

12.2.3                      if he falls
within clause 12.1.4(c) or 12.1.3 be entitled to all benefits of this Agreement
expressed to be in favour of the Additional Investors as if he had been named
herein as an Additional Investor; and

 

12.2.4                      if he does not
fall within clauses 12.1.4(a), (b) or (c) be entitled to all the benefits of
this Agreement expressed to be in favour of each of the Original Investors as
if he had been named herein as an Original Investor.

 

13.                           CORPORATE GOVERNANCE AND CONDUCT AFTER COMPLETION

 

The provisions
of this clause 13 shall take effect from Completion.

 

13.1                     Remuneration and Audit Committees

 

13.1.1                      Within 30 days following Completion, the Board shall establish,
delegate its 

 

28

 

                                                    relevant powers to and thereafter maintain:

 

(a)                     a remuneration
committee which shall comprise the non-executive chairman of the Company,
each Original Investor Director, one Additional Investor Director and the chief
executive officer of the Company (save that a committee member shall withdraw
from any meeting while his position is being discussed) and such other
person(s) as the remuneration committee may (with Original Investor Consent)
resolve (the “Remuneration Committee”);
and

 

(b)                    an audit committee
which shall comprise the non-executive chairman of the Company, each
Original Investor Director and one Additional Investor Director and shall in
addition comprise such other persons as the audit committee may (with Original
Investor Consent) resolve (the “Audit Committee”)
provided that the finance director or chief financial operator of the Company
shall not be a member of the Audit Committee.

 

13.1.2                      The terms of
reference of the Remuneration Committee and the Audit Committee shall be as set
out in Schedule 6, or as otherwise varied by the Remuneration Committee or
the Audit Committee respectively (for these purposes including the unanimous
approval of the Original Investor Directors) in each case in accordance with
this Agreement.

 

13.1.3                      The quorum
necessary for the transaction of business by the Audit Committee and the
Remuneration Committee (respectively) shall be three.

 

13.2                     Chairman of the Board

 

The identity
and terms of appointment of any non-executive chairman of the Board shall be
subject to the unanimous approval of the Original Investors provided they hold
a Majority Original Investor Stake.

 

13.3                     Frequency of Board Meetings

 

Unless the
Original Investor Directors and the Additional Investor Directors agree
otherwise, the Managers and the Company shall procure that Board meetings are
held not less than ten times a year at the Company’s registered office (or such
other venue as is approved by the Original Investor Directors and the
Additional Investor Directors).

 

13.4                     Right to Convene Shareholder Meeting

 

Each Manager
shall, immediately following notice from the Original Investor Directors and
the Additional Investor Directors, procure (so far as he is lawfully able) the
convening and holding at short notice (subject to the giving of any requisite
consents which are not within his control) of any extraordinary general meeting
of any member of the Enlarged Group at such place and time as the Original
Investors and the Additional Investor Directors shall reasonably determine at
which any resolution required by the Original Investors shall be proposed.

 

29

 

13.5                     Conduct of Business

 

13.5.1                      Each Manager
shall procure (so far as he is lawfully able) that each member of the Enlarged
Group conducts its business and deals with its assets in all material respects
in accordance with this Agreement, its respective memorandum and articles of
association (or equivalent documents) and in material accordance with all
applicable legal and administrative requirements in all relevant jurisdictions
and obtains, maintains and complies in all material respects with the terms of
all licences, consents and authorisations whatsoever which may be required in
relation to its business from time to time.

 

13.5.2                      Each Manager
shall procure (so far as he is lawfully able) that each member of the Enlarged
Group shall maintain effective control systems in accordance with prior
practice or as otherwise advised by the Original Investor Directors in relation
to the financial, accounting and record-keeping functions of the Enlarged
Group, shall keep proper records and note in them true in all material respects
and complete entries of all its dealings and transactions in relation to its
business, and shall take all reasonable steps, at the cost of the Enlarged
Group to protect any Confidential Information.

 

13.6                     Insurance

 

13.6.1                      The Company
shall maintain such insurance in respect of itself and each other member of the
Enlarged Group as the Board shall determine and each of the Managers shall
procure so far as he is able that such insurance is maintained at all times
with a reputable insurance company against all such risks and liabilities in
such manner and amounts, and on such terms and conditions, as shall accord with
good commercial practice, having regard to the business and assets of the
Enlarged Group or otherwise as approved by the Board (such insurance to
include, without limitation, cover against any liability of the directors of
the Company and their alternates in the lawful performance of their duties and
such policy to be made through such broker and on such terms as the Board may
require) and to note the interests (if any) of the Original Investors, the
Additional Investors and the finance providers on the relevant policy or
policies and shall on request supply the Original Investors and the Additional
Investors with a schedule of such insurances.

 

13.7                     Original Investors’ Access to Premises, Documents and
Employees

 

For so long as
the Original Investors hold a Majority Original Investor Stake, the Original
Investors, the Original Investor Directors and any of their duly authorised
employees, officers or representatives (including professional advisers) shall
at all times during normal business hours be entitled to meet from time to time
with such management personnel of the Enlarged Group (including the Company and
SPCCo), for the purpose of consulting with and advising management, obtaining
information on all matters relating to the operation of the Enlarged Group
(including the Company and SPCCo) or expressing the views of such person or
entity on such matters and to visit and inspect any of the properties of the
Enlarged Group (including the Company and SPCCo), including inspecting and
copying the books of account and records of the 

 

30

 

Enlarged Group
(including the Company and SPCCo) and to discuss its and their affairs,
finances and accounts with the Enlarged Group (including the Company and SPCCo)
management personnel.  The Enlarged Group
(including the Company and SPCCo) agrees, and shall cause each of their
subsidiaries (including the Company and SPCCo), to give due consideration to
any advice given and proposals made by such person or entity; provided that
such entity shall not be obligated to follow any such advice or proposals.

 

14.                           INDEPENDENT APPRAISALS/NO DUTY OF CARE

 

14.1                     Each Original
Investor acknowledges and confirms (in the knowledge that each other Original
Investor and each member of each other Original Investor’s Group (as defined in
clause 9.12) and each Manager and each Additional Investor will be relying on
the same) that:

 

14.1.1                      it has not
relied, and is not relying, on any appraisal, recommendation, advice or
information in relation to the Group, the Target Group or the directors of the
Company given by, carried out or effected by, or on behalf of, any other
Original Investor or any member of any other Original Investor’s Group or (save
for the Warranties) the Managers in connection with its decision to enter into
the transactions contemplated by this Agreement;

 

14.1.2                      it has made its
own investigations, appraisals into and assessment of the Company, each member
of the Target Group and the Managers, and will continue to do so for so long as
it is the holder of, or otherwise interested in, shares in the Enlarged Group,
and no other Original Investor and no member of any other Original Investor’s
Group or (save in respect of the Warranties) the Managers shall have any
liability to it in connection with its decision to enter into the transactions
contemplated by this Agreement;

 

14.1.3                      save to the
extent otherwise agreed in writing by another Original Investor or by a member
of any other Original Investor’s Group or a Manager, it is owed no duty of care
or other obligation by any other Original Investor or by any member of any
other Original Investor’s Group or (save for the Warranties) the Managers in
connection with its decision to enter into the transactions contemplated by
this Agreement; and

 

14.1.4                      (where another
Original Investor is authorised by the Financial Services Authority (“FSA”)), it is not being treated as a client
of such Original Investor or by a member of that Original Investor’s Group, and
such authorised other Original Investor (and any member of that Original
Investor’s Group) is not responsible to it for providing the protections
afforded to clients of that authorised Original Investor or advising it in
relation to the transactions contemplated by this Agreement, except as
otherwise agreed in writing.

 

14.2                     Each Manager and
Additional Investor acknowledges and confirms (in the knowledge that each
Original Investor and each member of each Original Investor’s Group will be
relying on the same) that:

 

31

 

14.2.1                      he has not
relied, and is not relying, on any appraisal, recommendation, advice or
information in relation to the Group, the Target Group or the directors of the
Company given by, carried out or effected by, or on behalf of, any Original
Investor or any member of any Original Investor’s Group in connection with his
decision to enter into the transactions contemplated by this Agreement;

 

14.2.2                      no Original
Investor and no member of any Original Investor’s Group shall have any
liability to him in connection with his decision to enter into the transactions
contemplated by this Agreement;

 

14.2.3                      save to the
extent otherwise agreed in writing by an Original Investor or by a member of an
Original Investor’s Group, he is owed no duty of care or other obligation by
any Original Investor or by any member of any Original Investor’s Group in
connection with his decision to enter into the transactions contemplated by
this Agreement; and

 

14.2.4                      he has sought
independent legal advice in connection with his decision to enter into the
transactions contemplated by this Agreement.

 

14.3                     The Company,
SPCCo, MidCo, BidCo, the Managers and Additional Investors each acknowledge and
confirm (in the knowledge that each Original Investor and each member of each
Original Investor’s Group will be relying on the same) that (where an Original
Investor or any member of an Original Investor’s Group is authorised by the
FSA), none of the Company, SPCCo, MidCo, BidCo, the Managers or Additional
Investors, such Original Investor or  any
member of that Original Investor’s Group, and such authorised Original Investor
is not responsible to any of them for providing the protections afforded to
clients of the authorised Original Investor or advising any of them in relation
to the transactions contemplated by this Agreement, except as otherwise agreed
in writing.

 

14.4                     The Company,
BidCo, SPCCo, MidCo, the Managers and Additional Investors each acknowledge and
confirm (in the knowledge that each Original Investor and each member of each
Original Investor’s Group will be relying on the same) that neither the
appointment of an Original Investor Director nor the giving of any advice by
any such Original Investor Director in his capacity as a director of the
Company or of any other member of the Enlarged Group (whether given to the
Board or to the board of any other member of the Enlarged Group or any
committee of them, or to any of the directors of them), is to be taken as
constituting the regulated activity of providing investment advice either by
the Original Investor Director or by the appointing Original Investor (or by
any member of the appointing Original Investor’s Group), nor is the appointment
or the giving of such advice to be treated as causing any the Company (or any
other member of the Enlarged Group in respect of which an Original Investor
Director is appointed) or any of the Managers to be a client of the appointing
Original Investor or any member of the appointing Original Investor’s Group.

 

14.5                     Each Original
Investor shall hold the benefit of the acknowledgements and confirmations in
this clause 14 for itself and as agent and trustee for each member of that
Original Investor’s Group.  Each member
of an Original Investor’s Group may also enforce the 

 

32

 

                                          terms of clauses 14.1 and 14.2 subject to and in accordance
with the provisions of the Contracts (Rights of Third Parties) Act 1999.

 

15.                           LISTING

 

15.1                     Subject to clause
15.6 and clause 15.7, for so long as they hold a Majority Original Investor
Stake, the Original Investors may at any time serve notice on the Company to
pursue a Listing (a “Listing Notice”).

 

15.2                     The Company shall
as soon as reasonably practicable after receipt of the Listing Notice appoint a
financial adviser to provide advice to the Company and the Original Investors
on the structure and pricing of a Listing and, to the extent necessary, the
Company shall appoint other advisers in connection with the proposed Listing.

 

15.3                     The Company shall
take all acts necessary to implement the Listing on the terms approved by the
Original Investors.

 

15.4                     Subject to clause
15.5, clause 15.6 and clause 15.7 below each party to this Agreement agrees to
take all steps (having regard to their shareholding and/or directorships in the
Enlarged Group) necessary to facilitate the Listing, including but not limited
to:

 

15.4.1                      using all
reasonable efforts to attend all general meetings at short notice of the
shareholders of the Company and meetings of his or its respective class of
share (by proxy or in person) and to exercise his or its voting rights as a
shareholder in favour of resolutions necessary or desirable to:

 

(a)                     reorganise the
Company’s share capital including any sub-division, consolidation, bonus issue
or capitalisation of reserves, including the waiving of any pre-emption arising
therefrom, so that all issued ordinary shares in its capital are of the same
class with rights customary at the relevant time for shares listed on the
relevant recognised investment exchange provided always that no party shall
exercise its voting rights to approve any reorganisation where that
reorganisation would cause dilution of the equity percentage of any shareholder
or would reduce the value of one shareholders holding of shares immediately
prior to the re-organisation as compared with the value of any other
shareholders holding of shares;

 

(b)                    subject to the
prior approval of the Original Investor Directors and Additional Investor
Directors, transfer shares in the Company to a company established in connection
with a restructuring of the Group for the purposes of facilitating a Listing (a
“New Ultimate Holding Company”)
provided that, in consideration, the new Ultimate Holding Company offers to
issue ordinary shares on terms such that the ordinary shareholding of each
shareholder in the Company prior to the transfer will be identical, or as near
as practicable identical to the terms of their shareholding in the Ultimate
Holding Company;

 

(c)                     pass any
resolution pursuant to s155 of the Act to approve financial assistance arising
from any re-organisation or any steps taken by any 

 

33

 

                                   member
of the Group in connection with the Listing or the re-financing of any debt;

 

(d)                    adopt new articles
of association of the Company, in a form appropriately suitable for a public
listed company at the relevant time listed on the relevant recognised
Investment exchange;

 

(e)                     re-registering
the Company as a public limited company; and

 

(f)                       make all
applications needed to a relevant recognised investment exchange to apply for
the listing or registration of any shares.

 

15.4.2                      the
restructuring, cancellation or redemption for cash or securities of the
Subordinated Preference Certificates or any shareholder debt instrument including
any resolutions of the holders of the Subordinated Preference Certificates to
amend, waive or replace the Subordinated Preference Certificates provided that
all of the holders of Subordinated Preference Certificates or Shareholders debt
are treated identically provided always that no party shall exercise its voting
rights to approve any restructuring, cancellation, redemption, amendment,
waiver or replacement which would result in a holder of Subordinated Preference
Certificates receiving less cash or Permitted Securities (as defined in the
Subordinated Preference Certificates) than would have been the case had such
certificates been redeemed at that time under the terms of the Subordinated
Preference Certificates Instrument;

 

15.4.3                      delivery of
share certificates and Subordinated Preference Certificates to such party as
the Company directs;

 

15.4.4                      the entry into
by a member of the Enlarged Group and the shareholders of an underwriting
agreement with financial advisers and underwriters of international repute (the
“Underwriting Agreement”)
providing that each shareholder, shall unless otherwise agreed by the Original
Investors, be required to give warranties pursuant to the Underwriting
Agreement on terms no more onerous than those set out in Part A of Schedule 7;

 

PROVIDED THAT
in all respects of any such action in respect of the terms of any agreement
entered into in accordance with the Listing, the obligations of the Additional
Investors (including, without limitation in relation to the giving of warranties
or indemnities) are no more onerous and the rights no less favourable than
those of the Original Investors or attaching to the shares held by them.

 

15.5                     The obligations
of each Additional Investor pursuant to clause 15.4 shall be absolute save that
where the fulfilment of such obligation is not within the reasonable control of
such Additional Investor, the obligations for such Additional Investor shall be
to use its reasonable endeavours to fulfil the obligation.

 

15.6                     There shall be no
IPO of a New Ultimate Holding Company without the consent of the Additional
Investor Directors.

 

34

 

15.7                     No IPO may be
implemented within three years of the Completion Date and the parties shall
have no obligations under clause 15.4 unless either:

 

(a)                                      the IPO has been approved by the Additional Investor Directors; or

 

(b)                                     under the terms of the constitution of the entity whose shares will
be listed pursuant to the IPO, for a period from the IPO until the date which
is three years after the Completion Date, the matters specified under Article
39.9 of the Articles of Association will require the approval of any Qualifying
Additional Investor Shareholder, or who would have been a Qualifying Additional
Investor Shareholder if the said constitution was identical to the Articles of
Association.

 

15.8                     The parties agree
that if each of the Original Investors accept restrictions on the sale of their
shares in the Company (subject to the customary exceptions) for a period after
Listing ending not later than the publication of the financial results of the
Company for the first full six month period ending after the Listing (such
acceptance to be given by Original Investor Consent), the restrictions shall
subject to the customary exceptions apply equally to all the Shareholders in
respect of the same proportion of the shares held by them respectively
immediately prior to the Listing.

 

15.9                     On an IPO, to the
extent the parties have agreed to accept restrictions on the sale of their shares
in the Company in accordance with clause 15.8 (the “Lock Up”) and the relevant shareholder becomes liable to pay
tax as a result of the reorganisation of the share capital in connection with
the IPO, such Lock Up restriction shall be subject to a permitted payment
allowing  the relevant tax paying
shareholder to sell such number of shares to allow the shareholder to pay such
taxes (including all costs and expenses and taxes on such sale).

 

15.10               On a Listing in the US,
the issuer of listed securities may enter into a registration rights agreement
on the basis set out in Part B of Schedule 7.

 

15.11               If an Additional
Investor breaches or otherwise fails to comply with their obligations pursuant
to clauses 15.4 to 15.9 the board of directors of the Company with Original
Investor Consent and the consent of the Additional Investor Directors may
within 7 days of written notice of such breach or failure to comply serve
notice (the “Compulsory Transfer Notice”)
on such defaulting shareholder  (a “Compulsory Transferor”) requiring such
persons to offer to transfer his entire holding of Ordinary Shares (free from
all charges, Encumbrances and third party rights whatsoever and together with
all rights then attaching thereto) on the terms set out in clauses 15.10.1 to
15.10.4) to the Original Investors, on the following basis:

 

15.11.1                the prices at which
the transfer shall be made shall be Market Value (as defined in Article 5.10 of
the Articles of Association);

 

15.11.2                the Compulsory
Transferor shall deliver a duly executed stock transfer form and relevant share
certificate to the Company within 14 days of certification of the price in
accordance with clause 15.11.1 in exchange for payment on such price;

 

15.11.3                if the Compulsory
Transferor fails to transfer such Ordinary Shares in accordance with clause
15.11.2, the directors may authorise any person to 

 

35

 

                                                    execute and deliver as agent for and on behalf the Compulsory
Transferor necessary stock transfer form and the Company shall receive the
purchase money in trust for the Compulsory Transferor and cause the purchaser
to be registered as the holder of such shares (subject to payment of any stamp
duty).  The receipt of the Company for
the purchase money shall be good discharge for the purchaser (who shall not be
bound to see the application thereof). 
The Compulsory Transferor shall in such case be bound to deliver up his
certificate for such Ordinary Shares to the Company where upon he shall be
entitled to receive the purchase price without interest;

 

15.11.4                if a Compulsory
Transferor is required to sell some or all of his Ordinary Shares pursuant to a
Compulsory Transfer Notice, then the Company may procure that the same
proportion of such shareholders holding of Subordinated Preference Certificates
shall (subject to the Finance Documents) be repurchased by SPCCo or purchased
by the Original Investors at the Market Value (as such term is defined in
Article 5.10 of the Articles of Association provided that reference to “Shares”
in Article 5.10 shall be replaced with “Subordinated Preference Certificates”).

 

15.12               The Company and each of
the Managers agree that they will immediately notify the Original Investors,
and the Original Investor Directors, and the Additional Investor Directors of
any serious approach received by him from a third party who is interested in
acquiring shares in the Company or a substantial part of the business or assets
of the Company or the Enlarged Group (a “Prospective
Purchaser”).

 

15.13               The Company and each of
the Managers agree that, without the prior consent of the Board and the
Original Investors, they will not directly or indirectly:

 

15.13.1                enter into or be
actively involved in any discussion or negotiation with any Prospective
Purchaser; or

 

15.13.2                make available any
information in connection with the Company or any of its subsidiary
undertakings to any Prospective Purchaser.

 

15.14               The Original Investors
agree that they will not either directly or indirectly do any of the things
described in clause 15.13 above without first having notified the Board.

 

15.15               The Company and each of
the Managers agree that they will ensure (so far as reasonably within their
power and control) that no member, director, adviser, agent or employee of the
Company or any of its subsidiary undertakings will either directly or
indirectly do any of the things described in clause 15.13 above.

 

16.                           FURTHER
SHARE ISSUES

 

16.1                     The Remuneration
Committee shall be entitled to allocate and, upon such allocation the Company
shall be entitled to allot and issue a further 270,000 “A” Ordinary Shares to
such persons, being at the time of such allocation employees of a member of the
Enlarged Group, as the Remuneration Committee shall decide, subject to such
person executing a Deed of Adherence to this Agreement.

 

36

 

16.2                     The Company shall
be entitled to allocate and, upon due exercise of the Warrants, allot and issue
such “B” Ordinary Shares as may be required in accordance with the terms of the
Warrant Instrument.

 

16.3                     Save as provided
in clauses 16.1 and 16.2 unless the holders of 75% or more of the issued
ordinary share capital of the Company together with (i) each Additional
Investor Director and (ii) the holders of 50% or more of the A Ordinary Shares
agree, the Company shall not (and the parties agree to procure, in so far as
they are reasonably able, that the Company shall not) allot:

 

16.3.1                      any A Ordinary
Shares (irrespective of the nature of the consideration being offered);

 

16.3.2                      any equity
securities (as defined in section 94 of the Act) where the consideration is in
cash unless such equity securities are first offered to the holders of A
Ordinary Shares and B Ordinary Shares in the same proportions (as nearly as practicable)
in which they hold Ordinary Shares in the share capital of the Company
immediately prior to such allotment and otherwise in accordance with article 20
of the Articles of Association;

 

16.3.3                      any other shares
where the consideration is in cash unless such other shares are first offered
to the holders of A Ordinary Shares and B Ordinary Shares in the same
proportions (as nearly as practicable) in which they hold Ordinary Shares in
the share capital of the Company immediately prior to such allotment and
otherwise in accordance with article 20 of the Articles of Association.

 

17.                           DURATION

 

17.1                     Prior to
Completion, this Agreement shall be terminable pursuant to clause 2.6.

 

17.2                     Following
Completion, save in respect of the accrued rights of any party (or any party
entitled to enforce a term of this Agreement in accordance with the terms of
the Contract (Rights of Third Party) Act 1999) and save in respect of the
provisions of this clause 17 and clauses 4 (Warranties), 5 (Undertakings), 9
(Miscellaneous), 14 (Independent Appraisals No Duty of Care) 18 (Announcements
and Notices), 19 (Governing Law) and 20 (Interpretation), this Agreement shall
terminate on the earlier of:-

 

17.2.1                      an Exit; and

 

17.2.2                      with respect to
the rights and obligations of any party, such party ceasing to hold shares in
the capital of the Company or ceasing to be the beneficial owner of shares in
the capital of the Company provided that:-

 

(a)                     such party shall
have first complied with his obligations under clause 12 (and the transferee
shall, if appropriate, have entered into a Deed of Adherence); and

 

(b)                    this clause 17.2.2
shall not apply to any Manager for so long as he remains an employee of any
Group Company.

 

37

 

18.                           ANNOUNCEMENTS
AND NOTICES

 

18.1                     No announcement
in relation to the transactions contemplated by this Agreement or the Offer or
the Scheme shall be made without the prior written consent of the Original
Investors other than any such announcement prior to Completion which is
required to be made pursuant to law or regulation or the Takeover Code or where
the directors and Target conclude acting in good faith that an announcement is
required in order to comply with their fiduciary duties as director of Target.

 

18.2                     Any notice or
other communication under or in connection with this Agreement (a “Notice”) shall be:

 

18.2.1                      in writing and
in English; and

 

18.2.2                      delivered
personally or sent by international courier delivery service (such as Fedex or
DHL) to the party due to receive the Notice at the address referred to in
clause 18.3 or such other address as a party may specify by not less than 7
days notice in writing to the other parties received before the Notice was
despatched.

 

18.3                     For the purposes
of clause 18.2.2, notices shall be given to the addresses set out:

 

18.3.1                      in the case of a
Manager, in Schedule 1;

 

18.3.2                      in the case of
the Company, at the front of this Agreement and marked “for the attention of
the Company Secretary”;

 

18.3.3                      in the case of
an Original Investor, in Schedule 2; and

 

18.3.4                      in the case of
any other party to this Agreement from time to time, in the relevant Deed of
Adherence.

 

18.4                     Unless there is
evidence that it was received earlier, a Notice is deemed given if:

 

18.4.1                      delivered
personally, when left at the address referred to in clause 18.2; or

 

18.4.2                      sent by
international courier service, when received.

 

18.5                     A copy of every
notice or other communication to the Original Investors shall be given at the
same time to the respective Original Investor’s Investment Advisers at their
registered office from time to time and a copy of all Notices given under this
Agreement shall be sent at the same time to Permira or such of its affiliates
as Permira shall direct (marked for the attention of Ian Sellars) and Apax or
such of its Affiliates as Apax shall direct (marked for the attention of
Richard Wilson).

 

18.6                     A party may
notify any other party of a change to the details referred to in clause 18.3
provided that such notification is made in accordance with clause 18.2 and
shall only become effective on the date falling five Business Days after
service of such notice (or, if later, on the date specified in such notice).

 

38

 

19.                           GOVERNING LAW

 

19.1                     This Agreement
shall be governed by and construed in accordance with the laws of England.

 

19.2                     The courts of
England have non-exclusive jurisdiction to hear and decide any suit, action or
proceedings, and to settle any disputes, which may arise out of or in connection
with this Agreement (respectively, “Proceedings”
and “Disputes”) and, for these
purposes, each party irrevocably submits to the jurisdiction of the courts of
England.

 

19.3                     Each party
irrevocably waives any objection which it might at any time have to the courts
of England being nominated as the forum to hear and decide any Proceedings and
to settle any Disputes and agrees not to claim that the courts of England are
not a convenient or appropriate forum.

 

19.4                     Each party to
this Agreement from time to time who is not resident in England shall at all
times maintain an agent for service of process and any other documents in
connection with proceedings in England or any other proceedings in connection
with this Agreement.

 

20.                           INTERPRETATION

 

20.1                     In this
Agreement:

 

““A” Ordinary Shares” means “A” Ordinary
Shares of EUR 0.01 each in the capital of the Company;

 

“Act” means the Companies Act 1985, as
amended from time to time;

 

“Additional Investor” means a holder
of “B” Ordinary Shares who is not an original party to this Agreement or an
Original Investor;

 

“Additional Investor Director” means a
director appointed by an Additional Investor in accordance with Article 12.5 of
the Articles of Association;

 

“Affiliate” has the meaning given in the
Articles of Association;

 

“Announcement” means the announcement in the
agreed form containing details of the Scheme and stating that posting of the
Scheme Document will take place (as may be amended (subject to clause 2.2.2)
with the unanimous consent of the Original Investors and the Target);

 

“Annual Budget” has the meaning given in
clause 7.3;

 

“Apax” means Apax Partners Worldwide LLP of
15 Portland Place, London W1B 1PT;

 

“Apax Investor Director” means a director
appointed by the Apax Original Investors in accordance with clause 6.1 of this
Agreement;

 

“Apax Investor Newco” means a corporate
entity or limited partnership controlled by an Apax Original Investor and
incorporated for the purposes of holding shares in the Company or Subordinated
Preference Certificates;

 

39

 

“Apax Original Investors” means the persons
whose names and addresses are set out in Part B of Schedule 2 (including any
permitted transferee(s) of such Original Investors);

 

“Articles of Association” means the articles
of association of the Company in the agreed form;

 

““B” Ordinary Shares” means “B” Ordinary
Shares of EUR 0.01 each in the capital of the Company;

 

“BidCo/MidCo Intercompany Loan Agreement”
means the loan agreement between BidCo and MidCo in the Agreed Form;

 

“Bridge Facility Documents” have the meaning
ascribed thereto in the Senior Facility Agreement;

 

“Board” means the board of directors of the
Company from time to time;

 

“Business Day” means a day (excluding
Saturdays, Sundays and UK public holidays) on which banks in London are
generally open for business;

 

“Cash Offer” means the Cash Offer, to be
effected by means of the Scheme, pursuant to which BidCo is offering to acquire
the entire issued ordinary share capital of the Target at a price of $15.00 per
share on the terms and subject to the conditions set out in the Announcement,
with or subject to any modification, addition or condition agreed by the Target
and BidCo;

 

“Claim Form” means the claim form to be
lodged with the Court by which Target will seek leave to convene the Court
Meeting;

 

“Co-Investment Scheme” has the meaning given
in the Articles of Association;

 

“Communications” means all communications
(whether written or oral, and whether direct or via agents, consultants and
advisers) with any Regulatory Body or the Court, in relation to implementation
of the Scheme;

 

“Completion” means the carrying out by the
parties of their obligations under clause 3;

 

“Completion Date” means the date falling no
more than 10 days after the Effective Date;

 

“Conditions” means the Conditions to which
the Offer is subject which are set out in part 4 of the Scheme Document;

 

“Confidential Information” means all
information which is confidential and is used in or otherwise relates to the
business, customers, financial or other affairs of any member of the Enlarged
Group including, without limitation, information relating to:

 

(a)                                      the marketing of services including, without limitation, market
share statistics, rental prices, market research reports and surveys; or

 

(b)                                     future projects, business development or planning, commercial
relationships and negotiations;

 

40

 

“control” has the meaning ascribed thereto
in the definition of “Affiliate” set out in the Articles of Association;

 

“Conversion Rate” means the mid rate of
exchange for US dollars with Euros appearing on Reuters Screen EUR = at or
about 11:00 a.m. on the Effective Date, provided that if no such screen rate is
available at such time, the relevant rate shall be the average mid exchange
rate for US dollars with Euros as quoted at such time by three reference banks
chose by the Company;

 

“Court” means the High Court of Justice in
England and Wales;

 

“Court Meeting” means the meeting of holders
of Scheme Shares (as defined in the Scheme Document) to be convened by order of
the Court pursuant to section 425 of the Act for the purpose of considering
and, if thought fit, approving the Scheme, including any adjournment thereof or
any further such meeting(s) convened for such purposes;

 

“Deed of Adherence” means a deed of
adherence to be entered into in the circumstances referred to in Recital (F)
hereto, and pursuant to clause 12 hereof by any person who is (subject only to
being registered in the register of members of the Company) a holder of shares
in the company but not already a party to this Agreement and shall be in the
following form:

 

(a)                                      in the circumstances referred to in Recital (F) hereto, as set out
in the Form of Election accompanying the Scheme Document;

 

(b)                                     in the circumstances referred to in clause 12.1.4(a) and (b), as set
out schedule 8, Part A;

 

(c)                                      in the circumstances referred to in clause 12.1.3 or 12.1.4(c), as
set out schedule 8, Part B; and

 

(d)                                     in the circumstances referred to in clause 12.1.4(d), as set out
schedule 8, Part C;

 

“Disclosure Letter” means the letter in the
agreed form from the Managers to the Original Investors containing disclosures
against the Warranties;

 

“Effective Date” means either (i) the day on
which an office copy of the Order is filed with the Registrar of Companies in
England and Wales or (ii) the day that a Subsequent Offer becomes unconditional
in all respects;

 

“EGM” means the extraordinary general
meeting of Target to be convened by the notice set out in the Scheme Document
for the purpose of considering and, if thought fit, approving resolutions
necessary or desirable to implement the Offer, including any adjournment
thereof or any further such meeting(s) convened for such purposes;

 

“Encumbrance” means a mortgage, charge,
pledge, lien, option, restriction, right of first refusal, right of
pre-emption, third-party right or interest, other encumbrance or security
interest of any kind, or another type of preferential arrangement (including,
without limitation, a title transfer or retention arrangement) having similar
effect;

 

41

 

“Enlarged Group” means the Company and its
subsidiary undertakings from time to time following Completion (including the
Target Group);

 

“Exit” means a Sale or a Listing;

 

“Finance Documents” means the Senior
Facility Finance Documents, the Intercreditor Agreement, the Bridge Facility
Documents and/or the High Yield Notes Finance Documents in each case in the
agreed form;

 

“Form of Election” shall have the meaning
given in the Scheme Document;

 

“Group” means the Company and its subsidiary
undertakings as at the date of this Agreement;

 

“Group Company” means a member of the Group;

 

“High Yield Notes” has the meaning ascribed thereto
in the Senior Facility Agreement;

 

“High Yield Notes Finance Documents” have
the meaning ascribed thereto in the Senior Facility Agreement;

 

“Holder” means a registered holder of shares
in the capital of the Company;

 

“Independent Directors” means those
independent directors of the Target who have recommended the Scheme;

 

“Intercompany Loan Agreements” means the
MidCo/SPCCo Intercompany Loan Agreement and the BidCo/MidCo Intercompany Loan
Agreement;

 

“Intercreditor Agreement” has the meaning
set out in the Senior Facility Agreement;

 

“IPO” means (A) the admission of any of the
shares of the Company or a New Ultimate Holding Company (the “Issuer”) to (i) the Official List of the UK
Listing Authority becoming effective (in accordance with paragraph 7.1 of the
rules made by the UK Listing Authority pursuant to section 74 of the Financial
Services and Markets Act 2000, as amended or its successor legislation) and
(ii) trading on the London Stock Exchange plc becoming effective (in accordance
with paragraph 2.1 of the Admission and Disclosure Standards of the London
Stock Exchange plc from time to time) or (B) the admission to listing of any of
the shares of the Issuer on any other investment exchange;

 

“June Balance Sheet” means the balance sheet
for the Target Group as at 30 June 2003 as disclosed to the Original Investors;

 

“LESO” means any company, partnership or
other person or entity that owns, controls or operates a land earth station or
any Affiliate thereof and for these purposes “control”
shall have the meaning given to it in Article 39.9.2 of the Articles of
Association;

 

“LESO Shareholder” means an Additional
Investor that is a LESO or which has an Affiliate that is a LESO;

 

42

 

“Listing” means an IPO in connection with
which shares with an aggregate market value of at least $100,000,000 (at the
time of the IPO) are sold or placed by way of sale by the existing shareholders
in the Issuer and/or by way of issue of new shares by the Issuer;

 

“2002  Long
Range Financial Plan” means the long range financial plan prepared
by the Managers as disclosed to the Original Investors;

 

“Majority Original Investor Stake” shall
mean a holding of the issued equity share capital in the Company by the
Original Investors, which, when taken together, shall constitute a majority of
the total issued equity share capital of the Company, PROVIDED THAT in determining whether the
Original Investors continue to hold a majority of the issued equity share
capital of the Company, any equity shares issued (whether for cash or non-cash
consideration) in circumstances where no offer to the holders of Ordinary
Shares under Article 20.2 or otherwise on a pro rata basis to their existing
holdings of Ordinary Shares has been made in respect of such issue shall be
disregarded;

 

“Managers” means the Managers listed in
Schedule 1 and “Manager” means any
one of them;

 

“Manager’s Questionnaire” means the
questionnaire executed by each of the Managers in the agreed form;

 

“Maximum Subordinated Preference Certificate
Subscription Amount” means for each Original Investor the amount set
opposite its name in column 5 of Schedule 2;

 

“Maximum Share Subscription” means for each
Original Investor the number of “B” Ordinary Shares set opposite its respective
name in column 3 of Schedule 2;

 

“Meetings” means the Court Meeting and the
EGM;

 

“MidCo/SPCCo Intercompany Loan Agreement”
means the loan agreement between MidCo and SPCCo in the Agreed Form;

 

“Minimum Subordinated Preference Certificate
Subscription Amount” means for
each Original Investor the amount set opposite its respective name in column 4
of Schedule 2;

 

“Minimum Share Subscription” means for each
Original Investor the number of “B” Ordinary Shares set opposite its respective
name in column 2 of Schedule 2;

 

“New Ultimate Holding Company” has the
meaning given in clause 15.4.1(b);

 

“Observers” means the Apax Observer and the
Permira Observer;

 

“Offer” means (i) the Cash Offer and the
Securities Offers or (ii) the Subsequent Offer (if any);

 

“Order” means the Court’s order sanctioning
the Scheme under section 425 of the Act;

 

“Ordinary Shares” means the ordinary shares
in the capital of the Company from time to time;

 

43

 

“Original  Investment
Adviser” means (i) in respect of the Permira Original Investors,
Permira (or such of its Affiliates as Permira shall direct) (ii) in respect of
the Apax Original Investors (or such of its Affiliates as Apax shall direct),
Apax;

 

“Original Investor Consent” means the prior
written consent of each of the Original Investors or the prior consent of the
Original Investor Directors determined in accordance with clause 6.7;

 

“Original Investor Directors” means the Apax
Investor Director and the Permira Investor Director;

 

“Original Investors’ Solicitors” means
Clifford Chance of 10 Upper Bank Street, London E14 5JJ;

 

“Original Strip Proportion” means the
proportion immediately following the Completion Date of (i) the aggregate
nominal amount of issued Subordinated Preference Certificates (for the
avoidance of doubt, excluding for these purposes any Tranche A Subordinated
Preference Certificates) to (ii) the number of issued “B” Ordinary Shares;

 

“Permira” means Permira Advisers Limited of
20 Southampton Street, London WC2E 7QH;

 

“Permira Original Investor Director” means a
director appointed by the Permira Original Investors in accordance with clause
6.2 of this Agreement;

 

“Permira Investor Newco” means a corporate
entity or limited partnership controlled by the Permira Investor and
incorporated for the purposes of holding shares in the Company or Subordinated
Preference Certificates;

 

“Permira Original Investors” means the
persons whose names and addresses are set out in Part A of Schedule 2
(including any permitted transferee(s) of such Original Investors);

 

“Qualifying Additional Investor Shareholder”
has the meaning set out in the Articles of Association;

 

“Qualifying Threshold” has the meaning set
out in the Articles of Association;

 

“Ratchet Premium” means EUR 1.00;

 

“Regulatory Body” means any governmental,
taxation, regulatory (statutory or non-statutory) or licensing authority having
jurisdiction over any member of the Target Group;

 

“Sale” has the meaning set out in the
Articles of Association;

 

“Scheme” means the scheme of arrangement
proposed to be made between the Target and the Target Shareholders pursuant to
Section 425 of the Act as set out in the Scheme Document with or subject to any
modification, addition or condition approved or imposed by the Court and agreed
by the Target and BidCo;

 

44

 

“Scheme Document” means the document in
agreed form (as may be amended with the unanimous consent of the Original
Investors and the Target) to be sent by the Target to its shareholders
containing an explanatory statement under section 426 of the Act and convening
an extraordinary general meeting to consider and, if thought fit, pass the
resolutions necessary or desirable to implement the Scheme, including
accompanying forms of proxy, the Form of Election and any further announcements
or documentation considered reasonably necessary or desirable to be sent to the
Target Shareholders in connection with the Scheme;

 

“Scheme Record Time” means 6.00 p.m. on the
Business Day immediately preceding the date of the Court Hearing (as defined in
the Scheme);

 

“Securities Offer” has the meaning set out
in the Scheme Document, acceptance of which shall require the accepting Target
Shareholder to execute a Deed of Adherence to this Agreement, with or subject
to any modification, addition or condition agreed by the Target and the
Original Investors;

 

“Senior Facility Agreement” means the
$975,000,000 senior facility agreement dated on or about the date hereof
between, inter alios, the Company, BidCo, Barclays Capital, Credit Suisse First
Boston and the Royal Bank of Scotland PLC;

 

“Senior Facility Finance Document” has the
meaning set out in the Senior Facility Agreement;

 

“Service Agreement Amendment Agreements”
means each of the agreements between the Target and each of the Managers,
amending the service agreement of such individuals in the agreed form;

 

“Shareholders Agreement Condition” means a
condition set out in clause 2.1 and “Shareholders
Agreement Conditions” means all those conditions;

 

“Strip Proportion” means either (i) the
Original Strip Proportion or (ii) in the case of holders of Warrants (or a
Holder of “B” Ordinary Shares whose “B” Ordinary Shares were issued pursuant to
the exercise of Warrants), the proportion from time to time of (a) the
aggregate nominal amount of issued Tranche A Subordinated Preference
Certificates to (b) the number of Warrant Shares (as defined in the Warrant
Instrument), including for the avoidance of doubt, Warrant Shares which have
been issued upon exercise of the Warrants;

 

“Subordinated Preference Certificates” means
subordinated preference certificates to be issued by SPCCo and constituted by
the Subordinated Preference Certificates Instrument or, in the context of
holders which are holders of Warrants or Holders of “B” Ordinary Shares whose “B”
Ordinary Shares were issued pursuant to the exercise of Warrants, means Tranche
A Subordinated Preference Certificates;

 

“Subordinated Preference Certificates Instrument”
means the instrument in the agreed form to be executed by SPCCo constituting
Subordinated Preference Certificates to be issued by SPCCo pursuant to clauses
3.4 and 3.6 of this Agreement;

 

45

 

“Subsequent Offer”  means, in the event that the Scheme is not announced or
lapses or is withdrawn, an offer within 21 days of such lapse or
withdrawal by Bidco for the ordinary share capital of Target under the Takeover
Code on terms no less favourable to the Target Shareholders than those proposed
under the Scheme and approved by the Original Investors and the Target;

 

“Takeover Code” means the City Code on
Takeovers and Mergers, as amended from time to time;

 

“Target Group” means Target and its
subsidiary undertakings at the date of this Agreement and “member of Target Group” is to be construed
accordingly;

 

“Target Shareholders” means a holder of
ordinary shares in the share capital of Target at the Scheme Record Time;

 

“TopCo Units” has the meaning given to “Duchessgrove
Units” in the Scheme Document;

 

“Tranche A Subordinated Preference Certificates”
means the subordinated preference certificates constituted by the Tranche A
Subordinated Preference Certificates Instrument;

 

“Tranche A Subordinated Preference Certificates
Instrument” means the instrument in the agreed form to be executed
by SPCCo constituting Tranche A Subordinated Preference Certificates;

 

“US$” means US dollars being the lawful
currency of the United States of America;

 

“Warrants” means the warrants to subscribe
for “B” Ordinary Shares in the Company constituted under the Warrant
Instrument;

 

“Warranties” means the warranties given by
the Managers pursuant to clause 4.1 and set out in Schedule 3 and “Warranty” means any one of them;

 

“Warrant Instrument” means the instrument in
the agreed form to be executed by the Company constituting warrants to
subscribe for “B” Ordinary Shares in the Company; and

 

“Written Resolutions” means the written
resolutions of the Company in the agreed form.

 

20.2                     In this
Agreement, a reference to:

 

20.2.1                      a “subsidiary undertaking” or a “group undertaking” is to be construed in
accordance with sections 258 and 259 respectively of the Act;

 

20.2.2                      a “recognised investment exchange” is to be
construed in accordance with section 285 of the Financial Services and Markets
Act 2000;

 

20.2.3                      a document in
the “agreed form” is a reference
to a document in a form approved and for the purposes of identification
initialled by or on behalf of (or by such person’s legal counsel) the Managers
and the Original Investors and, in 

 

46

 

                                                    relation to the Articles of Association, the Subordinated Preference
Certificates Instrument and the Scheme Document, the Target;

 

20.2.4                      a statutory
provision includes a reference to:

 

(i)                                         the statutory provision as modified or re-enacted or both from
time to time before the date of this Agreement; and

 

(ii)                                      any subordinate legislation made under the statutory provision (as
so modified or re-enacted) before the date of this Agreement;

 

20.2.5                      a “person” includes a reference to any
individual, firm, company, corporation or other body corporate, government,
state or agency of a state or any joint venture, association or partnership,
works council or employee representative body (whether or not having a separate
legal personality);

 

20.2.6                      an individual
includes a reference to that individual’s legal personal representatives,
successors and permitted assigns;

 

20.2.7                      the masculine
includes the feminine and vice versa;

 

20.2.8                      a clause,
paragraph or Schedule, unless the context otherwise requires, is a reference to
a clause or a paragraph of, or a Schedule to, this Agreement; and

 

20.2.9                      a reference to “including”
shall be construed as a reference to “including without limitation”.

 

20.3                     The headings in
this Agreement do not affect its interpretation.

 

20.4                     Where any
undertakings, obligations, warranties or similar such matters are given by more
than one Manager in the Agreement, except where otherwise expressly stated to
the contrary, such undertakings, obligations or warranties shall be given
severally (not jointly or jointly and severally) and default of one Manager
shall not prejudice any other Manager.

 

20.5                     Any undertakings,
obligations, warranties or similar such matters given by a Manager in this
Agreement are given in his/her personal capacity and not with the authority or
approval of, nor on behalf of, Target and Target shall have no liability
whatsoever in relation to any non-performance or breach of the same.

 

A S  W I T N E S S  the hands of the parties or
their duly authorised representatives the day and year first above written

 

47

SCHEDULE 1

The Managers

 

	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  
	
  Name

  	
   

  	
  No. of “A” Ordinary Shares to be subscribed on
  Completion at an issue price of EUR 2.00 each

  	
   

  	
  Limitation of Warranty Claims (EUR)

  	
   

  	
  Transaction Sale Proceeds (gross of tax and
  incorporating gains from Options) (£)

  	
   

  	
  Percentage of Warranty Claims

  	
   

  
	
  Michael Storey 4 St Mark’s Crescent, London NW1 7TS

  	
   

  	
  270,000

  	
   

  	
  540,000

  	
   

  	
  938,160

  	
   

  	
  25

  	
   

  
	
  Ramin Khadem 29 Hampstead Hill Gardens, Hampstead,
  London NW3 2PJ

  	
   

  	
  121,500

  	
   

  	
  243,000

  	
   

  	
  101,799

  	
   

  	
  11.25

  	
   

  
	
  Michael Butler Field House, The Walled Garden, Wood
  Lane, Beech Hill, Berks RG7 2LA

  	
   

  	
  121,500

  	
   

  	
  243,000

  	
   

  	
  102,815

  	
   

  	
  11.25

  	
   

  
	
  Gene Jilg 99 City Road, London EC1Y 1AX

  	
   

  	
  121,500

  	
   

  	
  243,000

  	
   

  	
  97,553

  	
   

  	
  11.25

  	
   

  
	
  Alan Auckenthaler 6200 Westchester Park Drive
  Apartment 1711, College Park, Maryland 20740-2842 United States of America

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  74,639

  	
   

  	
  6.875

  	
   

  
	
  Richard Denny 7 Hall Park Gate, Berkhamstead
  Hertfordshire HP4 2NL

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  47,321

  	
   

  	
  6.875

  	
   

  
	
  Alison Horrocks 39 Elm Grove Road, Barnes, London
  SW13 0BU

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  51,754

  	
   

  	
  6.875

  	
   

  
	
  Paul Griffith 48 Windsor Road, Kew, Richmond TW9 2EL

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  32,726

  	
   

  	
  6.875

  	
   

  
	
  Debbie Jones c/o the Target’s registered office

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  48,532

  	
   

  	
  6.875

  	
   

  
	
  Perry Melton 12 Royal Court, Finland Street,
  Rotherhithe, London SE16 1TA

  	
   

  	
  74,250

  	
   

  	
  148,500

  	
   

  	
  43,424

  	
   

  	
  6.875

  	
   

  

 

48

 

SCHEDULE 2

The Original Investors

 

Part A

The Permira Original Investors

 

	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  
	
  Name and Address

  	
   

  	
  Minimum No. of “B” Ordinary Shares to be
  subscribed on Completion

  	
   

  	
  Maximum No. of “B” Ordinary Shares to be
  subscribed on Completion

  	
   

  	
  Minimum Subordinated Preference Certificate
  Amount to be subscribed on Completion (US$)

  	
   

  	
  Maximum Subordinated Preference CertificateAmount
  (US$)

  	
   

  
	
  Permira Europe III Nominees Limited (as nominees for
  Permira Europe III L.P. 1) Trafalgar Court, Les Banques, St Peter Port,
  Guernsey, Channel Islands

  	
   

  	
  1,664,374

  	
   

  	
  3,077,461

  	
   

  	
  40,449,511

  	
   

  	
  74,791,939

  	
   

  
	
  Permira Europe III Nominees Limited (as nominees for
  Permira Europe III L.P. 2) Trafalgar Court, Les Banques, St Peter Port,
  Guernsey, Channel Islands

  	
   

  	
  4,991,997

  	
   

  	
  9,230,300

  	
   

  	
  121,321,173

  	
   

  	
  224,325,229

  	
   

  
	
  Permira Europe III Nominees Limited (as nominees for
  Permira Europe III GmbH & Co. KG)

  	
   

  	
  64,701

  	
   

  	
  119,633

  	
   

  	
  1,572,438

  	
   

  	
  2,907,469

  	
   

  
	
  Permira Europe III Nominees Limited (as nominees for
  Permira Europe III Co-Investment Scheme) Trafalgar Court, Les Banques, St
  Peter Port, Guernsey, Channel Islands

  	
   

  	
  41,857

  	
   

  	
  77,394

  	
   

  	
  1,017,252

  	
   

  	
  1,880,918

  	
   

  
	
  Permira Investments Limited, Trafalgar Court, Les
  Banques, St Peter Port, Guernsey, Channel Islands

  	
   

  	
  122,071

  	
   

  	
  225,712

  	
   

  	
  2,966,709

  	
   

  	
  5,485,503

  	
   

  
	
  Total

  	
   

  	
  6,885,000

  	
   

  	
  12,730,500

  	
   

  	
  167,327,083

  	
   

  	
  309,391,058

  	
   

  

 

49

 

Part B

The Apax Original Investors

 

	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  
	
  Name and Address

  	
   

  	
  Minimum No. of “B” Ordinary Shares to be
  subscribed on Completion at 1 EUR each

  	
   

  	
  Maximum No. of “B” Ordinary Shares to be
  subscribed on Completion at 1 EUR each

  	
   

  	
  Minimum Nominal Amount of Subordinated
  Preference Certificates to be subscribed on Completion (US$)

  	
   

  	
  Maximum Subordinated Preference Certificate
  Amount (US$)

  	
   

  
	
  Apax Europe V - A, L.P., a Delaware limited
  partnership established under the Delaware Revised Uniform Limited
  Partnership Act and having its principal place of business at 13-15 Victoria
  Road, St Peter Port, Guernsey GY1 3ZD acting by its discretionary investment
  manager Apax Partners Europe Managers Ltd whose registered office is at 15
  Portland Place, London W1B 1PT (“Apax
  Europe V - A”).

  	
   

  	
  4,303,379

  	
   

  	
  7,957,032

  	
   

  	
  104,585,600

  	
   

  	
  193,380,826

  	
   

  
	
  Apax Europe V - B, L.P., an English limited
  partnership established under the Limited Partnerships Act 1907 and having
  its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place London
  W1B 1PT (“Apax Europe V - B”).

  	
   

  	
  774,041

  	
   

  	
  1,431,217

  	
   

  	
  18,811,617

  	
   

  	
  34,783,049

  	
   

  
	
  Apax Europe V - C, GmbH & Co. KG, a German
  limited partnership (Kommanditgesellschaft) established under the German
  Civil Code (Handelsgesetzbuch) and having its principal place of business at
  13-15 Victoria Road, St Peter Port, Guernsey GY1 3ZD acting by its discretionary
  investment manager Apax Partners Europe Managers Ltd whose registered office
  is at 15 Portland Place, London W1B 1PT (“Apax
  Europe V - C”).

  	
   

  	
  440,053

  	
   

  	
  813,667

  	
   

  	
  10,694,679

  	
   

  	
  19,774,671

  	
   

  
	
  Apax Europe V - D, L.P., an English limited
  partnership established under the Limited Partnerships Act 1907 and having
  its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - D”).

  	
   

  	
  579,964

  	
   

  	
  1,072,364

  	
   

  	
  14,094,941

  	
   

  	
  26,061,822

  	
   

  
	
  Apax Europe V - E, L.P., an English limited
  partnership established under the Limited Partnerships Act 1907 and having
  its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - E”).

  	
   

  	
  577,619

  	
   

  	
  1,068,029

  	
   

  	
  14,037,953

  	
   

  	
  25,956,451

  	
   

  
	
  Apax Europe V - F, C.V., a Dutch limited partnership
  (commanditaire vennootschap) established under the Wetboek van Koophandel
  having its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - F”).

  	
   

  	
  101,611

  	
   

  	
  187,881

  	
   

  	
  2,469,464

  	
   

  	
  4,566,087

  	
   

  
	
  Apax Europe V - G, C.V., a Dutch limited partnership
  (commanditaire vennootschap) established under the Wetboek van Koophandel
  having its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - G”).

  	
   

  	
  101,611

  	
   

  	
  187,881

  	
   

  	
  2,469,464

  	
   

  	
  4,566,087

  	
   

  
	
  Apax Europe V - 1, L.P., an English limited
  partnership established under the Limited Partnerships Act 1907 and having
  its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - 1”).

  	
   

  	
  3,283

  	
   

  	
  6,070

  	
   

  	
  79,783

  	
   

  	
  147,520

  	
   

  
	
  Apax Europe V - 2, L.P., an English limited
  partnership established under the Limited Partnerships Act 1907 and having
  its principal place of business at 13-15 Victoria Road, St Peter Port,
  Guernsey GY1 3ZD acting by its discretionary investment manager Apax Partners
  Europe Managers Ltd whose registered office is at 15 Portland Place, London
  W1B 1PT (“Apax Europe V - 2”).

  	
   

  	
  3,439

  	
   

  	
  6,359

  	
   

  	
  83,582

  	
   

  	
  154,545

  	
   

  
	
  TOTAL

  	
   

  	
  6,885,000

  	
   

  	
  12,730,500

  	
   

  	
  167,327,083

  	
   

  	
  309,391,058

  	
   

  

 

50

 

SCHEDULE 3

Warranties

 

1.                                 PAYMENTS IN
CONNECTION WITH THE TRANSACTION

 

Other than
those amounts set out against that Manager’s name in column 4 of Schedule 1,
there is no agreement, arrangement or understanding under which the Manager or,
so far as he is aware, any connected person of him, is entitled to receive or
so far as he is aware could receive from any person (including, without
limitation, any member of the Target Group), any finder’s, success or other fee,
bonus, brokerage, commission or other payment (whether in cash or in kind) in
connection with the sale of the Target.

 

2.                                 THE MANAGERS

 

2.1                           There are no existing
contracts or arrangements to which any member of the Target Group is a party
and in which the Manager or so far as he is aware a connected person of him, is
directly or indirectly interested (other than the Manager’s existing service
agreement (if any)).

 

2.2                           The Manager does not have and,
so far as he is aware, no person connected with him has, any direct or indirect
interest which conflicts with the affairs of the Target Group.

 

2.3                           Save as disclosed in the
Managers’ Questionnaires, the Manager is not engaged in any business, trade or
occupation (whether as adviser, director, employee, consultant, manager,
shareholder or otherwise) other than that of the Target Group.

 

2.4                           Save as provided in the
ordinary course of employment there is no loan or other debt owing by or to the
Manager or, so far as he is aware, any person connected with him to or by a
member of Target Group.

 

2.5                           There are no contracts,
duties, obligations or arrangements (express or implied) to which the Manager
or, so far as he is aware, any person connected with him, is a party or subject
to or bound by which could:

 

2.5.1                            adversely affect the ability
of the Manager to perform any of his obligations under this Agreement or under
his service agreement or to be an officer of, or interested in shares of, the
Company; or

 

2.5.2                            involve any member of the
Group in any liability or impose any obligation on any member of the Group.

 

2.6                           The Manager is not directly or
indirectly (whether as adviser, director, employee, consultant, manager or
otherwise) concerned or interested in any business which is of a similar nature
to or competitive with that of the Target Group.

 

51

 

2.7                           The answers given by the
Manager in his Manager’s Questionnaire are true, accurate and not (whether by
omission or otherwise) misleading in any respect.

 

3.                                 LONG RANGE
FINANCIAL PLAN DECEMBER 2002

 

3.1                           The 2002 Long Range Financial
Plan:

 

(a)                            has been honestly and
diligently prepared by the Managers in good faith;

 

(b)                           is honestly believed by the
Manager to be fair and reasonable in all material respects in their honest
opinion when taken as a whole; and

 

(c)                            is based upon assumptions
which have been fully and carefully considered by him and which are honestly
believed by the Manager to be fair, reasonable and realistic, and in their
honest opinion represent all relevant material assumptions.

 

3.2                           So far as the Manager is aware
the facts contained in the 2002 Long Range Financial Plan are true and accurate
in all material respects.

 

3.3                           The Manager is not aware of
any fact, matter or circumstance which may by omission or otherwise render the
2002 Long Range Financial Plan misleading in any material respect.

 

4.                                 JUNE BALANCE
SHEET

 

To the best of
the knowledge, information and belief of the Manager, the June Balance Sheet
shows a materially accurate view of the assets and liabilities and trading
position of the Target Group as at the date it has been prepared and of the
profits and losses for the period in respect of which it has been prepared.

 

5.                                 INFORMATION

 

5.1                           So far as the Manager is aware
all material written agreements between (i) the Target Group and a LESO (ii)
relating to the I.4 programme satellite purchases, ground network end user
terminal and launch services (iii) relating to leasing of capacity from Thuraya
1 and 2 satellites and (iv) relating to the distribution of B-GAN and R-RGAN
services (including in each case any amendments thereto) have been disclosed to
the Original Investors.  So far as the
Manager is aware details of all material discussions and negotiations relating
to the amendment, cancellation or replacement of all such material written
agreements have been disclosed to the Original Investors.

 

5.2                           So far as the Manager is aware
all assets in relation to the Inmarsat 3 programme are in good condition and
working order and not in need of renewal or replacement.  So far as the Manager is aware all such
assets have been regularly maintained to a good technical standard.

 

6.                                 REGULATORY

 

So far as the
Manager is aware, there is no regulatory issue that will have a material
adverse impact on the achievability of the Long Range Financial Plan that is
not taken into account in the plan.

 

52

 

SCHEDULE 4

Authorised and
Issued Share Capital and Directors

Immediately after Completion

 

NUMBER OF SHARES

 

	
   

  	
   

  	
  Authorised

  	
   

  	
  Issued

  	
   

  
	
  “A” Ordinary Shares

  	
   

  	
  1,539,000

  	
   

  	
  1,080,000

  	
   

  
	
  “B” Ordinary Shares

  	
   

  	
  30,000,000

  	
   

  	
  25,461,000

  	
   

  

 

 

DIRECTORS

 

	
  Name

  	
   

  	
  Address

  	
   

  
	
  Michael Storey

  	
   

  	
  4 St Mark’s
  Crescent, London NW1 7TS

  	
   

  
	
  Michael Butler

  	
   

  	
  Field House,
  The Walled Garden, Wood Lane, Beech Hill, Berks RG7 2LA

  	
   

  
	
  Ramin Khadem

  	
   

  	
  27 Hampstead
  Hill Gardens, Hampstead, London NW3 2PJ

  	
   

  
	
  Richard Wilson

  	
   

  	
  Hall Place,
  School Lane, Seer Green, Beaconsfield, Bucks

  	
   

  
	
  Graham Wrigley

  	
   

  	
  10 Newton
  Grove, London W4 1LB

  	
   

  
	
  Andrew Sukawaty

  	
   

  	
  23 Rossetti
  House, 59 Ordnance Hill, London NW8 6QF

  	
   

  

 

53

 

SCHEDULE 5

Veto rights of Original Investors

 

1.                                 SHARE CAPITAL

 

1.1                           The variation, creation,
increase, re-organisation, consolidation, sub-division, conversion,
reduction, redemption, repurchase, re-designation or other alteration of
the authorised or issued share or loan capital of any member of the Enlarged
Group or the variation, modification, waiver, abrogation or grant of any rights
attaching to any such share or loan capital except, in each case, as may be
expressly required by this Agreement, the Finance Documents, the Warrant
Instrument, the Subordinated Preference Certificates Instrument or the Articles
of Association.

 

1.2                           The entry into or creation by
any member of the Enlarged Group of any agreement, arrangement or obligation
requiring the creation, allotment, issue, transfer, redemption or repayment of,
or the grant to a person of the right (conditional or not) to require the
creation, allotment, issue, transfer, redemption or repayment of, a share in
the capital of any member of the Enlarged Group (including, without limitation,
an option or right of pre-emption or conversion) except, in each case, as
may be expressly required by the Warrant Instrument or the Articles of
Association.

 

1.3                           Other than as expressly
required by the Articles of Association, the reduction, capitalisation or
repayment of any amount standing to the credit of the  share capital, share premium account, capital
redemption reserve or any other reserve of any member of the Enlarged Group
(other than a wholly-owned subsidiary undertaking of the Company), or the
reduction of any uncalled liability in respect of partly paid shares of any
member of the Enlarged Group.

 

2.                                 MEMORANDUM
AND ARTICLES OF ASSOCIATION

 

The alteration
of the memorandum or articles of association (or equivalent constitutional
documents) of any member of the Enlarged Group except as required by law or
regulation or as required pursuant to the Scheme.

 

3.                                 DISTRIBUTIONS

 

The
recommendation, declaration or making (directly or indirectly) of any dividend
or other distribution of profits, assets or reserves by any member of the
Enlarged Group, other than a wholly-owned subsidiary undertaking of the
Company.

 

4.                                 WINDING UP

 

Except in relation to any current litigation (as
disclosed to the Original Investors at the date of this Agreement) the taking
of steps to:

 

4.1                           wind up or dissolve any member
of the Enlarged Group;

 

4.2                           obtain an administration order
in respect of any member of the Enlarged Group;

 

54

 

4.3                           invite any person to appoint a
receiver or receiver and manager of the whole or any part of the business or
assets of any member of the Enlarged Group;

 

4.4                           make a proposal for a
voluntary arrangement under section 1 of the Insolvency Act 1986 in respect of
any member of the Enlarged Group;

 

4.5                           obtain a compromise or
arrangement under section 425 of the Act in respect of any member of the
Enlarged Group; or

 

4.6                           do anything similar or
analogous to those steps referred to in paragraphs 4.1 to 4.5 above, in
any other jurisdiction.

 

5.                                 MAJOR
DISPOSALS AND ACQUISITIONS

 

5.1                           Except as expressly
contemplated by the Annual Budget, the disposal by any means (including by
lease or licence) by any member of the Enlarged Group of any asset or the whole
or a significant part of its undertaking, in each case at a price or with a
value of £500,000 or more (taken together with any related disposals) except in
relation to any current litigation (as disclosed to the Original Investor at
the date of this Agreement).

 

5.2                           Except as expressly
contemplated by the Annual Budget, the acquisition by any means (including by
lease or licence) by any member of the Enlarged Group of any asset at a price
or with a value of £500,000 or more (taken together with any related
acquisitions) and except as provided in paragraph 19 below.

 

5.3                           Except as expressly
contemplated by the Annual Budget, the disposal by any means of any member of
the Enlarged Group or the dilution of the Company’s interest directly or
indirectly in any of its subsidiary undertakings or the effecting of any hive-up
or hive-down or any other Enlarged Group re-organisation or the
creation or acquisition of a new member of the Enlarged Group.

 

6.                                 MATERIAL
CHANGE IN NATURE OF BUSINESS

 

Except in
relation to any current litigation (as disclosed to the Original Investor at
the date of this Agreement), any material change (including cessation) in the
nature of the business of any member of the Enlarged Group or in the case of a
member of the Enlarged Group acquired after the date of this Agreement, in the
nature of its business as at the date of such acquisition.

 

7.                                 LESO
AGREEMENT/MATERIAL AGREEMENTS

 

The entry
into, termination, amendment, variation or waiver of rights  of any contract (i) between a member of the
Enlarged Group and any LESO (ii) relating to the I-4 programme satellite
purchases, ground network, end-user terminal and launch services (iii) relating
to leasing of capacity from Thuraya 1 and 2 satellites and (iv) relating to the
distribution of BGAN and R-BGAN services.

 

55

 

8.                                 MERGERS AND
AMALGAMATIONS

 

Any amalgamation, demerger, merger, corporate
reconstruction or consolidation of any member of the Enlarged Group however
effected.

 

9.                                 ANNUAL BUDGET

 

Any alteration to the Annual Budget or, prior to the
preparation of the Annual Budget, alteration of the updated Q2 Forecast for the
relevant financial year or the taking of steps which are inconsistent with it.

 

10.                           ACCOUNTING
REFERENCE DATE, ACCOUNTING POLICIES AND PRACTICES

 

The alteration
of the accounting reference date of any member of the Enlarged Group or the
alteration of the accounting policies or practices of any member of the Enlarged
Group except as required by law or to comply with a new accounting standard or
with the prior approval of the Audit Committee.

 

11.                           DIRECTORS AND
OFFICERS

 

The
appointment or removal of any director or other officer of a member of the
Enlarged Group (other than the appointment or removal of an Original Investor
Director or an Additional Investor Director) or any variation in the
remuneration or other benefits or terms of service of such director or other
officer except as approved by the Remuneration Committee or as expressly
contemplated in the Annual Budget.

 

12.                           AUDITORS AND
OTHER ADVISERS

 

The removal or
appointment of the auditors or any other professional advisers of any member of
the Enlarged Group, other than the reappointment of existing advisers.

 

13.                           SENIOR
EMPLOYEES

 

The
appointment or termination of employment of any employee of, or the appointment
or termination of the engagement of any other person whose services are or are
to be provided to, any member of the Enlarged Group whose base salary or the
payment for whose services is to be or is in excess of £100,000 a year, or any
material variation of the remuneration or other benefits or terms of employment
or engagement of any such person except as approved by the Remuneration
Committee or as expressly contemplated in the Annual Budget.

 

14.                           CONTRACTS
WITH MANAGERS

 

The entry
into, termination or variation of any contract or arrangement between any
member of the Enlarged Group and a Manager (or a connected person of a Manager)
or in which the Manager is otherwise interested including the variation of the
remuneration or other benefits under such contract or arrangement, the waiver
of any breach of such contract or arrangement, the making of any bonus payment
or the provision of any benefit by any member of the Enlarged Group to or to
the order of a Manager or to a connected person of that Manager, other than the
making of a payment or the provision 

 

56

 

of a benefit
pursuant to and in accordance that Manager’s service agreement or as approved
by the Remuneration Committee, in respect of matters within its terms of
reference.

 

15.                           EMPLOYEE
BENEFITS

 

The establishment of any pension, retirement, death or
disability or life assurance scheme, or any employees’ share scheme or employee
trust or share ownership plan, share option or shadow share option scheme, or
other profit sharing, bonus or incentive scheme in each case for any of the
directors, employees or former directors or employees (or dependants thereof)
of any member of the Enlarged Group, the variation of the terms or rules of any
such new or any existing scheme (except for non-material changes which are
administrative in nature), the appointment and removal of any trustee except
for the member nominated trustee or manager of such a scheme or the allocation
of options or other entitlements under any such scheme except as approved by
the Remuneration Committee, in respect of matters within its terms of
reference.

 

16.                           COMMITTEES

 

The delegation
by the directors of any member of the Enlarged Group of any of their powers to
a committee or the establishment or variation of the membership, or terms of
reference of, any such committee or the taking of any action which contravenes
or materially differs from any recommendation or decision of the Audit
Committee or the Remuneration Committee respectively.

 

17.                           POLICY

 

The
formulation of the Enlarged Group’s risk management strategy, health and safety
policy and environmental policy.

 

18.                           FINANCE
DOCUMENTS, SUBORDINATED PREFERENCE CERTIFICATE INSTRUMENT AND WARRANT
INSTRUMENT

 

18.1                     The making by any member of the Enlarged
Group of, or any request for, any variation or modification to, or waiver of
any right or claim under, the Finance Documents, the Subordinated Preference
Certificate Instrument or the Warrant Instrument or any document entered into
pursuant to any of those agreements.

 

18.2                     The taking of any action by the Company
pursuant to the Finance Document or the Warrant Instrument which is inconsistent
with the terms of any of them.

 

19.                           CAPITAL
EXPENDITURE

 

Capital expenditure of any member or members of the
Enlarged Group which is greater than: (i) US$5,000,000 (exclusive of VAT
or overseas equivalent) in respect of any individual item of capital expenditure
or (ii) any amount which is not provided for in the Annual Budget (or for
the period until the first Annual Budget is produced, the current capital
expenditure schedule) for the relevant financial year, treating the entering
into by any member of the Enlarged Group of any lease, licence or similar
obligation as capital expenditure of an amount equal to the rental and other
payments payable by the Enlarged 

 

57

 

Group as a result of that obligation.

 

20.                           AGREEMENTS
OUTSIDE THE ORDINARY AND NORMAL COURSE OF TRADING

 

The entry by any member of the Enlarged Group into any
contract, commitment or arrangement outside the ordinary and normal course of
trading or otherwise than at arms’ length, or of any contract or arrangement
which is, or is likely to be, material in the context of the Enlarged Group as
a whole or the making of any payment by any member of the Enlarged Group other
than on an arms’ length basis, or which is of an unusual or onerous nature.

 

21.                           MATERIAL
CONTRACTS

 

Except as
expressly contemplated by the Annual Budget, the making of any material change
in the terms of, or the surrender of, any material contract of any member of
the Enlarged Group, including any contract previously identified by the
Original Investor Directors as material for the purposes of this paragraph.

 

22.                           SALE AND
LEASE-BACK ARRANGEMENTS

 

Other than
pursuant to the Finance Documents, the entry by any member of the Enlarged
Group into any agreement or arrangement for the sale and lease-back of
any asset.

 

23.                           FACTORING OF
DEBTS

 

The factoring
of book debts by any member of the Enlarged Group or entry into any invoice
discounting or similar arrangements which are outside the ordinary course of
business.

 

24.                           HIRE PURCHASE
ETC.

 

The entry by
any member of the Enlarged Group into any hire purchase, credit or conditional
sale, rental or leasing agreement, the total capital cost of which, or when
aggregated with all other such commitments already entered into by the Enlarged
Group, will be at any time in excess of the amount provided therefore in the
Annual Budget.

 

25.                           JOINT
VENTURES

 

The entry by
any member of the Enlarged Group into any partnership or joint venture
arrangement with any person.

 

26.                           RESTRICTIVE
AGREEMENTS

 

The entry by any member of the Enlarged Group into any
agreement restricting its freedom to do business.

 

27.                           ENCUMBRANCES
AND GUARANTEES

 

The creation
of any Encumbrance over any uncalled capital of, or any other asset of, any
member of the Enlarged Group or the giving of any guarantee, indemnity or
security, or the entry into of any agreement or arrangement having a similar
effect by any member of the 

 

58

 

Enlarged Group
or the assumption by any member of the Enlarged Group of any liability, whether
actual or contingent, in respect of any obligation of any person other than a
wholly-owned subsidiary undertaking of the Company (except arrangements
which exist at the date of this Agreement, intra-group arrangements of less
than £1 million pursuant to the Finance Documents or other than liens or the
operation of title retention clauses, or arising in the ordinary and normal
course of trading).

 

28.                           BORROWING

 

Any member of
the Enlarged Group incurring, or the entry by any member of the Enlarged Group
into any agreement or facility to obtain, any borrowing, advance, credit or
finance or any other indebtedness or liability in the nature of borrowing,
other than pursuant to the Finance Documents or the Subordinated Preference
Certificates Instrument except for trade credit in the ordinary and normal
course of trading or as provided for in the Annual Budget.

 

29.                           APPLICATIONS
FOR FINANCE

 

The making by
any member of the Enlarged Group of an application to, or submission of any
business plan or other information to, any financial institution or other third
party with a view to obtaining finance.

 

30.                           LOANS

 

The lending of
money or granting of credit by any member of the Enlarged Group except:

 

30.1                     to employees of the Enlarged Group in
amounts not exceeding £5,000 per employee;

 

30.2                     credit given in the ordinary and normal
course of trading of the Enlarged Group’s business; or

 

30.3                     to a wholly-owned subsidiary
undertaking.

 

31.                           INSURANCE

 

Any
material alteration to any of the insurance policies of any member of the
Enlarged Group including the keyman policies.

 

32.                           DONATIONS

 

The making by
any member of the Enlarged Group of any political contribution or donation, or
of any charitable contribution or donation the making of which would cause the
aggregate amount of such contributions or donations by all members of the
Enlarged Group to exceed £5,000 in any one financial year except for
commitments existing at the date hereof.

 

33.                           SPONSORSHIP

 

The sponsoring
by any member of the Enlarged Group or any event (whether sporting or
otherwise) which would cause the aggregate amount of such contributions or
donations 

 

59

 

by all members
of the Enlarged Group to exceed £50,000 in any one financial year except for
commitments existing at the date hereof.

 

34.                           NEW
SUBSIDIARIES, BRANCHES AND INVESTMENTS

 

The
incorporation of a new subsidiary undertaking of the Company or the acquisition
(however effected) by any member of the Enlarged Group of an interest in any
shares in the capital of any body corporate, or in any instrument convertible
into the share capital of any body corporate or the establishment of a branch
outside the United Kingdom or the acquisition of any other interest in a company,
business, undertaking or concern, including, without limitation, the
acquisition of any share or marketable security which is traded on a recognised
investment exchange or any other public securities market.

 

35.                           EXPANSION
OUTSIDE THE GROUP

 

The expansion,
development or evolution of the Enlarged Group or the carrying on of its
business otherwise than through the Company or a wholly-owned subsidiary
undertaking of the Company.

 

36.                           LITIGATION

 

Except in
relation to any current litigation (as disclosed to the Original Investors),
the instigation and subsequent conduct or the settlement of any litigation or
arbitration or mediation proceedings by any member of the Enlarged Group
(except relating to debt collection in the ordinary and normal course of trading
of the Enlarged Group’s business or applications for an interim injunction or
other urgent application where it is not reasonably practicable to obtain the
requisite consent) where the amount claimed exceeds £100,000.

 

37.                           EXIT

 

37.1                     The appointment of any corporate finance
adviser by any member of the Enlarged Group in connection with a proposed Exit
or the appointment of any other financial advisers (other than advisers in
relation to matters within the ordinary and normal course of trading of the Enlarged
Group’s business) by any member of the Enlarged Group.

 

37.2                     Any member of the Enlarged Group directly
or indirectly entering into or being involved in any discussion or negotiation
with any third party who is interested in acquiring shares in the capital of
the Company or a part of the business or assets of the Enlarged Group (a “Prospective Purchaser”) or the making of
any information relating to the Enlarged Group available to any Prospective
Purchaser.

 

38.                           AGREEMENTS

 

The entry by
any member of the Enlarged Group (as relevant) into any agreement or binding
commitment to do any of the actions described in this Schedule 5.

 

39.                           ANNOUNCEMENTS

 

The making by
or on behalf of any member of the Enlarged Group (as relevant) of an
announcement in relation to any of the actions described in this Schedule 5 or
in relation to a proposal to take any such action in each case where such
action is material.

 

60

 

SCHEDULE 6

Remuneration and
audit committees

 

1.                                 REMUNERATION
COMMITTEE

 

1.1                           The Remuneration Committee
shall be responsible for determining the salary, bonus and other remuneration
and benefits (including bonuses, incentive payments and share options, where
appropriate) and the appointment or dismissal (and terms of appointment or
dismissal) of those executive directors and senior employees of the Enlarged
Group whose base salary is at least £100,000 a year.

 

1.2                           The Remuneration Committee
shall determine the targets for any performance related pay schemes and the
policy and scope of any pension arrangements operated by the Group, and shall
oversee the implementation of any employee benefit structures.

 

1.3                           The Remuneration Committee
shall determine to whom shares in the Company which are authorised but unissued
at Completion will be issued and to whom shares which are compulsorily acquired
under Article 5 of the Articles of Association should be offered in accordance
with that Article.

 

2.                                 AUDIT
COMMITTEE

 

2.1                           The Audit Committee shall
review and keep under review:

 

2.1.1                            the accounting policies,
practices and procedures of the Enlarged Group;

 

2.1.2                            the effectiveness of the
Enlarged Group’s reporting and internal financial control systems and
procedures for the identification and assessment of risks and its co-ordination
with the external audit process;

 

2.1.3                            the Enlarged Group’s
compliance with legal requirements and accounting standards, and the
consistency of accounting policies on a year-on-year basis and
across each member of the Enlarged Group;

 

2.1.4                            the scope and results of the
internal audit and annual external audit and the appointment of the Enlarged
Group’s external auditors (focusing on their independence and objectivity,
audit fees and fees payable in respect of non-audit activities); and

 

2.1.5                            any matters raised by the
Enlarged Group’s auditors.

 

2.2                           The Audit Committee may
require the attendance of the auditors or of any employee of the Enlarged Group
and may require the disclosure of any information relating to the Enlarged
Group from the Enlarged Group’s financiers or auditors (whom it may approach
directly) and, where reasonable, may obtain legal or other professional advice
on the terms of any matter within its terms of reference.

 

61

 

SCHEDULE 7

Listing Matters

 

Definitions

 

In this Schedule 7:

 

“Exit Warranty”
means a statement contained in Paragraph 2 of Part A of Schedule 7 and “Exit Warranties” means all those
statements;

 

“Lock-Up Period”
means the period for which the holders of Retained Shares are prevented from
selling Retained Shares in accordance with the terms of the Underwriting
Agreement and/or the Registration Rights Agreement;

 

“Prospectus”
means the prospectus to be published on the date of the Underwriting Agreement
in relation to a Listing;

 

“Registration Rights
Agreement” means the agreement to be entered into by the Selling
Shareholders and the Company at or around the time of a Listing whose key terms
shall be substantially similar to those set out in Part B of this Schedule 7;

 

“Retained Shares”
means those shares in the Ultimate Holding Company that are not sold on a
Listing;

 

“Sale Shares”
means the Shares to be sold by the Selling Shareholders at the time of Listing
pursuant to the Underwriting Agreement;

 

“Securities Act”
shall mean the Securities Act of 1933 as amended from time to time;

 

“Selling Shareholder”
means a holder of Ordinary Shares selling some or all of such Ordinary Shares
pursuant to a Listing and in accordance with the terms of the Underwriting
Agreement;

 

“Underwriter”
means each of the parties identified as such in the Underwriting Agreement and “Underwriters”
means all of them; and

 

“Underwriting
Agreement” means the agreement to be entered into by, inter alia,
the Selling Shareholders, the Company and the Underwriter at or around the time
of a Listing.

 

62

 

Part A

Warranties

 

1.                                 WARRANTIES

 

1.1                           Each Selling Shareholder
severally warrants to each of the Underwriters that, (where relevant) in
respect of its Sale Shares, the Exit Warranties in Paragraph 2 of Part A of
this Schedule 7 are true, complete, accurate and not misleading at the date of
the Underwriting Agreement.

 

1.2                           The Selling Shareholders each
acknowledge that each of the Underwriters is entering into this Underwriting
Agreement in reliance on each Exit Warranty which has also been given as a
representation and with the intention of inducing each of the Underwriters to
enter into this Underwriting Agreement. 
Each of the Underwriters acknowledges that each party (other than the
Underwriters) is entering into this Underwriting Agreement in reliance on each
warranty given by such Underwriter which has also been given as a
representation and with the intention of inducing each party (other than the Underwriters)
to enter into this Agreement.

 

1.3                           Each Exit Warranty is to be
construed independently and is not limited by any other Exit Warranty.  Each warranty given by an Underwriter is to
be constructed independently and is not limited by any other warranty given by
an Underwriter.

 

1.4                           Except to the extent necessary
to implement an Underwriting Agreement, each party giving an Exit Warranty
under an Underwriting Agreement undertakes to each other not to do, or omit to
do, anything which would or might cause any Exit Warranty given by it to become
untrue, inaccurate or misleading at any time (by reference to the facts and
circumstances existing at that time) before the end date of any lock-up period.

 

1.5                           Each party (other than the
Underwriters) severally undertakes to each Underwriter to notify each
Underwriter immediately if it becomes aware of a fact or circumstance which
constitutes a breach of clause 1.1 of Part A of Schedule 7 or has caused or
would cause or might reasonably be expected to cause any Exit Warranty to
become untrue, inaccurate or misleading at any time (by reference to the facts
or circumstances existing at that time) before admission.  Each Underwriter severally undertakes to each
party (other than the Underwriters) to notify the Company and Selling
Shareholder immediately if it becomes aware of a fact or circumstance which
constitutes a breach of a warranty given by it or has caused or would cause or
might reasonably be expected to cause any such warranty to become untrue,
inaccurate or misleading at any time (by reference to the facts or
circumstances existing at that time) before admission.

 

2.                                 FORM OF
WARRANTIES

 

2.1                           To the extent the Selling
Shareholder is a Company, it is a limited company, duly incorporated and is
validly existing as a corporation of good standing under the laws of its place
of incorporation and has been in continuous existence since incorporation.

 

63

 

2.2                           The Selling Shareholder has
the right, power and authority, and has taken all action necessary, to sell the
Sale Shares and to execute the Underwriting Agreement and any other documents
in relation thereto, to pay the fees, commissions and costs provided in the
Underwriting Agreement and to execute, deliver and exercise its rights, and
perform its obligations, under the Underwriting Agreement and the arrangements
contemplated by the Underwriting Agreement in accordance with its terms.

 

2.3                           All authorisations, consents
and approvals required by the Selling Shareholder in connection with the sale
of the Sale Shares, the execution of the Underwriting Agreement and any other
documents in relation thereto, the performance by the Selling Shareholder of
its obligations under the Underwriting Agreement and the distribution of the
Prospectus in accordance with the provisions set out in the Prospectus have
been in full force and effect.

 

2.4                           This Underwriting Agreement,
and any other documents in relation thereto, have been duly authorised,
executed and delivered by the Selling Shareholder and constitutes legal, valid,
binding and enforceable obligations of the Selling Shareholder.

 

2.5                           The Selling Shareholder is the
sole legal and beneficial owner of the Sale Shares.

 

2.6                           There is no Encumbrance, and
there is no agreement, arrangement or obligation to create or give an
Encumbrance, in relation to any of the Sale Shares.

 

2.7                           Other than this Underwriting
Agreement, there is no agreement, arrangement or obligation requiring the
transfer, redemption or repayment of, or the grant to a person of the right
(conditional or not) to require the transfer, redemption or repayment of, the
Sale Shares (including, without limitation, an option or right of pre-emption
or conversion).

 

2.8                           Neither the Selling
Shareholder, nor any of its Affiliates, nor any person acting on its or their
behalf has, directly or indirectly, made offers or sales of any security, or
solicited offers to buy any security, under circumstances that would require
the registration of the Shares under any relevant legislation.

 

2.9                           Assuming that any
stabilisation effected by or on behalf of the Underwriters is effected in
accordance with applicable laws, neither the Selling Shareholder, nor any of
its affiliates, nor any person acting on its or their behalf has taken,
directly or indirectly, any action designed to cause or which has constituted
or which might reasonably be expected to cause or result, under the Exchange
Act and the rules and regulations of the US Securities Exchange Commission
promulgated under the Exchange Act or otherwise, in the stabilisation or
manipulation of the price of any security of the Company to facilitate the sale
or resale of the Shares.

 

2.10                     Such Selling Shareholder has duly executed
and delivered a Power of Attorney (the “Power
of Attorney”), in a form furnished to the Underwriters as such
Selling Shareholder’s attorney (the “Attorney”)
with authority to execute and deliver the Underwriting Agreement on behalf of
such Selling Shareholder, to authorise the delivery of the Sale Shares to be
sold by such Selling Shareholder under this Underwriting Agreement and
otherwise to act on behalf of such Selling Shareholder in connection with the
transactions contemplated by this Agreement.

 

64

 

2.11                     The appointments by such Selling
Shareholder by the Power of Attorney are irrevocable; the obligations of the
Selling Shareholder under this Agreement shall not be terminated by operation
of law, whether by the death or incapacity of any individual Selling Shareholder
or, in the case of an estate or trust, by the death or incapacity of any
executor or trustee or the termination of such estate or trust, or in the case
of a partnership or company, by the dissolution of such partnership or
corporation, or by the occurrence of any other event; if any individual Selling
Shareholder or any such executor or trustee should die or become incapacitated,
or if any such estate or trust should be terminated, or if any such partnership
or company should be dissolved, or if any other such event should occur, before
delivery of the Sale Shares hereunder, title to the Sale Shares and (for any
Sale Shares in certificated form) certificates representing the Sale Shares
will be delivered by or on behalf of the Selling Shareholders in accordance
with the terms and conditions of this Agreement; and actions taken by the
Attorney pursuant to the Powers of Attorney will be as valid as if such death,
incapacity, termination, dissolution or other event had not occurred,
regardless of whether or not the Attorneys, or any of them, shall have received
notice of such death, incapacity, termination, dissolution or other event.

 

3.                                 PROSPECTUS

 

3.1                           All information furnished by
or on behalf of the Selling Shareholder for use in the Prospectus is true, complete,
accurate and not misleading and no information has been omitted from such
information which might make such information untrue, incomplete, inaccurate or
misleading.

 

3.2                           At the date of the
Underwriting Agreement the Prospectus does not, and will not, contain any
untrue statement of a material fact in respect of the Selling Shareholder or
omit to state any material fact in respect of the Selling Shareholder required
to be stated in the Prospectus or necessary to make the statements in the
Prospectuses in respect of the Selling Shareholders, in the light of the
circumstances under which they were made, not misleading.

 

3.3                           The Selling Shareholder is not
aware of any reason why the Company could not properly give any of the Exit
Warranties given by it.

 

65

 

Part B

Registration Rights

 

1.                                 Following the US Listing,
holders of Retained Shares shall comply with the rules of the Securities and
Exchange Commission (“SEC”) in
relation to such Retained Shares.

 

2.                                 At any time following the
expiration of the Lock-Up Period, upon the written request of either (i)
Original Investors holding Retained Shares or (ii) Additional Investors who
either alone or in aggregate hold 10% of the issued equity share capital of the
Company (the “Requesting Holder”),
the Requesting Holder may request (each such request, a “Demand Registration”) that the Company at
the Requesting Holder’s option either:

 

(i)                                         effect the registration under
the Securities Act of all or part of the Lock-Up Shares held by such Requesting
Holder or

 

(ii)                                      effect the registration of all
or any such Requesting Holder’s Lock-Up Shares by filing a registration
statement which provides for the sale by the Requesting Holder of its Retained
Shares from time to time on a delayed or continuous basis.

 

3.                                 For each request, the Company
will use its reasonable best efforts to effect the registration under the
Securities Act of such Retained Shares and all other Retained Shares to be
registered in accordance with paragraph 4.

 

4.                                 Upon receipt of a Demand
Registration by a Requesting Holder, subject to the terms and conditions of the
Registration Rights Agreement, the Company will as soon as possible but not
later than three Business Days after the receipt of such notice, give written
notice to all the Holders of Retained Shares that a Demand Registration has
been received.  Each such other Holder
may request, by delivery of written notice to the Company, that the Company
also register its registrable securities on a pro rata basis.

 

5.                                 Priority in Requested
Registrations.

 

If a Demand
Registration involves an underwritten offering and the managing underwriter
advises the Company, and the Retained Shareholders that in its opinion the
number of securities to be included in such registration by such holders
exceeds the maximum number of securities that can be sold without a reasonable
expectation of an adverse effect on such offering, the Company shall reduce
such registration on a pro-rata basis.

 

6.                                 The Company shall not be obligated
to effect more than (i) two Demand Registrations per year from Original
Investors and (ii) one Demand Registration per year from any Additional
Investors pursuant to paragraph 2 above.

 

7.                                 The Company shall not be
required to effect any more than one Demand Registration in a four-month
period.

 

66

 

8.                                 The Company will pay all fees
and expenses in connection with the Demand Registrations.

 

9.                                 Registration Procedures - the
Company is required to use its reasonable best efforts to effect or cause the
registration of any registrable securities under the Securities Act as provided
in the Registration Rights Agreement and make all necessary filings thereto.

 

67

 

SCHEDULE 8

Agreed Form Deeds of Adherence

 

Part A

Agreed Form Managers Deed of Adherence

 

DEED OF ADHERENCE

 

 

 

THIS DEED OF ADHERENCE is made on                            20[  ]

 

BY:

 

[insert name of New Shareholder]
of [insert address of
New Shareholder] (the “New
Shareholder”) in favour of the persons whose names are set out in
the schedule to this deed and is supplemental to the Shareholders’ Agreement
dated             2003 between
(1) the Company, (2) SPCCo, (3) Midco (4) Bidco (5) the Managers, (6)
the Original Investors, (7) Andy Sukawaty and (8) the Target  (the “Agreement”).

 

All the
capitalised terms used in this deed shall have the same meaning as in the
Agreement, unless otherwise provided.

 

THE NEW SHAREHOLDER UNDERTAKES AS FOLLOWS:

 

(1)                            The New Shareholder confirms
that [[  ] “A” Ordinary Shares have been
validly transferred to him by a Manager/he has subscribed for [  ] “A” Ordinary Shares]* in accordance with
the Agreement, save for the execution of this deed, (ii) he has read a copy of
the Agreement and (iii) he covenants with each person named in the schedule to
this deed to be bound by all those provisions of the Agreement (other than
clauses 1, 2, 3 and 4 ) expressed to be binding on each of the Managers, as if
he had been named therein as a Manager.

*           DELETE
AS APPROPRIATE

 

 

(2)                            The New Shareholder shall:

 

(a)                                      be entitled to all the
benefits of the Agreement, as if he had been named therein as a party; and

 

(b)                                     be entitled to all the
benefits of the Agreement expressed to be in favour of each of the Managers, as
if he had been named therein as a Manager.

 

(3)                            The address and telefax number
designated by the New Shareholders for the purposes of clause 18 of the
Agreement are:

 

Address: [•]

 

Fax: [•]

 

For the
attention of : [•]

 

68

 

(4)                            This deed may be executed in
any number of counterparts with the same effect as if the signature to each
such counterpart were upon the same instrument.

 

(5)                            This deed is governed by
English law and the provisions of clause 19.2 to 19.4 of the Agreement shall
apply mutatis mutandis to this deed.

 

IN WITNESS whereof this deed has been executed by the New
Shareholder and is intended to be and is hereby delivered on the date first
above written.

 

	
  EXECUTED as a deed by

  	
   

  
	
   

  	
   

  
	
  [Insert
  Name]

  	
   

  
	
   

  	
   

  
	
   

  	
  Name

  
	
   

  	
   

  
	
   

  	
  Address

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Witness
  Signature

  
	
   

  	
  Name of
  Witness

  
	
   

  	
  Occupation

  
	
   

  	
  Address

  

 

69

 

Michael Storey

 

Ramin Khadem

 

Michael Butler

 

Gene Jilg

 

Alan Auckenthaler

 

Richard Denny

 

Alison Horrocks

 

Paul Griffith

 

Debbie Jones

 

Perry Melton

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P.1)

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P. 2)

 

Permira Investment Limited 

 

Apax Europe V-A, L.P.

 

Apax Europe V-B, L.P.

 

Apax Europe C-C, GmbH & Co. KG.

 

Apax Europe V-D, L.P.

 

Apax Europe V-E, L.P.

 

Apax Europe V-F, C.V.

 

Apax Europe V-G, C.V.

 

Apax Europe V-1, L.P.

 

Apax Europe V-2, L.P.

 

[Insert names of all New Shareholders who are entered
in the register of members at the time of execution of this deed]

 

 

70

 

Part B

Agreed Form Additional Investors Deed of Adherence

 

DEED OF ADHERENCE

 

THIS DEED OF ADHERENCE is made on                            20[  ]

 

BY:

 

[insert name of New Shareholder]
of [insert address of
New Shareholder] (the “New
Shareholder”) in favour of the persons whose names are set out in
the schedule to this deed and is supplemental to the Shareholders’ Agreement
dated             2003 between
(1) the Company, (2) SPCCo, (3) Midco (4) Bidco (5) the Managers, (6)
the Original Investors, (7) Andy Sukawaty and (8) the Target  (the “Agreement”).

 

All the
capitalised terms used in this deed shall have the same meaning as in the
Agreement, unless otherwise provided.

 

THE NEW SHAREHOLDER UNDERTAKES AS FOLLOWS:

 

(1)                            The New Shareholder confirms
that (i) [[  ] “B” Ordinary Shares have
been validly transferred to him by an Original Investor/he has subscribed for
[     ] “B” Ordinary Shares]* in accordance with the
Agreement, save for the execution of this deed (ii) he has read a copy of the
Agreement and (iii) he covenants with each person named in the schedule to this
deed to be bound by all those provisions of the Agreement (other than clauses
1, 2, 3 and, for adhering Warrantholders, 19.4) expressed to be binding on each
of the Original Investors, as if he had been named therein as an Original
Investor.

*           DELETE
AS APPROPRIATE

 

 

(2)                            The New Shareholder shall:

 

(a)                                      be entitled to all the
benefits of the Agreement, as if he had been named herein as a party; and

 

(b)                                     be entitled to all the
benefits of the Agreement expressed to be in favour of the Original Investors,
as if he had been named therein as an Original Investor.

 

(3)                            The address and telefax number
designated by the New Shareholder for the purposes of clause 18 of the
Agreement are:

 

Address
: [•]

 

Fax :
[•]

 

For the
attention of : [•]

 

(4)                            This deed may be executed in
any number of counterparts with the same effect as if the signature to each
such counterpart were upon the same instrument.

 

71

 

(5)                            This deed is governed by
English law and the provisions of clauses 19.2, 19.3 and, save for adhering
Warrantholders, 19.4 of the Agreement shall apply mutatis mutandis to this
deed.

 

 

IN WITNESS whereof this deed has been executed by the New
Shareholder and is intended to be and is hereby delivered on the date first
above written.

 

	
  EXECUTED as a deed by

  	
   

  
	
   

  	
   

  
	
  [Insert
  Name]

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
   

  	
  Director/Secretary

  

 

72

 

Michael Storey

 

Ramin Khadem

 

Michael Butler

 

Gene Jilg

 

Alan Auckenthaler

 

Richard Denny

 

Alison Horrocks

 

Paul Griffith

 

Debbie Jones

 

Perry Melton

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P.1)

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P. 2)

 

Permira Investment Limited 

 

Apax Europe V-A, L.P.

 

Apax Europe V-B, L.P.

 

Apax Europe C-C, GmbH & Co. KG.

 

Apax Europe V-D, L.P.

 

Apax Europe V-E, L.P.

 

Apax Europe V-F, C.V.

 

Apax Europe V-G, C.V.

 

Apax Europe V-1, L.P.

 

Apax Europe V-2, L.P.

 

[Insert names of all New Shareholders who are entered
in the register of members at the time this deed is executed]

 

73

 

Part C

Agreed Form Original Investors Deed of Adherence

 

DEED OF ADHERENCE

 

 

THIS DEED OF ADHERENCE is made on                            20[  ]

 

BY:

 

[insert name of New Shareholder]
of [insert address of
New Shareholder] (the “New
Shareholder”) in favour of the persons whose names are set out in
the schedule to this deed and is supplemental to the Shareholders’ Agreement
dated             2003 between
(1) the Company, (2) SPCCo, (3) Midco (4) Bidco (5) the Managers, (6)
the Original Investors, (7) Andy Sukawaty 
and (8)  the Target  (the “Agreement”).

 

All the
capitalised terms used in this deed shall have the same meaning as in the
Agreement, unless otherwise provided.

 

THE NEW SHAREHOLDER UNDERTAKES AS FOLLOWS:

 

(1)                            The New Shareholder confirms
that (i) [[  ] “B” Ordinary  Shares have been validly transferred to him
by an Additional Investor Shareholder in accordance with the Agreement/ he has
subscribed for [  ] “B” Ordinary Shares]*,
save for the execution of this deed, (ii) he has read a copy of the Agreement
and (iii) he covenants with each person named in the schedule to this deed to
be bound by all those provisions of the Agreement (other than clauses 1, 2 and
3) expressed to be binding on each of the Additional Investor Shareholders, as
if he had been named therein as an Additional Investor Shareholder.  Without prejudice to any antecedent liability
of the Additional Investor Shareholder, the New Shareholder shall not be bound
by any obligation expressed to be binding on an Additional Investor Shareholder
under the Agreement, the time for performance of which has passed before the
date of the transfer referred to in (i) above.

*           DELETE
AS APPROPRIATE

 

 

(2)                            The New Shareholder shall:

 

(a)                                      be entitled to all the
benefits of the Agreement, as if he had been named therein as a party; and

 

(b)                                     be entitled to all the
benefits of the Agreement expressed to be in favour of the Additional Investor
Shareholder, as if he had been named therein as an Additional Investor
Shareholder.

 

(3)                            The address and telefax number
designated by the New Shareholder for the purposes of clause 18 of the
Agreement are:

 

Address : [•]

 

74

 

Fax : [•]

 

For the
attention of : [•]

 

(4)                            This deed may be executed in
any number of counterparts with the same effect as if the signature to each
such counterpart were upon the same instrument.

 

(5)                            This deed is governed by
English law and the provisions of clauses 19.2 to 19.4 of the Agreement shall
apply mutatis mutandis to this deed.

 

IN WITNESS whereof this deed has been executed by the New
Shareholder and is intended to be and is hereby delivered on the date first
above written.

 

	
  EXECUTED as a deed by

  	
   

  
	
   

  	
   

  
	
  [Insert
  Name]

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
   

  	
  Director/Secretary

  

 

75

 

Michael Storey

 

Ramin Khadem

 

Michael Butler

 

Gene Jilg

 

Alan Auckenthaler

 

Richard Denny

 

Alison Horrocks

 

Paul Griffith

 

Debbie Jones

 

Perry Melton

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P.1)

 

Permira Europe III Nominees Limited (as nominees for
Permira Europe III L.P. 2)

 

Permira Investment Limited 

 

Apax Europe V-A, L.P.

 

Apax Europe V-B, L.P.

 

Apax Europe C-C, GmbH & Co. KG.

 

Apax Europe V-D, L.P.

 

Apax Europe V-E, L.P.

 

Apax Europe V-F, C.V.

 

Apax Europe V-G, C.V.

 

Apax Europe V-1, L.P.

 

Apax Europe V-2, L.P.

 

[Insert names of all new Shareholders who are entered
in the register of members at the time of execution of this deed]

 

76

 

	
  EXECUTED by the parties:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by GRAHAM WRIGLEY

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
  GRAHAM WRIGLEY

  
	
  DUCHESSGROVE LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SPCCO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by GRAHAM WRIGLEY

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
  GRAHAM WRIGLEY

  
	
  LAVENDERVIEW LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  MIDCO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by GRAHAM WRIGLEY

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
  GRAHAM WRIGLEY

  
	
  GRAPEDRIVE LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  BIDCO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by GRAHAM WRIGLEY

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
  GRAHAM WRIGLEY

  
	
  GRAPECLOSE LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  THE MANAGERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  MICHAEL STOREY

  	
  )

  	
  MICHAEL STOREY

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  RAMIN KHADEM

  	
  )

  	
  RAMIN KHADEM

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  MICHAEL BUTLER

  	
  )

  	
  MICHAEL BUTLER

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  GENE JILG

  	
  )

  	
  GENE JILG

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  ALAN AUCKENTHALER

  	
  )

  	
  ALAN AUCKENTHALER

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  RICHARD DENNY

  	
  )

  	
  RICHARD DENNY

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  ALISON HORROCKS

  	
  )

  	
  ALISON HORROCKS

  
	
   

  	
   

  	
   

  

 

77

 

	
  Signed by

  	
  )

  	
   

  
	
  PAUL GRIFFITH

  	
  )

  	
  PAUL GRIFFITH

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  DEBBIE JONES

  	
  )

  	
  DEBBIE JONES

  
	
   

  	
   

  	
   

  
	
  Signed by

  	
  )

  	
   

  
	
  PERRY MELTON

  	
  )

  	
  PERRY MELTON

  
	
   

  	
   

  	
   

  
	
  THE PERMIRA INVESTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by SHARON ALVAREZ

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  PERMIRA EUROPE III L.P.1

  	
  )

  	
   

  
	
  acting by
  its General Partner Permira Europe

  	
  )

  	
  SHARON ALVAREZ

  
	
  II G.P. L.P.
  acting by its General Partner

  	
  )

  	
   

  
	
  Permira Europe III G.P. Limited

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by SHARON ALVAREZ

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  PERMIRA EUROPE III L.P.2

  	
  )

  	
  SHARON ALVAREZ

  
	
  acting by
  its General Partner Permira Europe I G.P.

  	
  )

  	
   

  
	
  L.P. acting by its General Partner Permira Europe

  	
  )

  	
   

  
	
  III G.P.
  Limited

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by SHARON ALVAREZ

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  PERMIRA EUROPE III GmbH & Co. KG

  	
  )

  	
  SHARON ALVAREZ

  
	
  acting by
  its General Partner Permira Europe

  	
  )

  	
   

  
	
  III G.P.
  L.P. acting by its managing limited

  	
  )

  	
   

  
	
  partner Permira Europe III G.P. Limited

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by SHARON
  ALVAREZ

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  PERMIRA EUROPE III CO-INVESTMENT

  	
  )

  	
  SHARON ALVAREZ

  
	
  SCHEME acting by its Administrator Permira

  	
  )

  	
   

  
	
  Europe III
  G.P. Limited

  	
  )

  	
   

  
	
   

  	
   

  	
   

  

 

78

 

	
  Signed by SHARON ALVAREZ

  	
  )

  	
   

  
	
  for and on
  behalf of

  	
  )

  	
   

  
	
  PERMIRA INVESTMENTS LIMITED

  	
  )

  	
  SHARON ALVAREZ

  
	
  Acting by
  its nominee Permira Nominees Limited

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  THE APAX INVESTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-A, L.P. acting by its

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  discretionary
  Investment manager APAX PARTNERS

  	
  )

  	
  CLIVE SHERLING

  
	
  PARTNERS
  EUROPE MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-B, L.P. acting by its

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  discretionary
  investment manager  APAX PARTNERS

  	
  )

  	
  CLIVE SHERLING

  
	
  EUROPE
  MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND  CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-C GmbH & Co K.G acting by

  	
  )

  	
   

  
	
  its
  discretionary investment manager APAX

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  PARTNERS
  EUROPE MANAGERS LTD

  	
  )

  	
  CLIVE SHERLING

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT and CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  PAX EUROPE V-D, L.P. acting by its discretionary

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  investment
  manager APAX PARTNERS EUROPE

  	
  )

  	
  CLIVE SHERLING

  
	
  MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-E, L.P. acting by its

  	
  )

  	
  ADRIAN BEECROFT and 

  
	
  discretionary
  investment manager APAX

  	
   

  	
  CLIVE SHERLING

  
	
  PARTNERS
  EUROPE MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN
  BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-F, C.V. acting by its

  	
  )

  	
   

  
	
  discretionary investment manager APAX

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  PARTNERS EUROPE MANAGERS LTD

  	
  )

  	
  CLIVE SHERLING

  
	
   

  	
   

  	
   

  

 

79

 

	
  Signed by ADRIAN
  BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-G, C.V. acting by its

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  discretionary
  investment manager APAX

  	
  )

  	
  CLIVE SHERLING

  
	
  PARTNERS
  EUROPE MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-1, L.P. acting by its

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  discretionary
  investment manager APAX

  	
  )

  	
  CLIVE SHERLING

  
	
  PARTNERS EUROPE
  MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by ADRIAN BEECROFT AND  CLIVE

  	
  )

  	
   

  
	
  SHERLING for and on behalf of

  	
  )

  	
   

  
	
  APAX EUROPE V-2, L.P. acting by its

  	
  )

  	
  ADRIAN BEECROFT and

  
	
  discretionary
  investment manager APAX

  	
  )

  	
  CLIVE SHERLING

  
	
  PARTNERS
  EUROPE MANAGERS LTD

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  THE TARGET

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  INMARSAT VENTURES PLC

  	
  )

  	
   

  
	
  Signed by RICHARD VOSS

  	
  )

  	
  RICHARD VOSS

  
	
   

  	
   

  	
   

  

 

80

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]