Document:

Exhibit 10.26

 

AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated this      day
of November, 2004 (the “Amended Agreement”), among New Skies Satellites
N.V., an entity established under Dutch law (the “Employer” or the “Company”),
and Mr.  A. Browne (the “Employee”).

 

WHEREAS the Company and the Employee have entered into that certain Employment
Agreement dated May 7, 1999 (the “1999 Agreement”); and

 

WHEREAS, the Company and the Employee desire to
amend the 1999 Agreement in certain respects effective on and after the date
hereof (the “Effective Date”) and to restate the 1999 Agreement to read
in its entirety as follows.

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.  Employment, Duties, Authority and Agreements.

 

(a)   The Employer hereby agrees
to employ the Employee as Chief Financial Officer (“CFO”) and the
Employee hereby accepts such position and agrees to serve the Employer in such
capacity during the employment period fixed by Section 3 hereof (the “Employment
Period”). The Employee shall report to the Chief Executive Officer (the “CEO”).
The Employee will have such duties, responsibilities and authority as are
customary for a CFO, including, without limitation, the responsibility for the
operation of the finance department of the Company involving periodic financial
reporting, preparation of annual and long range budgets and financial plans,
implementation of financial controls and systems, establishment and maintenance
of a general ledger system and books of account for payroll, accounts
receivable and payable, cash management and tax reporting.  Additionally, the Employee will advise and represent
the Company with respect to all financing activities including placement of
bank or other debt facilities, any public equity placement and the sale or
acquisition of Company assets. Finally, the Employee will be responsible
initially for management of the Human Resources and Management Information
Systems departments.

 

(b)   During the Employment
Period, excluding any periods of vacation and sick leave to which the Employee
is entitled, the Employee shall devote his full working time, energy and
attention to the performance of his duties and responsibilities hereunder and
shall faithfully and diligently endeavor to promote the business and best
interests of the Employer.

 

(c)   During the Employment
Period, the Employee may not, without the prior written consent of the
Employer, operate, participate in the management, operations or control of, or
act as an employee, officer, consultant, agent or representative of, any type
of business or service (other than as an employee of the Employer), provided
that it shall not be a violation of

 

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the
foregoing for the Employee to (i) act or serve as a director, trustee or
committee member of any civic or charitable organization, and (ii) manage his
personal, financial and legal affairs, so long as such activities (described in
clauses (i), and (ii)) do not interfere with the performance of his duties and
responsibilities to the Employer as provided hereunder. Except as described in this
Section l(c), Employee shall not provide any services to any other entity
during the term of this Amended Agreement without the written consent of the
Employer.

 

2.   Compensation.

 

(a)   As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, during the Employment Period the Employer
shall pay the Employee, not less than once a month pursuant to the Employer’s
normal and customary payroll procedures, a base salary at the rate of US$
460,020 per annum (the “Base Salary”) payable in U.S. dollars or in
Dutch Guilders, at the Employee’s election, at an exchange rate to be fixed
annually by mutual agreement between Employee and Employer.  The Base Salary shall be reviewed annually
and be increased further in the absolute discretion of the Employer.  Any such increased Base Salary shall then
become the Base Salary for all purposes hereunder.

 

(b)   As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, beginning in calendar year 1999
and for the remainder of the Employment Period (the “Bonus Period”), the
Employee shall have an opportunity to earn cash bonuses in accordance with the
following terms. For each calendar year during the Bonus Period, Employee shall
be eligible to earn a cash bonus of up to 25% of his Base Salary for that year,
subject to the performance standards to be approved by the Employer and, except
as otherwise provided in Sections 2(g) and 5, subject to the Employee’s
employment with the Employer on the last day of the calendar year (the “Annual
Bonus”). The Employer and the Employee agree that the Annual Bonus for 2004
shall be paid at the target level subject to Section 2(g). Except as provided
in Section 2(g), the Annual Bonus earned by the Employee with respect to each
year shall be paid to the Employee not later than ten (10) business days following
the determination of the amount of such Annual Bonus.

 

(c)   As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, during the Employment Period the Employee
shall be entitled to participate m the New Skies Satellites N.V. 1999 Stock
Option Plan, as amended (the “Option Plan”).  The number of shares subject to options
granted to the Employee, and the terms and conditions of such options, shall be
established by the Employer in its absolute discretion from time to time. Under
the 1999 Agreement, the Employee received an initial grant of options in the
amount and subject to the terms and conditions set forth on Exhibit A attached
hereto.

 

(d)   During
the Employment Period, the  Employee
shall be entitled to the following benefits and perquisites, to the extent
provided by the Employer to senior executives of the Employer generally:

 

(i)    medical
(including for the Employee’s spouse and children under the age of 21), and
disability coverage equivalent to base salary

 

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subject
to customary and reasonable limits, co-payments, deductibles, employee
contributions and exclusions;

 

(ii) at Employee’s election, either a car provided
by the Employer suitable to Employee’s position or the equivalent cost of such
a car to the Employer in cash; and

 

(iii) any other benefits and perquisites generally
provided to other senior executives of the Employer, from time to time,
provided that the Employee shall not be entitled to participate in any such
plan providing for benefits in the nature of severance pay.

 

(e)  During
the Employment Period, the Employee shall be entitled to paid vacation of
twenty five days per year.  The ability
to carry forward vacation time shall be subject to the Employer’s vacation
policy applicable generally to executive officers of the Employer as in effect
from time to time. The Employee is not entitled to holiday allowances.

 

(f)   The
Employer shall promptly reimburse the Employee for all reasonable business
expenses upon the presentation of statements of such expenses in accordance
with the Employer’s policies and procedures now in force or as such policies
and procedures may be modified with respect to all senior executive officers of
the Employer.

 

(g)  In addition to the payments
above, the Company shall pay the Employee:

 

(i)     (A) in the event that a Change in Control occurs in 2004 (unless
otherwise noted, all references to 2004 and 2005 are to calendar years), in
lieu of the Annual Bonus for 2004 to which the Employee would be entitled under
Section 2(b), (I) provided that the Employee is employed on the date of the
Change in Control, not later than five (5) business days following the Change
in Control, an amount equal to the target Annual Bonus for 2004 (determined
pursuant to Section 2(b)) pro-rated based on the number of days occurring in
such year prior to the Change in Control and (II) provided that the Employee is
employed on December 31, 2004, not later than March 1, 2005, an amount equal to
the balance of the target Annual Bonus for 2004 over the amount described in the
preceding clause (I); or (B) in the event that the Change in Control occurs in
2005, provided that the Employee is employed on the date of the Change in Control,
an amount, equal to the sum of (I) if the Annual Bonus for 2004 has not
theretofore been paid pursuant to Section 2(b), the target Annual Bonus for
2004 (determined pursuant to Section 2(b)), in lieu of payment of such amount
pursuant to Section 2(b), and (II) the target Annual Bonus for 2005 pro-rated
based on the number of days occurring in such year prior to the Change in
Control. With respect to a Change in Control in 2005, the Annual Bonus for the
remainder of the calendar year after the Change in Control shall be calculated
using the formula set forth in Section 2(b) applied pro rata based on the number
of days remaining in such calendar year following the Change in Control and shall
otherwise be subject to the terms of this Amended Agreement; and

 

(ii)     (A)
in the event that a Change in Control occurs in 2004, in lieu of any equity
award that the Employee may be entitled to receive under the Option Plan and/or

 

3

 

the
Restricted Stock Plan, (I) provided that the Employee is
employed on the date of the Change in Control, not later than five (5) business
days following the Change in Control, an amount in cash equal to one-third of
the value of the equity award made to the Employee on or about February 2003
pro-rated based on the number of days occurring in 2004 prior to the Change in
Control and (II) provided that the Employee is employed on December 31, 2004,
not later than March 1, 2005, an amount in cash equal to the balance of
one-third of the value of the equity award made to the Employee on or about
February 2003 over the amount described in the preceding clause (I); or (B) in
the event that the Change in Control occurs in 2005, provided that the Employee
is employed on the date of the Change in Control, not later than five (5)
business days following the Change in Control, (I) in lieu of any equity award
that the Employee may be entitled to receive under the Option Plan or the
Restricted Stock Plan, and provided that no equity award has been made for
February 2005 prior to the Change in Control, an amount in cash equal to one-third
of the value of the equity award made to the Employee on or about February 2003,
and (II) an amount in cash equal to one-third of the value of the equity award
made to the Employee on or about February 2003 pro-rated based on the number of
days occurring in 2005 prior to the Change in Control. With respect to a Change
in Control in 2005, such stock incentives for the remainder of the calendar
year after the Change in Control shall be determined by the Employer, subject
to any applicable agreement between the Employee and the Employer, applied pro
rata based on the number of days remaining in such calendar year following the
Change in Control and shall otherwise be subject to the terms of this Amended
Agreement.

 

For
purposes of this Amended Agreement, a “Change in Control” means a “change
in control” as defined in the Restricted Stock Plan, or a sale of all or
substantially all of the assets of the Employer, or a liquidation of the
Employer.

 

3.     Employment
Period.

 

The Employment Period commenced on 12 October 1998 and shall continue indefinitely,
provided that the Employment Period may be terminated during the
Employment Period upon the earliest to occur of the following events upon
written notice in accordance with Section 4 below (the “Termination Date”):

 

(a)    Death. The Employee’s
employment hereunder shall terminate upon his death.

 

(b)   Urgent
Cause.      The Employer may terminate
the Employee’s employment hereunder for Urgent Cause, that is without prior
approval of a Dutch Court or government body as is authorized by Dutch labor
law. By way of illustration, and without limitation, for purposes of this
Amended Agreement, the term “Urgent Cause” shall mean: (i) a willful and
material violation by the Employee of either Section l(c) or 7 of this Amended
Agreement (unless such violation is cured by the Employee within thirty (30)
days of receipt of a written notice from the Supervisory Board of the Company
(the “Supervisory Board”) which specifically identifies the facts and
circumstances of such violation); (ii) the willful failure by the Employee to substantially
perform the duties reasonably assigned to him within the scope of the Employee’s
duties and authority as stated in Section l(a) hereunder (other than as a
result of physical or

 

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mental
illness or injury), after delivery to the Employee of a written demand for
substantial performance that specifically identifies the manner in which the
Employee has not substantially performed the Employee’s duties and provides the
Employee thirty (30) days to begin to substantially perform, provided
that the Employer shall not have the right to terminate the Employee’s
employment hereunder for Urgent Cause if the Employee begins to substantially perform
within such thirty-day period; (iii) the Employee’s willful misconduct, willful
waste of corporate assets or gross negligence which in any such event
substantially and materially injures the Employer; or (iv) the indictment of
the Employee for a felony or other serious crime involving moral turpitude. In
order for a termination to be considered to be for Urgent Cause, the Notice of
Termination (as defined below) must be delivered within six (6) months of the
date on which the Employer
first knows of the event constituting Urgent Cause.

 

(c)   Good Reason. The
Employee may terminate his employment hereunder for Good Reason, For purposes
of this Amended Agreement, the term “Good Reason” shall mean: (i) a
reduction by the Employer in the Employee’s Base Salary; (ii) any failure by
the Employer to pay any amounts due to the Employee within ninety (90) days of
the date such amount is due; (iii) any material diminution of the level of
responsibility or authority of the Employee, including the Employee’s reporting
duties; (iv) any adverse change in the Employee’s title or position; (v) the
failure by the Employer to obtain from any successor an assumption of the
obligations of the Employer as contemplated by Section 9(d) herein; and (vi)
the Employer requiring the Employee to be based at any office or location that
is more than 50 kilometers from the Employer’s current corporate headquarters; provided
that with respect to any such relocation, the Employee delivers a written
notice of such Good Reason termination to the Employer within thirty (30) days
after receiving written notice from the Employer of the possibility of such
event; and provided further that the Employee delivers a written notice
to the Employer within six months of the occurrence of such an event which
specifically identifies the facts and circumstances claimed by Employee to
constitute Good Reason and the Employer has failed to cure such facts and
circumstances within thirty (30) days after receipt of such notice.

 

(b)   Without Good Reason.
The Employee may terminate his employment hereunder without Good Reason.

 

4.    Termination Procedure.

 

(a)   Notice of Termination.  Termination of the Employee’s employment by
the Employer for Urgent Cause or by the Employee during the Employment Period
(other than termination pursuant to Section 3(a)) shall be communicated by
written “Notice of Termination” to the other party hereto in accordance
with Section 9(a).  For purposes of this
Amended Agreement, a Notice of Termination shall mean a notice which shall
indicate the specific termination provision in this Amended Agreement relied
upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Employee’s employment under
the provision so indicated and shall attach any prior notices required under Section
3.

 

(b)   Date of Termination. “Date
of Termination” shall mean (i) if the Employee’s employment is terminated by
his death, the date of his death, (ii) if the Employee’s employment is
terminated for any other reason, the date on which a Notice of Termination is
given or any

 

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later
date (within thirty (30) days, or any alternative time period agreed upon by
the parties, after the giving of such notice) set forth in such Notice of
Termination.

 

5.  Termination Payments.

 

(a) (i) For Good Reason other than in Connection
with a Change in Control. Except as provided in Section 5(a)(ii), in the
event of the termination of the Employee’s employment during the Employment
Period by the Employee for Good Reason, the Employee shall be entitled to a
payment, within thirty (30) days following the Date of Termination, of (i) the
Employee’s Base Salary through the Date of Termination and outstanding business
expenses pursuant to Section 2(f) hereof (to the extent not theretofore paid),
and any other amounts due to the Employee but which have not been paid (the “Accrued
Obligations”), (ii) any earned but unpaid Annual Bonus in respect of a
calendar year during the Bonus Period ending prior to or coincident with the
Date of Termination, (iii) an Annual Bonus equal to the prior year’s Annual
Bonus pro-rated for the year in which the Termination Date occurs based on the number
of days occurring in such year prior to the Termination Date and (iv) a
lump-sum payment equal to one time Employee’s Base Salary (as in effect on the
Date of Termination).

 

(ii)
Without Urgent Cause or for Good Reason in Connection with a Change in Control.
Notwithstanding the foregoing, in the event of a termination of the Employee’s employment
within a two year period following the date of a Change in Control (a) by the Employer
without Urgent Cause or (b) by the Employee for Good Reason, the Employer shall
pay to (or in the case of business expenses pursuant to clause (i), reimburse)
the Employee, or his estate in the event of his death, within thirty (30) days
following the Date of Termination, (i) the Accrued Obligations, (ii) any earned
but unpaid Annual Bonus in respect of a calendar year during the Bonus Period
ending prior to or coincident with the Date of Termination, (iii) an Annual
Bonus equal to the prior year’s Annual Bonus pro-rated for the year in which
the Date of Termination occurs based on the number of days occurring in such
year prior to the Date of Termination, provided that payments made under
Section 2(g)(i) relating to the year in which the Date of Termination occurs
will be credited towards the satisfaction of the Employer’s obligation to pay
under this clause (iii) for the same period, (iv) a lump-sum payment equal to
two times the sum of (x) the Employee’s Base Salary (as in effect on the Date
of Termination) and (y) the average Annual Bonus earned by the Employee with
respect to the two years preceding the Date of Termination, (v) reimbursement
for outplacement services in an amount up to $25,000 upon the Employee’s
submission of receipts for such services, and (vi) continuation of medical and dental
benefits under the Employer’s employee benefit plans providing for such
benefits, for two years following the Date of Termination, provided the
Employer’s obligation to provide continued welfare benefits under this clause
(vi) shall be reduced to the extent that equivalent coverages and benefits
(determined on a coverage-by-coverage and benefit-by-benefit basis) are provided
under the plans, programs or arrangements of a subsequent employer; and provided
further that in the event that the Employee is precluded from continuing
full participation, in the Employer’s welfare benefit plans that provide for
the benefits described and contemplated in this clause (vi), the Employee shall
be provided with the after-tax economic equivalent of any benefit or coverage
foregone. For this purpose, the economic equivalent of any benefit or coverage foregone
shall be deemed to be the total cost to the Employee of obtaining such benefit
or coverage himself on an individual basis. Payment of such after-tax economic
equivalent shall be made quarterly.

 

6

 

The
payments provided in this Section 5(a) are (i) not subject to offset or
mitigation and (ii) conditioned upon and subject to the Employee executing a
valid general release and waiver, waiving all claims the Employee may have
against the Employer, its affiliates, directors, officers and employees. The
Employer shall have no additional obligations under this Amended Agreement,
except for (i) the indemnification obligations set forth in Section 6 herein and
(ii) any benefits (other than benefits in the nature of severance pay) to which
the Employee is entitled under the terms of any employee benefit plan in which
he is eligible to participate.

 

(b)   Urgent
Cause or without Good Reason.  If the
Employee’s employment is terminated during the Employment Period by the
Employer for Urgent Cause or by the Employee without Good Reason, the Employer
shall pay to the Employee, within thirty (30) days of the Date of Termination,
(i) the Accrued Obligations and (ii) any earned but unpaid Annual Bonus in
respect of a calendar year during the Bonus Period ending prior to the Date of Termination,
but only if the event constituting Urgent Cause occurs after the end of such calendar
year.  The Employer shall have no additional
obligations under this Amended Agreement, except for the indemnification
obligations set forth in Section 6 herein.

 

(c)   Death.  If the Employee’s employment is terminated as
a result of his death, the Employer shall pay to the Employee’s estate, within
thirty (30) days of the Date of Termination, (i) the Accrued Obligations, (ii)
any earned but unpaid Annual Bonus in respect of a calendar year during the
Bonus Period ending prior to or coincident with the Date of Termination, and
(iii) an Annual Bonus equal to the prior year’s Annual Bonus pro-rated for the year
in which the Termination Date occurs based on the number of days occurring in
such year prior to the Termination Date.  
The Employer shall have no additional obligations under this Amended
Agreement, except for the indemnification obligations set forth in Section 6
herein.

 

6.  Indemnification.

 

The
Employer shall indemnify, defend and hold the Employee harmless from and against
any and all liability or obligation arising from or relating to this Amended
Agreement or the performance by the Employee of his obligations hereunder, in
accordance with the indemnification provisions set forth in Article 21 of the
Employer’s Articles of Association, as in effect on the date hereof, provided
that this obligation to indemnify and defend shall not extend to disputes
between the Employee and the Employer, if any, which relate to the benefits or
other amounts in the nature of compensation from the Employer to which the
Employee believes he is entitled.

 

7

 

7.    Non-Solicitation; Non-Disclosure;
Workproduct: Non-Competition.

 

(a)   During
the Employment Period and for one year following the termination of Employee’s
employment with Employer the Employee agrees not to offer employment to any employee
of the Employer or any of its affiliates for other than employment by the
Employer or attempt to induce any such employee to leave the employ of the
Employer or any subsidiaries of the Employer and the Employee further agrees
not to solicit any clients or suppliers of the Employer to do business with any
competing business of the Employer.

 

(b)   Employee
agrees that he will not appropriate for his own use, disclose, divulge, furnish
or make available to any person, unless in the normal course of business or as authorized
by Employer in writing, any confidential or proprietary information concerning Employer,
including without limitation any confidential or proprietary information
concerning the operations, plans or methods of doing business of Employer (the “Information”):
provided that the term “Information” shall not include such information
which is or becomes generally available to the public other than as a result of
a disclosure by Employee in violation of this Amended Agreement.  Notwithstanding the foregoing, Employee may
disclose Information to the extent he is compelled to do so by lawful service
of process, subpoena, court order, or as he is otherwise compelled to do by law
or the rules or regulations of any regulatory body to which he is subject,
including full and complete disclosure in response thereto, in which event he
agrees to provide Employer with a copy of the documents seeking disclosure of
such information promptly upon receipt of such documents and prior to their
disclosure of any such information, so that Employer may, upon notice to
Employee, take such action as Employer deems appropriate in relation to such
subpoena or request.

 

(c)   Employee
agrees that all right, title and interest to all works of whatever nature
generated in the course of his employment resides with Employer. Employee
agrees that he will return to Employer, not later than the Date of Termination,
all property, in whatever form (including computer files and other electronic
data), of Employer in his possession, including without limitation, all copies
(in whatever form) of all files or other information pertaining to Employer,
its officers, directors, shareholders, customers or affiliates, and any
business or business opportunity of Employer and its affiliates.

 

(d)   Employee
agrees not to engage in any aspect of the Satellite Business (as hereinafter
defined) during the Employment Period and for one year following the
termination of Employee’s employment with Employer.  Employee shall be deemed to be engaging in
the Satellite Business if he directly or indirectly, whether or not for
compensation, renders personal services of any kind in any capacity for any
Competitor.

 

For purposes of this Section
7(d):

 

(i) The “Satellite Business” shall mean the
business of communication of electronic video, data, voice or other information
by transmission by satellite for hire or any other business in which the Employer
is engaged from time to time during the Employment Period.

 

8

 

(ii)  A
“Competitor” is any corporation, firm, partnership, proprietorship or
other entity which engages in the Satellite Business.

 

Notwithstanding
the foregoing, the Employee shall not be subject to the restrictions of this Section
7(d) in the event that a termination of employment occurs within two years
following the date of a Change in Control (i) by the Employee for Good Reason
or (ii) by the Employer without Urgent Cause.

 

(e)   The
restrictions of Section 7(d) hereof shall be deemed to be separate restrictions
with respect to each geographic area, time period and activity covered thereby.
Employee hereby agrees that if, in any judicial proceeding, a court shall
refuse to enforce any such separate restriction, then such unenforceable
restriction shall be deemed eliminated from this Amended Agreement for the
purpose of such proceeding or any other judicial proceeding, but only to the
extent necessary to permit the remaining restrictions of Section 7(d) hereof to
be enforced.

 

(f)    The
parties hereto hereby declare that it is impossible to measure in money the damages
which will accrue to Employer by reason of a failure by Employee to perform any
of his obligations under this Section 7.  Accordingly, if Employer or any of its affiliates
institutes any action or proceeding to enforce the provisions hereof, to the
extent permitted by applicable law, Employee hereby waives the claim or defense
that Employer or its affiliate has an adequate remedy at law, and Employee
shall not urge in any such action or proceeding the claim or defense that any
such remedy at law exists.

 

(g)   The
restrictions in this Section 7 shall be in addition to any restrictions imposed
on Employee by statute or at common law.

 

8.  Tax-free Allowance Subject to 30% Ruling

 

(a) If and insofar as the Employee has received or may receive a
tax-free allowance for extra-territorial costs under Section 9 of the 1965
Payroll Tax Implementation Decree (as further described in clause (ii) below),
the following shall apply:

 

(i) The originally agreed upon Wages from Current
Employment shall be reduced for employment law purposes so that 100/70 of the
adjusted Wages from Current Employment is equal to the originally agreed upon
Wages from Current Employment. As used herein, “Wages from Current
Employment” are all income (in cash, cash equivalent, or benefit in kind)
that is subject to wage tax withholding in the Netherlands.

 

(ii) The Employee shall receive an allowance for
extra-territorial costs from the Employer, equal to 30/70 of the adjusted Wages
from Current Employment (the “Allowance”).

 

(iii) The Employee is aware of the fact that, in view of the applicable
regulations, an adjustment to the remuneration agreed under this Section may
affect ail considerations and benefits that are linked to Wages from Current
Employment, such as pension rights and social security benefits.

 

9

 

(iv) The intention of this Section is to automatically apply Section 9
of the 1965 Payroll Tax Implementation Decree to all elements of Wages from
Current Employment that can benefit from this special provision.

 

(v) The Employee acknowledges and agrees that, as a
result of the adjustments described in clauses (i) and (ii), the Employee’s
adjusted Base Salary (the “Adjusted Base Salary”) shall equal 70/100 of
the previously agreed Base Salary. The Employee hereby consents to this
adjustment and agrees that it shall not constitute a breach of this Amended
Agreement or give rise to any rights on the part of the Employee. Following any
adjustment hereunder, all references, in this Amended Agreement to Base Salary
shall be deemed to refer to the Employee’s Total Base Compensation, which shall
equal the sum of the Adjusted Base Salary and an allowance equal to 30/70 of
the Adjusted Base Salary. For the avoidance of doubt, the term “originally
agreed upon Wages from Current Employment” shall refer to the Wages from
Current Employment in effect immediately prior to the adjustments described in
clauses (i) and (ii).

 

9.  Miscellaneous.

 

(a)
Any notice or other communication required or permitted under this Amended Agreement
shall be effective only if it is in writing and delivered personally or sent by
registered or certified mail, postage prepaid, addressed as follows (or if it
is sent through any other method agreed upon by the parties):

 

If
to the Employer:

 

New
Skies Satellites N.V.

Attention:
Chief Executive Officer 

P.O.
Box 82197 

2508
ED The Hague 

The
Netherlands

 

With
a copy to:

 

New
Skies Satellites N.V.

Attention:
General Counsel 

P.O.
Box 82197

2508
ED The Hague 

The
Netherlands

 

If
to the Employee:

 

Mr.
A. M. Browne 

Koninginnegracht
70 B 

2514
AG The Hague 

The
Netherlands

 

10

 

or
to such other address as any party hereto may designate by notice to the
others, and shall be deemed to have been given upon receipt.

 

(b)   This Amended Agreement,
together with Exhibit A attached hereto, constitutes the entire agreement among
the parties hereto with respect to the Employee’s employment, and supersedes
and is in full substitution for any and all prior understandings or agreements
with respect to the Employee’s employment.

 

(c)   This Amended Agreement may
be amended only by an instrument in writing signed by the parties hereto, and
any provision hereof may be waived only by an instrument in writing signed by
the party or parties against whom or which enforcement of such waiver is sought.
The failure of any party hereto at any time to require the performance by any
other party hereto of any provision hereof shall in no way affect the full
right to require such performance at any time thereafter, nor shall the waiver
by any party hereto of a breach of any provision hereof be taken or held to be
a waiver of any succeeding breach of such provision or a waiver of the provision
itself or a waiver of any other provision of this Amended Agreement.

 

(d)   (i) This Amended Agreement,
the Option Plan, and the Restricted Stock Plan are binding on and are for the
benefit of the parties hereto and their respective successors, heirs, executors,
administrators and other legal representatives. Neither this Amended Agreement,
the Option Plan, or the Restricted Stock Plan nor any right or obligation under
this Amended Agreement, the Option Plan, or the Restricted Stock Plan may be
assigned, transferred, pledged or encumbered by the Employer or by the
Employee.

 

(ii) The Employer shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Employer expressly to assume and agree
to perform this Amended Agreement, the Option Plan, and the Restricted Stock
Plan in the same manner and to the same extent that the Employer would have
been required to perform them if no such succession had taken place. As used in
this Amended Agreement, the Option Plan, and the Restricted Stock Plan, all
references to New Skies Satellites N.V., Employer or Company shall mean both
New Skies Satellites N.V. and any such successor that assumes and agrees to
perform this Amended Agreement, the Option Plan, and the Restricted Stock Plan
by operation of law or otherwise.

 

(e)   If any provision of this
Amended Agreement or portion thereof is so broad, in scope or duration, so as
to be unenforceable, such provision or portion thereof shall be interpreted to
be only so broad as is enforceable.

 

(f)    The Employer may withhold
from any amounts payable to the Employee hereunder all taxes and other amounts
that the Employer may reasonably determine are required to be withheld pursuant
to any applicable law or regulation.

 

(g)   This Amended Agreement shall
be governed by and construed in accordance with the laws of The Netherlands,
without reference to its principles of conflicts of law.

 

(h) This Amended Agreement may be executed in several counterparts,
each of which shall be deemed an original, but all of which shall constitute
one and the same instrument.

 

11

 

(i)
The headings in this Amended Agreement are inserted for convenience of reference
only and shall not be a part of or control or affect the meaning of any
provision hereof.

 

12

 

IN
WITNESS WHEREOF, the parties have executed this Amended Agreement, as of the
date first written above.

 

	
   

  	
  NEW SKIES SATELLITES N. V.

  
	
   

  	
   

  
	
   

  	
  /s/ Daniel S. Goldberg

  
	
   

  	
  Daniel S. Goldberg, Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  /s/ Andrew M. Browne

  
	
   

  	
  Andrew M. Browne

  

 

13Exhibit 10.27

 

AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT is entered into this         day
of November, 2004 (the “Amended Agreement”) by and between New Skies
Satellites N.V., an entity established under Dutch law (“New Skies” or
the “Employer”) and Mr. Scott J. Sprague (the “Employee”).

 

WHEREAS the Employer and the Employee have entered into that certain
Employment Agreement on June 26, 2002 (the “2002 Agreement”); and

 

WHEREAS, the Employer and the Employee desire to amend the 2002
Agreement in certain respects effective on and after the date hereof (the “Effective
Date”) and to restate the 2002 Agreement to read in its entirety as
follows.

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                       Employment,
Duties, Authority and Agreements.

 

(a)                                  The
Employer hereby agrees to employ the Employee as Senior Vice President Global
Sales and the Employee hereby accepts such position and agrees to serve the
Employer in such capacity during the employment period fixed by Section 3
hereof (the “Employment Period”). The Employee shall report to the Chief
Executive Officer (“CEO”), or such other person as New Skies shall designate.
The Employee shall be responsible for managing New Skies’ global sales
operations so as to maximize the company’s financial performance in terms of
in-year sales, long-term backlog, overall profitability, and such other targets
as New Skies may establish. By way of example and without limitation, the
Employee’s responsibilities will include the following:

 

•                  Managing global
sales operations and ensuring that revenue forecasting is accurate and
up-to-date;

•                  Ensuring that
CEO (or his designate) is frequently updated on sales operations, plans,
activities, results and forecasts;

•                  Coordinating
between regional Sales VPs and ensuring that cross-regional deals are
efficiently achieved and processed;

•                  Providing input
to CEO (or his designate) for annual sales and revenue goals for sales regions
and developing, presenting and, upon approval by CEO (or his designate),
implementing plans to meet these sales goals;

•                  Working with
regional Sales VPs and their teams on major deals;

•                  Representing the
views and interests of global Sales at NSS HQ;

•                  Preparing long
term sales plans and revenue projections;

•                  Handling major
customer complaints and dealing with special customer issues;

•                  Providing input
to the information system for tracking the status of global sales operations
and revenue achievement;

 

 

 

•                  Identifying long
term communications requirements of current and potential customers and
providing input to planning efforts to serve such requirements from current or
future system resources.

 

(b)                                 The
Employee shall devote his full working time, energy and attention to the
performance of his duties and responsibilities hereunder and shall faithfully
and diligently endeavor to promote the business and best interests of the
Employer.

 

(c)                                  The
Employee may not, without New Skies’ prior written consent, operate,
participate in the management, operations or control of, act as an employee,
officer, consultant, agent or representative of, or provide any services to any
entity or any type of business or service, provided that it shall not be
a violation of the foregoing for the Employee to (i) act or serve as a director,
trustee or committee member of any civic or charitable organization, and (ii)
manage his personal, financial and legal affairs, so long as such activities do
not interfere with the performance of his duties and responsibilities
hereunder.

 

2.                                       Compensation.

 

(a)                                  As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, during the employment period the
Employer shall pay the Employee, not less than once a month pursuant to the
Employer’s normal and customary payroll procedures, a base salary of
U.S.$240,043 gross per annum (the “Base Salary”). The Base Salary shall
be payable in U.S. dollars or in Euros at the Employee’s election. The US$-Euro
exchange rate to be used for all purposes pursuant to this Amended Agreement
shall equal the average US$-Euro exchange rate for the three full calendar
months prior to the earlier of the signing of the 2002 Agreement or June 27,
2002. For the avoidance of doubt, the Base Salary is inclusive of the “holiday
pay” provided for under Dutch law. The Base Salary shall be reviewed annually
and may be increased further in the absolute discretion of the Employer. Any
such increased Base Salary shall then become the Base Salary for all purposes
hereunder.

 

(b)                                 As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, beginning on the Effective Date
and for the remainder of the Employment Period (the “Bonus Period”), the
Employee shall have an opportunity to earn an annual cash bonus in accordance
with the following terms. For each calendar year during the Bonus Period,
Employee shall be eligible to earn an on-target cash bonus of 50% of his Base
Salary (or, if Section 2(c) applies, of his Total Base Compensation as
defined therein) for that year, subject to the performance criteria to be
approved by the Employer and, except as otherwise provided in Sections 2(h) and
4, subject to the Employee’s employment with the Employer on the last day of the
calendar year (the “Annual Bonus”). The Annual Bonus shall be subject to
the terms and conditions set forth in the New Skies Sales Incentive Plan, as it
may be amended from time to time. The Employer and the Employee agree that the
Annual Bonus for 2004 shall be paid at the target level subject to Section 2(h).

 

2

 

(c)                                  If
and insofar as the employee may receive a tax-free allowance for
extra-territorial costs under Section 9 of the 1965 Payroll Tax Implementation
Decree (as further described in clause (ii) below), the following shall apply:

 

(i)                                     The
originally agreed upon Wages from Current Employment shall be reduced for
employment law purposes so that 100/70 of the Adjusted Wages from Current
Employment is equal to the originally agreed upon Wages from Current
Employment. As used herein, “Wages from Current Employment” are all
income (in cash, cash equivalent, or benefit in kind) that is subject to wage
tax withholding in the Netherlands.

 

(ii)                                  The
Employee shall receive an allowance for extra-territorial costs from the
Employer, equal to 30/70 of the Adjusted Wages from Current Employment (the “Allowance”).

 

(iii)                               The
Employee is aware of the fact that, in view of the applicable regulations, an
adjustment to the remuneration agreed upon under this section (c) may
affect all considerations and benefits that are linked to Wages from Current
Employment, such as pension rights and social security benefits.

 

(iv)                              The
intention of this provision is to automatically apply Section 9 of the
1965 Payroll Tax Implementation Decree to all elements of Wages from Current
Employment that can benefit from this special provision.

 

(v)                                 As
a result of the adjustments described in clauses (i) and (ii), the Employee’s
adjusted Base Salary shall equal 70/100 of the previously agreed Base Salary
(the “Adjusted Base Salary”). The Employee hereby consents to this
adjustment and agrees that it shall not constitute a breach of this Amended
Agreement or give rise to any rights on the part of the Employee. Following any
adjustment hereunder, all references in this Amended Agreement to Base Salary shall
be deemed to refer to the Employee’s Total Base Compensation, which shall equal
the sum of the Adjusted Base Salary and the allowance associated therewith.

 

(d)                                 As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, during the Employment Period the
Employee shall be entitled to participate in the 1999 New Skies Satellites N.V.
Stock Option Plan, as such plan has been amended and may be amended further
from time to time (the “Option Plan”). The number of shares subject to
options granted to the Employee, and the terms and conditions of such options,
shall be established by the Employer in its absolute discretion from time to
time. Under the 2002 Agreement, the Employee received an initial grant of
options in the amount and subject to the terms and conditions set forth on
Exhibit A attached hereto.

 

(e)                                  During
the Employment Period, the Employee shall be entitled to the following benefits
and perquisites, to the extent provided by the Employer to employees of the
Employer generally:

 

3

 

(i)                                     medical (including
for the Employee’s spouse and children under the age of 21, providing for
insurance coverage in the United States) subject to customary and reasonable
limits, co-payments, deductibles, employee contributions and exclusions;

 

(ii)                                  at Employee’s
election, either a car provided by the Employer suitable to Employee’s position
(Category C) or the equivalent cost of such a car to the Employer in cash; and

 

(iii)                               any other benefits and
perquisites generally provided to other similarly senior staff of the Employer,
from time to time, including without limitation any benefits provided to
similarly senior employees who were recruited from outside the Netherlands; provided
that the Employee shall not be entitled to participate in any such plan
providing for benefits in the nature of severance pay.

 

(iv)                              participation in the New
Skies Satellites N.V. Headquarters Location Premium (HQLP) plan, as such plan
may be amended by New Skies from time to time.

 

(f)                                    During
the Employment Period, the Employee shall be entitled to paid vacation of twenty-five
days per year. Accrual rights and the ability to carry forward vacation time,
if any, shall be subject to the Employer’s vacation policy applicable generally
to employees of the Employer as in effect from time to time.

 

(g)                                 The
Employer shall promptly reimburse the Employee for all reasonable business
expenses upon the presentation of statements of such expenses in accordance
with the Employer’s policies and procedures now in force or as such policies
and procedures may be modified from time to time.

 

(h)                                 In
addition to the payments above, the Employer shall pay the Employee:

 

(i)                                     (A) in the event
that a Change in Control occurs in 2004 (unless otherwise noted, all references
to 2004 and 2005 are to calendar years), in lieu of the Annual Bonus for 2004
to which the Employee would be entitled under Section 2(b), (I) provided
that the Employee is employed on the date of the Change in Control, not later
than five (5) business days following the Change in Control, an amount equal to
the target Annual Bonus for 2004 (determined pursuant to Section 2(b))
pro-rated based on the number of days occurring in such year prior to the
Change in Control and (II) provided that the Employee is employed on December 31,
2004, not later than March 1, 2005, an amount equal to the balance of the
target Annual Bonus for 2004 over the amount described in the preceding clause
(I); or (B) in the event that the Change in Control occurs in 2005, provided
that the Employee is employed on the date of the Change in Control, an amount
equal to the sum of (I) if the Annual Bonus for 2004 has not theretofore been
paid

 

4

 

pursuant to Section 2(b), the target Annual Bonus for 2004
(determined pursuant to Section 2(b)), in lieu of payment of such amount
pursuant to Section 2(b), and (II) the target Annual Bonus for 2005
pro-rated based on the number of days occurring in such year prior to the
Change in Control. With respect to a Change in Control in 2005, the Annual
Bonus for the remainder of the calendar year after the Change in Control shall
be calculated using the formula set forth in Section 2(b) applied pro rata
based on the number of days remaining in such calendar year following the
Change in Control and shall otherwise be subject to the terms of this Amended
Agreement; and

 

(ii)                                  (A) in the event that
a Change in Control occurs in 2004, in lieu of any equity award that the
Employee may be entitled to receive under the Option Plan and/or the Restricted
Stock Plan, (I) provided that the Employee is employed on the date of the
Change in Control, not later than five (5)
business days following the Change in Control, an amount in cash equal
to one-third of 133% of the value of the equity award made to the Employee on
or about February 2004 pro-rated based on the number of days occurring in
2004 prior to the Change in Control and (II) provided that the Employee is
employed on December 31, 2004, not later than March 1, 2005, an
amount in cash equal to the balance of one-third of 133% of the value of the
equity award made to the Employee on or about February 2004 over the
amount described in the preceding clause (I); or (B) in the event that the
Change in Control occurs in 2005, provided that the Employee is employed on the
date of the Change in Control, not later than five (5) business days
following the Change in Control, (I) in lieu of any equity award that the
Employee may be entitled to receive under the Option Plan or the Restricted
Stock Plan, and provided that no equity award has been made for February 2005
prior to the Change in Control, an amount in cash equal to one-third of 133% of
the value of the equity award made to the Employee on or about February 2004,
and (II) an amount in cash equal to one-third of 133% of the value of the equity
award made to the Employee on or about February 2004 pro-rated based on
the number of days occurring in 2005 prior to the Change in Control. With
respect to a Change in Control in 2005, such stock incentives for the remainder
of the calendar year after the Change in Control shall be determined by the
Employer, subject to any applicable agreement between the Employee and the
Employer, applied pro rata based on the number of days remaining in such
calendar year following the Change in Control and shall otherwise be subject to
the terms of this Amended Agreement.

 

For purposes of this Amended Agreement, a “Change in Control”
means a “change in control” as defined in the Restricted Stock Plan, or a sale
of all or substantially all of the assets of the Employer, or a liquidation of
the Employer.

 

5

 

3.                                       Employment
Period.

 

The employment period commenced on June 27, 2002 and shall
continue indefinitely. Either party may terminate Employee’s employment by
giving a written “Notice of Termination” to the other party at the address
specified in Section 7(a). In accordance with applicable law, the parties
shall provide at least one month’s notice unless otherwise agreed. For purposes
of this Amended Agreement, a “Notice of Termination” shall mean a notice
which shall indicate the specific termination provision in this Amended
Agreement relied upon, shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Employees
employment under the provision so indicated and shall attach any prior notices
required under Section 4.

 

4.                                       Termination
Payments.

 

(a)                                  Except
as provided in Section 4(b), in the event the Employee’s employment is
terminated by or at the initiative of the Employer, other than (i) for urgent
cause (“dringnde reden”), (ii)
due to the Employee’s failure to perform his job duties as described in Section 1,
or (iii) due to the Employee’s breach of Section 1(b), Section 1(c)
or Section 6 of this Amended Agreement, the Employer shall pay the
Employee a severance payment determined in accordance with Dutch law and shall
pay the reasonable costs of shipping the Employee’s personal effects back to
the original place of recruitment; provided that if the severance payment
determined in accordance with Dutch law is, in the aggregate, less than six
months’ Base Salary, the Employer shall pay a severance payment equal to six
months Base Salary. For purposes of this Amended Agreement, the Employee’s
original place of recruitment shall be deemed to be St. Charles, Illinois,
U.S.A.

 

(b)                                 Notwithstanding
the foregoing, in the event of a termination of the Employee’s employment
within a two year period following the date of a Change in Control (a) by the
Employer without Cause or (b) by the Employee for Good Reason (as such terms
are defined below), the Employer shall pay to (or in the case of business
expenses pursuant to clause (i), reimburse) the Employee, or his estate in the
event of his death, within thirty (30) days following the Date of Termination
(as defined below), (i) the Employee’s Base Salary through the Date of
Termination and outstanding business expenses (to the extent not theretofore
paid), and any other amounts due to the Employee but which have not been paid,
(ii) any earned but unpaid Annual Bonus in respect of a calendar year during
the Bonus Period ending prior to or coincident with the Date of Termination,
(iii) an Annual Bonus equal to the prior year’s Annual Bonus pro-rated for the
year in which the Date of Termination occurs based on the number of days
occurring in such year prior to the date of termination; provided that
all payments made under Section 2(h)(i) relating to the year in which the
Date of Termination occurs will be credited towards the satisfaction of the
Employer’s obligation to pay under this clause (iii) for the same period, (iv)
a lump-sum payment equal to two times the sum of (x) the Employee’s Base Salary
(as in effect on the Date of Termination) and (y) the average Annual Bonus
earned by the Employee with respect to the two years preceding the Date of
Termination, (v)

 

6

 

reimbursement for outplacement services in an amount up to $25,000 upon
the Employee’s submission of receipts for such services, and (vi) continuation
of medical and dental benefits under the Employer’s employee benefit plans
providing for such benefits, for two years following the Date of Termination; provided
the Employer’s obligation to provide continued welfare benefits under this
clause (vi) shall be reduced to the extent that equivalent coverages and
benefits (determined on a coverage-by-coverage and benefit-by-benefit basis)
are provided under the plans, programs or arrangements of a subsequent
employer; and provided  further that in the event that the
Employee is precluded from continuing full participation in the Employer’s
welfare benefit plans that provide for the benefits described and contemplated
in this clause (vi), the Employee shall be provided with the after-tax economic
equivalent of any benefit or coverage foregone. For this purpose, the economic
equivalent of any benefit or coverage foregone shall be deemed to be the total
cost to the Employee of obtaining such benefit or coverage himself on an
individual basis. Payment of such after-tax economic equivalent shall be made
quarterly.

 

For purposes of this Amended Agreement, the term “Cause” shall
mean: (i) a willful and material violation by the Employee of either Section 1(c)
or 6 of this Amended Agreement (unless such violation is cured by the Employee
within thirty (30) days of receipt of a written notice from the Employer which
specifically identifies the facts and circumstances of such violation); (ii)
the willful failure by the Employee to substantially perform the duties
reasonably assigned to him within the scope of the Employee’s duties and
authority as stated in Section 1(a) hereunder (other than as a result of physical
or mental illness or injury), after the Employer delivers to the Employee a
written demand for substantial performance that specifically identifies the
manner in which the Employee has not substantially performed the Employee’s
duties and provides the Employee thirty (30) days to begin to substantially
perform, provided that the Employer shall not have the right to
terminate the Employee’s employment hereunder for Cause if the Employee begins
to substantially perform within such thirty-day period; (iii) the Employee’s
willful misconduct, willful waste of corporate assets or gross negligence which
in any such event substantially and materially injures the Employer; or (iv)
the indictment of the Employee for a felony involving moral turpitude. In order
for a termination to be considered to be for Cause, the Notice of Termination
must be delivered within six (6) months of the date on which the Employer first
knows of the event constituting Cause.

 

For purposes of this Amended Agreement, the term “Good Reason”
shall mean: (i) a reduction by the Employer in the Employee’s Base Salary; (ii)
any failure by the Employer to pay any amounts due to the Employee within
ninety (90) days of the date such amount is due; (iii) any material diminution
of the level of responsibility or authority of the Employee, including the
Employee’s reporting duties (provided, however, that any change in Employee’s
reporting duties consistent with Employer’s rights under Section 1(a)
shall not be deemed to be “Good Reason”); (iv) any adverse change in Employee’s
title or position; (v) the failure by the Employer to obtain from any successor
an assumption of the obligations of the Employer as contemplated by Section 7(d)
herein; (vi) the Employer requiring the Employee to be based at any office or

 

7

 

location that is more than 50 kilometers from the Employer’s current
corporate headquarters; provided that with respect to any such
relocation the Employee delivers a written notice of such Good Reason
termination to the Employer within thirty (30) days after receiving written
notice from the Employer of the possibility of such event; and provided  further
that the Employee delivers a written notice to the Employer within six (6)
months of the date on which the Employee first knows of the event constituting
Good Reason which specifically identifies the facts and circumstances claimed
by Employee to constitute Good Reason and the Employer has failed to cure such
facts and circumstances within thirty (30) days after receipt of such notice.

 

For purposes of this Amended Agreement, “Date of Termination”
shall mean the date on which a Notice of Termination is given or any later date
set forth in such Notice of Termination.

 

The payments provided in this Section 4(b) are (i) not subject to
offset or mitigation and (ii) conditioned upon and subject to the Employee
executing a valid general release and waiver, waiving all claims the Employee
may have against the Employer, its affiliates, directors, officers and
employees. The Employer shall have no additional obligations under this Amended
Agreement except for (i) the indemnification obligations set forth in Section 5
herein, and (ii) any benefits (other than benefits in the nature of severance
pay) to which the Employee is entitled under the terms of any employee benefit
plan in which he is eligible to participate.

 

5.                                       Indemnification.

 

The Employer shall indemnify, defend and hold the Employee harmless
from and against any and all liability or obligation arising from or relating
to this Amended Agreement or the performance by the Employee of his obligations
hereunder, in accordance with the indemnification provisions set forth in Article 21
of the Employer’s Articles of Association, as in effect on the date hereof, provided
that this obligation to indemnify and defend shall not extend to disputes
between the Employee and the Employer, if any, which relate to the benefits or
other amounts in the nature of compensation from the Employer to which the
Employee believes he is entitled.

 

6.                                       Non-Solicitation;
Non-Disclosure; Workproduct; Non-Competition.

 

(a)                                  During
the Employment Period and for one year following the termination of Employee’s
employment with Employer the Employee agrees not to offer employment to any
employee of the Employer or any of its affiliates for other than employment by
the Employer or attempt to induce any such employee to leave the employ of the
Employer or any subsidiaries of the Employer and the Employee further agrees
not to solicit any clients or suppliers of the Employer to do business with any
competing business of the Employer.

 

(b)                                 Employee
agrees that he will not appropriate for his own use, disclose, divulge, furnish
or make available to any person, unless in the normal course of business or as
authorized by Employer in writing, any confidential or proprietary information
concerning Employer,

 

8

 

including without limitation any confidential or proprietary
information concerning the operations, plans or methods of doing business of
Employer (the “Information”); provided  that the term “Information”
shall not include such information which is or becomes generally available to
the public other than as a result of a disclosure by Employee in violation of
this Amended Agreement. Notwithstanding the foregoing, Employee may disclose
Information to the extent he is compelled to do so by lawful service of
process, subpoena, court order, or as he is otherwise compelled to do by law or
the rules or regulations of any regulatory body to which he is subject,
including full and complete disclosure in response thereto, in which event he
agrees to provide Employer with a copy of the documents seeking disclosure of
such information promptly upon receipt of such documents and prior to their
disclosure of any such information, so that Employer may, upon notice to
Employee, take such action as Employer deems appropriate in relation to such
subpoena or request.

 

(c)                                  Employee
agrees that all right, title and interest to all works of whatever nature
generated in the course of his employment resides with Employer. Employee
agrees that he will return to Employer, not later than the Date of Termination,
all property, in whatever form (including computer files and other electronic
data), of Employer in his possession, including without limitation, all copies
(in whatever form) of all files or other information pertaining to Employer,
its officers, directors, shareholders, customers or affiliates, and any
business or business opportunity of Employer and its affiliates.

 

(d)                                 Employee
agrees not to engage in any aspect of the Satellite Business (as hereinafter
defined) during the Employment Period and for six months following the
termination of Employee’s employment with Employer; provided that the Employer
may extend the period from six months to one year upon payment of a lump-sum
payment equal to 50% of the
Employee’s Base Salary (or, if Section 2(c) applies, of the Total Base
Compensation) in effect on the Date of Termination. Employee shall be deemed to
be engaging in the Satellite Business if he directly or indirectly, whether or
not for compensation, renders personal services of any kind in any capacity for
any Competitor.

 

For purposes of this Section 6(d):

 

(i)                                     The “Satellite
Business” shall mean the business of communication of electronic video,
data, voice or other information by transmission by satellite for hire or any
other business in which the Employer is engaged from time to time during the
Employment Period.

 

(ii)                                  A “Competitor”
is any corporation, firm, partnership, proprietorship or other entity which
engages in the Satellite Business.

 

Notwithstanding
the foregoing, the Employee shall not be subject to the restrictions of this Section 6(d)
in the event that a termination of employment occurs within two years following
the

 

9

 

date of a Change in Control (i) by the Employee for Good Reason or (ii)
by the Employer without Cause.

 

(e)                                  The
restrictions of Section 6(d) hereof shall be deemed to be separate
restrictions with respect to each geographic area, time period and activity
covered thereby. Employee hereby agrees that if, in any judicial proceeding, a
court shall refuse to enforce any such separate restriction, then such
unenforceable restriction shall be deemed eliminated from this Amended Agreement
for the purpose of such proceeding or any other judicial proceeding, but only
to the extent necessary to permit the remaining restrictions of Section 6(d)
hereof to be enforced.

 

(f)                                    The
parties hereto hereby declare that it is impossible to measure in money the
damages which will accrue to Employer by reason of a failure by Employee to
perform any of his obligations under this Section 6. Accordingly, if
Employer or any of its affiliates institutes any action or proceeding to
enforce the provisions hereof, to the extent permitted by applicable law,
Employee hereby waives the claim or defense that Employer or its affiliate has
an adequate remedy at law, and Employee shall not urge in any such action or
proceeding the claim or defense that any such remedy at law exists.

 

(g)                                 The
restrictions in this Section 6 shall be in addition to any restrictions
imposed on Employee by statute or at common law.

 

7.                                       Miscellaneous.

 

(a)                                  Any
notice or other communication required or permitted under this Amended
Agreement shall be effective only if it is in writing and delivered personally
or sent by registered or certified mail, postage prepaid, addressed as follows
(or if it is sent through any other method agreed upon by the parties):

 

If to the Employer:

 

New Skies Satellites N.V.

Attention: VP Human Resources

Rooseveltplantsoen 4

2517 KR Den Haag

The Netherlands

 

With a copy to:

 

New Skies Satellites N.V.

Attention: General Counsel

Rooseveltplantsoen 4

2517 ICR Den Haag

The Netherlands

 

10

 

If to the Employee:

 

Mr. S.J. Sprague

Julianaweg 2

2243 HT Wassenaar

The Netherlands

 

or to such other address as any party hereto may designate by notice to
the others, and shall be deemed to have been given upon receipt.

 

(b)                                 This
Amended Agreement, together with Exhibit A attached hereto, constitutes the
entire agreement among the parties hereto with respect to the Employee’s
employment, and supersedes and is in full substitution for any and all prior
understandings or agreements with respect to the Employee’s employment.

 

(c)                                  This
Amended Agreement may be amended only by an instrument in writing signed by the
parties hereto, and any provision hereof may be waived only by an instrument in
writing signed by the party or parties against whom or which enforcement of
such waiver is sought. The failure of any party hereto at any time to require
the performance by any other party hereto of any provision hereof shall in no
way affect the full right to require such performance at any time thereafter,
nor shall the waiver by any party hereto of a breach of any provision hereof be
taken or held to be a waiver of any succeeding breach of such provision or a
waiver of the provision itself or a waiver of any other provision of this
Amended Agreement.

 

(d)                                 (i)                                     This
Amended Agreement, the Option Plan, and the Restricted Stock Plan are binding
on and are for the benefit of the parties hereto and their respective
successors, heirs, executors, administrators and other legal representatives.
Neither this Amended Agreement, the Option Plan, or the Restricted Stock Plan
nor any right or obligation under this Amended Agreement, the Option Plan, or
the Restricted Stock Plan may be assigned, transferred, pledged or encumbered
by the Employer or by the Employee.

 

(ii)                                  The
Employer shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Employer expressly to assume and agree to perform this
Amended Agreement, the Option Plan, and the Restricted Stock Plan in the same
manner and to the same extent that the Employer would have been required to
perform them if no such succession had taken place. As used in this Amended
Agreement, the Option Plan and the Restricted Stock Plan, all references to New
Skies Satellites N.V. or Employer shall mean both New Skies Satellites N.V. and
any such successor that assumes and agrees to perform this Amended Agreement,
the Option Plan, and the Restricted Stock Plan by operation of law or
otherwise.

 

11

 

(e)                                  If
any provision of this Amended Agreement or portion thereof is so broad, in
scope or duration, so as to be unenforceable, such provision or portion thereof
shall be interpreted to be only so broad as is enforceable.

 

(f)                                    The
Employer may withhold from any amounts payable to the Employee hereunder all
amounts due from the Employee to the Employer and all taxes and other amounts
that the Employer may reasonably determine are required to be withheld pursuant
to any applicable law or regulation.

 

(g)                                 This
Amended Agreement shall be governed by and construed in accordance with the
laws of The Netherlands, without reference to its principles of conflicts of
law. At Employer’s request and subject to Employer’s compliance with Section 4
of this Amended Agreement, Employee agrees to take all steps necessary or
appropriate, including without limitation to execute all necessary or
appropriate documentation, to terminate this Amended Agreement as of the end of
the minimum statutory notice period on the terms and conditions set forth in
this Amended Agreement, by dissolution by the District Court, Cantonal
Division, location The Hague.

 

(h)                                 This
Amended Agreement may be executed in several counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same
instrument.

 

(i)                                     The
headings in this Amended Agreement are inserted for convenience of reference
only and shall not be a part of or control or affect the meaning of any
provision hereof.

 

12

 

IN WITNESS WHEREOF, the parties have executed this Amended Agreement,
as of the date first written above.

 

	
   

  	
  NEW SKIES
  SATELLITES N.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Daniel
  S. Goldberg

  	
   

  
	
   

  	
  Daniel S. Goldberg

  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Scott J.
  Sprague

  	
   

  
	
   

  	
  Scott J. Sprague

  

 

13

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