Document:

Exhibit 10.4

 

FORM OF

 

NEW SKIES SATELLITES HOLDINGS LTD.

2005 STOCK INCENTIVE PLAN

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

THIS AGREEMENT, is made effective as of
[             ],
2005 (the “Date of Grant”)
at [                                                                                 ]
(the “Time of Grant”),
between New Skies Satellites Holdings Ltd. (the “Company”) and
[                     ]
(the “Participant”).

 

R  E  C  I  T  A
L  S:

 

WHEREAS, the Company has adopted the Plan (as
defined below), the terms of which are hereby incorporated by reference and
made a part of this Agreement; and

 

WHEREAS, the Committee has determined that it
would be in the best interests of the Company and its stockholders to grant the
Options provided for herein to the Participant pursuant to the Plan and the
terms set forth herein;

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows:

 

1.                                       Definitions.  Whenever
the following terms are used in this Agreement, they shall have the meanings
set forth below.  Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan.

 

(a)                                  Blackstone
Percentage:  the quotient of (i) the
number of Shares Blackstone sells in connection with a Liquidity Event divided
by (ii) the total number of Shares Blackstone holds immediately
prior to such Liquidity Event.  In the
case of a Distribution Event, the Blackstone Percentage shall equal the
quotient of (x) the aggregate amount to be received by Blackstone in
connection with such Distribution Event divided  by (y) the
Fair Market Value of the Shares of the Company held by Blackstone immediately
prior to such Distribution Event.

 

(b)                                 Cause:  “Cause” or “Urgent Cause” as defined in an
employment agreement between the Company or its subsidiaries and the
Participant or, if not defined therein or if there is no such agreement, “Cause”
means (i) Participant’s continued failure substantially to perform
Participant’s duties (other than as a result of total or partial incapacity due
to physical or mental illness) for a period of ten days following written notice
by the Company to Participant of such failure, (ii) dishonesty in the
performance of Participant’s duties, (iii) an act or acts on Participant’s
part constituting (x) a felony under the laws of the United States or any
state thereof or (y) a misdemeanor involving moral turpitude, (iv) Participant’s
willful malfeasance or willful misconduct in connection with Participant’s
duties or any act or omission which is injurious to the financial condition or
business reputation of the Company or any of its subsidiaries or

 

 

affiliates or (v) the
Participant’s breach of the provisions of any confidentiality, noncompetition
or nonsolicitation to which the Participant is subject.

 

(c)                                  Distribution
Event:  the record date of any
dividend or distribution made by the Company to Blackstone (subject to Section 5(b)),
other than any dividend or distribution by the Company with a record date prior
to, or as of, an IPO.

 

(d)                                 Exit
Performance Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(e)                                  Expiration
Date:  The tenth anniversary of the
Date of Grant.

 

(f)                                    Good
Reason:  “Good Reason” as defined in
an employment agreement between the Company or its subsidiaries and the
Participant or, if not defined therein or if there is no such agreement, “Good
Reason” means (i) the failure of the Company to pay or cause to be paid
Participant’s base salary or annual bonus, when due or (ii) any
substantial and sustained diminution in Participant’s authority or
responsibilities; provided that either of the events described in
clauses (i) and (ii) shall constitute Good Reason only if the
Company fails to cure such event within 30 days after receipt from
Participant of written notice of the event which constitutes Good Reason; provided,
further, that “Good Reason” shall cease to exist for an event on the 60th day
following the later of its occurrence or Executive’s knowledge thereof, unless
Participant has given the Company written notice thereof prior to such date.

 

(g)                                 IPO:  An underwritten public offering of Shares
pursuant to an effective registration statement under the Securities Act of
1933, as amended, other than pursuant to a registration statement on Form S-4
or Form S-8 or other limited purpose form.

 

(h)                                 Liquidity
Event:  (i) the sale by
Blackstone of all or any portion of its Shares to another entity (other than an
Affiliate of Blackstone) in which Blackstone receives cash or marketable
securities or (ii) any Distribution Event.

 

(i)                                     Operating
Performance Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(j)                                     Options:  Collectively, the Time Option, the
Performance Options, the Tier I IPO Vested Option and the Tier II Vested Option
to purchase Shares granted under this Agreement.

 

(k)                                  Performance
Options:  Collectively, the Operating
Performance Option and the Exit Performance Option.

 

(l)                                     Plan:  The New Skies Satellites Holdings Ltd. 2005
Stock Incentive Plan, as from time to time amended.

 

(m)                               Tier
I IPO Vested Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

2

 

(n)                                 Tier
II Vested Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(o)                                 Time
Option:  An Option to purchase the
number of Shares set forth on Schedule A attached hereto.

 

(p)                                 Vested
Portion:  At any time, the portion of
an Option which has become vested, as described in Section 3 of this
Agreement; provided, that an Option whose aggregate Option Price is not
paid by the withholding of Shares shall vest with respect to whole Shares only,
with partial Shares being rounded up to the nearest whole integer.

 

2.                                       Grant of Options.  The
Company hereby grants to the Participant the right and option to purchase, on
the terms and conditions hereinafter set forth, the number of Shares subject to
the Time Option, the Tier I IPO Vested Option, the Tier II Vested
Option, the Operating Performance Option and the Exit Performance Option set
forth on Schedule A attached hereto, subject to adjustment as set
forth in the Plan and this Agreement. 
The exercise price of the Shares subject to the Time Option, the
Operating Performance Option and the Exit Performance Option shall be $[      ]
per Share and the exercise price subject to the Tier I IPO Vested Option
and the Tier II Vested Option shall be $[     ] per
Share, subject to adjustment as set forth in the Plan and this Agreement (the “Option Price”).  The Options are intended to be nonqualified
stock options, and are not intended to be treated as ISOs that comply with Section 422
of the Code.

 

3.                                       Vesting of the Options.

 

(a)                                  Vesting
of the Time Option.

 

(i)                                     In
General.  Subject to the Participant’s
continued Employment with the Company and its Affiliates, the Time Option shall
vest and become exercisable on each of the first four anniversaries of November 2,
2004 (each anniversary, a “Time Vesting Date”)
with respect to the number of Shares subject to the Time Option equal to the
number of Shares subject to the Time Option immediately prior to each such Time
Vesting Date divided  by the number of Time Vesting Dates
remaining, including such Time Vesting Date.

 

(ii)                                  Change
in Control.  Notwithstanding the
foregoing, upon a Change in Control, the Time Option shall, to the extent not
previously cancelled or expired, immediately become one hundred
percent (100%) vested and exercisable.

 

(b)                                 Vesting
of the Performance Options.

 

(i)                                     In
General.  Subject to the Participant’s
continued Employment with the Company and its Affiliates, the Performance
Options, to the extent not previously canceled or expired, shall become fully
vested and exercisable with respect to one hundred percent (100%) of the
Shares subject to the Performance Options on November 2, 2011 if on such
date the annually compounded internal rate of return to Blackstone is at least
twenty percent (20%) (determined based on the Fair Market Value

 

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of the Shares
on, and all dividends and other proceeds paid upon such Shares through, such
date).

 

(ii)                                  Acceleration
Events.

 

(A)                              upon
any Liquidity Event that generates an annually compounded internal rate of
return to Blackstone of at least twenty percent (20)% (determined based on
the Fair Market Value of the Shares on, and all dividends and other proceeds
upon such Shares (including proceeds to be received in the Liquidity Event)
through such Liquidity Event), in which case the Performance Options shall vest
immediately prior to such Liquidity Event as follows:  (a) the number of Shares subject to the
Exit Performance Option outstanding on the date of such Liquidity Event multiplied
by the Blackstone Percentage and (b) the number of Shares subject
to the Operating Performance Option immediately prior to such Liquidity Event multiplied
by the Blackstone Percentage; and/or

 

(B)                                with
respect to the Operating Performance Option, on the February 15 following
the attainment of annual performance targets established by the Board for each
calendar year beginning with calendar year 2005 and ending with calendar year
2008 (the “Performance Period”), as
determined by the Board, a number of 
Shares subject to the Operating Performance Option shall vest and become
exercisable equal to the number of Shares subject to the Operating Performance Option
outstanding immediately prior to the vesting date divided  by the
number of years remaining, including such calendar year, in the Performance
Period.

 

(iii)                               Catch-Up.  Notwithstanding the foregoing and subject to
the Participant’s continued Employment with the Company and its Affiliates, if
the annual performance targets for a calendar year during the Performance
Period are not achieved (a “Missed Year”),
the Board shall provide that the Shares subject to the Operating Performance
Option that were eligible to vest and become exercisable in such Missed Year
shall vest and become exercisable on the February 15 following the end of
the subsequent calendar year through and including calendar year 2008 that the
cumulative annual performance targets for the Missed Year and the subsequent
calendar year are achieved.

 

(iv)                              Change
in Control.  Notwithstanding the
foregoing, upon a Change in Control, the Performance Options shall, to the
extent not previously cancelled or expired, immediately become one hundred percent (100%)
vested and exercisable, if the annually compounded internal rate of return to
Blackstone is at least twenty percent (20%) as of such Change in Control
(determined based on the Fair Market Value of the Shares on, and all dividends and
other proceeds paid upon such Shares through, the date of such Change in
Control).

 

(v)                                 Termination
of Performance Options.  If, in
connection with a Change in Control or otherwise, Blackstone disposes of all
its equity interest in the Company, then the Performance Options (other than
the Operating Performance Options if such Change in Control or disposition
occurs prior to December 31, 2009) that do not

 

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become vested
and exercisable in connection with such Change in Control or other disposition
shall expire and be immediately canceled by the Company without consideration
as of the consummation of such Change in Control or other disposition.

 

(c)                                  Vesting
of the Tier I IPO Vested Option and Tier II Vested Option.  Subject to the Participant’s continued
Employment with the Company and its Affiliates, the Tier I IPO Vested Option
and the Tier II Vested Option shall vest and become exercisable with respect to
one hundred percent (100%) of the Shares subject to such Options on the
Date of Grant at the Time of Grant.

 

(d)                                 Termination
of Employment.

 

(i)                                     General.  Other than as described in Sections 3(d)(ii) and
(iii), if the Participant’s Employment with the Company and its Affiliates
terminates for any reason, the Option, to the extent not then vested and
exercisable, shall expire and be immediately canceled by the Company without
consideration.

 

(ii)                                  Time
Option.  Notwithstanding Section 3(a) and
3(d)(i), (x) in the event that the Participant’s Employment is terminated (A) by
the Company without Cause or (B) by the Participant with Good Reason, to
the extent not previously cancelled or expired, the Time Option shall
immediately become one hundred percent (100%) vested and exercisable or
(y) in the event that the Participant’s Employment is terminated due to
the Participant’s death or Disability, the Time Option shall immediately become
vested and exercisable as to the Shares subject to the Time Option that would
have otherwise vested and become exercisable in the calendar year in which such
termination of Employment occurs.

 

(iii)                               Performance
Options.

 

(A)                              Notwithstanding
Section 3(b) and 3(d)(i), (x) in the event that (a) the
Participant’s Employment is terminated (1) by the Company without Cause or
(2) by the Participant with Good Reason and (b) the annual
performance targets are achieved with respect to the Operating Performance
Option for the year of such termination of Employment, to the extent not
previously cancelled or expired, the Operating Performance Option shall become
vested and exercisable with respect to the Shares subject to the Operating
Performance Option that would have vested and become exercisable upon the
achievement of such annual performance targets as if the Participant’s
Employment continued through the February 15 following the end of such
year and (y) in the event that (a) the Participant’s Employment is
terminated (1) by the Company without Cause or (2) by the Participant
with Good Reason and (b) Liquidity Events (other than a Distribution
Event) occurs during the twelve (12) months following such termination of
Employment, then the Performance Options shall vest and become exercisable as
to the Shares that would have vested and become exercisable had the Participant
remained employed through such Liquidity Events.

 

5

 

(B)                                Notwithstanding
Section 3(b) and 3(d)(i), in the event that the Participant’s
Employment is terminated due to the Participant’s death or Disability,
(x) if the annual performance targets are achieved with respect to the
Operating Performance Option for the year of such termination of Employment,
the Operating Performance Option shall become vested and exercisable with
respect to the Shares subject to the Operating Performance Option that would
have vested and become exercisable upon the achievement of such annual
performance targets as if the Participant’s Employment continued through the February 15
following such calendar year and (y) the Exit Performance Option shall be
deemed to be vested and exercisable with respect to a number of Shares equal to
the number of Shares subject to the Exit Performance Option multiplied  by
a fraction (not to exceed one), the numerator of which is the number of
full calendar years that have lapsed since the Date of Grant and the
denominator of which is seven (7).

 

4.                                       Exercise of Options.

 

(a)                                  Method
of Exercise.

 

(i)                                     The
Vested Portion of an Option shall be immediately exercised; provided,
that if the Fair Market Value of a Share is less than the Option Price on the
date the Option vests and becomes exercisable, the Vested Portion of the Option
shall be cancelled by the Company without consideration.  Payment of the aggregate Option Price shall
be made by having Shares that would otherwise have been delivered to the
Participant upon exercise of the Option having a Fair Market Value equal to the
aggregate Option Price for the Shares being purchased withheld by the Company; provided,
that, if such exercise is in connection with acceleration of vesting pursuant
to a Distribution Event, then the Fair Market Value of a Share shall include
the distribution payable on a Share in connection with such Distribution Event;
provided, further, that sixty (60) days following an IPO,
the Participant may elect to pay the aggregate Option Price (A) in cash,
or its equivalent (e.g., a check), (B) by transferring to the Company
Shares having a Fair Market Value equal to the aggregate Option Price for the
Shares being purchased and satisfying such other requirements as may be imposed
by the Committee; provided that such Shares have been held by the
Participant for no less than six (6) months (or such other period as
established from time to time by the Committee or generally accepted accounting
principles), (C) if there is a public market for the Shares at the time of
payment, subject to such rules as may be established by the Committee,
through delivery of irrevocable instructions to a broker to sell the Shares
otherwise deliverable upon the exercise of the Option and deliver promptly to
the Company an amount equal to the aggregate Option Price or (D) by a
combination of (A) and (B) above or such other method as approved by
the Committee.  The Participant shall
have rights to any dividends or other rights of a stockholder with respect to
the Shares subject to an Option at such time as the Participant has paid in
full for such Shares or otherwise completed the exercise transaction as
described in the preceding sentence and, if applicable, has satisfied any other
conditions imposed pursuant to this Agreement. 
If the aggregate Option Price is paid by the withholding of Shares, only
whole Shares shall be issued, with partial Shares being rounded up to the
nearest whole integer.

 

6

 

(ii)                                  Notwithstanding
any other provision of the Plan or this Agreement to the contrary, absent an
available exemption to registration or qualification, an Option may not be
exercised prior to the completion of any registration or qualification of the
Option or the Shares under applicable state and federal securities or other
laws, or under any ruling or regulation of any governmental body or national
securities exchange that the Committee shall in its sole reasonable discretion
determine to be required by such laws, rulings or regulations.

 

(iii)                               Upon
the Company’s determination that an Option has been validly exercised as to any
of the Shares, the Company shall issue certificates in the Participant’s name
for such Shares.  However, the Company
shall not be liable to the Participant for damages relating to any reasonable
delays in issuing the certificates to the Participant or any loss by the
Participant of the certificates.

 

5.                                       Adjustments.

 

(a)                                  General.  In the event of any change in the outstanding
Shares after the Effective Date by reason of any Share split, reorganization,
recapitalization, merger, consolidation, spin-off, combination or transaction
or exchange of Shares or other corporate exchange, or any transaction similar
to the foregoing, the Committee in its sole discretion and without liability to
any person may make such substitution or adjustment, if any, as it deems to be
equitable, to the Option.

 

(b)                                 Distributions.  Notwithstanding the foregoing, upon a
Distribution Event, the Option, to the extent outstanding after such
Distribution Event, will be adjusted (a “Distribution Event Option
Adjustment”), such that the Option Price for the Option will
become equal to the Option Price of the Option immediately prior to the
Distribution Event divided  by the Dividend Adjustment Amount (as
defined below) and the number of Shares subject to the Option after the
Distribution Event will equal the number of Shares subject to Option
immediately prior to the Distribution Event (excluding Shares that vest and
become exercisable as a result of the Distribution Event), multiplied  by
the Dividend Adjustment Amount.  The
Dividend Adjustment Amount shall equal (x) one plus (y) the
amount of the distribution paid to shareholders of the Company divided  by
the difference between (A) the value of the Company’s equity
immediately prior to the distribution, as determined by the Board less (B) the
amount of such distribution.  Only for
purposes of adjusting the Option Price pursuant to this Section 5(b), a
dividend from the proceeds of an underwriters’ exercise of its over-allotment
option in connection with an IPO shall be deemed to be a Distribution Event.

 

6.                                       No Right to Continued Employment.  Neither the Plan nor this Agreement shall be
construed as giving the Participant the right to be retained in the employ of,
or in any consulting relationship to, the Company or any Affiliate.  Further, the Company or its Affiliate may at
any time terminate the Participant or discontinue any consulting relationship,
free from any liability or any claim under the Plan or this Agreement, except
as otherwise expressly provided herein.

 

7

 

7.                                       Legend on Certificates. 
The certificates representing the Shares purchased by exercise of an
Option shall be subject to such stop transfer orders and other restrictions as
the Committee may determine is required by the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which such Shares are listed, any applicable federal or state laws and the
Company’s Certificate of Incorporation and Bylaws, and the Committee may cause
a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

 

8.                                       Transferability. 
Unless otherwise determined by the Committee, an Option may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by the Participant otherwise than by will or by the laws of descent
and distribution, and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company or any Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance.  During
the Participant’s lifetime, an Option is exercisable only by the Participant.

 

9.                                       Withholding.  The
Participant may be required to pay to the Company or its Affiliate and the
Company or its Affiliate shall have the right and is hereby authorized to
withhold from any payment due or transfer made under the Option or under the
Plan or from any compensation or other amount owing to a Participant the amount
(in cash, Shares, other securities, other Awards or other property) of any
applicable withholding taxes in respect of the Option, its exercise, or any
payment or transfer under the Option or under the Plan and to take such action
as may be necessary in the option of the Company to satisfy all obligations for
the payment of such taxes.  The
Participant may elect to pay a portion or all of such withholding taxes by
having Shares withheld by the Company with a Fair Market Value equal to the
minimum statutory withholding rate from any Shares that would have otherwise
been received by the Participant in connection with the exercise of the Option;
provided, that, if such withholding is in connection with acceleration
of vesting pursuant to a Distribution Event, then the Fair Market Value of a
Share shall include the distribution payable on a Share in connection with such
Distribution Event; provided, further, that until sixty (60)
days following an IPO, Participants are required to satisfy all withholding
requirements by the Company withholding Shares otherwise deliverable upon the exercise
of the Option.

 

10.                                 Securities Laws.  Upon
the acquisition of any Shares pursuant to the exercise of an Option, the
Participant will make or enter into such written representations, warranties
and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement.

 

11.                                 Notices.  Any notice
under this Agreement shall be addressed to the Company in care of its General
Counsel, addressed to the principal executive office of the Company and to the
Participant at the address last appearing in the personnel records of the
Company for the Participant or to either party at such other address as either
party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective
upon receipt thereof by the addressee.

 

8

 

12.                                 Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflicts of laws provisions thereof.

 

13.                                 Signature in Counterparts. 
This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were
upon the same instrument.

 

9

 

IN WITNESS WHEREOF, this Agreement has been
executed and delivered by the parties hereto.

 

	
   

  	
  NEW SKIES SATELLITES HOLDINGS LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Its 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Participant

  
					

 

 

Schedule A

 

The number of
Shares subject to each Option is set forth below:

 

Time Option:

 

Operating
Performance Option:

 

Exit
Performance Option:

 

Tier I IPO
Vested Option:

 

Tier II Vested
Option:Exhibit 10.5

 

FORM OF

 

NEW SKIES SATELLITES HOLDINGS LTD.

2005 STOCK INCENTIVE PLAN

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

THIS AGREEMENT, is made effective as of
[             ],
2005 (the “Date of Grant”)
at [                                                                                 ]
(the “Time of Grant”),
between New Skies Satellites Holdings Ltd. (the “Company”) and
[                     ]
(the “Participant”).

 

R  E  C  I  T  A
L  S:

 

WHEREAS, the Company has adopted the Plan (as
defined below), the terms of which are hereby incorporated by reference and
made a part of this Agreement; and

 

WHEREAS, the Committee has determined that it
would be in the best interests of the Company and its stockholders to grant the
Options provided for herein to the Participant pursuant to the Plan and the
terms set forth herein;

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows:

 

1.                                       Definitions.  Whenever
the following terms are used in this Agreement, they shall have the meanings
set forth below.  Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan.

 

(a)                                  Blackstone
Percentage:  the quotient of (i) the
number of Shares Blackstone sells in connection with a Liquidity Event divided
by (ii) the total number of Shares Blackstone holds immediately
prior to such Liquidity Event.  In the
case of a Distribution Event, the Blackstone Percentage shall equal the
quotient of (x) the aggregate amount to be received by Blackstone in
connection with such Distribution Event divided  by (y) the
Fair Market Value of the Shares of the Company held by Blackstone immediately
prior to such Distribution Event.

 

(b)                                 Cause:  “Cause” or “Urgent Cause” as defined in an
employment agreement between the Company or its subsidiaries and the
Participant or, if not defined therein or if there is no such agreement, “Cause”
means (i) Participant’s continued failure substantially to perform
Participant’s duties (other than as a result of total or partial incapacity due
to physical or mental illness) for a period of ten days following written notice
by the Company to Participant of such failure, (ii) dishonesty in the
performance of Participant’s duties, (iii) an act or acts on Participant’s
part constituting (x) a felony under the laws of the United States or any
state thereof or (y) a misdemeanor involving moral turpitude, (iv) Participant’s
willful malfeasance or willful misconduct in connection with Participant’s
duties or any act or omission which is injurious to the financial condition or
business reputation of the Company or any of its subsidiaries or

 

 

affiliates or (v) the
Participant’s breach of the provisions of any confidentiality, noncompetition
or nonsolicitation to which the Participant is subject.

 

(c)                                  Distribution
Event:  the record date of any
dividend or distribution made by the Company to Blackstone (subject to Section 5(b)),
other than any dividend or distribution by the Company with a record date prior
to, or as of, an IPO.

 

(d)                                 Exit
Performance Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(e)                                  Expiration
Date:  The tenth anniversary of the
Date of Grant.

 

(f)                                    Good
Reason:  “Good Reason” as defined in
an employment agreement between the Company or its subsidiaries and the
Participant or, if not defined therein or if there is no such agreement, “Good
Reason” means (i) the failure of the Company to pay or cause to be paid
Participant’s base salary or annual bonus, when due or (ii) any
substantial and sustained diminution in Participant’s authority or
responsibilities; provided that either of the events described in
clauses (i) and (ii) shall constitute Good Reason only if the
Company fails to cure such event within 30 days after receipt from
Participant of written notice of the event which constitutes Good Reason; provided,
further, that “Good Reason” shall cease to exist for an event on the 60th day
following the later of its occurrence or Executive’s knowledge thereof, unless
Participant has given the Company written notice thereof prior to such date.

 

(g)                                 IPO:  An underwritten public offering of Shares
pursuant to an effective registration statement under the Securities Act of
1933, as amended, other than pursuant to a registration statement on Form S-4
or Form S-8 or other limited purpose form.

 

(h)                                 Liquidity
Event:  (i) the sale by
Blackstone of all or any portion of its Shares to another entity (other than an
Affiliate of Blackstone) in which Blackstone receives cash or marketable
securities or (ii) any Distribution Event.

 

(i)                                     Operating
Performance Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(j)                                     Options:  Collectively, the Time Option, the
Performance Options, the Tier I IPO Vested Option and the Tier II Vested Option
to purchase Shares granted under this Agreement.

 

(k)                                  Performance
Options:  Collectively, the Operating
Performance Option and the Exit Performance Option.

 

(l)                                     Plan:  The New Skies Satellites Holdings Ltd. 2005
Stock Incentive Plan, as from time to time amended.

 

(m)                               Tier
I IPO Vested Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

2

 

(n)                                 Tier
II Vested Option:  An Option to
purchase the number of Shares set forth on Schedule A attached
hereto.

 

(o)                                 Time
Option:  An Option to purchase the
number of Shares set forth on Schedule A attached hereto.

 

(p)                                 Vested
Portion:  At any time, the portion of
an Option which has become vested, as described in Section 3 of this
Agreement; provided, that an Option whose aggregate Option Price is not
paid by the withholding of Shares shall vest with respect to whole Shares only,
with partial Shares being rounded up to the nearest whole integer.

 

2.                                       Grant of Options.  The
Company hereby grants to the Participant the right and option to purchase, on
the terms and conditions hereinafter set forth, the number of Shares subject to
the Time Option, the Tier I IPO Vested Option, the Tier II Vested
Option, the Operating Performance Option and the Exit Performance Option set
forth on Schedule A attached hereto, subject to adjustment as set
forth in the Plan and this Agreement. 
The exercise price of the Shares subject to the Time Option, the
Operating Performance Option and the Exit Performance Option shall be $[      ]
per Share and the exercise price subject to the Tier I IPO Vested Option
and the Tier II Vested Option shall be $[     ] per
Share, subject to adjustment as set forth in the Plan and this Agreement (the “Option Price”).  The Options are intended to be nonqualified
stock options, and are not intended to be treated as ISOs that comply with Section 422
of the Code.

 

3.                                       Vesting of the Options.

 

(a)                                  Vesting
of the Time Option.

 

(i)                                     In
General.  Subject to the Participant’s
continued Employment with the Company and its Affiliates, the Time Option shall
vest and become exercisable on each of the first four anniversaries of November 2,
2004 (each anniversary, a “Time Vesting Date”)
with respect to the number of Shares subject to the Time Option equal to the
number of Shares subject to the Time Option immediately prior to each such Time
Vesting Date divided  by the number of Time Vesting Dates
remaining, including such Time Vesting Date.

 

(ii)                                  Change
in Control.  Notwithstanding the
foregoing, upon a Change in Control, the Time Option shall, to the extent not
previously cancelled or expired, immediately become one hundred
percent (100%) vested and exercisable.

 

(b)                                 Vesting
of the Performance Options.

 

(i)                                     In
General.  Subject to the Participant’s
continued Employment with the Company and its Affiliates, the Performance
Options, to the extent not previously canceled or expired, shall become fully
vested and exercisable with respect to one hundred percent (100%) of the
Shares subject to the Performance Options on November 2, 2011 if on such
date the annually compounded internal rate of return to Blackstone is at least
twenty percent (20%) (determined based on the Fair Market Value

 

3

 

of the Shares
on, and all dividends and other proceeds paid upon such Shares through, such
date).

 

(ii)                                  Acceleration
Events.

 

(A)                              upon
any Liquidity Event that generates an annually compounded internal rate of
return to Blackstone of at least twenty percent (20)% (determined based on
the Fair Market Value of the Shares on, and all dividends and other proceeds
upon such Shares (including proceeds to be received in the Liquidity Event)
through such Liquidity Event), in which case the Performance Options shall vest
immediately prior to such Liquidity Event as follows:  (a) the number of Shares subject to the
Exit Performance Option outstanding on the date of such Liquidity Event multiplied
by the Blackstone Percentage and (b) the number of Shares subject
to the Operating Performance Option immediately prior to such Liquidity Event multiplied
by the Blackstone Percentage; and/or

 

(B)                                with
respect to the Operating Performance Option, on the February 15 following
the attainment of annual performance targets established by the Board for each
calendar year beginning with calendar year 2005 and ending with calendar year
2008 (the “Performance Period”), as
determined by the Board, a number of 
Shares subject to the Operating Performance Option shall vest and become
exercisable equal to the number of Shares subject to the Operating Performance Option
outstanding immediately prior to the vesting date divided  by the
number of years remaining, including such calendar year, in the Performance
Period.

 

(iii)                               Catch-Up.  Notwithstanding the foregoing and subject to
the Participant’s continued Employment with the Company and its Affiliates, if
the annual performance targets for a calendar year during the Performance
Period are not achieved (a “Missed Year”),
the Board shall provide that the Shares subject to the Operating Performance
Option that were eligible to vest and become exercisable in such Missed Year
shall vest and become exercisable on the February 15 following the end of
the subsequent calendar year through and including calendar year 2008 that the
cumulative annual performance targets for the Missed Year and the subsequent
calendar year are achieved.

 

(iv)                              Change
in Control.  Notwithstanding the
foregoing, upon a Change in Control, the Performance Options shall, to the
extent not previously cancelled or expired, immediately become one hundred percent (100%)
vested and exercisable, if the annually compounded internal rate of return to
Blackstone is at least twenty percent (20%) as of such Change in Control
(determined based on the Fair Market Value of the Shares on, and all dividends and
other proceeds paid upon such Shares through, the date of such Change in
Control).

 

(v)                                 Termination
of Performance Options.  If, in
connection with a Change in Control or otherwise, Blackstone disposes of all
its equity interest in the Company, then the Performance Options (other than
the Operating Performance Options if such Change in Control or disposition
occurs prior to December 31, 2009) that do not

 

4

 

become vested
and exercisable in connection with such Change in Control or other disposition
shall expire and be immediately canceled by the Company without consideration
as of the consummation of such Change in Control or other disposition.

 

(c)                                  Vesting
of the Tier I IPO Vested Option and Tier II Vested Option.  Subject to the Participant’s continued
Employment with the Company and its Affiliates, the Tier I IPO Vested Option
and the Tier II Vested Option shall vest and become exercisable with respect to
one hundred percent (100%) of the Shares subject to such Options on the
Date of Grant at the Time of Grant.

 

(d)                                 Termination
of Employment.

 

(i)                                     General.  Other than as described in Sections 3(d)(ii) and
(iii), if the Participant’s Employment with the Company and its Affiliates
terminates for any reason, the Option, to the extent not then vested and
exercisable, shall expire and be immediately canceled by the Company without
consideration.

 

(ii)                                  Time
Option.  Notwithstanding Section 3(a) and
3(d)(i), (x) in the event that the Participant’s Employment is terminated (A) by
the Company without Cause or (B) by the Participant with Good Reason, to
the extent not previously cancelled or expired, the Time Option shall
immediately become one hundred percent (100%) vested and exercisable or
(y) in the event that the Participant’s Employment is terminated due to
the Participant’s death or Disability, the Time Option shall immediately become
vested and exercisable as to the Shares subject to the Time Option that would
have otherwise vested and become exercisable in the calendar year in which such
termination of Employment occurs.

 

(iii)                               Performance
Options.

 

(A)                              Notwithstanding
Section 3(b) and 3(d)(i), (x) in the event that (a) the
Participant’s Employment is terminated (1) by the Company without Cause or
(2) by the Participant with Good Reason and (b) the annual
performance targets are achieved with respect to the Operating Performance
Option for the year of such termination of Employment, to the extent not
previously cancelled or expired, the Operating Performance Option shall become
vested and exercisable with respect to the Shares subject to the Operating
Performance Option that would have vested and become exercisable upon the
achievement of such annual performance targets as if the Participant’s
Employment continued through the February 15 following the end of such
year and (y) in the event that (a) the Participant’s Employment is
terminated (1) by the Company without Cause or (2) by the Participant
with Good Reason and (b) Liquidity Events (other than a Distribution
Event) occurs during the twelve (12) months following such termination of
Employment, then the Performance Options shall vest and become exercisable as
to the Shares that would have vested and become exercisable had the Participant
remained employed through such Liquidity Events.

 

5

 

(B)                                Notwithstanding
Section 3(b) and 3(d)(i), in the event that the Participant’s
Employment is terminated due to the Participant’s death or Disability,
(x) if the annual performance targets are achieved with respect to the
Operating Performance Option for the year of such termination of Employment,
the Operating Performance Option shall become vested and exercisable with
respect to the Shares subject to the Operating Performance Option that would
have vested and become exercisable upon the achievement of such annual
performance targets as if the Participant’s Employment continued through the February 15
following such calendar year and (y) the Exit Performance Option shall be
deemed to be vested and exercisable with respect to a number of Shares equal to
the number of Shares subject to the Exit Performance Option multiplied  by
a fraction (not to exceed one), the numerator of which is the number of
full calendar years that have lapsed since the Date of Grant and the
denominator of which is seven (7).

 

4.                                       Exercise of Options.

 

(a)                                  Method
of Exercise.

 

(i)                                     The
Vested Portion of an Option shall be immediately exercised; provided,
that if the Fair Market Value of a Share is less than the Option Price on the
date the Option vests and becomes exercisable, the Vested Portion of the Option
shall be cancelled by the Company without consideration.  Payment of the aggregate Option Price shall
be made by having Shares that would otherwise have been delivered to the
Participant upon exercise of the Option having a Fair Market Value equal to the
aggregate Option Price for the Shares being purchased withheld by the Company; provided,
that, if such exercise is in connection with acceleration of vesting pursuant
to a Distribution Event, then the Fair Market Value of a Share shall include
the distribution payable on a Share in connection with such Distribution Event;
provided, further, that sixty (60) days following an IPO,
the Participant may elect to pay the aggregate Option Price (A) in cash,
or its equivalent (e.g., a check), (B) by transferring to the Company
Shares having a Fair Market Value equal to the aggregate Option Price for the
Shares being purchased and satisfying such other requirements as may be imposed
by the Committee; provided that such Shares have been held by the
Participant for no less than six (6) months (or such other period as
established from time to time by the Committee or generally accepted accounting
principles), (C) if there is a public market for the Shares at the time of
payment, subject to such rules as may be established by the Committee,
through delivery of irrevocable instructions to a broker to sell the Shares
otherwise deliverable upon the exercise of the Option and deliver promptly to
the Company an amount equal to the aggregate Option Price or (D) by a
combination of (A) and (B) above or such other method as approved by
the Committee.  The Participant shall
have rights to any dividends or other rights of a stockholder with respect to
the Shares subject to an Option at such time as the Participant has paid in
full for such Shares or otherwise completed the exercise transaction as
described in the preceding sentence and, if applicable, has satisfied any other
conditions imposed pursuant to this Agreement. 
If the aggregate Option Price is paid by the withholding of Shares, only
whole Shares shall be issued, with partial Shares being rounded up to the
nearest whole integer.

 

6

 

(ii)                                  Notwithstanding
any other provision of the Plan or this Agreement to the contrary, absent an
available exemption to registration or qualification, an Option may not be
exercised prior to the completion of any registration or qualification of the
Option or the Shares under applicable state and federal securities or other
laws, or under any ruling or regulation of any governmental body or national
securities exchange that the Committee shall in its sole reasonable discretion
determine to be required by such laws, rulings or regulations.

 

(iii)                               Upon
the Company’s determination that an Option has been validly exercised as to any
of the Shares, the Company shall issue certificates in the Participant’s name
for such Shares.  However, the Company
shall not be liable to the Participant for damages relating to any reasonable
delays in issuing the certificates to the Participant or any loss by the
Participant of the certificates.

 

(iv)                              As
a condition to the exercise of any Option evidenced by this   Agreement, the Participant agrees that the Shares
issued upon exercise shall be subject to the restrictions set forth on Exhibit A.

 

5.                                       Adjustments.

 

(a)                                  General.  In the event of any change in the outstanding
Shares after the Effective Date by reason of any Share split, reorganization,
recapitalization, merger, consolidation, spin-off, combination or transaction
or exchange of Shares or other corporate exchange, or any transaction similar
to the foregoing, the Committee in its sole discretion and without liability to
any person may make such substitution or adjustment, if any, as it deems to be
equitable, to the Option.

 

(b)                                 Distributions.  Notwithstanding the foregoing, upon a
Distribution Event, the Option, to the extent outstanding after such
Distribution Event, will be adjusted (a “Distribution Event Option
Adjustment”), such that the Option Price for the Option will
become equal to the Option Price of the Option immediately prior to the
Distribution Event divided  by the Dividend Adjustment Amount (as
defined below) and the number of Shares subject to the Option after the
Distribution Event will equal the number of Shares subject to Option
immediately prior to the Distribution Event (excluding Shares that vest and
become exercisable as a result of the Distribution Event), multiplied  by
the Dividend Adjustment Amount.  The
Dividend Adjustment Amount shall equal (x) one plus (y) the
amount of the distribution paid to shareholders of the Company divided  by
the difference between (A) the value of the Company’s equity
immediately prior to the distribution, as determined by the Board less (B) the
amount of such distribution.  Only for
purposes of adjusting the Option Price pursuant to this Section 5(b), a
dividend from the proceeds of an underwriters’ exercise of its over-allotment
option in connection with an IPO shall be deemed to be a Distribution Event.

 

6.                                       No Right to Continued Employment.  Neither the Plan nor this Agreement shall be
construed as giving the Participant the right to be retained in the employ of,
or in any consulting relationship to, the Company or any Affiliate.  Further, the Company or its Affiliate may at
any time terminate the Participant or discontinue any consulting relationship,

 

7

 

free from any liability or any
claim under the Plan or this Agreement, except as otherwise expressly provided
herein.

 

7.                                       Legend on Certificates. 
The certificates representing the Shares purchased by exercise of an
Option shall be subject to such stop transfer orders and other restrictions as
the Committee may determine is required by the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which such Shares are listed, any applicable federal or state laws and the
Company’s Certificate of Incorporation and Bylaws, and the Committee may cause
a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

 

8.                                       Transferability. 
Unless otherwise determined by the Committee, an Option may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by the Participant otherwise than by will or by the laws of descent
and distribution, and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company or any Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance.  During
the Participant’s lifetime, an Option is exercisable only by the Participant.

 

9.                                       Withholding.  The
Participant may be required to pay to the Company or its Affiliate and the
Company or its Affiliate shall have the right and is hereby authorized to
withhold from any payment due or transfer made under the Option or under the
Plan or from any compensation or other amount owing to a Participant the amount
(in cash, Shares, other securities, other Awards or other property) of any
applicable withholding taxes in respect of the Option, its exercise, or any
payment or transfer under the Option or under the Plan and to take such action
as may be necessary in the option of the Company to satisfy all obligations for
the payment of such taxes.  The
Participant may elect to pay a portion or all of such withholding taxes by
having Shares withheld by the Company with a Fair Market Value equal to the
minimum statutory withholding rate from any Shares that would have otherwise
been received by the Participant in connection with the exercise of the Option;
provided, that, if such withholding is in connection with acceleration
of vesting pursuant to a Distribution Event, then the Fair Market Value of a
Share shall include the distribution payable on a Share in connection with such
Distribution Event; provided, further, that until sixty (60)
days following an IPO, Participants are required to satisfy all withholding
requirements by the Company withholding Shares otherwise deliverable upon the
exercise of the Option.

 

10.                                 Securities Laws.  Upon
the acquisition of any Shares pursuant to the exercise of an Option, the
Participant will make or enter into such written representations, warranties
and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement.

 

11.                                 Notices.  Any notice
under this Agreement shall be addressed to the Company in care of its General
Counsel, addressed to the principal executive office of the Company and to the
Participant at the address last appearing in the personnel records of the
Company for the Participant or to either party at such other address as either
party hereto may

 

8

 

hereafter designate in writing
to the other.  Any such notice shall be
deemed effective upon receipt thereof by the addressee.

 

12.                                 Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflicts of laws provisions thereof.

 

13.                                 Signature in Counterparts. 
This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were
upon the same instrument.

 

9

 

IN WITNESS WHEREOF, this Agreement has been
executed and delivered by the parties hereto.

 

	
   

  	
  NEW SKIES SATELLITES HOLDINGS LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Its 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Participant

  
					

 

 

Schedule A

 

The number of
Shares subject to each Option is set forth below:

 

Time Option:

 

Operating Performance
Option:

 

Exit
Performance Option:

 

Tier I IPO
Vested Option:

 

Tier II Vested
Option:

 

 

EXHIBIT A

 

ARTICLE I

 

DRAG-ALONG
RIGHTS

 

Section 1.1.   Right to
Drag-Along.  If Blackstone enters
into a definitive agreement for a Transfer of Securities to any Person (other
than (i) a Transfer to an Affiliate of Blackstone, (ii) a Transfer
pursuant to the Registration Rights Agreement or (iii) a Transfer not
exceeding 5% of the issued and outstanding Securities) (the “Drag-Along Sale”),
then Blackstone may, within 15 days following the execution of such agreement
send written notice (the “Drag-Along Notice”) to each Participant
notifying them that they will be required to Transfer the number of Securities
held by such Participant multiplied by a fraction (the “Drag-Along Fraction”)
the numerator of which is the aggregate number of Securities proposed to be
sold by Blackstone as reflected in the Drag-Along Notice and the denominator of
which is the total number of Securities which are held by Blackstone (the “Dragged
Securities”).  Such Drag-Along Notice
shall set forth the name of the proposed transferee, the proposed amount and
form of consideration and the other terms and conditions of the offer,
including a copy of the definitive agreement relating to the Drag-Along
Sale.  Upon receipt of a Drag-Along
Notice, each Participant shall be required to Transfer its Dragged Securities
to such proposed transferee at the same price and on the same terms as those
governing the Drag-Along Sale, including making the same representations,
warranties, covenants, indemnities and agreements that Blackstone agrees to
make (except that, in the case of representations and warranties pertaining
specifically to Blackstone, the Participants shall make the comparable
representations and warranties pertaining specifically to itself); provided
that all representations, warranties and indemnities shall be made by each
Participant severally and not jointly and that the liability of each
Participant thereunder shall be borne by each of them on a pro  rata
basis based on the number of Securities which are Transferred.  Each Participant shall be responsible for its
proportionate share of the costs and expenses incurred in connection with such
Transfer to the extent not paid or reimbursed by the Company or the purchaser.

 

Section 1.2.  Termination. This Article I shall
terminate and have no further force or effect immediately upon Blackstone
ceasing to own at least 25% of the issued and outstanding Securities.

 

ARTICLE II

CONFIDENTIALITY; INTELLECTUAL PROPERTY RIGHTS

 

Section 2.1.   Confidentiality.

 

(a)                                  No
Participant shall at any time (whether during or after the period such
Participant is an employee of the Company) (i) retain or use for the
benefit, purposes or account of the Participant or any other Person; or (ii) disclose,
divulge, reveal,

 

 

communicate, share, transfer or
provide access to any Person outside the Company and its subsidiaries (other
than its professional advisers who are bound by confidentiality obligations),
any non-public, proprietary or confidential information (including trade
secrets, know-how, research and development, software, databases, inventions,
processes, formulae, technology, designs and other intellectual property,
information concerning finances, investments, profits, pricing, costs,
products, services, vendors, customers, clients, partners, investors,
personnel, compensation, recruiting, training, advertising, sales, marketing,
promotions, government and regulatory activities and approval) concerning the
past, current or future business, activities and operations of the Company, its
subsidiaries or Affiliates and/or any third party that has disclosed or
provided any of same to the Company on a confidential basis, including, without
limitation, the terms of this Agreement or the Registration Rights Agreement (“Confidential
Information”) without the prior authorization of the Company.
Notwithstanding the foregoing, nothing in this Agreement shall preclude any
Participant from using any Confidential Information in any manner reasonably
connected to its investment in the Company or the conduct of its business.

 

(b)                                 Confidential
Information shall not include any information that is (i) generally known
to the industry or the public other than as a result of the Participant’s
breach of this covenant or any breach of other confidentiality obligations by
third parties; (ii) made legitimately available to the Participant by a
third party without breach of any confidentiality obligation; or (iii) required
by applicable law to be disclosed; provided that in connection with sub-clause
(iii), the Participant shall give prompt written notice to the Company of such
requirement, disclose no more information than is so required, and cooperate
with any attempts by the Company to obtain a protective order or similar
treatment.

 

(c)                                  Except
as required by applicable law or except in connection with any proposed
Transfer in accordance with this Agreement, the Participant will not disclose
to anyone, other than the Participant’s legal or financial advisors, the
existence or contents of this Agreement.

 

(d)                                 Upon
termination of any Participant’s employment with the Company or its
subsidiaries for any reason, such Participant shall (i) cease and not
thereafter commence use of any Confidential Information or intellectual
property (including any patent, invention, copyright, trade secret, trademark,
trade name, logo, domain name or other source indicator) owned or used by the
Company, its subsidiaries or Affiliates; (ii) immediately destroy, delete,
or return to the Company, at the Company’s option, all originals and copies in
any form or medium (including memoranda, books, papers, plans, computer files,
letters and other data) in such Participant’s possession or control (including
any of the foregoing stored or located in such Participant’s office, home,
laptop or other computer, whether or not such computer is Company property)
that contain Confidential Information or otherwise relate to the business of
the Company, its Affiliates and subsidiaries, except that such Participant may
retain only those portions of any personal notes, notebooks and diaries that do
not contain any Confidential Information; and (iii) notify and fully
cooperate with the Company regarding the delivery

 

 

or destruction of any other
Confidential Information of which such Participant is or becomes aware.

 

Section 2.2.   Intellectual
Property.  Each Participant who has
participated or will participate in the creation or development of any
intellectual property in the course of such individual’s employment with the
Company or its subsidiaries hereby (i) disclaims and agrees to disclaim
any rights with respect to such intellectual property, (ii) agrees that
the Company or a subsidiary of the Company, as the case may be, is or will be
deemed to be the sole original owner/author of all such intellectual property
and, (iii) if requested by the Company or a subsidiary of the Company,
will execute an assignment or an agreement to assign solely in favor of the
Company or such subsidiary or such predecessor in interest, as applicable, all
right, title and interest in all such intellectual property.

 

ARTICLE III

 

RESTRICTIONS ON SALES

 

Section 3.1                                      Lock-up. If requested by the sole underwriter or lead
managing underwriter(s) in an underwritten offering of Securities (or equity or
equity-linked securities), the Participant shall not Transfer any Securities
(or equity or equity-linked securities) of the Company held by the Participant
during the fourteen (14) day period prior to and the one hundred eighty (180)
day period following the effective date (including such effective date), of any
offering, or in the case of a shelf registration pursuant to Rule 415 of
the U.S. Securities Act of 1933, as amended (or any similar rule then in
force), the 180 day period following the date of any underwritten take-down, or
in either case such shorter period as the sole underwriter or lead managing
underwriter(s) may request, provided that
the obligations described in this Section 3.1 shall not apply to a
registration relating solely to the sale of securities to Participants of the
Company pursuant to a stock option, stock purchase or similar plan or Rule 145
of the U.S. Securities Act of 1933, as amended (or any similar rule then
in force) or similar transaction.  The
Company may impose stop-transfer instructions with respect to the Securities
(or equity or equity-linked securities) subject to the foregoing restriction
until the end of the applicable period pursuant to the first sentence of this Section 3.1.

 

ARTICLE IV

 

MISCELLANEOUS

 

Section 4.1                                      Defined
Terms; Intepretation.  (a) As
used in this Agreement, the following capitalized terms shall have the meanings
ascribed to them below:

 

 

“Affiliate” shall have the meaning ascribed thereto in Rule 12b-2
promulgated under the U.S. Securities Exchange Act of 1934, as amended, as in effect
on the date hereof.

 

 “Blackstone” shall mean,
collectively, Blackstone NSS Communications Partners (Cayman) L.P., Blackstone
Family Communications Partnership (Cayman ) L.P., Blackstone Capital Partners
(Cayman) IV L.P., Blackstone Capital Partners (Cayman) IV-A L.P. and Blackstone
Family Investment Partnership (Cayman) IV-A L.P. and each of their Affiliates
(other than the Company).

 

“Company” shall mean New
Skies Satellites Holdings Ltd., a limited liability company incorporated under
the laws of Bermuda.

 

 “Person” means an
individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political
subdivision thereof.

 

 “Registration Rights
Agreement” means that certain Registration Rights Agreement, dated as of
the date hereof, by and among the Company, Blackstone and certain other
parties, as it may be amended, supplemented or restated from time to time.

 

 “Securities” or “Shares”
shall mean the ordinary shares or common shares of the Company.

 

 “Transfer” (including its correlative
meanings, “Transferor” and “Transferee”) shall mean, with respect to any
security, directly or indirectly, to sell, contract to sell, give, assign,
hypothecate, pledge, encumber, grant a security interest in, offer, sell any
option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of any economic, voting or other rights in or to such security.  When used as a noun, “Transfer” shall have
such correlative meaning as the context may require.

 

(b)                                 The
meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

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