Document:

Termination Agreement dated June 1, 2004 (Vladimir J. Fischel)

 Exhibit 10.46 
  
 TERMINATION AGREEMENT 
  
 THIS TERMINATION AGREEMENT (the “Agreement”), dated June 1, 2004, is between SPACEHAB, Incorporated, a Washington corporation (the
“Company”), and Vladimir J. Fishel (the “Employee”). 
  
 WHEREAS, the Employee is employed by the Company as Part-Time employee and former Director of Russian Programs; 
  
 WHEREAS, the Employee and the Company are the parties to an employment agreement, dated March 16, 2001 (the “Prior Employment Agreement”) and a
Part-Time Employment Agreement dated December 11, 2003, and; 
  
 WHEREAS, the parties wish to terminate the Employee’s part-time employment with the Company and his severance and to settle their mutual rights and obligations under the Prior Employment Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual promises and agreements set
forth herein, and other good and valuable consideration, the receipt of which are hereby acknowledged, the parties hereby agree as follows: 
  
 SECTION 1. Termination/Resignation 
  
 The parties agree that the Employee’s Part-Time Employment Agreement and severance under the Prior Employment Agreement with the Company will
terminate effective May 31, 2004 (the “Termination Date”). The parties agree that the Employee’s last day of active part-time employment will be May 31, 2004. Employee agrees to resign from all part-time positions he holds with the
Company effective as of Termination Date. 
  
 SECTION 2.
Termination Payments 
  
 (a) Termination
Payments. The Company shall provide the Employee with a lump sum payout in the amount of $26,073.48 (before required payroll deductions) as full and final payment under the Part-Time Employment Agreement (which includes 26 hours at $125/hour)
and the severance under the Prior Employment Agreement which includes maximum amount owed under such agreements, except the amount, if any, set forth in paragraph (c) below. 
  
 (b) Termination of Benefits. All employee benefits, including the vesting of stock options, for Employee (and his
eligible dependents, if applicable) shall terminate in accordance with Company policy for employees with a termination date of May 31, 2004. 
  
 (c) Other Compensation under the Prior Employment Agreement. The Company shall compute and pay to Employee (which at such time shall be paid as
non-employee compensation) an amount in lieu of other compensation, if any, due Employee under Section 6 (b) of the Prior Employment Agreement at such time and in such manner as would have been 

 
computed if the severance provisions of the Prior Employment Agreement were not terminated by this agreement. 
  
 SECTION 3. Restrictive Covenants 
  
 Executive will continue to be bound by the confidential information,
non-interference and invention provisions of Sections 7, 8, 9 and 16 of the Prior part-time and severance Employment Agreement in accordance with their terms for a termination of employment. A breach by Executive of the confidential information,
non-interference or invention provisions of Sections 7, 8, 9 and 16 of the Prior Employment Agreement, in addition to any other remedies available under Sections 7, 8, 9 and 16 of the Prior Employment Agreement, is still enforceable except as waived
under the contract with VJF Russian Consulting, Ltd. 
  
 SECTION 4. Release 
  
 As a condition to
the payments set forth in Section 2 hereof, the Executive shall execute and honor the release of claims against the Company in the form attached hereto as Exhibit A. 
  
 SECTION 5. Miscellaneous 
  
 (a) Complete Agreement. This Agreement and the Part-Time Employment Agreement constitute the entire agreement between
the parties and cancels and supersedes all other agreements and understandings, whether written or oral, between the parties which may have related to the subject matter contained in this Agreement, including, without limitation, the Prior
Employment Agreement (other than as provided in Section 3 hereof). 
  
 (b) Tax Withholding. All payments required to be made by the Company to the Executive under this Agreement shall be subject to the withholding of such amounts relating to income tax, employment tax and other payroll deductions as the
Company may reasonably determine it should withhold pursuant to any applicable law, regulation or authorization. 
  
 (c) Indemnification. This Agreement shall not be construed or applied so as to waive or limit Executive’s rights, if any, to indemnification
and/or defense in connection with claims or demands against his that arise from or relate to his acts or omissions in relation to his employment and/or investment relationship with the Company, whether such rights arise under the Company’s
certificate of incorporation, bylaws, policies, procedures, contracts of insurance, or otherwise. 
  
 (d) Amendment; Waiver. No modification, amendment or waiver of any provisions of this Agreement shall be effective unless approved in writing by
each of the parties hereto. The failure at any time to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of either party thereafter to enforce each and every
provision hereof in accordance with its terms. 
  
 (e)
Litigation. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE 

  

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STATE OF TEXAS, EXCEPT THAT NO DOCTRINE OF CHOICE OF LAW SHALL BE USED TO APPLY ANY LAW OTHER THAN THAT OF THE STATE OF TEXAS, AND NO DEFENSE, COUNTERCLAIM
OR RIGHT OF SET-OFF GIVEN OR ALLOWED BY THE LAWS OF ANY OTHER STATE OR JURISDICTION, OR ARISING OUT OF THE ENACTMENT, MODIFICATION OR REPEAL OF ANY LAW, REGULATION, ORDINANCE OR DECREE OF ANY FOREIGN JURISDICTION, BE INTERPOSED IN ANY ACTION HEREON.
SUBJECT TO PARAGRAPH (F) BELOW, EXECUTIVE AND THE COMPANY AGREE THAT ANY ACTION OR PROCEEDING TO ENFORCE OR ARISING OUT OF THIS AGREEMENT MAY BE COMMENCED IN THE COURTS OF HARRIS COUNTY, TEXAS. OR THE UNITED STATES DISTRICT COURTS IN THE STATE OF
TEXAS. EXECUTIVE AND THE COMPANY CONSENT TO SUCH JURISDICTION, AGREE THAT VENUE WELL BE PROPER IN SUCH COURTS AND WAIVE ANY OBJECTIONS BASED UPON FORUM NON CONVENIENS. THE CHOICE OF FORUM SET FORTH IN THIS PARAGRAPH (E) SHALL NOT BE DEEMED TO
PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER JURISDICTION. 
  
 (f) Arbitration. EXCEPT FOR BREACHES RELATING TO SECTION 3 HEREOF, EXECUTIVE AND THE COMPANY AGREE THAT ANY DISPUTE BETWEEN OR AMONG THE PARTIES TO
THIS AGREEMENT RELATING TO OR IN RESPECT OF THIS AGREEMENT, ITS NEGOTIATION, EXECUTION, PERFORMANCE, SUBJECT MATTER, OR ANY COURSE OF CONDUCT OR DEALING OR ACTIONS UNDER OR IN RESPECT OF THIS AGREEMENT, SHALL BE SUBMITTED TO, AND RESOLVED
EXCLUSIVELY PURSUANT TO ARBITRATION IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION. SUCH ARBITRATION SHALL TAKE PLACE IN HOUSTON, HARRIS COUNTY, TEXAS, AND SHALL BE SUBJECT TO THE SUBSTANTIVE LAW OF THE
STATE OF TEXAS. DECISIONS PURSUANT TO SUCH ARBITRATION SHALL BE FINAL, CONCLUSIVE AND BINDING ON THE PARTIES. UPON THE CONCLUSION OF ARBITRATION, EXECUTIVE OR THE COMPANY MAY APPLY TO ANY COURT OF THE TYPE DESCRIBED IN PARAGRAPH (E) TO ENFORCE THE
DECISION PURSUANT TO SUCH ARBITRATION. IN CONNECTION WITH THE FOREGOING, THE PARTIES HEREBY WAIVE ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER. 
  
 (g) Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 (h) Assignment. The rights and obligations of the parties under this Agreement shall be binding upon and inure to the benefit of their respective
successors, assigns, executors, administrators and heirs; provided, however, that neither the Company nor the Executive may assign any of their obligations under this Agreement without the prior written consent of the other.

  

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 (i) 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. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

			
	 SPACEHAB, INCORPORATED

		
	 By
	 	/s/    MICHAEL E KEARNEY        
	 Title
	 	President & CEO
	
	 EXECUTIVE

	
	/s/    Illegible        

  

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 EXHIBIT A 
  
 MUTUAL RELEASE OF CLAIMS AND COVENANT NOT TO SUE 
  
 This MUTUAL RELEASE OF CLAIMS AND COVENANT NOT TO SUE (the “Release”) is made by and between Vladimir J. Fishel
(the “Executive”) and SPACEHAB, Incorporated, a Washington corporation (the “Company”) on the date set forth below. 
  
 Section 1. Executive Release. In consideration of the agreement by the Company to provide the Executive with the rights, payments and benefits
under the Termination Agreement by and among the Executive and the Company, dated June 1, 2004 (the “Termination Agreement”) and the Part-Time Employment Agreement between the Executive and the Company, dated December 11, 2003 (the
“Part-Time Employment Agreement”), the Executive hereby agrees as follows: 
  
 (a) Release and Covenant. The Executive, of his own free will, voluntarily releases and forever discharges the Company and its respective subsidiaries, affiliates, their directors, members, officers, employees,
agents, stockholders, successors and assigns (both individually and in their official capacities with the Company) from, and covenants not to sue or proceed against any of the foregoing on the basis of, any and all past or present causes of action,
suits, agreements or other claims which the Executive, his dependents, relatives, heirs, executors, administrators, successors and assigns has or have against the Company upon or by reason of any matter, cause or thing whatsoever, including, but not
limited to, any matters arising out of his employment by the Company and the cessation of said employment, and including, but not limited to, any alleged violation of the Civil Rights Acts of 1964 and 1991, the Equal Pay Act of 1963, the Age
Discrimination in Employment Act of 1967, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Iowa Civil Rights Act, Iowa Code
§ 216 (1993); and any other federal, state or local law, regulation or ordinance, or public policy, contract or tort law having any bearing whatsoever on the terms and conditions of employment or termination of employment. This release shall
not, however, constitute a waiver of any of Executive’s rights upon termination of employment under (i) the terms of any employee benefit plan of Company in which Executive is participating or (iii) of the Executive’s rights under the
Termination Agreement or the Part-Time Employment Agreement. 
  
 (b) Due Care. The Executive acknowledges that he has received a copy of this Release prior to its execution and has been advised hereby of his opportunity to review and consider this Release for 21 days prior to its execution. The
Executive further acknowledges that he has been advised hereby to consult with an attorney prior to executing this Release. The Executive enters into this Release having freely and knowingly elected, after due consideration, to execute this Release
and to fulfill the promises set forth herein. This Release shall be revocable by the Executive during the 7-day period following its execution, and shall not become effective or enforceable until the expiration of such 7-day period. In the event of
such a 

 
revocation, the Executive shall not be entitled to the consideration for this Release set forth above. 
  
 (c) Reliance by Executive. The Executive acknowledges that, in his
decision to enter into this Release, he has not relied on any representations, promises or agreements of any kind, including oral statements by representatives of the Company, except as set forth in this Release, the Termination Agreement or the
Part-Time Employment Agreement and the severance of the Prior Employment Agreement. 
  
 SECTION 2 Company Release. In consideration of the agreement of the Executive to enter the Termination Agreement, the Part-Time Employment Agreement, and the severance of the Prior Employment Agreement the
Company does hereby agree to forever release the Executive, his heirs, successors and assigns (hereinafter collectively referred to as the “Executive Releasees”), from any and all causes of action, agreements, damages, judgments, claims,
debts, covenants, executions and demands of any kind whatsoever, which the Company ever had, now has or may have against the Executive Releasees or any of them, in law or equity, whether known or unknown, for, upon, or by reason of, any matter
whatsoever occurring up to the date this Release is signed by the Company, including without limitation in connection with or in relationship to the Executive’s employment relationship with the Company or its affiliates or the termination of
such relationship; PROVIDED that such released claims shall not include any claims (i) to enforce the Company’s rights under, or with respect to, the Termination Agreement, the Part-Time Employment Agreement, the Prior Employment Agreement, or
Sections 7,8,9 and 16 of the employment agreement between the Company and the Executive, dated March 16, 2001, or (ii) in connection with any fraud, willful misconduct, gross negligence or criminal act on Executive’s part. 
  
 This MUTUAL RELEASE OF CLAIMS AND COVENANT NOT TO SUE is executed by the
Executive and the Company on 6/1/04. 
  

			
	 SPACEHAB, INCORPORATED

		
	 By
	 	/s/    MICHAEL &
KEARNEY        
	 Title
	 	President & CEO

  

	
	EXECUTIVE
	
	/s/    VLADIMIR J.
FISHEL        
	Vladimir J. Fishel

  

 2Memorandum of Understanding

 Exhibit 10.47 
  
 CONFIDENTIAL 
  
 MEMORANDUM OF UNDERSTANDING 
  
 This MEMORANDUM OF UNDERSTANDING (the “MOU”) is entered into as of June __, 2005, by and between SPACEHAB, Incorporated, a
Washington corporation (the “Company”), and the person listed on the signature page hereto under the caption “Advisor” (the “Advisor”), with reference to the following facts: 
  
 A. The Company has previously issued $63,250,000 aggregate principal amount
of its 8% Convertible Subordinated Notes due 2007 (the “Notes”); 
  
 B. The Advisor is a registered investment advisor who has been given discretionary authority by the beneficial owners (the “Beneficial Owners”) of the aggregate principal amount of the Notes set forth
on the signature page hereto (the “Advisor Notes”) to sell, tender, exchange, transfer or otherwise dispose of the Advisor Notes; 
  
 C. The Company desires to refinance the Notes and has discussed on a confidential basis with the Advisor, or the Advisor’s representative, the
potential terms of such a transaction; 
  
 D. The parties desire
to set forth the terms that they have discussed in this MOU and the framework for the finalization of a binding transaction. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the covenants hereinafter contained, the parties hereto agree as follows: 
  
 1. Intent of the Company. The Company intends to commence a tender
offer (the “Tender Offer”) for up to all of the Notes pursuant to which the Company will exchange each Note for a new note issued by the Company under a new indenture having terms substantially similar to the terms set forth on
Schedule I attached hereto (the “New Notes”). In connection with the Tender Offer, the Company intends to solicit consents (the “Consent Solicitation”) from holders of the Notes to an amendment to the indenture
under which the Notes were issued (the “Indenture”), such amendments having terms substantially similar to the terms set forth on Schedule II attached hereto (the “Proposed Amendments”). 
  
 2. Intent of the Advisor. Based upon the terms of the New Notes and
Proposed Amendments having terms substantially similar to the terms that are attached hereto as Schedules I and II, the Advisor intends to, on behalf of the Beneficial Owners, (a) tender the Advisor Notes in the Tender Offer and
(b) consent to the Proposed Amendments in the Consent Solicitation. 
  
 3. Notice. Each of the Company and the Advisor agrees to give notice to the other party in accordance with Section 5.5 upon such party’s decision to abandon, or to change its intentions with respect
to, the transactions contemplated hereby. In addition, the Advisor agrees to give notice to the Company in accordance with Section 5.5 upon being instructed by any Beneficial Holder not to tender, or to withdraw the tender of, any Advisor Notes
or upon any such Beneficial Owner terminating the authority of the Advisor to tender the Advisor Notes in the Tender Offer or consent to the Proposed Amendments in the Consent Solicitation. 
  

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 4. Representations and Warranties of Advisor. The Advisor represents and warrants to the Company
that the Advisor has the power of disposition, including the authority to tender the Advisor Notes in the Tender Offer and to consent to the Proposed Amendments in the Consent Solicitation, with respect to all Advisor Notes, subject only to the
rights of the Beneficial Owners to give specific instructions to the Advisor concerning the disposition of the Advisory Notes or to terminate such power of disposition. The Advisor is not the beneficial owner of any Notes. 
  

	 	5.	Miscellaneous. 

  

	 	5.1.	Governing Law. This MOU shall be governed in all respects by the internal laws of the State of Texas without regard to principles of conflicts of law or choice of law.

  

	 	5.2.	Relationship of the Parties. The parties shall not be deemed to be in a relationship of partners or joint ventures by virtue of this MOU nor shall either of them be deemed to
be an agent, representative, trustee or fiduciary of the other. Neither party shall have any authority to bind the other to any agreement. 

  

	 	5.3.	Fees and Expenses. Each party shall be responsible for its own fees and expenses incurred in connection with this MOU. 

  

	 	5.4.	Confidentiality. Until such time as this MOU or its subject matter is or becomes generally available to the public other than as a result of a disclosure by the Advisor in
violation of the provisions of this MOU, this MOU and the subject matter hereof will be held in confidence and not disclosed by the Advisor to any person, including any Beneficial Owner, except that the Advisor may disclose this MOU and its subject
matter to the Advisor’s affiliates, directors, officers, employees, representatives or agents (including without limitation, attorneys, consultants and financial advisors) who, in the Advisor’s reasonable judgment, need to know of this MOU
and its subject matter, are informed of its confidential nature, and either agree in writing to be bound by the terms of this MOU or are otherwise bound by confidentiality obligations at least as restrictive as those contained herein. The Advisor
expressly acknowledges and agrees that the Company may disclose this MOU or the subject matter hereof, including, without limitation, the Advisor’s consent as expressed in Section 2 above, in the materials that the Advisor prepares,
distributes or otherwise uses in connection with the Tender Offer and Consent Solicitation, including, without limitation, registration statements, prospectuses, tender offer materials and press releases, and as otherwise required by applicable
securities and other laws. 

  

	 	5.5.	 Binding Nature. This MOU neither constitutes nor should be construed as 

  

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evidence of a binding agreement with respect to Sections 1 and 2 of this MOU. Either party may, upon at least one (1) business day’s prior written
notice to the other party, discontinue its obligations with respect to the transactions contemplated hereby and abandon such transactions or change its intentions at any time. Notwithstanding anything contained in this Section 5.5, the
provisions of Sections 3, 4 and 5 of this MOU shall be legally binding upon and enforceable against each of the parties. 
  

	 	5.6.	Entire Agreement and Amendments. This MOU represents the entire agreement and understandings between the parties concerning the Tender Offer and Consent Solicitation and the
other matters described therein and supersedes and replaces any and all prior agreements and understandings. This MOU may only be amended in writing signed by the Company and by the Advisor. 

  

	 	5.7.	Notices. All notices, requests and other communications hereunder shall be in writing and shall be deemed to have been duly given at the time of receipt if delivered by hand,
by reputable overnight courier or by facsimile transmission (with receipt of successful and full transmission) to the applicable parties hereto at the address stated on the signature pages hereto or if any party shall have designated a different
address or facsimile number by notice to the other party given as provided above, then to the last address or facsimile number so designated. 

  

	 	5.8.	Counterparts. This MOU may be executed in one or more counterparts each of which shall be deemed an original and all of which together shall constitute one instrument.
Facsimile signatures shall constitute original signatures. 

  
 [SIGNATURE PAGE FOLLOWS] 
  

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 COMPANY’S SIGNATURE PAGE TO MOU 
  
 IN WITNESS WHEREOF the parties have executed this MOU on the date set forth below. 
  

									
	 Dated: June 9, 2005
	 	 	 	 SPACEHAB, INCORPORATED

					
	 	 	 	 	 	 	By:	 	/s/ Brian K. Harrington
					
	 	 	 	 	 	 	Name:	 	Brian K. Harrington
					
	 	 	 	 	 	 	Its:	 	 Senior Vice President and
 Chief Financial
Officer

	 	 	 	 	 	 	 	 	 

  

									
	 Notice Address:
	 	 	 	 
	 SPACEHAB, Incorporated
 12130 Highway 3
 Building 1
 Webster, Texas 77598
 Attn: Chief Financial Officer
	 	 	 	 With a copy to:
 Haynes and Boone LLP
 1221 McKinney, Suite 2100
 Houston, Texas 77010
 Attn: Arthur S. Berner

	 	 	 	 	 	 	 	 	 

  

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 HOLDER’S SIGNATURE PAGE TO MOU 
  

							
	 	 	 	 	 “Advisor”

			
	 Dated: June 8, 2005
	 	 	 	SMH Capital Advisors, Inc.
	 	 	 	 	 Advisor Name

				
	 	 	 	 	 By:
	 	 /s/ Dwayne A. Moyers

				
	 	 	 	 	 Name:
	 	 Dwayne A. Moyers

				
	 	 	 	 	 Its:
	 	 Chief Investment Officer

				
	 Aggregate Principal Amount Notes Under Management:
	 	 	 	 $
	 	 40,259,000

  
  

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 SCHEDULE I 
  

Proposed Terms of New Notes 
  
 (See Attached Form of Description of Notes) 
  
  

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 SCHEDULE II 
  
 Proposed Amendments 
  
 Section 5.01(5) of the Indenture, which currently provides: 
  
 “5. a default under any bonds, debentures, notes or other evidences of indebtedness for money borrowed by the Company or a Subsidiary or under any
mortgages, indentures or instruments under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or a Subsidiary, whether such indebtedness now exists or shall hereafter be
created, other than under a Non-Recourse Obligation, which indebtedness, individually or in the aggregate, has a principal amount outstanding in excess of U.S.$3,000,000, which default shall constitute a failure to pay any portion of the principal
of such indebtedness when due and payable after the expiration of any applicable grace or cure period with respect thereto or shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged
or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; or” 
  
 shall be amended and restated in its entirety to read as follows: 
  
 “5. [Intentionally omitted]; or” 
  

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