Document:

Shares and Beneficiary Certificates Pledge Agreement

 Exhibit 10.3 
 LUXEMBOURG 
 SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT

 BETWEEN 
 INTELSAT (LUXEMBOURG) S.A. 
 INTELSAT JACKSON HOLDINGS S.A.

 INTELSAT INTERMEDIATE HOLDING COMPANY S.A. 
 INTELSAT PHOENIX HOLDINGS S.A. 
 INTELSAT SUBSIDIARY HOLDING COMPANY S.A.

 INTELSAT (GIBRALTAR) LIMITED 
 AS PLEDGORS 
 And 

WILMINGTON TRUST FSB 
 AS PLEDGEE 
 ON THE SHARES AND BENEFICIARY CERTIFICATES OF

 THE COMPANIES 
 Dated 12 January 2011 

 THIS SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT (the “Pledge Agreement” or the
“Agreement”) is made on 12 January 2011 
 BETWEEN: 

 

	(1)	The Pledgors set forth in Schedule 1 (together the “Pledgors” and each a “Pledgor”); 

AND 
  

	(2)	Wilmington Trust FSB, as Collateral Trustee for the Secured Parties together with its successors and assigns in such capacity (the “Collateral
Trustee” or the “Pledgee”); 

 IN THE PRESENCE OF: 

 

	(3)	The Companies set forth in Schedule 2 (together the “Companies” and each a “Company”); 

RECITALS: 
 WHEREAS:

 (A) Intelsat Jackson Holdings S.A. (the “Borrower”) is party to a Credit Agreement dated as of the date hereof (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, Intelsat (Luxembourg) S.A. (“Holdings”), the financial institutions or entities from time to time
party thereto as lenders (the “Lenders”) and Bank of America, N.A., as Administrative Agent, and the other agent parties party thereto; 
 (B) The Borrower, Holdings, the Collateral Trustee, the Administrative Agent and inter alia the Lenders are party to the Collateral Agency and Intercreditor Agreement; 

(C) Pursuant to the Credit Agreement, (a) the Lenders have severally agreed to make Loans to the Borrower and the Letter of Credit Issuers have
agreed to issue Letters of Credit for the account of the Borrower (collectively, the “Extensions of Credit”) upon the terms and subject to the conditions set forth therein and (b) one or more Lenders or affiliates of Lenders
may from time to time enter into Hedge Agreements with, or provide cash management services to, the Borrower; 
 (D) (i) Pursuant to the terms
of the Credit Agreement, Holdings guaranteed the payment and performance of the Obligations of the Borrower to the Secured Parties and (ii) pursuant to the Guarantee, the Subsidiary Guarantors guaranteed the payment and performance of the
Obligations of the Borrower to the Secured Parties; 
 (E) It is a condition precedent to the obligation of the Lenders and Letter of Credit
Issuers to make their respective Extensions of Credit to the Borrower under the Credit Agreement, and to induce one or more Lenders or affiliates of Lenders to enter into Hedge Agreements with, or provide cash management services to, the Borrower,
that the Pledgors shall have executed and delivered this Agreement to the Collateral Trustee for its benefit and for the ratable benefit of the other Secured Parties; and 

  
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 (F) The Pledgors would also like to induce other creditors to make available from time to time First Lien
Debt (other than as described above) subject to the terms of the Collateral Agency and Intercreditor Agreement. 
 NOW, THEREFORE, IT IS
AGREED AS FOLLOWS: 
 1. Definitions and interpretation 
 1.1 Except as otherwise defined herein and except where the context shall otherwise require, all capitalised words and expressions defined or, as the case may be, construed in the Credit Agreement shall
have the same meaning or, as the case may be, constructions when used herein. In this Agreement: 
  

			
	BC Holder	  	Means a holder of Beneficiary Certificates.
		
	BC Register	  	Means the register of the Beneficiary Certificates and BC Holders held by the Companies having issued Beneficiary Certificates from time to time.
		
	Beneficiary Certificates	  	Means the beneficiary certificates (parts bénéficiaires) issued by a Company from time to time pursuant to the terms of its articles of
association.
		
	Business Day	  	Means a day other than a Saturday or a Sunday on which banks in Luxembourg-City and New York City are open for normal business.
		
	Collateral Agency and Intercreditor Agreement	  	Shall mean the Collateral Agency and Intercreditor Agreement dated as of the date hereof, entered into by the Collateral Trustee, the Administrative Agent, the Borrower, each
Guarantor (as defined in the Credit Agreement) and each holder (or representative or trustee thereof) from time to time of secured Indebtedness permitted under Section 10.2(k) of the Credit Agreement, as the same may be amended, supplemented or
otherwise modified from time to time.
		
	Credit Party	  	Shall have the meaning as set forth in the Credit Agreement.
		
	FCC	  	Means the Federal Communications Commission of the United States of America and any successor governmental agency performing functions similar to those performed by the Federal
Communications Commission on the date hereof.
		
	FCC Licenses	  	Means all licenses, authorisations, waivers and permits issued to any of the Companies or any of its subsidiaries or direct or indirect holding companies by the FCC pursuant to the
Communications Act of 1934 of the United States of America, as amended, and the written rules and regulations of the FCC.
		
	Financial Collateral Law	  	Means the Luxembourg law of 5 April 2005 on financial collateral arrangements.

  
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	First Lien Document	  	Shall have the meaning set forth in the Collateral Agency and Intercreditor Agreement.
		
	First Lien Secured Party	  	Shall have the meaning assigned to such term in the Collateral Agency and Intercreditor Agreement.
		
	Pledge	  	Means the security interest as granted and created over the Pledged Assets under this Agreement.
		
	Pledged Assets	  	Means (i) the Pledged Shares (including for the avoidance of doubt any Future Shares), (ii) any Pledged Beneficiary Certificates (including for the avoidance of doubt, any Future
Beneficiary Certificates) and (iii) all Related Assets, all income therefrom and proceeds thereof as well as any replacement asset.
		
	Pledged Beneficiary Certificates	  	Means all the Beneficiary Certificates as described in Schedule 4 of any of the Companies held by, to the order or on behalf of a Pledgor at any time, including for the avoidance of
doubt any Beneficiary Certificates of the Company which shall be issued to, or acquired by, a Pledgor from time to time, regardless of the reason of such issuance or acquisition, whether by way of substitution, replacement, dividend or in addition
to the Beneficiary Certificates of the relevant Company held by a Pledgor on the date hereof, whether following an exchange, division, free attribution, contribution in kind or in cash or for any other reason (i.e. the “Future Beneficiary
Certificates”), in which case such Future Beneficiary Certificates shall immediately be and become subject to the security interest created hereunder (and be part of the Pledged Beneficiary Certificates).
		
	Pledged Shares	  	Means all the Shares regardless of class as described in Schedule 4, in the share capital of any of the Companies held by, to the order or on behalf of a Pledgor at any time,
including for the avoidance of doubt any shares of the Company which shall be issued to, or acquired by, a Pledgor from time to time, regardless of the reason of such issuance or acquisition, whether by way of substitution, replacement, dividend or
in addition to the Shares of the relevant Company held by a Pledgor on the date hereof, whether following an exchange, division, free attribution, contribution in kind or in cash or for any other reason (i.e. the “Future Shares”),
in which case such Future Shares shall immediately be and become subject to the security interest created hereunder (and be part of the Pledged Shares).

  
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	Register of Shareholders	  	Means the register of shares and shareholders of the respective Company.
		
	Related Assets	  	Means all dividends, interest and other monies payable in respect of the Pledged Shares and/or the Pledged Beneficiary Certificates and all other rights, benefits and proceeds in
respect of or derived from the Pledged Shares and/or the Pledged Beneficiary Certificates (whether by way of redemption, bonus, preference, option, substitution, sale, conversion or otherwise) except to the extent these constitute shares and/or
beneficiary certificates.
		
	Requirement of Law	  	Shall mean, with respect to any person, the common law and all federal, state, local and foreign laws, rules and regulations, orders, judgments, decrees and other legal requirements
or determinations (including the United States Communications Act of 1934, as amended, and the written rules and regulations of the FCC) of any Governmental Authority (as defined in the Credit Agreement) or arbitrator, applicable to or binding upon
such Person or any of its property or which such person or any of its property is subject.
		
	Secured Obligations	  	Means the First Lien Obligations as such term is defined in the Collateral Agency and Intercreditor Agreement.
		
	Secured Parties	  	Means, collectively, the Pledgee and all other First Lien Secured Parties.
		
	Shares	  	Means the shares (actions or parts sociales, as the case may be) issued by the Companies.
		
	Triggering Event	  	Shall have the meaning as set out in the Collateral Agency and Intercreditor Agreement.
		
	U.S.C.	  	Means the United States Code.
		
	Unrestricted Subsidiary	  	Shall have the meaning as set forth in the Credit Agreement.
		
	US Security Agreement	  	Means the U.S. Security and Pledge Agreement dated as of the date hereof among inter alia the grantors party thereto, the Administrative Agent and the Collateral Trustee for the
benefit of the Secured Parties as the same may be amended, supplemented or otherwise modified from time to time.

  
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 1.2 In this Agreement: 
 1.2.1 any reference to the “Collateral Trustee”, “Pledgee”“, the “Pledgor”, or the “Secured Parties” shall be construed so as to include its or their and any
subsequent successors and any permitted transferees in accordance with their respective interests; 
 1.2.2 a “Clause” shall, unless
otherwise indicated, be construed as a reference to a clause hereof; 
 1.2.3 “continuing”, in relation to a Triggering Event, shall
be construed as a reference to a Triggering Event which has not been remedied or waived in accordance with the terms of the Credit Agreement; 

1.2.4 a “law” shall be construed as any law (including common or customary law), statute, constitution, decree, judgment, treaty, regulation,
directive, byelaw, order or any other legislative measure of any government, supranational, local government, statutory or regulatory body or court; 
 1.2.5 a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having
separate legal personality) or two or more of the foregoing; 
 1.2.6 a “successor” of any party shall be construed so as to include
an assignee or successor in title of such party and any person who under the laws of its jurisdiction of incorporation or domicile has assumed the rights and obligations of such party under this Agreement or to which, under such laws, such rights
and obligations have been transferred; and 
 1.2.7 the “winding up”, “dissolution” or “administration” of a
company or corporation shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which such company or corporation is incorporated or existing or any jurisdiction in which such company or
corporation carries on business including the seeking of liquidation, winding up, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors and including, without limitation, in relation to companies
incorporated under the laws of the Grand Duchy of Luxembourg, bankruptcy (faillite), insolvency, its voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de
faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or similar laws
affecting the rights of creditors generally. 
 1.3 Any reference in this Agreement to : 

1.3.1 this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement
or document as the same may have been, or may from time to time be, amended, restated, varied, novated or supplemented (however substantially); and 

  
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 1.3.2 a statute or statutory instrument shall be construed as a reference to such statute or statutory
instrument as the same may have been, or may from time to time be, amended or, in the case of a statute, re-enacted or replaced. 
 2.
Pledge over the Pledged Assets 
 2.1 Each of the Pledgors hereby pledges in accordance with article 5(2)(c) of the Financial
Collateral Law, all the Pledged Assets (and in particular without limitation the Pledged Shares including any Future Shares, and any Pledged Beneficiary Certificates including any Future Beneficiary Certificates and the Related Assets) it owns in
any of the Companies in favour of the Pledgee (as Pledgee on behalf of the Secured Parties), who accepts, as continuing first priority security interest (“gage”) (the “Pledge”) for the payment and discharge of the
Secured Obligations. 
 2.2 Immediately upon entering into this Agreement, each Pledgor shall have the Pledge on the Pledged Shares inscribed in
the Register of Shareholders of the relevant Company in which it owns Shares and send a certified copy thereof to the Pledgee evidencing such inscription. The wording set forth in Part 1 of Schedule 3 shall be used for the registration of the Pledge
in the Register of Shareholders of the Companies. 
 2.3 Immediately upon entering into this Agreement, each Pledgor shall have the Pledge on
the Pledged Beneficiary Certificates inscribed in the BC Register of the relevant Company in which it owns Beneficiary Certificates and send a certified copy thereof to the Pledgee evidencing such inscription. The wording set forth in Part 2 of
Schedule 3 shall be used for the registration of the Pledge in the BC Register of the Companies. 
 2.4 Each Pledgor instructs the Companies,
and each Company undertakes to immediately upon the issue of any Future Shares and/or any Pledged Beneficiary Certificates to the relevant Pledgor, to register the relevant Pledge in favour of the Pledgee in its Register of Shareholders and/or BC
Register (as the case may be) and to within two (2) Business Days send a certified copy of the relevant folio of its Register of Shareholders and/or BC Register (as the case may be) to the Pledgee . 

2.5 The Pledgors and the Pledgee hereby each instruct and appoint each directors (or as the case may be, manager) of the Companies as well as each
officer of the Companies and each of Me Toinon Hoss, Me Yves Prussen, Me Sophie Bronkart, Me Ralph Beyer, and Me Cintia Martins of Elvinger, Hoss & Prussen, each acting alone and with full power of substitution, to inscribe the Pledge in
the Register of Shareholders and the BC Register of the Companies and deliver certified copies thereof to the Pledgee. 
 2.6 In the case any
share certificates or certificates of Beneficiary Certificates are issued by any of the Companies to any Pledgor, the relevant Pledgor shall within two (2) Business Days of the issue of such certificates deposit (or procure there to be
deposited) with the Pledgee all such certificates. 
 2.7 The Companies hereby acknowledge the Pledge. 

  
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 3. Voting, Other Rights, Dividends  

3.1 Until the occurrence of a Triggering Event which is continuing, 
 3.1.1 each Pledgor shall have full voting and other rights in respect of its Pledged Assets, and shall be free to deal with its Pledged Assets (including without limitation, transfer, conversion,
redemption) subject in each case to the provisions of any other First Lien Document; 
 3.1.2 each Pledgor shall be entitled to receive and
retain all its Related Assets and to dispose of such assets at it sole discretion subject in each case to the provisions of any other First Lien Document and in particular to the rules set out in clause 5.6 (b) of the US Security Agreement.

 3.2 Upon the occurrence of an Triggering Event which is continuing and during the continuance of such Triggering Event but subject to the
provisions of Clause 11 (FCC Licences and Regulatory Matters), 
 3.2.1 all voting and other rights attaching to the Pledged Assets shall
be vested in the Pledgee and may, as directed in accordance with the Collateral Agency and Intercreditor Agreement, be exercised by the Pledgee in such manner as so directed. For the avoidance of doubt, the Pledgee shall have the right following the
occurrence of an Triggering Event which is continuing and during the continuance of such Triggering Event but always subject to the provisions of Clause 11 (FCC Licences and Regulatory Matters), to act as the Pledgors’ irrevocable proxy
to represent the Pledgors at any shareholder’s meeting or to execute any written resolution and exercise the voting and other rights relating to the Pledged Assets in any manner the Pledgee as so directed for the purpose of protecting or
enforcing the rights of the Pledgee hereunder; and each Pledgor shall do whatever is reasonably requested by the Pledgee in order to ensure that the exercise of the voting rights in these circumstances is facilitated and becomes possible for the
Pledgee, including the issuing of a written proxy in any form required under applicable law. In exercising its rights under this section the Pledgee shall act only as directed in accordance with the Collateral Agency and Intercreditor Agreement
subject to the requirement of this section to act reasonably; and 
 3.2.2 all rights to dividends and other cash proceeds receivable or Related
Assets in connection with the Pledged Shares and the Pledged Beneficiary Certificates (if any) shall be vested in the Pledgee who shall, upon notice to the Companies, be entitled to receive any such Related Assets. 

  
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 4. Enforcement of Pledge 
 4.1 Upon the occurrence of an Triggering Event which is continuing and during the continuance of such Triggering Event but subject to the provisions of Clause 11 (FCC Licences and Regulatory
Matters), the Pledgee shall be entitled, with a three (3) Business Days prior notice, to enforce the Pledge (in full or in part) in any of the following manners in each case in the manner and on the terms the Pledgee thinks fit acting
reasonably. In exercising its rights under this section the Pledgee shall act only as directed in accordance with the Collateral Agency and Intercreditor Agreement subject to the requirement of this section to act reasonably. 

4.1.1 to appropriate all or part of the Pledged Assets at their fair mark value at the time of the appropriation. The fair market value shall be
determined by a reputable expert experienced and knowledgeable in the Satellite business and shall be selected by agreement between the Pledgee and the relevant Pledgor(s), each acting reasonably. If the Pledgee and the relevant Pledgors do not
reach an agreement as to such expert within 14 Business Days as from the prior notice referred to in clause 4.1, the Pledgee may select such expert. For the purposes of the determination of the fair market value of the relevant Pledged Assets, the
expert shall communicate with the Pledgors and shall seek to obtain, and the Pledgors shall be entitled to provide the expert with, all information, documents, elements and facts as the Pledgors deem relevant for the assessment of the fair market
value of the Pledged Assets. The expert shall duly consider and take into account all such information, documents, elements and facts it deems pertinent in the determination of the fair market value of the Pledged Assets and keep the Pledgee
informed at all times. 
 4.1.2 to sell all or part of the Pledged Assets or cause all or part of the Pledged Assets to be sold, in a private
transaction at arms’ length terms (conditions commerciales normales); 
 4.1.3 to cause the sale of all or part of the Pledged
Assets, at a stock exchange selected by the Pledgee or by public auction held at the place and at the time and if required by applicable law by the public officer, designated by the Pledgee; 
 4.1.4 to request from the competent court, that title to all or part of the Pledged Assets be assigned or transferred to it (attribution judiciaire), at a price determined by a court appointed
expert; and 
 4.1.5 in respect of any Related Assets consisting of claims for sums of money, if a sum is owed by the Pledgee itself, to set off
the amount due by the relevant Pledgor and the amount due by the Pledgee and, if the sum is owed by the Companies or a third party, to require such third party to make payment of the amount due by it directly to the Pledgee. 

5. Application of Proceeds  

The proceeds received by the Pledgee in respect of any sale of, collection from or other realization upon all or any part of the Pledged Assets pursuant
to the exercise by the Pledgee of its remedies shall be applied, together with any other sums then held by the Pledgee pursuant to this Agreement, in accordance with Section 3.4 of the Collateral Agency and Intercreditor Agreement. 

  
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 6. Power of Attorney 
 Each Pledgor irrevocably appoints the Pledgee to be its attorney and in its name, on its behalf and as its agent, subject to Clause 11 (FCC Licences and Regulatory Matters), to, if a Triggering
Event has occurred and is continuing, execute and deliver all documents and do all things that the Pledgee may consider to be necessary for (a) carrying out any obligation imposed on the Pledgor under this Agreement or (b) exercising any
of the rights conferred on the Pledgee by this Agreement or by law, (including, after the security constituted by this Pledge has become enforceable, the exercise of any right of a legal or a beneficial owner of the Pledged Assets). Each Pledgor
hereby agrees to ratify and confirm, if need be, all things done and all documents executed by the Pledgee in the exercise of that power of attorney. 
 7. Representations, Warranties and Undertakings  
 Each Pledgor represents and
warrants for itself to the Pledgee as set out hereafter :. 
 7.1 All Shares held by the Pledgor in the Companies on the date hereof have been
duly issued and are fully paid, are in registered form and are all held by, and registered in, the name of the Pledgor, and on the date hereof the Pledged Shares represent 100% of the issued share capital of the Companies; 

7.2 To the extent the Pledgor holds any Beneficiary Certificates in any of the Companies, such Beneficiary Certificates held by the Pledgor in the
Companies on the date hereof (if any) have been duly issued and are fully paid, are in registered form and are all held by, and registered in, the name of the Pledgor, and on the date hereof the Pledged Beneficiary Certificates represent 100% of the
Beneficiary Certificates issued by the Companies; 
 7.3 The Pledgor is the sole legal owner of, and has legal title to, the Pledged Shares
registered in his name in the Companies, free from any Lien except as created by this Agreement or any Lien permitted under any First Lien Document; 
 7.4 To the extent the Pledgor holds any Beneficiary Certificates in any of the Companies, the Pledgor is the sole legal owner of, and has legal title to, the Pledged Shares registered in his name in the
Companies, free from any Lien except as created by this Agreement or any Lien permitted under any First Lien Document; 
 7.5 On the date hereof
the Pledge over its Pledged Shares and the inscription thereof in the Register of Shareholders pursuant to this Pledge is not contrary to any court order or applicable to the Pledgor or of the relevant Company; 

7.6 On the date hereof to the extent the Pledgor holds any Beneficiary Certificates in any of the Companies, the Pledge over its Pledged Beneficiary
Certificates and the inscription thereof in the BC Register pursuant to this Pledge is not contrary to any court order or applicable to the Pledgor or of the relevant Company; 

  
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 7.7 This Agreement constitutes its legal, valid and binding obligations and operates as a valid pledge of
its Pledged Assets in accordance with its terms and the Pledge created pursuant to this Agreement, and once perfected pursuant to Clause 2, constitutes a legal, valid, binding and enforceable first priority and first ranking security interest over
its Pledged Shares and its Pledged Beneficiary Certificates (if any) in favour of the Pledgee in respect of all Secured Obligations and in each case prior and superior to the rights of other persons, except for any mandatory privileges preferred by
applicable law; 
 7.8 The Pledgor has the necessary power to enable it to enter into and perform its obligations under this Agreement and all
necessary consents and authorizations for the execution of this Pledge Agreement have been obtained by the Pledgor and the Company in which it holds Shares or Beneficiary Certificates and are in full force and effect except as could not reasonably
be expected to have a Material Adverse Effect, 
 7.9 For the avoidance of doubt, the Pledgor hereby waives any rights arising for it (if any)
under Article 2037 of the Luxembourg Civil Code; and 
 7.10 it will, and will cause each of the Companies to, assist the Pledgee in order to
obtain all necessary material consents, approvals and authorisations from any relevant authorities in order to permit the exercise by the Pledgee of its rights and powers under this Pledge Agreement upon enforcement of the Pledge. 

8. Further Assurances 
 The
Pledgor agrees that at any time and from time to time, it will execute and deliver such further documents and do such further acts and things as may be required by law or as the Pledgee may reasonably request in order to give effect to the purpose
of this Agreement. Any cost or expense incurred by the Pledgee in connection with any such further document shall be for the account of the Pledgor and shall be paid promptly upon demand by the Pledgor to the Pledgee. 

9. Preservation of the Pledge 
 9.1 The Pledge shall be a continuing security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part
of the Secured Obligations and shall remain in full force and effect until its discharge. 
 9.2 The Pledge shall be cumulative, in addition to
and independent of every other security which the Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced
or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Secured Obligations. 
 9.3 The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights
or remedies that the Pledgee may now or at any time in the future have from or against any Pledgor or any other person. 

  
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 9.4 No failure on the part of the Pledgee to exercise, or delay in exercising, any of its rights under this
Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of such rights or any other rights. 
 9.5 Neither the obligations of any Pledgor contained in this Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Agreement or by law nor the Pledge created hereby shall be
discharged, impaired or otherwise affected by: 
 9.5.1 any amendment to, or any variation, waiver or release of, any obligation of any Pledgor
or any other person under any First Lien Document; or 
 9.5.2 any failure to take, or to fully take, any security contemplated by any First
Lien Document or otherwise agreed to be taken in respect of the obligations of any Pledgor under any First Lien Document; or 
 9.5.3 any
failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any Pledgor under any First Lien Document; or 

9.5.4 any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of any Pledgor contained in
this Agreement, the rights, powers and remedies conferred upon the Pledgee by this Agreement, the Pledge or by law. 
 9.6 Until all the Secured
Obligations have been unconditionally and irrevocably paid and discharged in full, the Pledgors shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: 

9.6.1 be subrogated to any rights, security, security interests or moneys held, received or receivable by the Pledgee or be entitled to any right of
contribution or indemnity, or 
  

	9.6.2	claim, rank, prove or vote as a creditor of any Company or its estate in competition with the Pledgee. 

9.7 The Pledgors hereby irrevocably waive any right of recourse, right, action and claim (including, for the avoidance of doubt, by way of set-off) that
they may have, whether by way of subrogation or directly or of any other nature, against the relevant Companies and/or any direct and indirect subsidiaries of those Companies, further to an enforcement of the Pledge by any means whatsoever
(including, in particular, the right of recourse the Pledgors may have against any such entity under the terms of Article 2028 et seq. of the Luxembourg Civil Code). This waiver is effective in respect of any rights of the Pledgors which come into
existence prior to an enforcement in particular as a result of dividends or other distributions being paid to the Pledgee. For the avoidance of doubt this waiver is final and will subsist after all Secured Obligations have been unconditionally and
irrevocably paid and discharged in full. 

  
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 10. Effectiveness of Pledge 
 10.1 This Pledge Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon each Pledgor and the successors and assigns thereof and shall inure
to the benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns until the Discharge of First Lien Obligations. 
 10.2 A Pledgor or any Pledged Assets shall be released from this Pledge Agreement and the Pledge thereunder in accordance with the Collateral Agency and Intercreditor Agreement. 

 

	10.3	Each Pledgor waives its right to the benefit of both “division” and “discussion” (if any). 

11. FCC Licenses and Regulatory Matters 
 11.1 Notwithstanding anything to the contrary in this Pledge Agreement, the Pledgee shall not take (and shall not be entitled or authorised to take) any action pursuant to this Pledge Agreement (including
any action that would constitute or result in an assignment of any FCC License or a direct or indirect change of control of the Company if such assignment of FCC License or direct or indirect change of control would require under any Requirement of
Law in effect at that time, the prior approval of the FCC), unless and until any applicable Requirement of Law has been satisfied with respect to such action and there have been obtained such consents, approvals and authorisations (if any) as may be
required under the terms of any license or operating right held by any Company or any other Credit Party (or any entity under their control). 

11.2 Without limiting the generality of the preceding Clause, the Pledgee (on behalf of itself and the Secured Parties) hereby agrees that (a) to
the extent required by applicable law, voting and consensual rights in the ownership interest of any Company will remain with the holders of such voting and consensual rights after and during the continuance of an Triggering Event unless and until
any required prior approvals of the FCC to the transfer of such voting and consensual rights to the Pledgee shall have been obtained; (b) upon the occurrence and during the continuance of an Triggering Event , if required by applicable law, any
foreclosure of any of the Pledged Assets pursuant to this Pledge Agreement shall be effected either through a private or public sale of the Pledged Assets; and (c) prior to the exercise of voting or consensual rights by the purchaser, to the
extent required by applicable law, at any such sale, the prior consent of the FCC pursuant to 47 U.S.C. § 310(d) will be obtained, as well as such licenses, approvals, authorisations and consents as may be required by the U.S. Department
of State pursuant to the International Traffic in Arms Regulations; the U.S. Department of Commerce pursuant to the Export Administration Regulations; the U.S. Department of Defense pursuant to the National Industrial Security
Program issued pursuant to Executive Order 12829; the Committee on Foreign Investment in the United States pursuant to the Exon Florio amendment to the Defense Production Act and implementing regulations; the U.S. Department of Treasury
pursuant to the Foreign Asset Control Regulations; and the U.S. Department of Justice, the Federal Bureau of Investigation and the U.S. Department of Homeland Security regarding potential national security, law enforcement and public
safety issues. 

  
 13 

 11.3 It is the intention of the parties hereto that the grant of security interests hereunder (including,
without limitation, the creation thereof) in favour of the Pledgee on the Pledged Assets, to the extent such Pledged Assets is subject to and governed by the requirements rules and regulations of the FCC, shall in all relevant aspects be subject to
and governed by said requirements, rules and regulations and that nothing in this Pledge Agreement shall be construed to diminish the control exercised by the relevant Pledgor or any of the Companies with respect to such Pledged Assets except in
accordance with the provisions of such statutory requirements, rules and regulations. Each of the Pledgors and each of the Companies agrees that upon the request from time to time by the Pledgee it will actively pursue obtaining governmental,
regulatory or third parry consents, approvals or authorisations referred to in this Clause, including, upon any request of the Pledgee following the occurrence of an Triggering Event, the preparation, signing and filing with (or causing to be
prepared, signed and filed with) (i) the FCC of any application or application for consent to the assignment of the FCC Licenses or transfer of control required to be signed by the Pledgor(s) or the Company(ies) and/or the relevant Credit Party
holding the FCC Licenses necessary or appropriate under the FCC’s rules and regulations for approval of any sale or transfer of any of the Pledged Assets (or as the case may be) the assets of the Pledgor(s) or the Company(ies) or any transfer
of control in respect of any FCC License, and (ii) the U.S. Department of State pursuant to the International Traffic in Arms Regulations; the U.S. Department of Commerce pursuant to the Export Administration Regulations; the
U.S. Department of Defense pursuant to the National Industrial Security Program issued pursuant to Executive Order 12829; the Committee on Foreign Investment in the United States pursuant to the Exon Florio amendment to the Defense Production
Act and implementing regulations; the U.S. Department of Treasury pursuant to the Foreign Asset Control Regulations; and the U.S. Department of Justice, the Federal Bureau of Investigation and the U.S. Department of Homeland Security
regarding potential national security, law enforcement and public safety issues; as applicable, of any application for consent to transfer the Pledged Assets or, as the case may be, the assets of the Pledgor(s) or the Company(ies) necessary or
appropriate under such regulations. 
 12. Liability to perform  
 12.1 It is expressly agreed that, notwithstanding anything to the contrary herein contained, each Pledgor shall remain liable to observe and perform all of the conditions and obligations assumed by it in
respect of its Pledged Assets (to the extent it is still legally able to do so further to the exercise of rights hereunder by the Pledgee) and the Pledgee shall be under no obligation or liability by reason of or arising out of this Pledge
Agreement. The Pledgee shall not be required in any manner to perform or fulfill any obligations of any Pledgor in respect of the Pledged Assets, or to make any payment or any enquiry as to the nature or sufficiency of any payment received by it, or
to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled hereunder at any time. 
 12.2 Neither the Pledgee, nor the other Secured Parties shall be required in any manner to perform or fulfil any obligations of a Pledgor in respect of its Pledged Assets, or to make any payment, or to
make any inquiry as to the nature of sufficiency of any payment received, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it (or they) may have been or to which they may be entitled
thereunder at any time. More specifically, the Pledgee shall not be liable for any failure to collect or realise the Secured Obligations or any collateral security or guarantee therefore, or any part thereof, or for any delay in so doing nor shall
the Pledgee be under any obligation to take any action whatsoever with regard thereto. 

  
 14 

 13. No Waiver, Amendments 
 13.1 The Pledgee (or any other Secured Party) shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder and no waiver shall be valid unless in
writing, signed by or on behalf of the Pledgee, and then only to the extent set forth therein. A waiver by or on behalf of the Pledgee of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
the Pledgee would otherwise have on any future occasion. No failure to exercise, nor any delay in exercising on the part of the Pledgee, any right, power or privileges hereunder, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The right and remedies herein provided are cumulative and may be exercised singly or
concurrently and are not exclusive of any rights or remedies provided by law. 
 13.2 None of the terms or provisions of this Agreement may be
waived, altered, modified or amended except by an instrument in writing, duly executed by or on behalf of the Pledgee and the Pledgors. 
 14.
Assignment, Successors of Pledgee  
 14.1 The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that the Pledgors may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Pledgee except
pursuant to a transaction permitted by the Credit Agreement or the Collateral Agency and Intercreditor Agreement. 
 14.2 Subject to the
Collateral Agency and Intercreditor Agreement, the Pledgee may assign or transfer all or any of its respective rights or obligations hereunder. Any successor to or assignee of the Pledgee shall be entitled to the full benefits hereof. This Agreement
shall remain in effect despite any amalgamation or merger (however effected) relating to the Pledgee or any of the Secured Parties, and without prejudice to the provision of the Credit Agreement, references to the Pledgee or any of the Secured
Parties shall be deemed to include any assignee or successor in title of the Pledgee or any Secured Party and any person who, under any applicable law, has assumed the rights and obligations of the Pledgee or any other Secured Party hereunder or
under the Credit Agreement or to which under such laws the same have been transferred or novated or assigned in any manner. To the extent a further notification or registration or any other step is required by law to give effect to the above, such
further registration shall be made and each Pledgor hereby gives power of attorney to the Pledgee to make any notifications and/or to require any required registrations to be made in the Register of Shareholders and, as the case may be, the BC
Register of the Company in which it holds Shares or Beneficiary Certificates, or to take any other steps, and undertakes to do so itself if so requested by the Pledgee. 

  
 15 

 14.3 For the purpose of article 1278 of the Luxembourg Civil Code, to the extent required under applicable
law and without prejudice to the provisions in the Credit Agreement or in any of the agreements or documents relating to the Secured Obligations, the Pledgee hereby expressly reserves the preservation of this Pledge and the security interest created
thereunder in case of assignment, novation, amendment or any other transfer of the Secured Obligations or any other rights arising for it or the Secured Parties under the Credit Agreement so that the security interest crated under this Pledge
Agreement shall automatically, and without any formality, benefit to such transferee. 
 15. Notices 

Any notice, request or other communication required or permitted to be given under this Agreement shall be given in accordance with the Credit Agreement
to the addresses set out below (unless one party has by 15 Business Days’ notice to the other party specified another address): 
 To the Pledgors : 
 At their registered office, 

Attn: Board of Directors 
 Fax No: (+352) 27841690
 To the Pledgee: 

Wilmington Trust FSB 
 Rodney Square North 
 1100 North Market Street 

Wilmington, DE 19890 
 Attention: James A. Hanley 
 Phone: + 1 302-636-6453 

Fax: + 1 302-636-4145 
 To the Companies: 
 At their registered office, 

Attn: Board of Directors 
 Fax No: (+352) 27841690
 16. Severability 

If any provision of this Agreement is or becomes prohibited or unenforceable in any jurisdiction this shall not affect the validity or enforceability of
any other provision hereof or affect the validity or enforceability of such other provision in any other competent jurisdiction. 
 17. No
Conflict 
 The exercise of the rights including as to remedies and enforcement of the Pledgee and/or the Secured Parties hereunder
shall, to the extent permitted by Luxembourg law, be governed by the Collateral Agency and Intercreditor Agreement. In the event of any conflict between the terms of this Agreement and the Collateral Agency and Intercreditor Agreement, the
Collateral Agency and Intercreditor Agreement shall govern to the extent permitted by law, unless the provisions herein are required by Luxembourg law as to the validity and enforceability of the present Agreement or in order to create a valid and
duly enforceable security interest and/or unless the application of the provisions of the Collateral Agency and Intercreditor Agreement adversely affects the validity or enforceability of the present Agreement. 

  
 16 

 18. Counterparts 
 This Agreement may be executed in any number of counterparts and by way of facsimile or electronic mail exchange of executed signature pages, all of which together shall constitute one and the same
Agreement. 
 19. Governing Law - Jurisdiction Clause 
 19.1 This Agreement shall be governed by, and construed in accordance with the laws of the Grand-Duchy of Luxembourg. 
 19.2 Any dispute arising in connection with this Agreement shall be submitted to the jurisdiction of the Luxembourg courts. 
 19.3 Nothing in this clause 19. limits the right of the Pledgee to bring proceedings against any Pledgor in any other court of competent jurisdiction or concurrently in more than one jurisdiction provided
claims, rights and any other assets belonging, directly or indirectly, to that Pledgor are situated or are deemed to be situated in that jurisdiction. 

  
 17 

 Schedule 1 
 The Pledgors 
  

			
		
	(1)	  	Intelsat (Luxembourg) S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.942;
		
	(2)	  	Intelsat Jackson Holdings S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.959;
		
	(3)	  	Intelsat Intermediate Holding Company S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246
Luxembourg and registered at the RCS under number, RCS Luxembourg B149.957;
		
	(4)	  	Intelsat Phoenix Holdings S.A. a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg n° B 156667;
		
	(5)	  	Intelsat Subsidiary Holding Company S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246
Luxembourg and registered at the RCS under number RCS Luxembourg B149.894;
		
	(6)	  	Intelsat (Gibraltar) Limited, a company established and having its registered office at Suite 1 Burns House, 19 Town Range, Gibraltar, registered number
96556

 Schedule 2 
 The Companies 
  

			
		
	(1)	  	Intelsat Jackson Holdings S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.959;
		
	(2)	  	Intelsat Intermediate Holding Company S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246
Luxembourg and registered at the RCS under number, RCS Luxembourg B149.957;
		
	(3)	  	Intelsat Phoenix Holdings S.A. a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg n° B 156667;
		
	(4)	  	Intelsat Subsidiary Holding Company S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246
Luxembourg and registered at the RCS under number RCS Luxembourg B149.894;
		
	(5)	  	Intelsat Operations S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B156669;
		
	(6)	  	Intelsat (Luxembourg) Finance Company S.à r.l, a société à responsabilité limitée under the laws of Luxembourg with
registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered at the RCS under number RCS Luxembourg B117.304;

 Schedule 3 
 Part 1 
 Wording for registration of Pledge on Shares in Register of Shareholders

 “All Shares owned from time to time by [name Pledgor], and, in particular, the [] Shares owned on the date of the
present registration, as well as any Future Shares to be acquired, as the case may be, and any Related Assets have been pledged in favour of Wilmington Trust FSB (as Collateral Trustee for the Secured Parties) pursuant to a pledge agreement dated
12 January 2011.; 
 Part 2 
 Wording for registration of Pledge on Beneficiary Certificates in BC Register 

“All Beneficiary Certificates owned from time to time by [name Pledgor]., and, in particular, the [] Beneficiary Certificates
owned on the date of the present registration, as well as any Future Beneficiary Certificates to be acquired, as the case may be, and any Related Assets have been pledged in favour of Wilmington Trust FSB (as Collateral Trustee for the Secured
Parties) pursuant to a pledge agreement dated 12 January 2011.”; 

 LUXEMBOURG 

SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT 
 IN WITNESS THEREOF the parties hereto have executed this Pledge Agreement in one or multiple original counterparts, all of which together evidence the same Agreement, on the day and year first written
above. 
  

			
	The Pledgors:
	
	Intelsat (Luxembourg) S.A.
		
	By:	 	 /s/ Flavien Bachabi

	
	Name: Flavien Bachabi
	Title: Director and Chief Executive Officer
	
	Intelsat Jackson Holdings S.A.
		
	By:	 	 /s/ Flavien Bachabi

	
	Name: Flavien Bachabi
	Title: Director and Chief Executive Officer
	
	Intelsat Intermediate Holding Company S.A.
		
	By:	 	 /s/ Flavien Bachabi

	
	Name: Flavien Bachabi
	Title: Director and Chief Executive Officer
	
	Intelsat Phoenix Holdings S.A.
		
	By:	 	 /s/ Flavien Bachabi

	
	Name: Flavien Bachabi
	Title: Director
	
	Intelsat Subsidiary Holding Company S.A.
		
	By:	 	 /s/ Flavien Bachabi

	
	Name: Flavien Bachabi
	Title: Director and Chief Executive Officer

  

			
	 Executed as a deed by
 Intelsat (Gibraltar) Limited
 And signed by 2
Directors

		
	 By:
	 	 /s/ Louis B. Triay

	
	 Name: Louis B. Triay

	 Title: Director

		
	 By:
	 	 /s/ Tristan Cano

	
	 Name: Tristan Cano

	 Title: Director

 LUXEMBOURG 

SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT 
 IN WITNESS THEREOF the parties hereto have executed this Pledge Agreement in one or multiple original counterparts, all of which together evidence the same Agreement, on the day and year first written
above. 
  

									
	The Pledgee:
	
	Wilmington Trust FSB, as Pledgee
					
	By:	 	 /s/ James A. Hanley
	 		 	By:	 	 /s/ David A. Vanaskey, Jr.

			
	Name: James A. Hanley	 		 	Name: David A. Vanaskey, Jr.
			
	Title: Vice President	 		 	Title: Vice President

 LUXEMBOURG 

SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT 
 IN WITNESS THEREOF the parties hereto have executed this Pledge Agreement in one or multiple original counterparts, all of which together evidence the same Agreement, on the day and year first written
above. 
 Each of the Companies acknowledges and expressly accepts (i) the security interest constituted by this Agreement, (ii) the
terms of clause 2.2 of this Agreement and (iii) the directions contained in clauses 3.2.1 and 3.2.2 of this Agreement. Each of the Companies confirms (i) that it will provide the required assistance in respect of the perfection of the
Pledge to the extent required under the Agreement and requested by the Pledgee and (ii) that upon the occurrence of a Triggering Event that is continuing, it shall perform as directed by the Pledgee to the extent required under this Agreement.

  

			
	The Companies
	
	Intelsat Jackson Holdings S.A.
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Director and Chief Executive Officer

	
	Intelsat Intermediate Holding Company S.A.
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Director and Chief Executive Officer

	
	Intelsat Phoenix Holdings S.A.
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Director

	
	Intelsat Subsidiary Holding Company S.A.
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Director and Chief Executive Officer

  

			
	Intelsat Operations S.A.
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Director

	
	Intelsat (Luxembourg) Finance Company S.à r.l
		
	 By:
	 	 /s/ Flavien Bachabi

	
	 Name: Flavien Bachabi

	 Title: Manager

 (LUXEMBOURG SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT 
 (Companies’
signature page 2)Security and Pledge Agreement

 Exhibit 10.4 
 SECURITY AND PLEDGE AGREEMENT 
 THIS SECURITY AND PLEDGE AGREEMENT dated as of
January 12, 2011, among INTELSAT JACKSON HOLDINGS S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert
Borschette, L-1246 Luxembourg and registered with the Luxembourg trade and companies’ register under number B149.959 (the “Borrower”), each of the subsidiaries of the Borrower listed on Annex A hereto (each such undersigned
subsidiary being a “Subsidiary Grantor” and, collectively, the “Subsidiary Grantors”; the Subsidiary Grantors and the Borrower are referred to collectively as the “Grantors”), BANK OF AMERICA, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders (as defined below) and WILMINGTON TRUST FSB, as collateral trustee (together with its successors and assigns, in such capacity, the
“Collateral Trustee”) for the benefit of the Secured Parties. 
 W I T N E
S S E T H: 
 WHEREAS, the Borrower is party to a Credit Agreement dated as of
January 12, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, Intelsat (Luxembourg) S.A. (“Holdings”), the financial institutions or
entities from time to time party thereto as lenders (the “Lenders”), the Administrative Agent and the other agent parties party thereto; 
 WHEREAS, pursuant to the Credit Agreement, (a) the Lenders have severally agreed to make Loans to the Borrower and the Letter of Credit Issuers have agreed to issue Letters of Credit for the account
of the Borrower (collectively, the “Extensions of Credit”) upon the terms and subject to the conditions set forth therein and (b) one or more Lenders or affiliates of Lenders may from time to time enter into Hedge Agreements
with, or provide cash management services to, the Borrower; 
 WHEREAS, (i) pursuant to the terms of the Credit Agreement,
Holdings guaranteed the payment and performance of the Obligations of the Borrower to the Secured Parties and (ii) pursuant to the Subsidiary Guarantee, the Subsidiary Guarantors guaranteed the payment and performance of the Obligations of the
Borrower to the Secured Parties; 
 WHEREAS, it is a condition precedent to the obligation of the Lenders and Letter of Credit
Issuers to make their respective Extensions of Credit to the Borrower under the Credit Agreement, and to induce one or more Lenders or affiliates of Lenders to enter into Hedge Agreements with, or provide cash management services to, the Borrower,
that the Grantors shall have executed and delivered this Agreement to the Collateral Trustee for its benefit and the ratable benefit of the other Secured Parties; and 
 WHEREAS, the Grantors would also like to induce other creditors to make available from time to time First Lien Debt (other than as described above) subject to the terms of the Collateral Agency and
Intercreditor Agreement. 
 NOW, THEREFORE, in consideration of the above premises, the Grantors hereby agree with the
Collateral Trustee, for its benefit and the ratable benefit of the other Secured Parties, as follows: 
 1. Defined
Terms. 
 (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement and all terms defined in the Uniform Commercial Code from time to time in effect in the State of New York (the “NY UCC”) and not defined herein or in the Credit Agreement shall have the meanings
specified therein. 

 (b) The following terms shall have the following meanings: 

“Additional First Lien Agreement” means any credit agreement, indenture or other agreement evidencing
First Lien Obligations, other than the Credit Agreement Obligations. 
 “Administrative Agent”
shall have the meaning assigned to such term in the recitals hereto. 
 “Closing Date Deposit
Account” shall mean each Deposit Account (other than any Exempted Deposit Account) of Borrower, Intelsat Intermediate Holdco and Intelsat Sub Holdco located in the United States of America and established on or prior to the date hereof.

 “Collateral” shall have the meaning assigned to such term in Section 2. 

“Collateral Account” shall mean any collateral account established by the Collateral Trustee as provided
in Section 6.1 or Section 6.3. 
 “Collateral Agency and Intercreditor Agreement”
shall mean the Collateral Agency and Intercreditor Agreement, entered into on the date hereof, among the Administrative Agent, the Collateral Trustee, the Borrower, each Guarantor party thereto and each holder (or representative or trustee thereof)
from time to time of secured Indebtedness permitted under Section 10.2(k) of the Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 

“Collateral Trustee” shall have the meaning assigned to such term in the recitals hereto. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any
third party under any copyright now or hereafter owned by any Grantor (including all Copyrights) or that any Grantor otherwise has the right to license, or granting any right to any Grantor under any copyright now or hereafter owned by any third
party, and all rights of any Grantor under any such agreement, including those listed on Schedule 1. 

“copyrights” means, with respect to any Person, all of the following now owned or hereafter acquired by
such Person: (i) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, and (ii) all registrations and applications for registration
of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United States Copyright Office. 

“Copyrights” means all copyrights now owned or hereafter acquired by any Grantor, including those listed
on Schedule 2. 
 “Credit Agreement Obligations” has the meaning assigned to such term in the
Credit Agreement. 
 “Credit Agreement Secured Parties” has the meaning assigned to such term in
the Credit Agreement. 
 “Credit Documents” has the meaning assigned to such term in the Credit
Agreement. 
 “Credit Party” has the meaning assigned to such term in the Credit Agreement.

  
 -2-

 “Discharge of First Lien Obligations” has the meaning
assigned to such term in the Collateral Agency and Intercreditor Agreement. 
 “equipment” shall
mean all “equipment,” as such term is defined in Article 9 of the NY UCC, now or hereafter owned by any Grantor or to which any Grantor has rights and, in any event, shall include all machinery, equipment, furnishings, movable trade
fixtures, and vehicles now or hereafter owned by any Grantor or to which any Grantor has rights and any and all additions, substitutions and replacements of any of the foregoing, wherever located, together with all attachments, components, parts,
equipment and accessories installed thereon or affixed thereto; but excluding equipment to the extent it is subject to a Lien permitted by the Credit Agreement and each Additional First Lien Agreement, and the terms of the Indebtedness securing such
Lien prohibit assignment of, or granting of a security interest in, such Grantor’s rights and interests therein (other than to the extent that any such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law), provided, that immediately upon the repayment of all Indebtedness secured by such Lien, such Grantor shall be
deemed to have granted a Security Interest in all the rights and interests with respect to such equipment. 

“Exempted Deposit Accounts” shall mean (i) any Deposit Account so long as the average daily
aggregate balance in such Deposit Account does not exceed $20,000,000 for any such Deposit Account and (ii) any Deposit Account that is a zero balance account, a payroll account or a disbursement account. 

“Extensions of Credit” shall have the meaning assigned to such term in the recitals hereto. 

“First Lien Debt Documents” shall have the meaning assigned to such term in the Collateral Agency and
Intercreditor Agreement. 
 “First Lien Obligations” shall have the meaning assigned to such
term in the Collateral Agency and Intercreditor Agreement. 
 “First Lien Secured Parties” shall
have the meaning assigned to such term in the Collateral Agency and Intercreditor Agreement. 
 “General
Intangibles” shall mean all “general intangibles” as such term is defined in Article 9 of the NY UCC and, in any event, including with respect to any Grantor, all contracts, agreements, instruments and indentures in any form, and
portions thereof, to which such Grantor is a party or under which such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented or
otherwise modified, including (a) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (b) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or
guarantee with respect thereto, (c) all claims of such Grantor for damages arising out of any breach of or default thereunder and (d) all rights of such Grantor to terminate, amend, supplement, modify or exercise rights or options
thereunder, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, in each case to the extent the grant by such Grantor of a Security Interest pursuant to this Security and Pledge Agreement in its right,
title and interest in any such contract, agreement, instrument or indenture (i) is not prohibited by such contract, agreement, instrument or indenture without the consent of any other party thereto, (ii) would not give any other party to
any such contract, agreement, instrument or indenture the right to terminate its obligations thereunder or (iii) is permitted with consent if all necessary consents to such grant of a Security Interest have been obtained from the other parties
thereto (other than to the extent that any such prohibition referred to in clauses (i), (ii) and (iii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor
provision or provisions) of any relevant jurisdiction or any other applicable law) (it being understood that the foregoing shall not be deemed to obligate such Grantor to obtain such consents), provided, that the foregoing limitation shall
not affect, limit, restrict or impair the grant by such Grantor of a Security Interest pursuant to this Security and Pledge Agreement in any Account or any money or other amounts due or to become due under any such contract, agreement, instrument or
indenture. 

  
 -3-

 “Grantor” shall have the meaning assigned to such term in
the recitals hereto. 
 “Guarantors” shall mean each Grantor other than the Borrower.

 “Intellectual Property” shall mean all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise now owned or hereafter acquired, including (a) all information used or useful arising from the business including all goodwill, trade
secrets, trade secret rights, know-how, customer lists, processes of production, ideas, confidential business information, techniques, processes, formulas and all other proprietary information, and (b) the Copyrights, the Patents, the
Trademarks and the Licenses (other than the FCC Licenses) and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom, in each case to the extent the
grant by such Grantor of a Security Interest pursuant to this Security and Pledge Agreement in any such rights, priorities and privileges relating to intellectual property (i) is not prohibited by any contract, agreement or other instrument
governing such rights, priorities and privileges without the consent of any other party thereto, (ii) would not give any other party to any such contract, agreement or other instrument the right to terminate its obligations thereunder or
(iii) is permitted with consent if all necessary consents to such grant of a Security Interest have been obtained from the relevant parties (other than to the extent that any such prohibition referred to in clauses (i), (ii) and
(iii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law) (it being understood that
the foregoing shall not be deemed to obligate such Grantor to obtain such consents). 
 “Investment
Property” shall mean all Securities (whether certificated or uncertificated), Security Entitlements, Securities Accounts, Commodity Contracts and Commodity Accounts of any Grantor (other than as pledged pursuant to the Pledge Agreements),
whether now or hereafter acquired by any Grantor, in each case to the extent the grant by a Grantor of a Security Interest therein pursuant to this Security and Pledge Agreement in its right, title and interest in any such Investment Property
(i) is not prohibited by any contract, agreement, instrument or indenture governing such Investment Property without the consent of any other party thereto, (ii) would not give any other party to any such contract, agreement, instrument or
indenture the right to terminate its obligations thereunder or (iii) is permitted with consent if all necessary consents to such grant of a Security Interest have been obtained from the other parties thereto (other than to the extent that any
such prohibition referred to in clauses (i), (ii) and (iii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law) (it being understood that the foregoing shall not be deemed to obligate such Grantor to obtain such consents). 

  
 -4-

 “License” shall mean any Patent License, Trademark License,
Copyright License or other license or sublicense to which any Grantor is a party. 
 “License Installment
Sale” shall mean the installment sale between Intelsat International Systems LLC, as seller, and Intelsat License LLC, as buyer, entered into in connection with the Reorganization. 

“NY UCC” has the meaning assigned to such term in Section 1(a). 

“Obligations” means the First Lien Obligations and shall include all Credit Agreement Obligations.

 “Patent License” means any written agreement, now or hereafter in effect, granting to any
third party any right to make, use or sell any invention on which a patent, now or hereafter owned by any Grantor (including all Patents) or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right
to make, use or sell any invention on which a patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement, including those listed on Schedule 3. 

“patents” means, with respect to any Person, all of the following now owned or hereafter acquired by such
Person: (a) all letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other
country, including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, and (b) all reissues, continuations, divisions, continuations-in-part, renewals
or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Patents” means all patents now owned or hereafter acquired by any Grantor, including those listed on
Schedule 4. 
 “Pledged Collateral” means, collectively, the Pledged Shares and the Pledged
Debt. 
 “Pledged Debt” means (i) all evidences of Indebtedness in excess of $1,000,000
received by any Grantor in connection with any disposition of assets pursuant to Section 10.4(b) of the Credit Agreement and (ii) any global promissory notes evidencing Indebtedness of the Borrower or any Subsidiary in excess of
$30,000,000 to any Grantor. 
 “Pledged Shares” means all Equity Interests of any Subsidiary
that may be issued, or held by, any Grantor (other than any Unrestricted Subsidiary and any Equity Interests over which a valid and enforceable Lien is granted pursuant to a Pledge Agreement) and Minority Investments other than Minority Investments
with a Fair Market Value of less than $15,000,000, provided that the aggregate Fair Market Value of such excluded Minority Investments shall not exceed $30,000,000 at any time outstanding (unless such pledge is prohibited by an applicable joint
venture, shareholder or similar agreement). 
 “Post Closing Date Deposit Account” shall mean
each Deposit Account (other than any Exempted Deposit Account) of Borrower, Intelsat Intermediate Holdco and Intelsat Sub Holdco located in the United States of America and established after the date hereof. 

“Proceeds” shall mean all “proceeds” as such term is defined in Article 9 of the NY UCC and, in
any event, shall include with respect to any Grantor, any consideration received from the sale, exchange, license, lease or other disposition of any asset or property that constitutes Collateral, any value received as a consequence of the possession
of any Collateral and any payment received from any insurer or other person or entity as a result of the destruction, loss, theft, damage or other involuntary conversion of whatever nature of any asset or property that constitutes Collateral, and
shall include (a) all cash and negotiable instruments received by or held on behalf of the Collateral Trustee, (b) any claim of any Grantor against any third party for (and the right to sue and recover for and the rights to damages or
profits due or accrued arising out of or in connection with) (i) past, present or future infringement of any Patent now or hereafter owned by any Grantor, or licensed under a Patent License, (ii) past, present or future infringement or
dilution of any Trademark now or hereafter owned by any Grantor or licensed under a Trademark License or injury to the goodwill associated with or symbolized by any Trademark now or hereafter owned by any Grantor, (iii) past, present or future
breach of any License and (iv) past, present or future infringement of any Copyright now or hereafter owned by any Grantor or licensed under a Copyright License and (c) any and all other amounts from time to time paid or payable under or
in connection with any of the Collateral. 

  
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 “Reorganization Installment Sale Agreements” shall mean all
instruments or agreements evidencing each Reorganization Installment Sale. 
 “Reorganization Installment
Sales” shall mean, collectively, the License Installment Sale and the SatHoldco Installment Sales. 

“Required First Lien Debt Holders” has the meaning assigned to such term in the Collateral Agency and
Intercreditor Agreement. 
 “Required Lenders” has the meaning assigned to such term in the
Credit Agreement. 
 “SatHoldco Installment Sales” shall mean, collectively, each of the
respective installment sales between each SatHoldco, as seller, and Intelsat Sub Holdco, as buyer, entered into in connection with the Reorganization. 
 “SatHoldcos” shall mean, collectively, Galaxy 3C Holding Company, Inc., Galaxy 11 Holding Company, Inc., Galaxy 12 Holding Company, Inc., Galaxy 13 Holding Company, Inc., Galaxy 14
Holding Company, Inc., Galaxy 15 Holding Company, Inc., Galaxy 16 Holding Company, Inc., Galaxy 17 Holding Company, Inc., Galaxy 18 Holding Company, Inc., IS 11 Holding Company, Inc., IS 14 Holding Company, Inc., PAS 1R Holding Company, Inc., PAS 5
Holding Company, Inc., PAS 7 Holding Company, Inc., PAS 8 Holding Company, Inc., PAS 9 Holding Company, Inc. and PAS 10 Holding Company, Inc. 
 “Secured Parties” means, collectively, the Credit Agreement Secured Parties, the Collateral Trustee and all other First Lien Secured Parties. 

“Security and Pledge Agreement” shall mean this Security and Pledge Agreement, as the same may be
amended, supplemented or otherwise modified from time to time. 
 “Security Interest” shall have
the meaning assigned to such term in Section 2. 
 “Trademark License” means any written
agreement, now or hereafter in effect, granting to any third party any right to use any trademark now or hereafter owned by any Grantor (including any Trademark) or that any Grantor otherwise has the right to license, or granting to any Grantor any
right to use any trademark now or hereafter owned by any third party, and all rights of any Grantor under any such agreement, including those listed on Schedule 5. 

  
 -6-

 “trademarks” means, with respect to any Person, all of the
following now owned or hereafter acquired by such Person: (i) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business
identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof (if any), and all registration and recording applications filed in connection therewith, including
registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof,
(ii) all goodwill associated therewith or symbolized thereby and (iii) all other assets, rights and interests that uniquely reflect or embody such goodwill. 

“Trademarks” means all trademarks now owned or hereafter acquired by any Grantor, including those listed
on Schedule 6 hereto. 
 “Triggering Event” shall have the meaning assigned to such term in the
Collateral Agency and Intercreditor Agreement. 
 (c) The words “hereof”, “herein”, “hereto” and
“hereunder” and words of similar import when used in this Security and Pledge Agreement shall refer to this Security and Pledge Agreement as a whole and not to any particular provision of this Security and Pledge Agreement, and Section and
Schedule references are to this Security and Pledge Agreement unless otherwise specified. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.

 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 
 (e) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a
Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 (f) References to “Lenders” in
this Security and Pledge Agreement shall be deemed to include affiliates of Lenders that may from time to time enter into Hedge Agreements with the Borrower. 
 2. Grant of Security Interest. 
 (a) Each Grantor hereby bargains, sells,
conveys, assigns, sets over, mortgages, pledges, hypothecates and transfers to the Collateral Trustee, for its benefit and the ratable benefit of the other Secured Parties, and hereby grants to the Collateral Trustee, for its benefit and the ratable
benefit of the other Secured Parties, a security interest (the “Security Interest”) in all of the following property now owned or hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may
acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations: 
 (i) all Accounts; 

(ii) all cash; 

  
 -7-

 (iii) all Chattel Paper; 

(iv) all Commercial Tort Claims listed on Schedule 10 to the Perfection Certificate; 

(v) all Deposit Accounts; 
 (vi) all Documents; 
 (vii) all equipment; 

(viii) all General Intangibles; 
 (ix) all Instruments; 
 (x) all Intellectual Property; 

(xi) all Inventory; 
 (xii) all Investment Property; 
 (xiii) all Pledged Collateral;

 (xiv) all Letters of Credit and Letter-of-Credit Rights; 

(xv) all Supporting Obligations; 
 (xvi) all Collateral Accounts; 
 (xvii) all rights of such Grantor
under or relating to the FCC Licenses and the proceeds of any FCC Licenses, provided that such security interest does not include at any time any FCC Licenses to the extent (but only to the extent) that at such time the Collateral Trustee may not
validly possess a security interest therein pursuant to the Communications Act of 1934, as amended, and the regulations promulgated thereunder, as in effect at such time, but such security interest does include, to the maximum extent permitted by
law, all rights incident or appurtenant to the FCC Licenses and the right to receive all proceeds derived from or in connection with the sale, assignment or transfer of the FCC Licenses; 

(xviii) all Satellites and associated equipment, including all ground segment equipment for tracking, telemetry, control
and monitoring of the Satellites located at any TT&C Station; 
 (xix) any agreement relating to any of the
Satellites or associated equipment referred to in the foregoing clause (xvii) (including any agreement for the purchase of any Satellite and any policy of insurance covering risk of loss or damage to any Satellite); 

(xx) all books and records pertaining to the Collateral; and 

(xxi) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing. 

Notwithstanding the foregoing, (a) the Collateral shall not include (i) any property in the definition of “Property”
in any Mortgage made in favor of or to be made in favor of the Collateral Trustee over which the Collateral Trustee has a perfected Lien to secure the Obligations, (ii) each Reorganization Installment Sale Agreement, (iii) the ECA
Collateral and (iv) any assets over which a valid and enforceable Lien is granted pursuant to a Security Document governed by the laws of the Grand Duchy of Luxembourg and (b) no more than 65% of the issued and outstanding Equity Interest
in any Foreign Subsidiary in the aggregate shall be pledged under the Security Documents. 

  
 -8-

 (b) Each Grantor hereby irrevocably authorizes the Collateral Trustee at any time and from
time to time to file in any relevant jurisdiction any initial financing statements with respect to the Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each
applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor. Such financing
statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner such as “all assets” or “all personal property,
whether now owned or hereafter acquired” or words of similar effect. Each Grantor agrees to provide such information to Collateral Trustee promptly upon request. 
 Each Grantor also ratifies its authorization for the Collateral Trustee to file in any relevant jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.

 The Collateral Trustee is further authorized to file with the United States Patent and Trademark Office or United States
Copyright Office (or any successor office or any similar office in any other country) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by
each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantors as debtors and the Collateral Trustee as secured party. 
 The Security Interests are granted as security only and shall not subject the Collateral Trustee or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor
with respect to or arising out of the Collateral. 
 3. Delivery of the Pledged Collateral. 

Subject to the last sentence of this paragraph, all certificates or instruments, if any, representing or evidencing the Pledged
Collateral shall be promptly delivered to and held by or on behalf of the Collateral Trustee pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in
blank, all in form and substance reasonably satisfactory to the Collateral Trustee and the Administrative Agent. The Collateral Trustee shall have the right, at any time after the occurrence and during the continuance of a Triggering Event and with
notice to the relevant Grantor, to transfer to or to register in the name of the Collateral Trustee or any of its nominees any or all of the Pledged Shares. Each delivery of Pledged Collateral shall be accompanied by a schedule describing the
securities theretofore and then being pledged hereunder, which shall be attached hereto as Schedule 7 and made a part hereof, provided that the failure to attach any such schedule hereto shall not affect the validity of such pledge of such
securities. Each schedule so delivered shall supersede any prior schedules so delivered. Within 90 days of the Closing Date, the Borrower shall use its commercially reasonable efforts to deliver instruments evidencing the Pledged Debt listed on
Schedule 7 to the Collateral Trustee together with duly executed instruments of transfer or assignment in blank in form and substance reasonably satisfactory to the Collateral Trustee and the Administrative Agent. 

  
 -9-

 4. Representations And Warranties. 

Each Grantor hereby represents and warrants to the Collateral Trustee and each Secured Party that: 

4.1. Title; No Other Liens. Except for (a) the Security Interest granted to the Collateral Trustee for its benefit and the
ratable benefit of the other Secured Parties pursuant to this Security and Pledge Agreement, (b) the Liens permitted by the Credit Agreement and each First Lien Document (including the Liens granted to secure any Second Lien Debt), and
(c) any Liens securing Indebtedness which is no longer outstanding or any Liens with respect to commitments to lend which have been terminated, such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of
others. No security agreement, financing statement or other public notice with respect to all or any part of the Collateral that evidences a Lien securing any material Indebtedness is on file or of record in any public office, except such as have
been filed in favor of the Collateral Trustee for its benefit and the ratable benefit of the other Secured Parties pursuant to this Security and Pledge Agreement or are permitted by the Credit Agreement and each First Lien Document (including the
Liens granted to secure any Second Lien Debt). 
 4.2. Perfected First Priority Liens. 

(a) This Security and Pledge Agreement is effective to create in favor of the Collateral Trustee, for its benefit and for the benefit of
the Secured Parties, legal, valid and enforceable Security Interests in the Collateral, subject to the effects of bankruptcy, insolvency or similar laws affecting creditors’ rights generally and general equitable principles and including,
without limitation, in relation to any company incorporated under the laws of the Grand Duchy of Luxembourg, bankruptcy (faillite), insolvency, its voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition
with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with
creditors, reorganisation or similar laws affecting the rights of creditors generally. 
 (b) Subject to the limitations set
forth in clause (g) of this Section 4.2, the Security Interests granted pursuant to this Security and Pledge Agreement (i) will constitute valid and perfected Security Interests in the Collateral (as to which perfection may be
obtained by the filings or other actions described in clause (A), (B) or (C) of this paragraph) in favor of the Collateral Trustee, for its benefit and the ratable benefit of the other Secured Parties, as collateral security for the
Obligations, upon (A) the filing of all financing statements naming each Grantor as “debtor” and the Collateral Trustee as “secured party” and describing the Collateral in the applicable filing offices, (B) delivery of
all Instruments, Chattel Paper, Certificated Securities and negotiable Documents and (C) completion of the filing, registration and recording of a fully executed agreement in the form hereof (or a supplement hereto) and containing a description
of all Collateral constituting Intellectual Property in the United States Patent and Trademark Office within the three month period (commencing as of the date hereof) or, in the case of Collateral constituting Intellectual Property acquired after
the date hereof, thereafter pursuant to 35 USC § 261 and 15 USC § 1060 and the regulations thereunder with respect to United States Patents and United States registered Trademarks and in the United States Copyright Office within
the one month period (commencing as of the date hereof) or, in the case of Collateral constituting Intellectual Property acquired after the date hereof, thereafter with respect to United States registered Copyrights pursuant to 17 USC
§ 205 and the regulations thereunder and otherwise as may be required pursuant to the laws of any other necessary jurisdiction to the extent that a security interest may be perfected by such filings, registrations and recordings, and
(ii) are prior to all other Liens on the Collateral other than Liens permitted pursuant to Section 10.2 of the Credit Agreement and each Additional First Lien Agreement. 

  
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 (c) Schedule 7 hereto correctly represents as of the date hereof (A) the issuer, the
certificate number (except with respect to any “Specified Issuer” identified in Schedule 7), the Grantor and the record and beneficial owner, the number and class and the percentage of the issued and outstanding Equity Interests of such
class of all Pledged Shares and (B) the issuer, the initial principal amount, the Grantor and holder, date of and maturity date of all Pledged Debt. Except as set forth on Schedule 7, the Pledged Shares represent all (or 65 percent in the case
of pledges of Foreign Subsidiaries) of the issued and outstanding Equity Interests of each class of Equity Interests in the issuer on the date hereof. 
 (d) As of the date hereof, each Grantor is the legal and beneficial owner of the Pledged Collateral identified with respect to such Grantor on Schedule 7 as pledged or assigned by such Grantor hereunder
free and clear of any Lien, except for the Lien created by this Security and Pledge Agreement. 
 (e) As of the date hereof, the
Pledged Shares pledged by any Grantor hereunder have been duly authorized and validly issued and, in the case of Pledged Shares issued by a corporation, are fully paid and non-assessable. 

(f) Each Grantor has full power, authority and legal right to pledge all the Pledged Collateral pledged by such Grantor pursuant to this
Security and Pledge Agreement. 
 (g) Notwithstanding anything to the contrary herein, no Grantor shall be required to perfect
the Security Interests granted by this Security and Pledge Agreement (including Security Interests in cash, cash accounts and Investment Property) by any means other than by (i) filings pursuant to the Uniform Commercial Codes of the relevant
State(s), (ii) filings with the registrars of motor vehicles or other appropriate authorities in the relevant jurisdictions with respect to motor vehicles with an individual value in excess of $50,000, (iii) filings approved by United
States government offices with respect to Intellectual Property, (iv) in the case of Collateral that constitutes Tangible Chattel Paper, Instruments, Certificated Securities or Negotiable Documents, possession by the Collateral Trustee in the
United States, (v) in the case of each Closing Date Deposit Account, the Borrower, Intelsat Intermediate and Intelsat Sub Holdco shall use commercial reasonable efforts to obtain a control agreement with respect to such Closing Date Deposit
Account within 120 days of the date hereof or (vi) in the case of each Post Closing Date Deposit Account, the Borrower, Intelsat Intermediate and Intelsat Sub Holdco shall obtain a control agreement with respect to such Post Closing Date
Deposit Account within 15 days of the date such Post Closing Date Deposit Account is established. No Grantor shall be required to complete any filings or other actions with respect to the perfection of Security Interests in any jurisdiction outside
the United States, except for any filings or actions reasonably requested by the Collateral Trustee or the Administrative Agent in connection with the movement of Satellites outside of the United States prior to the launch thereof. 

(h) It is understood and agreed that the Security Interests in cash, Deposit Accounts and Investment Property created hereunder shall not
prevent the Grantors from using such assets in the ordinary course of their respective businesses. 

  
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 5. Covenants. 

Each Grantor hereby covenants and agrees with the Collateral Trustee and the Secured Parties that, from and after the date of this
Security and Pledge Agreement until the Discharge of First Lien Obligations: 
 5.1. Maintenance of Perfected Security
Interest; Further Documentation; Additional Pledged Collateral. 
 (a) Such Grantor shall maintain the Security Interest
created by this Security and Pledge Agreement as a perfected Security Interest having at least the priority described in Section 4.2 and shall defend such Security Interest against the claims and demands of all Persons whomsoever, in each case
subject to Section 4.2(c). 
 (b) Such Grantor will furnish to the Collateral Trustee and the Lenders from time to time
statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Collateral Trustee or the Administrative Agent may reasonably request. In addition, within 30
days after the end of each calendar quarter, such Grantor will deliver to the Collateral Trustee a copyright security agreement, a patent security agreement or a trademark security agreement in substantially the same form as the similar
agreements executed by the applicable Credit Parties on the Closing Date with respect to any additional Copyrights, Patents, and Trademarks registered with the U.S. Copyright Office or U.S. Patent and Trademark Office, as applicable, acquired by
such Grantor after the date hereof, all in reasonable detail. 
 (c) Subject to clause (e) below and Section 4.2(g),
each Grantor agrees that at any time and from time to time, at the expense of such Grantor, it will execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and
recording of financing statements and other documents), which may be required under any applicable law, or which the Collateral Trustee, the Administrative Agent or the Required Lenders may reasonably request, in order (x) to grant, preserve,
protect and perfect the validity and priority of the Security Interests created or intended to be created hereby or (y) to enable the Collateral Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral,
including the filing of any financing or continuation statements under the Uniform Commercial Code in effect in any jurisdiction with respect to the Security Interests created hereby, all at the expense of such Grantor. 

(d) Such Grantor will deliver and, if applicable, cause each Domestic Subsidiary to deliver, to the Collateral Trustee for its benefit
and the ratable benefit of the other Secured Parties as Pledged Collateral, immediately upon acquisition thereof, all of the certificates representing Equity Interests and all evidence of Indebtedness held or received by such Grantor or Domestic
Subsidiary required to be pledged hereunder pursuant to Section 9.12 of the Credit Agreement. 
 (e) Notwithstanding
anything in this Section 5.1 to the contrary, (i) with respect to any assets acquired by such Grantor after the date hereof that are required by the Credit Agreement or any Additional First Lien Agreement to be subject to the Lien created
hereby or (ii) with respect to any Person that, subsequent to the date hereof, becomes a Subsidiary of the Borrower that is required by the Credit Agreement or any Additional First Lien Agreement to become a party hereto, the relevant Grantor
after the acquisition or creation thereof shall promptly take all actions required by the Credit Agreement, any Additional First Lien Agreement or this Section 5.1. 
 5.2. Changes in Locations, Name, etc. Each Grantor will furnish to the Collateral Trustee and Administrative Agent prompt written notice of any change (i) in its legal name, (ii) in its
jurisdiction of incorporation or organization, (iii) in its identity or type of organization or corporate structure or (iv) in its Federal Taxpayer Identification Number or organizational identification number. Each Grantor agrees promptly
to provide the Collateral Trustee with certified organizational documents reflecting any of the changes described in the first sentence of this paragraph. Each Grantor agrees not to effect or permit any change referred to in the preceding sentence
unless all filings have been made under the Uniform Commercial Code of any applicable jurisdiction or that are otherwise required in order for the Collateral Trustee to continue at all times following such change to have a valid, legal and perfected
security interest in all the Collateral having at least the priority described in Section 4.2. Each Grantor also agrees promptly to notify the Collateral Trustee and Administrative Agent, in writing, if any material portion of the Collateral is
damaged or destroyed. 

  
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 5.3. Notices. Each Grantor will advise the Collateral Trustee, the Administrative
Agent and the Lenders, in writing, promptly, in reasonable detail, of any Lien of which it has knowledge (other than the Security Interests created hereby or Liens permitted under the Credit Agreement and each Additional First Lien Agreement) on any
of the Collateral which would adversely affect, in any material respect, the ability of the Collateral Trustee to exercise any of its remedies hereunder. 
 5.4. Special Covenants with Respect to Equipment. 
 (a) Each Grantor shall,
promptly after the acquisition by such Grantor of any item of equipment with a value in excess of $50,000 that is covered by a certificate of title under a statute of any jurisdiction under the law of which indication of a Security Interest on such
certificate is required as a condition of perfection thereof, execute and file with the registrar of motor vehicles or other appropriate authority in such jurisdiction an application or other document requesting the notation or other indication of
the Security Interest created hereunder on such certificate of title. 
 (b) Upon the occurrence and during the continuation of
any Triggering Event, all insurance payments in respect of such equipment shall be paid to and applied by the Collateral Trustee as specified in Section 6.4 hereof. 
 (c) At the request of the Collateral Trustee or the Administrative Agent at any time after the occurrence and during the continuance of a Triggering Event, each Grantor shall deliver to the Collateral
Trustee the certificates of title covering each item of equipment the perfection of which is governed by the notation on the certificate of title of the Collateral Trustee’s Security Interest created hereunder. 

5.5. Certification of Limited Liability Company, Limited Partnership Interests and Pledged Debt. 

(a) With respect to the Equity Interests in any Domestic Subsidiary that is organized as a limited liability company or limited
partnership, the applicable Grantor shall cause the issuer of such interests to elect to treat such interests as a “security” within the meaning of Article 8 of the Uniform Commercial Code of its jurisdiction of organization or formation,
as applicable, by including in its organizational documents language substantially similar to the following and, accordingly, such interests shall be governed by Article 8 of the Uniform Commercial Code: 

“The Partnership/Company hereby irrevocably elects that all membership interests in the Partnership/Company shall be securities
governed by Article 8 of the Uniform Commercial Code of [jurisdiction of organization or formation, as applicable]. Any certificate evidencing partnership/membership interests in the Partnership/Company shall bear the following legend:
“This certificate evidences an interest in [name of Partnership/Company] and shall be a security for purposes of Article 8 of the Uniform Commercial Code.” No change to this provision shall be effective until all outstanding
certificates have been surrendered for cancellation.” 

  
 -13-

 5.6. Voting Rights; Dividends and Distributions; Etc. 

(a) So long as no Triggering Event shall have occurred and be continuing: 

(i) Each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged
Collateral or any part thereof for any purpose not prohibited by the terms of this Security and Pledge Agreement or the other Credit Documents. 
 (ii) The Collateral Trustee shall execute and deliver (or cause to be executed and delivered) to each Grantor all such proxies and other instruments as such Grantor may reasonably request, in writing, for
the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above. 
 (b) Subject to paragraph (c) below, each Grantor shall be entitled to receive and retain and use, free and clear of the Lien of this Security and Pledge Agreement, any and all dividends,
distributions, principal and interest made or paid in respect of the Pledged Collateral to the extent permitted by the Credit Agreement and each First Lien Document, as applicable; provided, however, that any and all noncash dividends,
interest, principal or other distributions that would constitute Pledged Shares or Pledged Debt, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Shares or
received in exchange for Pledged Shares or Pledged Debt or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be,
and shall be forthwith delivered to the Collateral Trustee to hold as, Pledged Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Collateral Trustee, be segregated from the other property or funds of such
Grantor and be forthwith delivered to the Collateral Trustee as Pledged Collateral in the same form as so received (with any necessary indorsement). 
 (c) Upon written notice to a Grantor by the Collateral Trustee or the Administrative Agent following the occurrence and during the continuance of a Triggering Event, 

(i) all rights of such Grantor to exercise or refrain from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant to Section 5.6(a)(i) shall cease, and all such rights shall thereupon become vested in the Collateral Trustee, which shall thereupon have the sole right to exercise or refrain from exercising such
voting and other consensual rights during the continuance of such Triggering Event, provided that the Collateral Trustee shall have the right from time to time following the occurrence and during the continuance of a Triggering Event to
permit the Grantors to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Collateral Trustee a certificate to that effect, each Grantor will have the right to exercise the voting and
consensual rights that such Grantor would otherwise be entitled to exercise pursuant to the terms of Section 5.6(a)(i) (and the obligations of the Collateral Trustee under Section 5.6(a)(ii) shall be reinstated); 

(ii) all rights of such Grantor to receive the dividends, distributions and principal and interest payments that such
Grantor would otherwise be authorized to receive and retain pursuant to Section 5.6(b) shall cease, and all such rights shall thereupon become vested in the Collateral Trustee, which shall thereupon have the sole right to receive and hold as
Pledged Collateral such dividends, distributions and principal and interest payments during the continuance of such Triggering Event. After all Events of Default have been cured or waived and the Borrower has delivered to the Collateral Trustee a
certificate to that effect, the Collateral Trustee shall repay to each Grantor (without interest) all dividends, distributions and principal and interest payments that such Grantor would otherwise be permitted to receive, retain and use pursuant to
the terms of Section 5.6(b); 
 (iii) all dividends, distributions and principal and interest payments that
are received by such Grantor contrary to the provisions of Section 5.6(b) shall be received in trust for the benefit of the Collateral Trustee shall be segregated from other property or funds of such Grantor and shall forthwith be delivered to
the Collateral Trustee as Pledged Collateral in the same form as so received (with any necessary indorsements); and 

  
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 (iv) in order to permit the Collateral Trustee to receive all dividends,
distributions and principal and interest payments to which it may be entitled under Section 5.6(b) above, to exercise the voting and other consensual rights that it may be entitled to exercise pursuant to Section 5.6(c)(i) above, and to
receive all dividends, distributions and principal and interest payments that it may be entitled to under Sections 5.6(c)(ii) and (c)(iii) above, such Grantor shall, if necessary, upon written notice from the Collateral Trustee or the
Administrative Agent, from time to time execute and deliver to the Collateral Trustee, appropriate proxies, dividend payment orders and other instruments as the Collateral Trustee or the Administrative Agent may reasonably request. 

5.7. Commercial Tort Claims. As of the date hereof, each Grantor has no Commercial Tort Claims. If any Grantor shall at any time
after the date of this Agreement acquire a Commercial Tort Claim in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof) of $5,000,000 or more, such Grantor shall promptly notify the
Collateral Trustee thereof in a writing signed by such Grantor and describing the details thereof and shall grant to the Collateral Trustee in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance reasonably necessary to perfect such security interest. 
 6.
Remedial Provisions. 
 6.1. Certain Matters Relating to Accounts. 

(a) At any time after the occurrence and during the continuance of a Triggering Event and after giving reasonable notice to the Borrower
and any other relevant Grantor, the Collateral Trustee shall have the right to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable (as directed in accordance with the Collateral Agency
and Intercreditor Agreement), and each Grantor shall furnish all such assistance and information as the Collateral Trustee or the Administrative Agent may require in connection with such test verifications. The Collateral Trustee shall have the
absolute right to share any information it gains from such inspection or verification with any Secured Party. 
 (b) The
Collateral Trustee hereby authorizes each Grantor to collect such Grantor’s Accounts and the Collateral Trustee may curtail or terminate said authority at any time after the occurrence and during the continuance of a Triggering Event. If
required in writing by the Collateral Trustee at any time after the occurrence and during the continuance of a Triggering Event, any payments of Accounts, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two
Business Days) deposited by such Grantor in the exact form received, duly endorsed by such Grantor to the Collateral Trustee if required, in a Collateral Account maintained under the sole dominion and control of and on terms and conditions
reasonably satisfactory to the Collateral Trustee, subject to withdrawal by the Collateral Trustee for the account of the Secured Parties only as provided in Section 6.5, and (ii) until so turned over, shall be held by such Grantor in
trust for the Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of Accounts shall be accompanied by a report identifying in reasonable detail the nature and source of the payments
included in the deposit. 

  
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 (c) At the request of the Collateral Trustee or the Administrative Agent at any time after
the occurrence and during the continuance of a Triggering Event, each Grantor shall deliver to the Collateral Trustee or the Administrative Agent, as applicable, all original and other documents evidencing, and relating to, the agreements and
transactions which gave rise to the Accounts, including all original orders, invoices and shipping receipts. 
 (d) Upon the
occurrence and during the continuance of a Triggering Event, a Grantor shall not grant any extension of the time of payment of any of the Accounts, compromise, compound or settle the same for less than the full amount thereof, release, wholly or
partly, any person liable for the payment thereof, or allow any credit or discount whatsoever thereon if the Collateral Trustee shall have instructed the Grantors not to grant or make any such extension, credit, discount, compromise or settlement
under any circumstances during the continuance of such Triggering Event. 
 (e) At the direction of the Collateral Trustee or
the Administrative Agent, upon the occurrence and during the continuance of a Triggering Event, each Grantor shall grant to the Collateral Trustee to the extent assignable, an irrevocable, non-exclusive license to use, assign, license or sublicense
any of the Intellectual Property now owned or hereafter acquired by such Grantor, wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer
programs used for the compilation or printout thereof. 
 6.2. Communications with Credit Parties; Grantors Remain
Liable. 
 (a) The Collateral Trustee in its own name or in the name of others may at any time after the occurrence and
during the continuance of a Triggering Event, after giving reasonable notice to the relevant Grantor of its intent to do so, communicate with obligors under the Accounts to verify with them to the Collateral Trustee’s satisfaction the
existence, amount and terms of any Accounts. The Collateral Trustee shall have the absolute right to share any information it gains from such inspection or verification with any Secured Party. 

(b) Upon the written request of the Collateral Trustee or the Administrative Agent at any time after the occurrence and during the
continuance of a Triggering Event, each Grantor shall notify obligors on the Accounts that the Accounts have been assigned to the Collateral Trustee for its benefit and the ratable benefit of the other Secured Parties and that payments in respect
thereof shall be made directly to the Collateral Trustee. 
 (c) Anything herein to the contrary notwithstanding, each Grantor
shall remain liable under each of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Collateral
Trustee nor any other Secured Party shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Security and Pledge Agreement or the receipt by the Collateral Trustee or any
Secured Party of any payment relating thereto, nor shall the Collateral Trustee or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Account (or any agreement giving rise
thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
 6.3. Proceeds to be Turned Over To Collateral Trustee. In addition to the rights of the Collateral Trustee and the other Secured Parties specified in Section 6.1 with respect to payments of
Accounts, if a Triggering Event shall occur and be continuing and the Collateral Trustee or the Administrative Agent so requires by notice in writing to the relevant Grantor (it being understood that the exercise of remedies by the Secured Parties
in connection with a Triggering Event under Section 12.5 of the Credit Agreement or a similar Triggering Event provision of any Additional First Lien Agreement shall be deemed to constitute a request by the Collateral Trustee for the purposes
of this sentence and in such circumstances, no such written notice shall be required), all Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Collateral Trustee and
the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly endorsed by such Grantor to the Collateral
Trustee, if required). All Proceeds received by the Collateral Trustee hereunder shall be held by the Collateral Trustee in a Collateral Account maintained under its dominion and control and on terms and conditions reasonably satisfactory to the
Collateral Trustee and the Administrative Agent. All Proceeds while held by the Collateral Trustee in a Collateral Account (or by such Grantor in trust for the Collateral Trustee and the Secured Parties) shall continue to be held as collateral
security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.4. 

  
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 6.4. Application of Proceeds. Subject to the terms of the Collateral Agency and
Intercreditor Agreement, the Collateral Trustee shall apply the proceeds of any collection or sale of the Collateral as well as any Collateral consisting of cash, at any time after receipt as follows: 

(i) first, to the payment of all reasonable and documented costs and expenses incurred by the Collateral Trustee in
connection with such collection or sale or otherwise in connection with this Security and Pledge Agreement, the other Credit Documents or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal
counsel, the repayment of all advances made by the Collateral Trustee hereunder or under any other Credit Document on behalf of any Grantor and any other reasonable and documented costs or expenses incurred in connection with the exercise of any
right or remedy hereunder or under any other Credit Document; 
 (ii) second, to the Secured Parties, an amount
equal to all Obligations owing to them on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the
unpaid amounts thereof; and 
 (iii) third, any surplus then remaining shall be paid to the Grantors or their
successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 Upon
any sale of the Collateral by the Collateral Trustee (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Trustee or of the officer making the sale shall be a sufficient discharge
to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Trustee or such officer or be answerable in any
way for the misapplication thereof. 
 6.5. Code and Other Remedies. If a Triggering Event shall occur and be continuing,
the Collateral Trustee may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the NY UCC or any
other applicable law and also may without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange broker’s board or at any of the Collateral Trustee’s
offices or elsewhere, for cash, on credit or for future delivery, at such price or prices and upon such other terms as are commercially reasonable irrespective of the impact of any such sales on the market price of the Collateral. The Collateral
Trustee shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers of Collateral to Persons who will represent and agree that they are purchasing the Collateral for their own account
for investment and not with a view to the distribution or sale thereof, and, upon consummation of any such sale, the Collateral Trustee shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so
sold. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and/or appraisal
that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Trustee and any other Secured Party shall have the right upon any such public sale, and, to the extent permitted
by law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, and the Collateral Trustee or such Secured Party may pay the purchase price by crediting the amount thereof against the Obligations. Each Grantor agrees
that, to the extent notice of sale shall be required by law, at least ten days’ notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The
Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To the extent permitted by law, each Grantor hereby waives any claim against the Collateral Trustee arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the Collateral Trustee accepts the first offer received and does not offer such Collateral to
more than one offeree. Each Grantor further agrees, at the request of the Collateral Trustee or the Administrative Agent to assemble the Collateral and make it available to the Collateral Trustee, at places which the Collateral Trustee shall
reasonably select, whether at such Grantor’s premises or elsewhere. The Collateral Trustee shall apply the net proceeds of any action taken by it pursuant to this Section 6.5 in accordance with the provisions of Section 6.4.

  
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 6.6. Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds
of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Collateral Trustee or any Secured Party to collect such deficiency. 

6.7. Amendments, etc. with Respect to the Obligations; Waiver of Rights. Each Grantor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Grantor and without notice to or further assent by any Grantor, (a) any demand for payment of any of the Obligations made by the Collateral Trustee or any other Secured Party
may be rescinded by such party and any of the Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Collateral Trustee or any other Secured Party, (c) the Credit Agreement, the other
Credit Documents, the Letters of Credit and any other documents executed and delivered in connection therewith and the Hedge Agreements and any other documents executed and delivered in connection therewith and any documents entered into with the
Collateral Trustee or any of its respective affiliates in connection with treasury, depositary or cash management services or in connection with any automated clearinghouse transfer of funds and any Additional First Lien Agreement may be amended,
modified, supplemented or terminated, in whole or in part, as the Collateral Trustee or the Administrative Agent (or the Required Lenders, as the case may be, or, in the case of any Hedge Agreement or documents entered into with the Collateral
Trustee or the Administrative Agent or any of their respective affiliates in connection with treasury, depositary or cash management services or in connection with any automated clearinghouse transfer of funds, the party (other than the Credit
Party) thereto) may deem advisable from time to time, and (d) any collateral security, guarantee or right of offset at any time held by the Collateral Trustee or any other Secured Party for the payment of the Obligations may be sold, exchanged,
waived, surrendered or released. Neither the Collateral Trustee nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for this Security and
Pledge Agreement or any property subject thereto. When making any demand hereunder against any Grantor, the Collateral Trustee or any other Secured Party may, but shall be under no obligation to, make a similar demand on the Borrower or any Grantor
or any other person, and any failure by the Collateral Trustee or any other Secured Party to make any such demand or to collect any payments from the Borrower or any Grantor or any other person or any release of the Borrower or any Grantor or any
other person shall not relieve any Grantor in respect of which a demand or collection is not made or any Grantor not so released of its several obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or
implied, or as a matter of law, of the Collateral Trustee or any other Secured Party against any Grantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

  
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 7. The Collateral Trustee. 

7.1. Collateral Trustee’s Appointment as Attorneys-in-Fact, etc. 

(a) Each Grantor hereby appoints, which appointment is irrevocable and coupled with an interest, effective upon and during occurrence of
a Triggering Event, the Collateral Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of
such Grantor or otherwise, for the purpose of carrying out the terms of this Security and Pledge Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish
the purposes of this Security and Pledge Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Collateral Trustee the power and right, on behalf of such Grantor, either in the Collateral Trustee’s name
or in the name of such Grantor or otherwise, without assent by such Grantor, to do any or all of the following, in each case after and during the occurrence of a Triggering Event and after written notice by the Collateral Trustee of its intent to do
so: 
 (i) take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments
for the payment of moneys due under any Account or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Collateral Trustee for the purpose
of collecting any and all such moneys due under any Account or with respect to any other Collateral whenever payable; 
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Collateral Trustee may request to evidence the
Collateral Trustee’s and the Secured Parties’ Security Interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

(iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral; 

(iv) execute, in connection with any sale provided for in Section 6.5, any endorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; 

  
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 (v) obtain and adjust insurance required to be maintained by such Grantor or
paid to the Collateral Trustee pursuant to Section 5.4; 
 (vi) direct any party liable for any payment
under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Collateral Trustee or as the Collateral Trustee shall direct; 

(vii) ask or demand for, collect and receive payment of and receipt for, any and all moneys, claims and other amounts due
or to become due at any time in respect of or arising out of any Collateral; 
 (viii) sign and endorse any
invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; 

(ix) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction
to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; 

(x) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral (with such
Grantor’s consent to the extent such action or its resolution could materially affect such Grantor or any of its affiliates in any manner other than with respect to its continuing rights in such Collateral); 

(xi) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges
or releases as the Collateral Trustee may deem appropriate (with such Grantor’s consent to the extent such action or its resolution could materially affect such Grantor or any of its affiliates in any manner other than with respect to its
continuing rights in such Collateral); 
 (xii) assign any Copyright, Patent or Trademark (along with the
goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Collateral Trustee shall in its sole discretion determine; and

 (xiii) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of
the Collateral as fully and completely as though the Collateral Trustee were the absolute owner thereof for all purposes, and do, at the Collateral Trustee’s option and such Grantor’s expense, at any time, or from time to time, all acts
and things that the Collateral Trustee deems necessary to protect, preserve or realize upon the Collateral and the Collateral Trustee’s and the Secured Parties’ Security Interests therein and to effect the intent of this Security and
Pledge Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the contrary
notwithstanding, the Collateral Trustee agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless a Triggering Event shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Collateral Trustee, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

  
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 (c) The expenses of the Collateral Trustee incurred in connection with actions undertaken as
provided in this Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of
payment by the Collateral Trustee to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Collateral Trustee on demand. 
 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Security and Pledge Agreement are
coupled with an interest and are irrevocable until this Security and Pledge Agreement is terminated and the Security Interests created hereby are released. 
 7.2. Duty of Collateral Trustee. The Collateral Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under
Section 9-207 of the NY UCC or otherwise, shall be to deal with it in the same manner as the Collateral Trustee deals with similar property for its own account. The Collateral Trustee shall be deemed to have exercised reasonable care in the
custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Trustee accords its own property. Neither the Collateral Trustee, any other Secured Party nor any
of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Collateral Trustee and the other Secured Parties hereunder are
solely to protect the Collateral Trustee’s and the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Trustee or any Secured Party to exercise any such powers. The Collateral Trustee and
the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any
act or failure to act hereunder, except for their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. 

7.3. Authority of Collateral Trustee. Each Grantor acknowledges that the rights and responsibilities of the Collateral Trustee
under this Security and Pledge Agreement with respect to any action taken by the Collateral Trustee or the exercise or non-exercise by the Collateral Trustee of any option, voting right, request, judgment or other right or remedy provided for herein
or resulting or arising out of the Collateral Agency and Intercreditor Agreement shall, as between the Collateral Trustee and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may
exist from time to time among them, but, as between the Collateral Trustee and the Grantors, the Collateral Trustee shall be conclusively presumed to be acting as agent for the applicable Secured Parties with full and valid authority so to act or
refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 7.4. Security Interest Absolute. All rights of the Collateral Trustee hereunder, the security interest and all obligations of the Grantors hereunder shall be absolute and unconditional. 

7.5. Continuing Security Interest; Assignments Under the Credit Agreement; Release. 

(a) This Security and Pledge Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its
terms upon each Grantor and the successors and assigns thereof and shall inure to the benefit of the Collateral Trustee and the other Secured Parties and their respective successors, indorsees, transferees and assigns until Discharge of First Lien
Obligations. 

  
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 (b) A Grantor or any Collateral shall be released from this Security and Pledge Agreement in
accordance with the Collateral Agency and Intercreditor Agreement. 
 7.6. Reinstatement. This Security and Pledge
Agreement shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Collateral Trustee or any other
Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other Credit Party and including, without limitation, in relation to the Borrower and any other Credit Party incorporated under the laws
of the Grand Duchy of Luxembourg, bankruptcy (faillite), insolvency, its voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve
from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or similar laws affecting the rights of
creditors generally, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any other Credit Party or any substantial part of its property, or otherwise, all as
though such payments had not been made. 
 8. [Reserved]. 

9. Certain Regulatory Requirements 
 9.1. Certain Regulatory Requirements. Any provision contained herein to the contrary notwithstanding (but without limiting the generality of the provisions of Section 9.2), no action shall be
taken hereunder by the Collateral Trustee or any other Secured Party with respect to any item of Collateral unless and until all applicable requirements (if any) of the FCC under the Communications Act of 1934, as amended, and the respective rules
and regulations thereunder and thereof, as well as any other federal, state or local laws, rules and regulations of other regulatory or governmental bodies applicable to or having jurisdiction over the Grantors (or any entity under the control of
the Grantors), have been satisfied with respect to such action and there have been obtained such consents, approvals and authorizations (if any) as may be required to be obtained from the FCC and any other governmental authority under the terms of
any license or operating right held by the Grantors (or any entity under the control of the Grantors). 
 Without limiting the
generality of the foregoing, the Collateral Trustee (on behalf of itself and the Secured Parties) hereby agrees that, (a) to the extent required by applicable law, voting and consensual rights in the ownership interest of any Grantors (the
“Pledged Interest”) will remain with the holders of such voting and consensual rights upon and following the occurrence of a Triggering Event unless and until any required prior approvals of the FCC to the transfer of such voting
and consensual rights to the Collateral Trustee shall have been obtained; (b) upon the occurrence of any Triggering Event and foreclosure of the Pledged Interest pursuant to this Agreement there will be either a private or public sale of the
Pledged Interests; and (c) prior to the exercise of voting or consensual rights by the purchaser, to the extent required by applicable law, at any such sale, the prior consent of the FCC pursuant to 47 U.S.C. § 310(d) will be
obtained, as well as such licenses, approvals, authorizations and consents as may be required by the U.S. Department of State pursuant to the International Traffic in Arms Regulations and the U.S. Department of Commerce pursuant to the Export
Administration Regulations. 
 It is the intention of the parties hereto that the Liens in favor of the Collateral Trustee on
the Collateral shall in all relevant aspects be subject to and governed by said statutes, rules and regulations and that nothing in this Agreement shall be construed to diminish the control exercised by the Grantor except in accordance with the
provisions of such statutory requirements, rules and regulations. Each Grantor agrees that upon the request from time to time by the Collateral Trustee or the Administrative Agent it will actively pursue obtaining any governmental, regulatory or
third party consents, approvals or authorizations referred to in this Section 9.1, including, upon any request of the Collateral Trustee or the Administrative Agent following a Triggering Event, the preparation, signing and filing with (or
causing to be prepared, signed and filed with) (i) the FCC of any application or application for consent to the assignment of the FCC Licenses or transfer of control required to be signed by the Borrower or any of its Subsidiaries necessary or
appropriate under the FCC’s rules and regulations for approval of any sale or transfer of any of the Pledged Interests or the assets of the Borrower or any of its Subsidiaries or any transfer of control in respect of any FCC License, and
(ii) the U.S. Department of State pursuant to the International Traffic in Arms Regulations and the U.S. Department of Commerce pursuant to the Export Administration Regulations, as applicable, of any application for consent to transfer the
Pledged Interests or the assets of the Borrower or any of its Subsidiaries necessary or appropriate under such regulations. 

  
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 9.2. Certain Regulatory Matters. The creation of any Lien, and the exercise of any
remedy, with respect to any FCC License shall be consistent with the rules and regulations administered by the FCC. 
 The
Collateral Trustee acknowledges that: 
 (a) with respect to certain of the Collateral, the Collateral Trustee’s security
interest and ability to foreclose thereon will be limited by the need to comply with applicable law; 
 (b) the Collateral
Trustee is not entitled to exercise any rights with respect to the Collateral if such action would constitute or result in any assignment of an FCC License or any change of control (whether as a matter of law or fact) of the holder of any FCC
License unless the prior approval of the FCC is first obtained; 
 (c) the Grantors cannot assure the Collateral Trustee that
any such required FCC approval can be obtained on a timely basis or at all; 
 (d) these requirements may limit the number of
potential bidders for certain Collateral in any foreclosure and may delay any sale, either of which events may have an adverse effect on the sale price of the Collateral; and 
 (e) therefore, the practical value of realizing on the Collateral may, without the appropriate FCC consents, be limited. 
 10. Miscellaneous. 
 10.1. Amendments in Writing. None of the terms
or provisions of this Security and Pledge Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the affected Grantor, the Collateral Trustee and the Administrative Agent in accordance with
Section 14.1 of the Credit Agreement and the Collateral Agency and Intercreditor Agreement. 
 10.2. Notices. All
notices, requests and demands pursuant hereto shall be made in accordance with Section 14.2 of the Credit Agreement and the Collateral Agency and Intercreditor Agreement. All communications and notices hereunder to any Subsidiary Grantor shall
be given to it in care of the Borrower at the Borrower’s address set forth in Section 14.2 of the Credit Agreement. 

10.3. No Waiver by Course of Conduct; Cumulative Remedies. Neither the Collateral Trustee nor any Secured Party shall by any act
(except by a written instrument pursuant to Section 10.1 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Triggering Event or in any breach of any
of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the Collateral Trustee or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Trustee or any other Secured Party of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Collateral Trustee or such other Secured Party would otherwise have on any future occasion. The rights, remedies, powers and privileges herein
provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

  
 -23-

 10.4. Reserved. 

10.5. Successors and Assigns. The provisions of this Security and Pledge Agreement shall be binding upon and inure to the benefit
of the parties hereto, the Secured Parties and their respective successors and assigns permitted hereby, except that no Grantor may assign, transfer or delegate any of its rights or obligations under this Security and Pledge Agreement without the
prior written consent of the Collateral Trustee except pursuant to a transaction permitted by the Credit Agreement. Each of the Grantors which is incorporated under the laws of the Grand Duchy of Luxembourg expressly accepts and confirms for the
purposes of articles 1278 to 1281 of the Luxembourg civil code that, notwithstanding any assignment, transfer and/or novation made pursuant to this Security and Pledge Agreement or any Credit Documents, any security interest created under this
Security and Pledge Agreement to which it is a party secures all Obligations (including, without limitation, all obligations with respect to all rights and/or obligations so assigned, transferred or novated) and shall be preserved for the benefit of
any successor and assign of the Collateral Trustee and the other Secured Parties. 
 10.6. Counterparts. This Security
and Pledge Agreement may be executed by one or more of the parties to this Security and Pledge Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. A set of the copies of this Security and Pledge Agreement signed by all the parties shall be lodged with the Collateral Trustee and the Borrower. 

10.7. Severability. Any provision of this Security and Pledge Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close
as possible to that of the invalid, illegal or unenforceable provisions. 
 10.8. Section Headings. The Section headings
used in this Security and Pledge Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

10.9. Integration. This Security and Pledge Agreement represents the agreement of each of the Grantors with respect to the subject
matter hereof and there are no promises, undertakings, representations or warranties by the Collateral Trustee or any other Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Credit
Documents. 
 10.10. GOVERNING LAW. THIS SECURITY AND PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 -24-

 10.11. Submission To Jurisdiction Waivers. Each Grantor hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this
Security and Pledge Agreement and the other Credit Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts
of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 10.2 or at such other address of which the Collateral Trustee shall have been notified pursuant
thereto; 
 (d) agrees that nothing herein shall affect the right of the Collateral Trustee or any other Secured
Party to effect service of process in any other manner permitted by law or shall limit the right of the Collateral Trustee or any Secured Party to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 10.11 any special, exemplary, punitive or consequential damages. 
 10.12.
Acknowledgments. Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the
negotiation, execution and delivery of this Security and Pledge Agreement and the other Credit Documents to which it is a party; 
 (b) neither the Collateral Trustee nor any other Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Security and Pledge Agreement or any of
the other Credit Documents, and the relationship between the Grantors, on the one hand, and the Collateral Trustee and the other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 (c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the
transactions contemplated hereby among the Lenders and any other Secured Party or among the Grantors and the Lenders and any other Secured Party. 
 10.13. Additional Grantors. Each Subsidiary of the Borrower that is required to become a party to this Security and Pledge Agreement pursuant to Section 9.11 of the Credit Agreement or any
Additional First Lien Agreement shall become a Grantor, with the same force and effect as if originally named as a Grantor herein, for all purposes of this Agreement upon execution and delivery by such Subsidiary of a Supplement substantially in the
form of Annex B hereto. The execution and delivery of any instrument adding an additional Grantor as a party to this Security and Pledge Agreement shall not require the consent of any other Grantor hereunder. The rights and obligations of each
Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Security and Pledge Agreement. 

  
 -25-

 10.14. WAIVER OF JURY TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS SECURITY AND PLEDGE AGREEMENT, ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 10.15. Incorporation by Reference. In connection with its execution and performance hereunder, the Collateral Trustee is entitled to all rights, privileges, benefits, immunities, protections and
indemnities provided to it under the Collateral Agency and Intercreditor Agreement. 
 10.16. Collateral Agency and
Intercreditor Agreement. Notwithstanding anything to the contrary in this Agreement, the Collateral Agency and Intercreditor Agreement shall govern the exercise of rights and the enforcement of remedies hereunder by the Collateral Trustee and
the Secured Parties. In the event of any conflict between the terms of this Agreement and the Collateral Agency and Intercreditor Agreement, the Collateral Agency and Intercreditor Agreement shall govern. 

  
 -26-

 IN WITNESS WHEREOF, each of the undersigned has caused this Security and Pledge Agreement to
be duly executed and delivered as of the date first above written. 
  

			
	INTELSAT JACKSON HOLDINGS S.A.
		
	By:	 	 /s/ Flavien Bachabi

		 	Name: Flavien Bachabi
		 	Title: Director and Chief Executive Officer

  

			
	ACCESSPAS, INC.
	GALAXY 3C HOLDING COMPANY, INC.
	GALAXY 11 HOLDING COMPANY, INC.
	GALAXY 12 HOLDING COMPANY, INC.
	GALAXY 13 HOLDING COMPANY, INC.
	GALAXY 14 HOLDING COMPANY, INC.
	GALAXY 15 HOLDING COMPANY, INC.
	GALAXY 16 HOLDING COMPANY, INC.
	GALAXY 17 HOLDING COMPANY, INC.
	GALAXY 18 HOLDING COMPANY, INC.
	INTELSAT ASIA CARRIER SERVICES, INC.
	INTELSAT CORPORATION
	INTELSAT GLOBAL SERVICE LLC
	 INTELSAT INTERNATIONAL EMPLOYMENT, INC.

	 INTELSAT SERVICE AND EQUIPMENT CORPORATION

	IS 11 HOLDING COMPANY, INC.
	IS 14 HOLDING COMPANY, INC.
	PANAMSAT CAPITAL CORPORATION
	PANAMSAT COMMUNICATIONS JAPAN, INC.
	PANAMSAT EUROPE CORPORATION
	PANAMSAT INDIA, INC.
	PANAMSAT INTERNATIONAL SALES, INC.
	PANAMSAT SERVICES, INC.
	PAS 1R HOLDING COMPANY, INC.
	PAS 5 HOLDING COMPANY, INC.
	PAS 7 HOLDING COMPANY, INC.
	PAS 8 HOLDING COMPANY, INC.
	PAS 9 HOLDING COMPANY, INC.
	PAS 10 HOLDING COMPANY, INC.
	SOUTHERN SATELLITE CORP.
	 SOUTHERN SATELLITE LICENSEE CORPORATION

		
	By:	 	 /s/ Patricia Casey

		 	Name: Patricia Casey
		 	Title: Senior Vice President, General Counsel and Secretary
	
	INTELSAT USA LICENSE LLC
	INTELSAT USA SALES LLC
		
	By:	 	 /s/ Patricia Casey

		 	Name: Patricia Casey
		 	Title: Secretary

  

			
	INTELSAT (GIBRALTAR) LIMITED
	 INTELSAT NEW DAWN (GIBRALTAR) LIMITED

	 INTELSAT SUBSIDIARY (GIBRALTAR) LIMITED

		
	By:	 	 /s/ Simon Van De Weg

		 	Name: Simon Van De Weg
		 	Title: Director
	
	 INTELSAT (LUXEMBOURG) FINANCE COMPANY S.A.R.L.

		
	By:	 	 /s/ Simon Van De Weg

		 	Name: Simon Van De Weg
		 	Title: Manager
	
	 INTELSAT GLOBAL SALES & MARKETING LTD.

	INTELSAT UK FINANCIAL SERVICES LTD.
		
	By:	 	 /s/ Kurt Riegelman

		 	Name: Kurt Riegelman
		 	Title: Director
	
	INTELSAT HOLDINGS LLC
	INTELSAT LICENSE LLC
	INTELSAT LICENSE HOLDINGS LLC
	INTELSAT SATELLITE LLC
		
	By:	 	 /s/ Flavien Bachabi

		 	Name: Flavien Bachabi
		 	Title: Deputy Chairman

  

			
	 INTELSAT INTERMEDIATE HOLDING COMPANY S.A.

	INTELSAT OPERATIONS S.A.
	INTELSAT PHOENIX HOLDINGS S.A.
	 INTELSAT SUBSIDIARY HOLDING COMPANY S.A.

		
	By:	 	 /s/ Simon Van De Weg

		 	Name: Simon Van De Weg
		 	Title: Director
	
	INTELSAT INTERNATIONAL SYSTEMS, LLC
	PANAMSAT INDIA MARKETING, L.L.C.
	 PANAMSAT INTERNATIONAL HOLDINGS, LLC

	 PANAMSAT INTERNATIONAL SYSTEMS MARKETING, L.L.C.

	PAS INTERNATIONAL LLC
	USHI, LLC
		
	By:	 	 /s/ Patricia Casey

		 	Name: Patricia Casey
		 	Title: Manager

  

			
	INTELSAT LLC
		
	By:	 	 /s/ Flavien Bachabi

		 	Name: Flavien Bachabi
		 	Title: Deputy Chairman
	
	INTELSAT NORTH AMERICA LLC
		
	By:	 	 /s/ Flavien Bachabi

		 	Name: Flavien Bachabi
		 	Title: Deputy Chairman

  

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Kathleen M. Carry

		 	Name: Kathleen M. Carry
		 	Title: Vice President

  

			
	WILMINGTON TRUST FSB, as Collateral Trustee
		
	By:	 	 /s/ James A. Hanley

		 	Name: James A. Hanley
		 	Title: Vice President

 ANNEX A TO THE 
 SECURITY AND PLEDGE AGREEMENT 
 SUBSIDIARY GRANTORS 

Subsidiary Grantors 
 ACCESSPAS,
INC. 
 GALAXY 3C HOLDING COMPANY, INC. 

GALAXY 11 HOLDING COMPANY, INC. 
 GALAXY 12
HOLDING COMPANY, INC. 
 GALAXY 13 HOLDING COMPANY, INC. 
 GALAXY 14 HOLDING COMPANY, INC. 
 GALAXY 15 HOLDING COMPANY, INC. 

GALAXY 16 HOLDING COMPANY, INC. 
 GALAXY 17
HOLDING COMPANY, INC. 
 GALAXY 18 HOLDING COMPANY, INC. 
 INTELSAT (GIBRALTAR) LIMITED 
 INTELSAT (LUXEMBOURG) FINANCE COMPANY SARL 

INTELSAT ASIA CARRIER SERVICES, INC. 
 INTELSAT
CORPORATION 
 INTELSAT GLOBAL SALES & MARKETING LTD. 
 INTELSAT GLOBAL SERVICE LLC 
 INTELSAT HOLDINGS LLC 

INTELSAT INTERMEDIATE HOLDING CO. S.A. 
 INTELSAT
INTERNATIONAL EMPLOYMENT, INC. 
 INTELSAT INTERNATIONAL SYSTEMS LLC 
 INTELSAT LICENSE HOLDINGS LLC 
 INTELSAT LICENSE LLC 

INTELSAT NEW DAWN (GIBRALTAR) LIMITED 
 INTELSAT
OPERATIONS S.A. 
 INTELSAT PHOENIX HOLDINGS S.A. 
 INTELSAT SATELLITE LLC 
 INTELSAT SERVICE AND EQUIPMENT CORPORATION 

INTELSAT SUBSIDIARY (GIBRALTAR) LTD. 
 INTELSAT
SUBSIDIARY HOLDING COMPANY S.A. 
 INTELSAT UK FINANCIAL SERVICES LTD. 
 INTELSAT USA LICENSE LLC 
 INTELSAT USA SALES LLC 

IS 11 HOLDING COMPANY, INC. 
 IS 14 HOLDING
COMPANY, INC. 
 PANAMSAT CAPITAL CORPORATION 
 PANAMSAT COMMUNICATIONS JAPAN, INC. 
 PANAMSAT EUROPE CORPORATION 

PANAMSAT INDIA MARKETING L.L.C. 
 PANAMSAT INDIA,
INC. 
 PANAMSAT INTERNATIONAL HOLDINGS LLC 
 PANAMSAT INTERNATIONAL SALES, INC. 
 PANAMSAT INTERNATIONAL SYSTEMS MARKETING, LLC 

PANAMSAT SERVICES, INC. 

  
 Annex A-1

 PAS 1R HOLDING COMPANY, INC. 
 PAS 5 HOLDING COMPANY, INC. 
 PAS 7 HOLDING COMPANY, INC. 

PAS 8 HOLDING COMPANY, INC. 
 PAS 9 HOLDING
COMPANY, INC. 
 PAS 10 HOLDING COMPANY, INC. 
 PAS INTERNATIONAL, LLC 
 SOUTHERN SATELLITE CORPORATION 

SOUTHERN SATELLITE LICENSEE CORP. 
 USHI, LLC

 Notice Address for All Grantors 
 Intelsat Jackson Holdings S.A. 
 Société anonyme 

4, rue Albert Borschette 
 L-1246 Luxembourg

 RCS Luxembourg n° B 149959 

Telecopier: 352.2784.1690 

  
 Annex A-2

 ANNEX B TO THE 
 SECURITY AND PLEDGE AGREEMENT 
 SUPPLEMENT NO. [    ]
dated as of [            ], to the Security and Pledge Agreement dated as of January 11, 2011 (this “Supplement”), among INTELSAT JACKSON HOLDINGS S.A. (the
“Borrower”), each subsidiary of the Borrower listed on Annex A thereto (each such subsidiary individually a “Subsidiary Grantor” and, collectively, the “Subsidiary Grantors”; the Subsidiary Grantors
and the Borrower are referred to collectively herein as the “Grantors”), BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and WILMINGTON TRUST FSB, as collateral trustee
(together with its successors and assigns, in such capacity, the “Collateral Trustee”). 
 WHEREAS, the
Borrower is party to a Credit Agreement dated as of January 11, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, Intelsat (Luxembourg) S.A.
(“Holdings”), the financial institutions or entities from time to time party thereto as lenders (the “Lenders”), the Administrative Agent and the other agent parties party thereto; 

WHEREAS, pursuant to the Credit Agreement, (a) the Lenders have severally agreed to make Loans to the Borrower and the Letter of
Credit Issuers have agreed to issue Letters of Credit for the account of the Borrower (collectively, the “Extensions of Credit”) upon the terms and subject to the conditions set forth therein and (b) one or more Lenders or
affiliates of Lenders may from time to time enter into Hedge Agreements with, or provide cash management services to, the Borrower; 
 WHEREAS, (i) pursuant to the terms of the Credit Agreement, Holdings guaranteed the payment and performance of the Obligations of the Borrower to the Secured Parties and (ii) pursuant to the
Guarantee, dated as of January 11, 2011 (as amended, supplemented or otherwise modified from time to time, the “Guarantee”), among the Subsidiary Guarantors party thereto and Administrative Agent, the Subsidiary Guarantors
guaranteed the payment and performance of the Obligations of the Borrower to the Secured Parties; 
 WHEREAS, it is a condition
precedent to the obligation of the Lenders and Letter of Credit Issuers to make their respective Extensions of Credit to the Borrower under the Credit Agreement, and to induce one or more Lenders or affiliates of Lenders to enter into Hedge
Agreements with, or provide cash management services to, the Borrower, that the Grantors shall have executed and delivered the Security and Pledge Agreement, dated as of January 11, 2011 (as amended, supplemented or otherwise modified from time
to time, the “Security and Pledge Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Security and Pledge Agreement), among the Grantors, the Administrative Agent
and the Collateral Trustee, to the Collateral Trustee for its benefit and the ratable benefit of the other Secured Parties; and 

WHEREAS, the Grantors would also like to induce other creditors to make available from time to time First Lien Debt (other than as
described above) subject to the terms of the Collateral Agency and Intercreditor Agreement. 

  
 Annex B-1

 WHEREAS, Section 9.11 of the Credit Agreement and Section 10.13 of the Security
and Pledge Agreement provide that each Subsidiary of the Borrower that is required to become a party to the Security and Pledge Agreement pursuant to Section 9.11 of the Credit Agreement shall become a Grantor, with the same force and effect as
if originally named as a Grantor therein, for all purposes of the Security and Pledge Agreement upon execution and delivery by such Subsidiary of an instrument in the form of this Supplement. Each undersigned Subsidiary (each a “New
Grantor”) is executing this Supplement in accordance with the requirements of the Security and Pledge Agreement to become a Subsidiary Grantor under the Security and Pledge Agreement in order to induce the Lenders and the Letter of Credit
Issuer to make additional Extensions of Credit and as consideration for Extensions of Credit previously made. 
 NOW THEREFORE,
in consideration of the above premises, the Collateral Trustee, the Administrative Agent and the New Grantors agree as follows: 

SECTION 1. In accordance with Section 10.13 of the Security and Pledge Agreement, each New Grantor by its signature below becomes a
Grantor under the Security and Pledge Agreement with the same force and effect as if originally named therein as a Grantor and each New Grantor hereby (a) agrees to all the terms and provisions of the Security and Pledge Agreement applicable to
it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct in all material respects with respect to such New Grantor on and as of the date hereof.
In furtherance of the foregoing, each New Grantor, as security for the payment and performance in full of the Obligations, does hereby bargain, sell, convey, assign, set over, mortgage, pledge, hypothecate and transfer to the Collateral Trustee, for
its benefit and the ratable benefit of the other Secured Parties, and hereby grants to the Collateral Trustee, for its benefit and the ratable benefit of the other Secured Parties, a Security Interest in all of the Collateral of such New Grantor, in
each case whether now or hereafter existing or in which now has or hereafter acquires an interest. Each reference to a “Grantor” in the Security and Pledge Agreement shall be deemed to include each New Grantor. The Security and Pledge
Agreement is hereby incorporated herein by reference. 
 SECTION 2. Each New Grantor represents and warrants to the Collateral
Trustee and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity subject to mandatory Luxembourg law provisions. 

SECTION 3. This Supplement may be executed by one or more of the parties to this Supplement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Supplement signed by all the parties shall be lodged with
the Collateral Trustee, the Administrative Agent and the Borrower. This Supplement shall become effective as to each New Grantor when the Collateral Trustee and the Administrative Agent shall have received counterparts of this Supplement that, when
taken together, bear the signatures of such New Grantor, the Collateral Trustee and the Administrative Agent. 
 SECTION 4. Each
New Grantor hereby represents and warrants that (a) set forth under its signature hereto is (i) the legal name of such New Grantor, (ii) the jurisdiction of incorporation or organization of such New Grantor, (iii) the true and
correct location of the chief executive office and principal place of business and any office in which it maintains books or records relating to Collateral owned by it, (iv) the identity or type of organization or corporate structure of such
New Grantor and (v) the Federal Taxpayer Identification Number and organizational number of such New Grantor and (b) as of each Closing Date (i) Schedule II hereto sets forth all of each New Grantor’s Copyright Licenses,
(ii) Schedule III hereto sets forth, in proper form for filing with the United States Copyright Office, all of each New Grantor’s Copyrights (and all applications therefor), (iii) Schedule IV hereto sets forth all of each New
Grantor’s Patent Licenses, (iv) Schedule V hereto sets forth, in proper form for filing with the United States Patent and Trademark Office, all of each New Grantor’s Patents (and all applications therefor), (v) Schedule VI hereto
sets forth all of each New Grantor’s Trademark Licenses, (vi) Schedule VII hereto sets forth, in proper form for filing with the United States Patent and Trademark Office, all of each New Grantor’s Trademarks (and all applications
therefor) and (vii) Schedule VII sets forth all Pledged Collateral of the New Grantor. 

  
 Annex B-2

 SECTION 5. Except as expressly supplemented hereby, the Security and Pledge Agreement shall
remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. Any
provision of this Supplement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the
Security and Pledge Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All notices, requests and demands pursuant hereto shall be made in accordance with Section 14.2 of the Credit Agreement.
All communications and notices hereunder to each New Grantor shall be given to it in care of the Borrower at the Borrower’s address set forth in Section 14.2 of the Credit Agreement. 

SECTION 9. Each New Grantor agrees to reimburse the Collateral Trustee for its respective reasonable out-of-pocket expenses in connection
with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Trustee. 

  
 Annex B-3

 IN WITNESS WHEREOF, each New Grantor, the Collateral Trustee and the Administrative Agent
have duly executed this Supplement to the Security and Pledge Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST FSB, as Collateral Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 Annex B-4

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