Document:

Class A Restricted Share Agreement btwn Intelsat Global & David McGlade.

 Exhibit 10.2 
 CLASS A RESTRICTED SHARE AGREEMENT 
 (Rollover Restricted Shares) 
 This CLASS A RESTRICTED SHARE AGREEMENT (this “Agreement”) is executed on May 6, 2009 by Intelsat Global, Ltd. (formerly known as
Serafina Holdings Limited and referred to herein as the “Company”) and David McGlade (the “Employee”); 
 WHEREAS, the Company entered into that certain Share Purchase Agreement, dated as of June 19, 2007, by and among the Company, Serafina Acquisition Limited, Intelstat Holdings, Ltd. (“Intelsat”) and the selling
shareholders named therein (the “Share Purchase Agreement”); and 
 WHEREAS, the transaction contemplated by the Share
Purchase Agreement (the “Acquisition”) has been consummated as of February 4, 2008; and 
 WHEREAS, the Class A
Restricted Shares subject to this Agreement (each a “Class A Restricted Share” and collectively the “Class A Restricted Shares”) were issued as of February 4, 2008 (the “Issuance Date”) under
that certain Contribution and Subscription Agreement, dated as of the Issuance Date, by and among the Company and the investors named therein (the “Contribution Agreement”); and 
 WHEREAS, the Employee contributed to the Company as of the Issuance Date one or more restricted shares issued under the Intelsat Holdings, Ltd. 2005
Share Incentive Plan (each an “Original Restricted Share” and collectively the “Original Restricted Shares”) in exchange for the Class A Restricted Shares; and 
 WHEREAS, the Company wishes to carry out the Intelsat Global, Ltd. 2008 Share Incentive Plan (as it may be amended from time to time, the
“Plan”), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 
 WHEREAS, the
Committee appointed to administer the Plan pursuant to Section 3 of the Plan has determined that it would be to the advantage and best interest of the Company and its shareholders to enter into this Agreement with the Employee as an inducement
to remain in the service of the Company or one or more of its Subsidiaries (the “Employer”); and 
 WHEREAS, the Employee
and the Company acknowledge and agree that, upon and following the date hereof, the Class A Restricted Shares shall be governed solely by the Plan and this Agreement; and 
 WHEREAS, this Agreement memorializes certain terms and conditions applicable to the Class A Restricted Shares; 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto do
hereby agree as follows: 
  

	1.	Capitalized Terms. Capitalized terms not defined herein shall have the meaning ascribed to such terms in the Plan. 

	2.	Issuance. Upon execution of the Contribution Agreement, the Company or one of its Affiliates issued to the Employee 158,810.45 Class A Restricted Shares, par value U.S.
$.001 per share in exchange for 39,672.18 Original Restricted Shares. The Employee acknowledges that the Class A Restricted Shares will be subject to the terms and conditions set forth in this Agreement and shall continue to be subject to a
substantial risk of forfeiture and restrictions on transferability. 

  

	3.	83(b) Election. The Employee has previously made a timely election with the Internal Revenue Service (the “IRS”) under Section 83(b) of the Internal
Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder (the “83(b) Election”). 

  

	4.	Equity Plan. The Class A Restricted Shares and this Agreement shall be subject to the terms of the Plan, to the extent the terms of such Plan are not inconsistent with
the terms of this Agreement. In the event of any inconsistency between the terms of the Plan and the terms of this Agreement, this Agreement shall govern. 

  

	5.	Vesting. So long as the Employee becomes a party to the Management Shareholders Agreement with respect to any Class A Restricted Shares, the Class A Restricted
Shares shall vest over twenty-four months in twenty-four equal monthly installments of 6617.102 shares each on the last day of each calendar month commencing on February 29, 2008 so that all of the Class A Restricted Shares shall be vested
on January 31, 2010, subject to the Employee’s continued employment on the date of vesting and to Section 6 below. Notwithstanding the foregoing, immediately prior to the first Change in Control to occur following the Issuance Date
(and subject to the consummation of such Change in Control), any unvested Class A Restricted Shares shall become fully vested. 

  

	6.	Termination of Employment. 

  

	 	(a)	Termination without Cause or for Good Reason. In the event of the Employee’s Termination of Employment by the Employer without Cause or by the Employee for Good Reason
(as defined in the employment agreement by and among the Company, Intelsat, Ltd. and the Employee dated December 29, 2008 (the “Employment Agreement”)): 

  

	 	(i)	Treatment. Any unvested Class A Restricted Shares (and the related cash dividends and proceeds thereof held by the Company in accordance with Section 8 hereof
(“Custodial Dividends”), if any, with respect to such Class A Restricted Shares which have not vested at the time of the dividend payment) shall vest as of the date of termination. 

  

	 	(ii)	 Repurchase Right. Subject to Section 7 hereof, any Class A Shares held by the Employee as a result of the vesting of Class A Restricted Shares
may be repurchased by the Company at any time during the two-year 

  

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period following the date of Termination of Employment, at a purchase price per Class A Share equal to the Fair Market Value of such Class A Share
as of the date of such repurchase. Notwithstanding the foregoing, if any Class A Restricted Shares are repurchased by the Company (or the Sponsor Shareholder pursuant to Section 11 of the Management Shareholders Agreement) during the
period commencing with such Termination of Employment and ending on the six month anniversary of such Termination of Employment (the “Involuntary Termination Protected Period”), and, subsequent to such repurchase, but prior to the
expiration of the Involuntary Termination Protected Period either (A) an Initial Public Offering occurs, or (B) the Company enters into a definitive agreement with respect to a Change in Control transaction, then, upon the consummation of
such Change in Control pursuant to the terms of such definitive agreement or the consummation of such Initial Public Offering, as the case may be, the Company shall pay to the Employee within sixty (60) days after the consummation of such
Change in Control or Initial Public Offering an amount equal to the excess, if any, of (x) the Fair Market Value of such Class A Restricted Shares on the date of the Change in Control or the Initial Public Offering over (y) the
purchase price paid to the Employee for such Class A Restricted Shares. 

  

	 	(b)	Resignation by the Employee. 

  

	 	(i)	Treatment. In the event of a Termination of Employment by the Employee other than for Good Reason or due to death or Permanent Disability, all unvested Class A
Restricted Shares (and the related Custodial Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) shall be immediately forfeited. 

  

	 	(ii)	Repurchase Right. Any Class A Shares held by the Employee as a result of the vesting of Class A Restricted Shares may be repurchased by the Company at any time
during the two-year period immediately following the date of any Termination of Employment that occurs during the period beginning on the Issuance Date and ending on July 31, 2010, at a purchase price per Class A Share equal to the lesser
of (1) the Fair Market Value of such Class A Share on the date of such termination, or (2) (A) the Fair Market Value of such Class A Share on the date of the Closing minus (B) the value of any dividends, distributions,
or dividend equivalents previously paid to the Employee in respect of such Class A Share (subject to equitable adjustment in the Committee’s good faith discretion to reflect dividends, distributions, corporate transactions, or similar
events, to the extent not reflected in (2)) but in no event less than the par value of such Share. With respect to any Termination of Employment following July 31, 2010, any Class A Shares held by the Employee as a result of the
vesting of Class A Restricted Shares may be repurchased by the Company at any time during the two-year period immediately following the date of such Termination of Employment at the Fair Market Value of such Class A Share on the date of
such repurchase. 

  

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	 	(c)	Death and Permanent Disability. 

  

	 	(i)	Treatment. In the event of the Employee’s Termination of Employment by reason of the Employee’s death or Permanent Disability (as defined in the Employment
Agreement), any Class A Restricted Shares (and the related Custodial Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) that are not vested as of the date of death or date
of Termination of Employment due to Disability shall vest as of the date of death or date of Termination of Employment due to Disability. 

  

	 	(ii)	Repurchase of Vested Shares. Subject to Section 7 hereof, following the Termination of Employment due to death or Disability described above, any Class A Shares
held by the Employee as a result of the vesting of Class A Restricted Shares may be repurchased by the Company at any time during the two-year period following the date of Termination of Employment at a purchase price per Class A Share
equal to the Fair Market Value of such Class A Share as of the date of such repurchase. Notwithstanding the foregoing, if any Class A Restricted Shares are repurchased by the Company (or the Sponsor Shareholder pursuant to Section 11
of the Management Shareholders Agreement) during the period commencing with such Termination of Employment and ending on the six month anniversary of such Termination of Employment (the “D & D Protected Period”), and,
subsequent to such repurchase, but prior to the expiration of the D & D Protected Period, either (A) an Initial Public Offering occurs, or (B) the Company enters into a definitive agreement with respect to a Change in Control
transaction, then, upon the consummation of such Change in Control pursuant to the terms of such definitive agreement or the consummation of such Initial Public Offering, as the case may be, the Company shall pay to the Employee within sixty
(60) days after the consummation of such Change in Control or Initial Public Offering an amount equal to the excess, if any, of (x) the Fair Market Value of such Class A Restricted Shares on the date of the Change in Control or the
Initial Public Offering over (y) the purchase price paid to the Employee for such Class A Restricted Shares. 

  

	 	(d)	Termination for Cause. In the event of the Employee’s Termination of Employment by the Employer for Cause, all Class A Restricted Shares (and the related Custodial
Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) that have not yet been vested (or paid, as applicable) as of the date of termination, shall be forfeited as of the date of
termination and from and after the date of such termination, the Company may repurchase any or all of such Class A Shares held by the Employee as a result of the vesting of Class A Restricted Shares for a purchase price per Class A
Share equal to the Paid-in-Capital amount (as defined in Section 8(b)(ii)(A) below) of such Class A Share. 

  

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	 	(e)	Expiration of Repurchase Rights. Notwithstanding any other provision of this Section 6, the Company’s repurchase rights set forth in this Section 6 with
respect to Class A Restricted Shares held by the Employee shall expire immediately prior to the occurrence of an Initial Public Offering or a Listing Event (subject to the consummation of such Initial Public Offering or such Listing Event).

  

	7.	Restrictions. In order to receive any Class A Restricted Shares or Class A Shares, the Employee must be or become a party to the Management Shareholders Agreement
and must execute the proxy attached hereto as Exhibit A of this Agreement. The transferability of Class A Restricted Shares and any Class A Shares that are held by the Employee as a result of vesting of Class A Restricted
Shares shall be governed by the Management Shareholders Agreement. Notwithstanding anything to the contrary in Section 6 hereof in the event that the Employee has transferred any Class A Share that was held by the Employee as a result of
vesting of Class A Restricted Shares to a person or entity other than a Permitted Transferee (as such term is defined in the Management Shareholders Agreement), and such transfer was in accordance with the terms of the Management Shareholders
Agreement, the Company shall not have the right to repurchase such transferred Class A Shares. Any transferee of Class A Restricted Shares or Class A Shares from the Employee (and any subsequent transferee) shall be required to
execute the proxy attached hereto as Exhibit A of this Agreement and become a party to the Management Shareholders Agreement. 

  

	8.	Employee Shareholder Rights. 

  

	 	(a)	Prior to the date on which the Class A Restricted Shares vest, except as otherwise set forth herein, in the Plan or in the proxy executed by the Employee, the Employee shall
have all rights of a shareholder with respect to the Class A Restricted Shares. 

  

	 	(b)	 Shareholders of Class A Restricted Shares shall be entitled to receive their percentage interest of all Distributions paid to shareholders until each
shareholder of Class A Shares receives Distributions equal to their Paid-in-Capital (as defined below), and, thereafter, the holders of Class B Shares and holders of Class A Shares shall be entitled to receive Distributions ratably based
upon the proportionate number of outstanding common shares of the Company held by each such shareholder; provided that at the time of any Distribution of Class A Shares to the holders of Class A Restricted Shares (a “Class A
Share Distribution”), the Company shall simultaneously make a Class B Share distribution to the holders of Class B Shares in an amount necessary to maintain the proportion of Class A Shares to Class B Shares in effect as of the date of
such Class A Share Distribution; and provided, further, that for purposes of determining the value of the Class A Shares distributed pursuant to any Class A Share Distribution, the value of each Class A Share shall
be equal to the excess of 

  

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(x) the value of a Class A Share over (y) the value of a Class B Share, in each case, determined as of the date of such Class A Share
Distribution. For purposes of this Agreement, 

  

	 	(i)	“Distributions” shall mean, (A) distributions of Class A Shares, (B) distributions in liquidation of the Company and (C) other distributions
payable to shareholders for which such an entitlement to receive such distribution would not prevent the Class A Shares from qualifying as “service recipient stock” within the meaning of Department of Treasury Regulations
Section 1.409A-1(b)(5)(iii); 

  

	 	(ii)	“Paid-in-Capital” shall mean, (A) with respect to each Class A Restricted Share issued on the Closing Date, the Fair Market Value of such Class A
Share on the Closing Date (which, for the avoidance of doubt, was $100 per share), (B) with respect to each Class A Share acquired upon exercise of any Rollover Option, the Fair Market Value of such Class A Share on the Closing Date
and (C) with respect to any other Class A Share, the purchase price paid by such shareholder for such Class A Share (including, without limitation, the exercise price paid upon exercise of any Share Option); and

  

	 	(iii)	“Rollover Option” shall mean a Non-Qualified Stock Option issued to an optionholder on the Closing Date in consideration for the termination and cancellation of one
or more stock rights issued under the Intelsat Holdings, Ltd. Share Incentive Plan. 

  

	 	(c)	 Notwithstanding the foregoing, cash dividends, if any, paid with respect to any Class A Restricted Shares which have not vested at the time of the dividend
payment shall be paid to and held in the custody of the Company, shall accrue interest at the lesser of the interest rate applicable to the primary revolving credit agreement of the Company or its Subsidiaries, as in effect from time to time, or 4%
compound interest per annum, and shall be subject to the same restrictions that apply to the corresponding Class A Restricted Shares. Any Custodial Dividends held by the Company (including any interest thereon payable in accordance with this
Section 8) shall be paid to the Employee at the earliest event to occur: (i) at such time as any Class A Restricted Share vests pursuant to the vesting schedule in Section 5 hereof (disregarding vesting under a Change in
Control), (ii) when the Employee incurs a “separation from service” as defined in Code Section 409A, provided that such Custodial Dividends are not otherwise forfeited as described herein or (iii) on a Change in
Control, provided that such Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code
Section 409A. Following the date upon which the Class A Restricted Shares vest, all sales, transfers, assignments, pledges or other encumbrances and dispositions shall be subject to the terms of the Management Shareholders Agreement.
Notwithstanding anything to the contrary in this Agreement, any or all Class A Shares that are 

  

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deemed to be forfeited hereunder may be repurchased by the Company, at any time and from time to time from and after the date of such forfeiture, for a
purchase price per Share equal to the par value of such repurchased Share, and following such forfeiture, the Employee shall have no rights with respect to such Class A Shares other than the receipt of such par value amount.

  

	9.	Changes in Shares. In the event of any share split, reverse share split, dividend, merger, amalgamation, consolidation, recapitalization or similar event affecting the
capital structure of the Company, the number and kind of shares (or other property, including without limitation cash) subject to this Agreement and the calculation of Paid-in-Capital shall, in each such case, be equitably adjusted by the Committee
as it in good faith deems appropriate to prevent the dilution or enlargement of the value of the Employee’s Class A Restricted Shares. 

  

	10.	Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Employee for federal income tax purposes with respect to any
Class A Restricted Shares, the Employee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be
withheld with respect to such amount, provided, that the Company may require the deduction of any such taxes from any payment otherwise due to the Employee, including the delivery of the Class A Restricted Shares that gives rise to the
withholding requirement. 

  

	11.	Notices. Any notices required or permitted hereunder shall be addressed to the Company at its corporate headquarters, attention: General Counsel, or to the Employee at the
address then on record with the Company, as the case may be, and deposited, postage prepaid, in the United States mail. Either party may, by notice to the other given in the manner aforesaid, change his/her or its address for future notices.

  

	12.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda without regard to its conflict of laws principles.

  

	13.	Successor. This Agreement shall bind and inure to the benefit of the Company, its successors and assigns, and the Employee and his or her personal representatives and
assigns. 

  

	14.	Amendment. Notwithstanding the terms and provisions as provided under the Plan and this Agreement, the Company, Committee or the Board may not amend, modify or terminate the
terms and provisions of this Agreement without the Employee’s written consent. Any dispute as to the Committee’s or the Board’s decision or interpretation under the Plan and this Agreement shall be resolved pursuant to
Section 16 hereof. 

  

	15.	Laws and Regulations. No Class A Shares shall be issued under this Agreement unless and until all legal requirements applicable to the issuance of such Class A
Shares have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any issuance of Class A Shares to the Employee hereunder on the Employee’s undertaking in writing to comply with such
restrictions on the subsequent disposition of such Class A Shares as the Committee shall deem necessary or advisable as a result of any applicable law or regulation. 

  

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	16.	Dispute Resolution. Arbitration (under a “de novo” standard of review) will be the method of resolving disputes under this Agreement with respect to any Committee
decisions under the Plan or hereunder. All arbitrations arising out of this Agreement shall be conducted in Washington, D.C. Subject to the following provisions, the arbitration shall be conducted in accordance with the rules of the American
Arbitration Association (the “Association”) then in effect. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any
court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a
benefit specifically provided under or by virtue of the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of
the Association equally. Notwithstanding the foregoing, any issue(s) previously decided under Section 7.8 of the Employment Agreement, Section 17 of the Class B Restricted Share Agreement (as defined in the Employment Agreement) or
Section 19 of the Option Agreement (as defined in the Employment Agreement) shall be controlling over any similar issue(s) challenged by either party under this Section 16, and if any issues to be resolved under this Section 16 arise
at the same time issues arise under the Employment Agreement, the Class B Restricted Share Agreement or the Option Agreement, then such issues shall be combined and resolved under one single arbitration proceeding. 

  

	17.	Miscellaneous. 

  

	 	(a)	The Company shall not be required (i) to transfer on its books any Class A Restricted Shares which shall have been sold or transferred in violation of any of the
provisions set forth in this Agreement, the Plan or the Management Shareholders Agreement or (ii) to treat as owner of such Class A Restricted Shares or to accord the right to vote as such owner or to pay dividends to any transferee to
whom such Class A Restricted Shares shall have been so transferred. 

  

	 	(b)	This Agreement shall not be construed so as to grant the Employee any right to remain in the employ of the Company or any Subsidiary. 

  

	 	(c)	This Agreement may be executed in counterparts, which together shall constitute one and the same original. 

  

	 	(d)	 This Agreement, the Management Shareholders Agreement and the Plan set forth the entire understanding and agreement of the Employee and the Company (or any
Employer) with respect to Class A Restricted Shares, and supersede any and all other understandings, commitments, terms sheets, negotiations or agreements of or between the Employee and the Company (or any Employer) relating to restricted
shares of the Company (including, without limitation, the Intelsat 

  

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Holdings, Ltd. 2005 Share Incentive Plan and any award agreements issued thereunder). Any inconsistencies between the Plan, the Management Shareholders
Agreement and this Agreement shall be resolved in favor of this Agreement. 

  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunder
duly authorized and the Employee has hereunto set his hand, all as of the day and year first set forth above. 
  

	
	INTELSAT GLOBAL, LTD.
	
	 /s/ Phillip L. Spector

	Phillip L. Spector
	Executive Vice President & General Counsel

 ACCEPTED: 
 The
undersigned hereby acknowledges having read this Class A Restricted Share Agreement and, having had the opportunity to consult with legal and tax advisors, hereby agrees to be bound by all provisions set forth herein. 
  

	
	 /s/ David McGlade

	David McGlade

 Exhibit A 
 Intelsat Global, Ltd. 
 Shareholder’s Proxy 
 By this irrevocable proxy, the undersigned,
                                        
(the “Grantor”) as the holder of Class A Restricted Shares and/or Class A Shares in Intelsat Global, Ltd. (formerly known as Serafina Holdings Limited and referred to herein as the “Company”) HEREBY
APPOINT(S) Egon Durban, failing whom, Raymond Svider, failing whom, Justin Bateman and failing whom David McGlade, and each of them to be the agent and standing proxy of the undersigned to represent the undersigned and to vote on behalf of the
undersigned at any General Meeting of the Company and at any adjournment thereof and, on behalf of the undersigned, to consent to short notice of any such meeting, and, on behalf of the undersigned to execute any resolutions being written
resolutions in lieu of any general meeting of the Company. 
 Dated the      day of
        , 2009. 
  

	
	  

	Name:

 Signed by the above named Shareholder in the presence of: 
  

					
	    Witness Signature:
	 	  
	 	
			
	    Witness Name (Print):
	 	  
	 	
			
	    Witness Address (Print):Class A Restricted Share Agreement btwn Intelsat Global & Phillip Spector.

 Exhibit 10.3 
 CLASS A RESTRICTED SHARE AGREEMENT 
 (Rollover Restricted Shares) 
 This CLASS A RESTRICTED SHARE AGREEMENT (this “Agreement”) is executed on May 6, 2009 by Intelsat Global, Ltd. (formerly known as
Serafina Holdings Limited and referred to herein as the “Company”) and Phillip L. Spector (the “Employee”); 
 WHEREAS, the Company entered into that certain Share Purchase Agreement, dated as of June 19, 2007, by and among the Company, Serafina Acquisition Limited, Intelstat Holdings, Ltd. (“Intelsat”) and the selling
shareholders named therein (the “Share Purchase Agreement”); and 
 WHEREAS, the transaction contemplated by the Share
Purchase Agreement (the “Acquisition”) has been consummated as of February 4, 2008; and 
 WHEREAS, the Class A
Restricted Shares subject to this Agreement (each a “Class A Restricted Share” and collectively the “Class A Restricted Shares”) were issued as of February 4, 2008 (the “Issuance Date”) under
that certain Contribution and Subscription Agreement, dated as of the Issuance Date, by and among the Company and the investors named therein (the “Contribution Agreement”); and 
 WHEREAS, the Employee contributed to the Company as of the Issuance Date one or more restricted shares issued under the Intelsat Holdings, Ltd. 2005
Share Incentive Plan (each an “Original Restricted Share” and collectively the “Original Restricted Shares”) in exchange for the Class A Restricted Shares; and 
 WHEREAS, the Company wishes to carry out the Intelsat Global, Ltd. 2008 Share Incentive Plan (as it may be amended from time to time, the
“Plan”), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 
 WHEREAS, the
Committee appointed to administer the Plan pursuant to Section 3 of the Plan has determined that it would be to the advantage and best interest of the Company and its shareholders to enter into this Agreement with the Employee as an inducement
to remain in the service of the Company or one or more of its Subsidiaries (the “Employer”); and 
 WHEREAS, the Employee
and the Company acknowledge and agree that, upon and following the date hereof, the Class A Restricted Shares shall be governed solely by the Plan and this Agreement; and 
 WHEREAS, this Agreement memorializes certain terms and conditions applicable to the Class A Restricted Shares; 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto do
hereby agree as follows: 
  

	1.	Capitalized Terms. Capitalized terms not defined herein shall have the meaning ascribed to such terms in the Plan. 

	2.	Issuance. Upon execution of the Contribution Agreement, the Company or one of its Affiliates issued to the Employee 70,165.54 Class A Restricted Shares, par value U.S.
$.001 per share in exchange for 17,527.94 Original Restricted Shares. The Employee acknowledges that the Class A Restricted Shares will be subject to the terms and conditions set forth in this Agreement and shall continue to be subject to a
substantial risk of forfeiture and restrictions on transferability. 

  

	3.	83(b) Election. The Employee has previously made a timely election with the Internal Revenue Service (the “IRS”) under Section 83(b) of the Internal
Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder (the “83(b) Election”). 

  

	4.	Equity Plan. The Class A Restricted Shares and this Agreement shall be subject to the terms of the Plan, to the extent the terms of such Plan are not inconsistent with
the terms of this Agreement. In the event of any inconsistency between the terms of the Plan and the terms of this Agreement, this Agreement shall govern. 

  

	5.	Vesting. So long as the Employee becomes a party to the Management Shareholders Agreement with respect to any Class A Restricted Shares, the Class A Restricted
Shares shall vest over twenty-four months in twenty-four equal monthly installments of 2923.56 shares each on the last day of each calendar month commencing on February 29, 2008 so that the all of the Class A Restricted Shares shall be
vested on January 31, 2010, subject to the Employee’s continued employment on the date of vesting and to Section 6 below. Notwithstanding the foregoing, immediately prior to the first Change in Control to occur following the Issuance
Date (and subject to the consummation of such Change in Control), any unvested Class A Restricted Shares shall become fully vested. 

  

	6.	Termination of Employment. 

  

	 	(a)	Termination without Cause or for Good Reason. In the event of the Employee’s Termination of Employment by the Employer without Cause or by the Employee for Good Reason
(as defined in the employment agreement by and among the Company, Intelsat, Ltd. and the Employee dated as of May 6, 2009 and effective as of February 4, 2008 (the “Employment Agreement”)): 

  

	 	(i)	Treatment. Any unvested Class A Restricted Shares (and the related cash dividends and proceeds thereof held by the Company in accordance with Section 8 hereof
(“Custodial Dividends”), if any, with respect to such Class A Restricted Shares which have not vested at the time of the dividend payment) shall vest as of the date of termination. 

  

	 	(ii)	 Repurchase Right. Subject to Section 7 hereof, any Class A Shares held by the Employee as a result of the vesting of Class A Restricted Shares
may be repurchased by the Company at any time during the two-year 

  

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period following the date of Termination of Employment, at a purchase price per Class A Share equal to the Fair Market Value of such Class A Share
as of the date of such repurchase. Notwithstanding the foregoing, if any Class A Restricted Shares are repurchased by the Company (or the Sponsor Shareholder pursuant to Section 11 of the Management Shareholders Agreement) during the
period commencing with such Termination of Employment and ending on the six month anniversary of such Termination of Employment (the “Involuntary Termination Protected Period”), and, subsequent to such repurchase, but prior to the
expiration of the Involuntary Termination Protected Period either (A) an Initial Public Offering occurs, or (B) the Company enters into a definitive agreement with respect to a Change in Control transaction, then, upon the consummation of
such Change in Control pursuant to the terms of such definitive agreement or the consummation of such Initial Public Offering, as the case may be, the Company shall pay to the Employee within sixty (60) days after the consummation of such
Change in Control or Initial Public Offering an amount equal to the excess, if any, of (x) the Fair Market Value of such Class A Restricted Shares on the date of the Change in Control or the Initial Public Offering over (y) the
purchase price paid to the Employee for such Class A Restricted Shares. 

  

	 	(b)	Resignation by the Employee. 

  

	 	(i)	Treatment. In the event of a Termination of Employment by the Employee other than for Good Reason or due to death or Permanent Disability, all unvested Class A
Restricted Shares (and the related Custodial Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) shall be immediately forfeited. 

  

	 	(ii)	 Repurchase Right. Any Class A Shares held by the Employee as a result of the vesting of Class A Restricted Shares may be repurchased by the Company
at any time during the two-year period immediately following the date of any Termination of Employment that occurs during the period beginning on the Issuance Date and ending on July 31, 2010, at a purchase price per Class A Share equal to
the lesser of (1) the Fair Market Value of such Class A Share on the date of such termination, or (2) (A) the Fair Market Value of such Class A Share on the date of the Closing minus (B) the value of any dividends,
distributions, or dividend equivalents previously paid to the Employee in respect of such Class A Share (subject to equitable adjustment in the Committee’s good faith discretion to reflect dividends, distributions, corporate transactions,
or similar events, to the extent not reflected in (2)) but in no event less than the par value of such Share. With respect to any Termination of Employment following July 31, 2010, any Class A Shares held by the Employee as a result
of the vesting of Class A Restricted Shares may be repurchased by the Company 

  

 3 

	 	 
at any time during the two-year period immediately following the date of such Termination of Employment at the Fair Market Value of such Class A Share
on the date of such repurchase. 

  

	 	(c)	Death and Permanent Disability. 

  

	 	(i)	Treatment. In the event of the Employee’s Termination of Employment by reason of the Employee’s death or Permanent Disability (as defined in the Employment
Agreement), any Class A Restricted Shares (and the related Custodial Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) that are not vested as of the date of death or date
of Termination of Employment due to Disability shall vest as of the date of death or date of Termination of Employment due to Disability. 

  

	 	(ii)	Repurchase of Vested Shares. Subject to Section 7 hereof, following the Termination of Employment due to death or Disability described above, any Class A Shares
held by the Employee as a result of the vesting of Class A Restricted Shares may be repurchased by the Company at any time during the two-year period following the date of Termination of Employment at a purchase price per Class A Share
equal to the Fair Market Value of such Class A Share as of the date of such repurchase. Notwithstanding the foregoing, if any Class A Restricted Shares are repurchased by the Company (or the Sponsor Shareholder pursuant to Section 11
of the Management Shareholders Agreement) during the period commencing with such Termination of Employment and ending on the six month anniversary of such Termination of Employment (the “D & D Protected Period”), and,
subsequent to such repurchase, but prior to the expiration of the D & D Protected Period, either (A) an Initial Public Offering occurs, or (B) the Company enters into a definitive agreement with respect to a Change in Control
transaction, then, upon the consummation of such Change in Control pursuant to the terms of such definitive agreement or the consummation of such Initial Public Offering, as the case may be, the Company shall pay to the Employee within sixty
(60) days after the consummation of such Change in Control or Initial Public Offering an amount equal to the excess, if any, of (x) the Fair Market Value of such Class A Restricted Shares on the date of the Change in Control or the
Initial Public Offering over (y) the purchase price paid to the Employee for such Class A Restricted Shares. 

  

	 	(d)	 Termination for Cause. In the event of the Employee’s Termination of Employment by the Employer for Cause, all Class A Restricted Shares (and the
related Custodial Dividends paid, if any, with respect to such Class A Shares which have not vested at the time of the dividend payment) that have not yet been vested (or paid, as applicable) as of the date of termination, shall be forfeited as
of the date of termination and from and after the date of such termination, the Company may repurchase any or all of such Class A Shares held by the Employee 

  

 4 

	 	 
as a result of the vesting of Class A Restricted Shares for a purchase price per Class A Share equal to the Paid-in-Capital amount (as defined in
Section 8(b)(ii)(A) below) of such Class A Share. 

  

	 	(e)	Expiration of Repurchase Rights. Notwithstanding any other provision of this Section 6, the Company’s repurchase rights set forth in this Section 6 with
respect to Class A Restricted Shares held by the Employee shall expire immediately prior to the occurrence of an Initial Public Offering or a Listing Event (subject to the consummation of such Initial Public Offering or such Listing Event).

  

	7.	Restrictions. In order to receive any Class A Restricted Shares or Class A Shares, the Employee must be or become a party to the Management Shareholders Agreement
and must execute the proxy attached hereto as Exhibit A of this Agreement. The transferability of Class A Restricted Shares and any Class A Shares that are held by the Employee as a result of vesting of Class A Restricted
Shares shall be governed by the Management Shareholders Agreement. Notwithstanding anything to the contrary in Section 6 hereof, in the event that the Employee has transferred any Class A Share that was held by the Employee as a result of
vesting of Class A Restricted Shares to a person or entity other than a Permitted Transferee (as such term is defined in the Management Shareholders Agreement), and such transfer was in accordance with the terms of the Management Shareholders
Agreement, the Company shall not have the right to repurchase such transferred Class A Shares. Any transferee of Class A Restricted Shares or Class A Shares from the Employee (and any subsequent transferee) shall be required to
execute the proxy attached hereto as Exhibit A of this Agreement and become a party to the Management Shareholders Agreement. 

  

	8.	Employee Shareholder Rights. 

  

	 	(a)	Prior to the date on which the Class A Restricted Shares vest, except as otherwise set forth herein, in the Plan or in the proxy executed by the Employee, the Employee shall
have all rights of a shareholder with respect to the Class A Restricted Shares. 

  

	 	(b)	 Shareholders of Class A Restricted Shares shall be entitled to receive their percentage interest of all Distributions paid to shareholders until each
shareholder of Class A Shares receives Distributions equal to their Paid in Capital (as defined below), and, thereafter, the holders of Class B Shares and holders of Class A Shares shall be entitled to receive Distributions ratably based
upon the proportionate number of outstanding common shares of the Company held by each such shareholder; provided that at the time of any Distribution of Class A Shares to the holders of Class A Restricted Shares (a “Class A
Share Distribution”), the Company shall simultaneously make a Class B Share distribution to the holders of Class B Shares in an amount necessary to maintain the proportion of Class A Shares to Class B Shares in effect as of the date of
such Class A Share Distribution; and provided, further, that for purposes of determining the value of the Class A Shares distributed pursuant to any Class A Share Distribution, the value of each Class A Share shall
be equal to the excess of 

  

 5 

	 	 
(x) the value of a Class A Share over (y) the value of a Class B Share, in each case, determined as of the date of such Class A Share
Distribution. For purposes of this Agreement, 

  

	 	(i)	“Distributions” shall mean, (A) distributions of Class A Shares, (B) distributions in liquidation of the Company and (C) other distributions
payable to shareholders for which such an entitlement to receive such distribution would not prevent the Class A Shares from qualifying as “service recipient stock” within the meaning of Department of Treasury Regulations
Section 1.409A-1(b)(5)(iii); 

  

	 	(ii)	“Paid-in-Capital” shall mean, (A) with respect to each Class A Restricted Share issued on the Closing Date, the Fair Market Value of such Class A
Share on the Closing Date (which, for the avoidance of doubt, was $100 per share), (B) with respect to each Class A Share acquired upon exercise of any Rollover Option, the Fair Market Value of such Class A Share on the Closing Date
and (C) with respect to any other Class A Share, the purchase price paid by such shareholder for such Class A Share (including, without limitation, the exercise price paid upon exercise of any Share Option); and

  

	 	(iii)	“Rollover Option” shall mean a Non-Qualified Stock Option issued to an optionholder on the Closing Date in consideration for the termination and cancellation of one
or more stock rights issued under the Intelsat Holdings, Ltd. Share Incentive Plan. 

  

	 	(c)	 Notwithstanding the foregoing, cash dividends, if any, paid with respect to any Class A Restricted Shares which have not vested at the time of the dividend
payment shall be paid to and held in the custody of the Company, shall accrue interest at the lesser of the interest rate applicable to the primary revolving credit agreement of the Company or its Subsidiaries, as in effect from time to time, or 4%
compound interest per annum, and shall be subject to the same restrictions that apply to the corresponding Class A Restricted Shares. Any Custodial Dividends held by the Company (including any interest thereon payable in accordance with this
Section 8) with respect to such unvested Class A Restricted Share shall be paid to the Employee at the earliest event to occur: (i) at such time as any Class A Restricted Share vests pursuant to the vesting schedule in
Section 5 hereof (disregarding vesting under a Change in Control), (ii) when the Employee incurs a “separation from service” as defined in Code Section 409A, provided that such Custodial Dividends are not otherwise
forfeited as described herein or (iii) on a Change in Control, provided that such Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of
the assets of the Company within the meaning of Code Section 409A. Following the date upon which the Class A Restricted Shares vest, all sales, transfers, assignments, pledges or other encumbrances and dispositions shall be subject to the
terms of the Management Shareholders Agreement. Notwithstanding anything to the contrary in this 

  

 6 

	 	 
Agreement, any or all Class A Shares that are deemed to be forfeited hereunder may be repurchased by the Company, at any time and from time to time from
and after the date of such forfeiture, for a purchase price per Share equal to the par value of such repurchased Share, and following such forfeiture, the Employee shall have no rights with respect to such Class A Shares other than the receipt
of such par value amount. 

  

	9.	Changes in Shares. In the event of any share split, reverse share split, dividend, merger, amalgamation, consolidation, recapitalization or similar event affecting the
capital structure of the Company, the number and kind of shares (or other property, including without limitation cash) subject to this Agreement and the calculation of Paid-in-Capital shall, in each case, be equitably adjusted by the Committee as it
in good faith deems appropriate to prevent the dilution or enlargement of the value of the Employee’s Class A Restricted Shares. 

  

	10.	Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Employee for federal income tax purposes with respect to any
Class A Restricted Shares, the Employee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be
withheld with respect to such amount, provided, that the Company may require the deduction of any such taxes from any payment otherwise due to the Employee, including the delivery of the Class A Restricted Shares that gives rise to the
withholding requirement. 

  

	11.	Notices. Any notices required or permitted hereunder shall be addressed to the Company at its corporate headquarters, attention: General Counsel, or to the Employee at the
address then on record with the Company, as the case may be, and deposited, postage prepaid, in the United States mail. Either party may, by notice to the other given in the manner aforesaid, change his/her or its address for future notices.

  

	12.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda without regard to its conflict of laws principles.

  

	13.	Successor. This Agreement shall bind and inure to the benefit of the Company, its successors and assigns, and the Employee and his or her personal representatives and
assigns. 

  

	14.	Amendment. Notwithstanding the terms and provisions as provided under the Plan and this Agreement, the Company, Committee or the Board may not amend, modify or terminate the
terms and provisions of this Agreement without the Employee’s written consent. Any dispute as to the Committee’s or the Board’s decision or interpretation under the Plan and this Agreement shall be resolved pursuant to
Section 16 hereof. 

  

	15.	 Laws and Regulations. No Class A Shares shall be issued under this Agreement unless and until all legal requirements applicable to the issuance of such
Class A Shares have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any issuance of Class A Shares to the Employee hereunder on the 

  

 7 

	 	 
Employee’s undertaking in writing to comply with such restrictions on the subsequent disposition of such Class A Shares as the Committee shall deem
necessary or advisable as a result of any applicable law or regulation. 

  

	16.	Dispute Resolution. Arbitration (under a “de novo” standard of review) will be the method of resolving disputes under this Agreement with respect to any Committee
decisions under the Plan or hereunder. All arbitrations arising out of this Agreement shall be conducted in Washington, D.C. Subject to the following provisions, the arbitration shall be conducted in accordance with the rules of the American
Arbitration Association (the “Association”) then in effect. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any
court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a
benefit specifically provided under or by virtue of the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of
the Association equally. Notwithstanding the foregoing, any issue(s) previously decided under Section 7.8 of the Employment Agreement, Section 17 of the Class B Restricted Share Agreement (as defined in the Employment Agreement) or
Section 19 of the Option Agreement (as defined in the Employment Agreement) shall be controlling over any similar issue(s) challenged by either party under this Section 16, and if any issues to be resolved under this Section 16 arise
at the same time issues arise under the Employment Agreement, the Class B Restricted Share Agreement or the Option Agreement, then such issues shall be combined and resolved under one single arbitration proceeding. 

  

	17.	Miscellaneous. 

  

	 	(a)	The Company shall not be required (i) to transfer on its books any Class A Restricted Shares which shall have been sold or transferred in violation of any of the
provisions set forth in this Agreement, the Plan or the Management Shareholders Agreement or (ii) to treat as owner of such Class A Restricted Shares or to accord the right to vote as such owner or to pay dividends to any transferee to
whom such Class A Restricted Shares shall have been so transferred. 

  

	 	(b)	This Agreement shall not be construed so as to grant the Employee any right to remain in the employ of the Company or any Subsidiary. 

  

	 	(c)	This Agreement may be executed in counterparts, which together shall constitute one and the same original. 

  

	 	(d)	 This Agreement, the Management Shareholders Agreement and the Plan set forth the entire understanding and agreement of the Employee and the Company (or any
Employer) with respect to Class A Restricted Shares, and supersede any and all other understandings, commitments, terms sheets, negotiations or agreements of or between the Employee and the Company (or any Employer) relating to 

  

 8 

	 	 
restricted shares of the Company (including, without limitation, the Intelsat Holdings, Ltd. 2005 Share Incentive Plan and any award agreements issued
thereunder). Any inconsistencies between the Plan, the Management Shareholders Agreement and this Agreement shall be resolved in favor of this Agreement. 

  

 9 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunder
duly authorized and the Employee has hereunto set his hand, all as of the day and year first set forth above. 
  

	
	INTELSAT GLOBAL, LTD.
	
	  
 /s/ David McGlade
 David McGlade

	Chief Executive Officer

 ACCEPTED: 
 The
undersigned hereby acknowledges having read this Class A Restricted Share Agreement and, having had the opportunity to consult with legal and tax advisors, hereby agrees to be bound by all provisions set forth herein. 
  

	
	 /s/ Phillip L. Spector

	Phillip L. Spector

 Exhibit A 
 Intelsat Global, Ltd. 
 Shareholder’s Proxy 
 By this irrevocable proxy, the undersigned,
                                        
(the “Grantor”) as the holder of Class A Restricted Shares and/or Class A Shares in Intelsat Global, Ltd. (formerly known as Serafina Holdings Limited and referred to herein as the “Company”) HEREBY
APPOINT(S) Egon Durban, failing whom, Raymond Svider, failing whom, Justin Bateman and failing whom David McGlade, and each of them to be the agent and standing proxy of the undersigned to represent the undersigned and to vote on behalf of the
undersigned at any General Meeting of the Company and at any adjournment thereof and, on behalf of the undersigned, to consent to short notice of any such meeting, and, on behalf of the undersigned to execute any resolutions being written
resolutions in lieu of any general meeting of the Company. 
 Dated the      day of
        , 2009. 
  

	
	  

	Name:

 Signed by the above named Shareholder in the presence of: 
  

					
	 Witness Signature:
	 	  
	 	
			
	 Witness Name (Print):
	 	  
	 	
			
	 Witness Address (Print):

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