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Exhibit 10.38.1 Amendment to Executive
Employment Letter This Amendment (“Amendment”)
to that certain Employment Letter Agreement, dated as of April 16,
2006, by and between ICO Global Communications (Holdings) Limited
and John Flynn (“Agreement”) is made as of the 30th day
of December, 2008 (“Effective Date”) by and between ICO
Global Communications (Holdings) Limited (“ICO”), and
John Flynn (“Executive”), ICO and Executive each a
“Party” and collectively, the
“Parties”). Capitalized terms used herein
without definition shall have the meanings given to such terms in
the Agreement. In consideration of the mutual promises
and covenants set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:
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1.0
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Exhibit A. Exhibit A attached hereto, is incorporated
into the Agreement.
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2.0
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Counterparts. This Amendment may be executed in two
or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same
instrument.
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3.0
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Continuing Effect. With the exception of this Amendment, the
remaining provisions of the Agreement remain unchanged.
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IN WITNESS WHEREOF, the Parties have executed this
Amendment as of the Effective Date.
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ICO Global Communications (Holdings)
Limited
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John Flynn
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/s/ J. Timothy
Bryan
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/s/ John Flynn
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By:
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J. Timothy
Bryan
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By:
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John Flynn
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Title:
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Chief Executive Officer
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Exhibit A The language in Section 1.1 below is
hereby added to the Agreement:
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1.1
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Section 409A; Deferred Compensation.
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1.1.1
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Delay in Payment. Notwithstanding anything in the
Agreement to the contrary, if Executive is deemed by ICO at the
time of Executive’s “separation from service”
with ICO to be a “specified employee,” any non-exempt
deferred compensation which would otherwise b
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