Exhibit 10.1
AMENDMENT NO. 2 TO
AMENDED AND
RESTATED
LIMITED PARTNERSHIP
AGREEMENT
OF
MOBILE SATELLITE VENTURES
LP
THIS AMENDMENT NO. 2
(this “ Amendment
”) to the Amended and Restated Limited Partnership Agreement,
dated as of November 12, 2004 of Mobile Satellite Ventures LP ("
MSV "), as amended from time to time (the “
Agreement ”) is hereby adopted by the limited partners
of MSV this 5 th day of January 2007.
WHEREAS, the Agreement provides that it may be amended by
the written agreement of the holders of a majority of the
Percentage Interests held by the Limited Partners entitled to vote
on any matter (as such terms are defined in the
Agreement);
WHEREAS , the Limited Partners executing this Amendment,
who together hold a majority of the Percentage Interests, wish to
amend the Agreement as set forth herein, which amendment shall be
effective as to all Limited Partners from and after the date
hereof; and
WHEREAS , capitalized terms used in this Amendment but
not defined herein shall have the meanings ascribed thereto in the
Agreement.
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A.
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NOW THEREFORE
, the parties hereto hereby agree as
follows:
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1.
Amendment of Section 1.1. Section 1.1 of the Agreement is
hereby amended as follows:
(a) The following terms and their
meanings are hereby amended to read in their entirety as
follows:
"" Additional Limited Partner
" means a Person admitted to the Partnership as a Limited Partner
pursuant to Section 9.4 of this Agreement.
" Investors " means each
Limited Partner listed on Schedule I hereto as an Investor, each
other Person admitted as an Investor after the date hereof and,
subject to Section 9.2(i) of this Agreement, any Person acquiring
all or part of the Limited Partnership Interest of an Investor that
is admitted as a Limited Partner as provided herein.
" Percentage Interest " means
with respect to any Limited Partner, the ratio (expressed as a
percentage) of the Units actually held by such Limited Partner as
of the date of determination to the aggregate Units actually held
by all Limited Partners on such date, and shall be reflected on
Schedule I in accordance with Section 2.1(d). For purposes of
voting and providing consents under this Agreement and for purposes
of Section 9 of this Agreement, but not, for the avoidance of
doubt, for purposes of distributions of cash or tax and other
economic rights under this Agreement, " Percentage Interests
" means, with
respect to each Limited Partner, the
ratio (expressed as a percentage) of the Units held by such Limited
Partner as of the date of determination to all Units held by all
Limited Partners."
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(b)
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The following terms and their
meanings are hereby added:
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"" Excluded Securities "
means (i) any interests in the Partnership issued pursuant to the
October 2001 Investment Agreement or any of the transactions
contemplated thereby, (ii) any interests in the Partnership issued
pursuant to the Investment Agreement or any of the transactions
contemplated thereby, (iii) any interests in the Partnership issued
in connection with the acquisition of the business of another
entity, whether by the purchase of equity securities, assets or
otherwise, (iv) any interests in the Partnership issued as part of
an Initial Public Offering or other registered underwritten public
offering of the Partnership's securities, (v) any interests in the
Partnership issued under an employee compensation plan approved by
the General Partner, (vi) any interests in the Partnership issued
to financial institutions, financial syndicates or lessors in
connection with bona fide commercial credit arrangements, equipment
financings, or similar transactions for primarily other than equity
financing purposes, (vii) any interests in the Partnership issued
pursuant to Section 9.1(h)(vi) of this Agreement and (viii) 4,817
Units that may be issued to inOvate Communications Group Services
Company or its Affiliates.
" Family Member " means, with
respect to any Person (i) the spouse, parents, children, siblings,
mother and father-in-law, sons and daughters-in-law and brothers
and sisters-in-law of such Person or of any of the beneficial
owners of such Person, (ii) any trust whose beneficiaries consist
of only one or more of such Person and such persons or (iii) any
partnership or other entity whose owners are one or more of such
Person and such persons.
" Investment Agreement "
means that certain First Amended and Restated Investment Agreement,
dated as of August 8, 2003, as amended, by and among the
Stockholders (and their affiliates) and certain other
parties.
" Intervening Entity " means,
as applied to any Limited Partner at any time, any Person the value
of which at such time consists principally of its direct or
indirect ownership of interests in, or obligations of, the
Partnership or Canadian Holdco. Without limiting the foregoing, the
parties stipulate that, as of the date hereof, TMI and TMI's
general partner are Intervening Entities.
" October 2001 Investment
Agreement " means that certain Amended and Restated Investment
Agreement, dated as of October 12, 2001, as amended, by and among
certain Stockholders (and their affiliates) at such time and
certain other parties.
" Stockholder s" means the
stockholders of the General Partner.
" Stock " means the common
stock of the General Partner, par value $0.01 per
share."
(c) The
term " Stockholders' Agreement " and its meaning are deleted
in their entirety.
3.
Section 4.1(b). Section 4.1(b) of the Agreement is hereby
amended to read in its entirety as follows:
"(b)
Capital Contributions shall be paid
in the manner provided in the Investment Agreement or a
subscription agreement, as the case may be. Subject to Section 9.1
of this Agreement, the Partnership may admit Persons as Limited
Partners and issue Units and Limited Partnership Interests to such
Persons without obligating such Persons to make Capital
Contributions."
4.
Section 4.1(c). Section 4.1(c) of the Agreement is hereby
amended to read in its entirety as follows:
"(c) No Limited Partner shall be
required or permitted to contribute additional capital to the
Partnership except that, subject to the pre-emptive rights and
other applicable provisions of Section 9 of this Agreement
incorporated herein, a Limited Partner shall be permitted to make
additional Capital Contributions pursuant to a subscription
agreement approved by the General Partner and the Required
Majority."
4.
Amendment of Sections 9.1 and 9.2. Sections 9.1 and 9.2 of
the Agreement are hereby amended to read in their entirety as
follows:
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"Section 9.1
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Additional Issuances of Interests.
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(a) In
order to raise capital for the Partnership operations or to acquire
assets, to redeem or retire Partnership debt, or for any other
valid Partnership purposes, General Partner may, subject to the
provisions of this Section 9.1, from time to time determine that it
is in the best interests of the Partnership to cause the
Partnership to issue additional interests in the Partnership to the
Limited Partners or other Persons and to admit such other Persons
to the Partnership as Additional Limited Partners pursuant to
Section 9.4. General Partner shall determine the consideration for
and the terns and conditions with respect to any future issuance of
interests in the Partnership.
(b) Subject
to clause (h) below, General Partner shall not issue any interests
in the Partnership unless it first delivers to each Limited Partner
(each such Person being referred to in this Section 9.1 as a
“ Buyer ”) a written notice (the “
Notice of Proposed Issuance ”) specifying the type and
amount of such interests that the Partnership then intends to issue
(the “ Offered Interests ”), all of the material
terms, including the price (cash or non-cash) upon which the
Partnership proposes to issue the Offered Interests and stating
that the Buyers shall have the right to purchase the Offered
Interests in the manner specified in this Section 9.1 for the same
price per share and in accordance with the same terms and
conditions specified in such Notice of Proposed Issuance,
provided , that if such price consists of non-cash
consideration, a Buyer may purchase the Offered Interest with the
same type and amount of non-cash consideration described in such
Notice of Proposed Issuance or, may instead, pay for such Offered
Interests with the cash equivalent of such price.
(c) During
the ten (10) consecutive day period commencing on the date the
Partnership delivers to all of the Buyers the Notice of Proposed
Issuance (the “ Ten Day Period ”), the Buyers
shall have the option to purchase up to all of the Offered
Interests at the same price and upon the same terms and conditions
specified in the Notice of Proposed Issuance. Each Buyer electing
to purchase Offered Interests must give written notice of its
election to General Partner prior to the expiration of the Ten Day
Period.
(d) Each
Buyer shall have the right to purchase up to that percentage of the
Offered Interests equal to the Percentage Interest then held by
such Buyer. The amount of such Offered Interests that each Buyer is
entitled to purchase under this Section 9.1 shall be referred to as
its “ Proportionate Share .”
(e) Each
Buyer shall have a right of oversubscription such that if any other
Buyer fails to elect to purchase his or its full Proportionate
Share of the Offered Interests, the other Buyer(s) shall, among
them, have the right to purchase up to the balance of such Offered
Interests not so purchased. The Buyers may exercise such right of
oversubscription by electing to purchase more than their
Proportionate Share of the Offered Interests by so indicating in
their written notice given during the Ten Day Period. If, as a
result thereof, such oversubscription elections exceed the total
number of the Offered Interests available in respect to such
oversubscription privilege, the oversubscribing Buyers shall be cut
back with respect to oversubscriptions on a pro rata basis in
accordance with their respective Proportionate Share or as they may
otherwise agree among themselves.
(f) If
all of the Offered Interests have not been purchased by the Buyers
pursuant to the foregoing provisions, then General Partner shall
have the right, until the expiration of one hundred eighty (180)
consecutive days commencing on the first day immediately following
the expiration of the Ten Day Period, to issue the Offered
Interests not purchased by the Buyers at not less than, and on
terms no more favorable in any material respect to the purchaser(s)
thereof than, the price and terms specified in the Notice of
Proposed Issuance. If such remaining Offered Interests are not
issued within such period and at such price and on such terms, the
right to issue in accordance with the Notice of Proposed Issuance
shall expire and the provisions of this Agreement shall continue to
be applicable to the Offered Interests.
(g) Notwithstanding
the foregoing, the rights described in this Section 9.1 shall not
apply with respect to the issuance of Excluded
Securities.
(h) Notwithstanding
the foregoing, General Partner may proceed with the issuance of
interests in the Partnership without first following the procedures
in clauses (b)-(f) above, provided that the purchaser of such
interests (the “ New Purchaser ”) agrees in
writing to take such interests subject to the provisions of this
Section 9.1(h). In such event the following provisions shall
apply:
(i) Within
ten (10) days following the issuance of such interests, General
Partner or the New Purchaser shall issue to each Buyer a written
notice (the “ Notice of Issuance ”) specifying
the type and amount of such interests that the Partnership has
issued (the “ Issued Interests ”), all of the
material terms, including the price (the “ Issued Interest
Price ”) at which the Partnership issued the Issued
Interests and stating that the Buyers shall have the right to
purchase Issued Interests in the manner specified below for the
same price per Unit and in accordance with the same terms and
conditions specified in such Notice of Issuance.
(ii) During
the ten (10) consecutive day period commencing on the date the
Partnership or the New Purchaser delivers to all of the Buyers the
Notice of Issuance (the “ Issuance Ten Day Period
”), the Buyers shall have the option to purchase up to all of
the Issued Interests for the same type and amount per Issued
Interest of cash br non-cash consideration paid by the New
Purchaser or cash in an amount equivalent in value to the Issued
Interest Price and upon the same terms and conditions specified in
the Notice of Issuance. Each Buyer electing to purchase Issued
Interests must give written notice of its election to the deliverer
of the Notice of Issuance prior to the expiration of the Issuance
Ten Day Period.
(iii) Each
Buyer shall have the right to purchase from the New Purchaser up to
that percentage of the Issued Interests equal to the Proportionate
Share held by such Buyer immediately prior to the issuance of the
Issued Interests.
(iv) Each
Buyer shall have a right of oversubscription such that if any other
Buyer fails to elect to purchase his or its full Proportionate
Share of the Issued Interests, the other Buyer(s) shall, among
them, have the right to purchase up to the balance of such Issued
Interests not so purchased. The Buyers may exercise such right of
oversubscription by electing to purchase more than their
Proportionate Share of the Issued Interests by so indicating in
their written notice given during the Issuance Ten Day Period. If,
as a result thereof, such oversubscription elections exceed the
total number of the Issued Interests available in respect to such
oversubscription privilege, the oversubscribing Buyers shall be cut
back with respect to oversubscriptions on a pro rata basis in
accordance with their respective Proportionate Share or as they may
otherwise agree among themselves.
(v) Any
Issued Interests that have not been purchased by the Buyers
pursuant to the foregoing provisions shall remain owned by the New
Purchaser.
(vi) Notwithstanding
anything in this clause (h) to the contrary, in the event the
Buyers elect, within the Issuance Ten Day Period, to purchase less
than all of the Issued Interests then, in lieu of the Buyers
purchasing Issued Interests from the New Purchaser, General Partner
may elect to issue directly to such Buyers, for the same type and
amount per Issued Interest of cash or non-cash consideration paid
by the New Purchaser or cash in an amount equivalent in value to
the Issued Interest Price, an equivalent amount of additional
securities that are identical to the Issued Interests in all
material respects.
Section
9.2 Transfers. No
Limited Partner may assign or transfer all or any part of its
Limited Partnership Interest to any Person, except in compliance
with the following:
(a)
Right of First Refusal . In the event that a Limited Partner
(a " Selling Party ") proposes to transfer all or a portion
of its Limited Partnership Interest to any third party, other than
in accordance with Section 9.2(c) or (d), pursuant to a bona fide
offer, such Selling Party will provide notice of such proposed
transfer (including the identity of the proposed purchaser of such
interest, the amount of interests proposed to be transferred and
the proposed terms thereof) (the " Transfer Notice "), at
least fifteen (15) Business Days prior to the proposed transfer, to
each other Limited Partner, whereupon each other Limited Partner
shall have the right to purchase, at the same price and upon the
same terms and conditions set forth in the Transfer Notice, a pro
rata portion of such interest based upon such Limited Partner's
portion of the Percentage Interests held by all Limited Partners
other than the Selling Party. In the event a Selling Party proposes
to transfer Limited Partnership Interests in a transaction whereby
Limited
Partnership Interests shall be sold
to the transferee on a delayed or continuous basis (a "
Continuous Transfer "), the Transfer Notice relating to such
transaction shall be delivered at least fifteen (15) Business Days
prior to the first proposed transfer of Limited Partnership
Interests under the terms of the transaction (the " Initial
Transfer ") and no additional Transfer Notice shall be
delivered with respect to subsequent transfers of Limited
Partnership Interests pursuant to the same transaction. Except as
set forth in the next sentence, the purchase price shall be payable
in cash. In the event that the Transfer Notice specifies the
payment of consideration other than cash, the purchase price for
purposes of this Section 9.2(a) shall either be (x) the cash
equivalent of such consideration, determined by the General Partner
in good fai