0001193125-06-235616 Sample Contracts

SHARE OPTION AGREEMENT
Share Option Agreement • November 15th, 2006 • Intelsat LTD • Communications services, nec

WHEREAS, the Employee has agreed to perform services for the Company or one or more of its Subsidiaries (the “Employer”) pursuant to the employment agreement, dated as of March 16, 2006, between the Company and the Employee, as amended July 3, 2006 (the “Employment Agreement”); and

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Intelsat Holdings, Ltd. North Tower, 2d Floor Pembroke HM 08, Bermuda
Intelsat LTD • November 15th, 2006 • Communications services, nec

This will confirm that you and Intelsat Holdings, Ltd. (the “Company”) agree, notwithstanding anything to the contrary in the Merger Agreement or in the Company Equity Plans or in the stock option agreement pursuant to which you received or were granted options to purchase shares of PanAmSat common stock (the “Stock Option Agreements”), that:

Intelsat Holdings, Ltd. North Tower, 2d Floor Pembroke HM 08, Bermuda
Intelsat LTD • November 15th, 2006 • Communications services, nec

This will confirm that you and Intelsat Holdings, Ltd. (the “Company”) agree, notwithstanding anything to the contrary in the Merger Agreement or in the Company Equity Plans or in the stock option agreement pursuant to which you received or were granted options to purchase shares of PanAmSat common stock (the “Stock Option Agreements”), that:

AMENDMENT NO. 2
Intelsat LTD • November 15th, 2006 • Communications services, nec • District of Columbia

This Amendment No. 2 is entered into as of the 26th day of October, 2006, by and among Jeffrey P. Freimark (the “Executive”) and Intelsat Holdings, Ltd. (“Parent”) and Intelsat, Ltd. (the “Company”).

SHARE OPTION AGREEMENT
Share Option Agreement • November 15th, 2006 • Intelsat LTD • Communications services, nec

SHARE OPTION AGREEMENT (this “Agreement”), entered into as of August 3, 2006 (the “Grant Date”), between Intelsat Holdings, Ltd. (the “Company”), and [NAME] the “Employee”);

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