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FINANCIAL INFORMATION
Item 1.
(In thousands, except share data)
(Unaudited)
June 30,
December 31,
2011
2010
$
180,809
$
165,801
266,788
186,896
85,018
71,233
66,220
66,220
27,611
28,927
626,446
519,077
192,641
235,905
336,373
319,426
421,739
362,556
9,644
11,110
266,882
294,019
25,063
12,816
$
1,878,788
$
1,754,909
$
84,345
$
95,952
48,135
52,017
329,680
261,603
29,582
30,375
491,742
439,947
240,021
244,817
168,168
169,196
899,931
853,960
212
209
95
95
1,013,857
1,028,263
64,778
(32,374
)
(100,983
)
(95,873
)
977,959
900,320
898
629
978,857
900,949
$
1,878,788
$
1,754,909
Table of Contents
(In thousands, except per share amounts)
(Unaudited)
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
$
252,422
$
279,962
$
532,321
$
508,876
213,684
236,653
445,205
447,078
22,167
20,211
43,093
40,610
(6,913
)
(6,913
)
14,357
23,484
23,098
50,936
6,831
4,719
2,833
12,292
6,112
(677
)
(581
)
(1,309
)
(1,204
)
65
4,535
(1,486
)
1,005
(3,437
)
912
26,105
26,355
63,017
12,651
(20,419
)
(1,646
)
(35,782
)
(3,161
)
5,686
24,709
27,235
9,490
23,940
(44,374
)
70,186
218
29,626
(19,665
)
97,421
9,708
(293
)
(269
)
29,333
(19,665
)
97,152
9,708
$
0.96
$
(0.66
)
$
3.17
$
0.32
$
0.91
$
(0.66
)
$
3.01
$
0.32
30,698
29,984
30,668
29,923
31,143
29,984
31,241
30,564
Table of Contents
(In thousands)
(Unaudited)
Common Stock
Retained
Accumulated
Voting
Non-Voting
Earnings/
Other
Shares
Shares
Paid-In
(Accumulated
Comprehensive
Noncontrolling
Total
Issued
Amount
Issued
Amount
Capital
Deficit)
Loss
Interest
Equity
20,391
$
204
9,506
$
95
$
1,013,790
$
(519,220
)
$
(62,878
)
$
431,991
486,846
$
495
487,341
(32,995
)
(32,995
)
454,346
547
5
13,990
13,995
(13
)
(2,477
)
(2,477
)
412
412
2,548
2,548
134
134
20,925
209
9,506
95
1,028,263
(32,374
)
(95,873
)
629
900,949
97,152
269
97,421
(5,110
)
(5,110
)
92,311
277
3
444
447
(16,765
)
(16,765
)
1,361
1,361
554
554
21,202
$
212
9,506
$
95
$
1,013,857
$
64,778
$
(100,983
)
$
898
$
978,857
Table of Contents
(In thousands)
(Unaudited)
Six Months
Ended June 30,
2011
2010
$
97,421
$
9,708
(31,510
)
17,662
(74,031
)
(55,861
)
(13,785
)
9,562
(1,553
)
(2,927
)
(5,045
)
(1,245
)
(11,065
)
8,206
(4,645
)
(5,161
)
52,177
13,341
(3,700
)
888
(4,796
)
(1,835
)
(1,999
)
214
(2,531
)
(7,448
)
(17,711
)
(26,983
)
61,482
(11,275
)
32,496
(26,983
)
447
8,334
(16,765
)
(443
)
1,361
(14,957
)
7,891
15,008
(26,540
)
165,801
168,205
$
180,809
$
141,665
Table of Contents
(Unaudited)
Table of Contents
Table of Contents
Level 1
Level 2
Level 3
(In thousands)
$
178,401
$
$
$
1,211
$
$
$
$
$
$
1,612
$
$
$
$
20,032
$
Table of Contents
Six Months
Ended June 30,
2011
2010
$
(70,186
)
$
(218
)
30,429
(347
)
15,562
17,576
554
3,723
365
(520
)
664
(70
)
(6,913
)
(198
)
58
(1,620
)
(1,633
)
345
67
(512
)
(974
)
$
(31,510
)
$
17,662
$
2,239
$
3,562
$
1,040
$
984
$
5,213
$
1,244
Three Months
Ended June 30,
2011
2010
$
29,626
$
(19,665
)
188
(35
)
1,623
86
(2,387
)
(259
)
2,592
(952
)
205
(1,211
)
(22
)
177
$
31,620
$
(20,648
)
Table of Contents
Six Months
Ended June 30,
2011
2010
$
97,421
$
9,708
386
(70
)
230
(242
)
(9,293
)
2,101
3,696
(1,983
)
(5,597
)
118
(129
)
659
$
92,311
$
10,173
June 30,
December 31,
2011
2010
$
207,330
$
125,593
59,458
61,303
$
266,788
$
186,896
June 30,
December 31,
2011
2010
$
329,784
$
312,412
1,973
2,893
19,109
17,556
350,866
332,861
(14,493
)
(13,435
)
$
336,373
$
319,426
Table of Contents
Financing
Receivables
More
Subject To
90 Days or
Than 90
Total
Unlaunched
Launched
Aging
Current
Less
Days
$
315,291
$
135,848
$
179,443
$
179,443
$
179,443
$
$
11,309
11,309
11,309
11,309
3,184
3,184
3,184
1,349
1,835
329,784
135,848
193,936
193,936
192,101
1,835
1,973
1,973
1,973
19,109
19,109
19,109
350,866
135,848
193,936
215,018
213,183
1,835
48,149
48,149
$
399,015
$
183,997
$
193,936
$
215,018
$
213,183
$
$
1,835
Financing
Receivables
More
Subject To
90 Days or
Than 90
Total
Unlaunched
Launched
Aging
Current
Less
Days
$
298,977
$
133,688
$
165,289
$
165,289
$
165,289
$
$
11,009
11,009
11,009
11,009
2,426
2,426
2,426
659
1,767
312,412
133,688
178,724
178,724
176,957
1,767
2,893
2,893
2,893
17,556
17,556
17,556
332,861
133,688
178,724
199,173
197,406
1,767
50,294
50,294
$
383,155
$
183,982
$
178,724
$
199,173
$
197,406
$
$
1,767
Table of Contents
June 30,
December 31,
Rating Categories
2011
2010
$
26,583
$
37,303
235,560
225,533
86,548
80,222
38,663
39,376
11,661
721
$
399,015
$
383,155
June 30,
December 31,
2011
2010
$
117,845
$
104,029
(31,401
)
(31,370
)
86,444
72,659
(1,426
)
(1,426
)
$
85,018
$
71,233
Foreign
Currency
U.S.$
(In thousands)
¥
83,368
$
1,035
¥
2,586,870
$
32,120
12,786
$
18,524
8,688
$
12,588
Table of Contents
To Sell
Hedge
At
Euro
Contract
Market
Maturity
Amount
Rate
Rate
(In thousands)
65,456
$
85,475
$
94,594
27,000
32,649
38,499
27,000
32,894
37,958
119,456
$
151,018
$
171,051
Asset Derivatives
Liability Derivatives
Balance Sheet
Balance Sheet
Location
Fair Value
Location
Fair Value
Other current assets
$
Other current liabilities
$
12,546
Other liabilities
6,491
19,037
Other current assets
Other current liabilities
869
Other liabilities
126
$
$
20,032
Table of Contents
Asset Derivatives
Liability Derivatives
Balance Sheet
Balance Sheet
Location
Fair Value
Location
Fair Value
Other current assets
$
4,152
Other current liabilities
$
9,451
Other liabilities
5,360
4,152
14,811
Other current assets
396
Other current liabilities
133
Other liabilities
63
$
4,548
$
15,007
Gain (Loss) Reclassified from
Gain (Loss) on Derivative
Accumulated
Ineffectiveness and
Gain (Loss) Recognized
OCI into Income
Amounts Excluded from
Derivatives in Cash Flow
in OCI on Derivatives
(Effective Portion)
Effectiveness Testing
Hedging Relationships
(Effective Portion)
Location
Amount
Location
Amount
$
(3,968
)
Revenue
$
(4,332
)
Revenue
$
(61
)
Interest income
$
$
(15,541
)
Revenue
$
(6,181
)
Revenue
$
1,074
Interest income
$
(1
)
Gain (Loss) Recognized in
Income
on Derivatives
Cash Flow Derivatives Not Designated as Hedging Instruments
Location
Amount
Revenue
$
1,255
Revenue
$
(1,195
)
Table of Contents
Gain(Loss)
Gain Reclassified from
Loss on Derivative
Recognized
Accumulated
Ineffectiveness and
in OCI on
OCI into Income
Amounts Excluded from
Derivatives in Cash Flow
Derivative
(Effective Portion)
Effectiveness Testing
Hedging Relationships
(Effective Portion)
Location
Amount
Location
Amount
$
(259
)
Revenue
$
952
Revenue
$
(34
)
Interest income
$
(8
)
$
2,101
Revenue
$
1,983
Revenue
$
(339
)
Interest income
$
(19
)
Gain
Recognized in Income
on Derivative
Cash Flow Derivatives Not Designated as Hedging Instruments
Location
Amount
Revenue
$
262
Revenue
$
522
June 30,
December 31,
2011
2010
(In thousands)
$
27,036
$
27,036
69,338
68,899
15,069
14,007
201,913
185,801
40,495
13,833
20,187
327,189
356,425
(134,548
)
(120,520
)
$
192,641
$
235,905
Table of Contents
June 30,
December 31,
2011
2010
(In thousands)
$
358,876
$
295,797
61,440
65,293
1,423
1,466
$
421,739
$
362,556
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
26,059
$
(42,360
)
$
74,081
$
4,703
(2,089
)
(1,951
)
(3,853
)
(4,358
)
(30
)
(63
)
(42
)
(127
)
$
23,940
$
(44,374
)
$
70,186
$
218
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
33,594
$
23,269
$
75,845
$
45,451
127
(2,347
)
(7,193
)
(3,710
)
(71
)
1,320
4,049
2,088
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
207,139
$
199,593
412,861
$
391,112
(47,041
)
(46,367
)
(93,816
)
(95,080
)
(62,768
)
(62,225
)
(124,959
)
(123,533
)
(5
)
(764
)
97,325
91,001
193,322
172,499
(54,373
)
(58,869
)
(110,685
)
(118,805
)
15,238
(142,351
)
98,568
(33,355
)
(11,171
)
49,679
(40,894
)
6,626
494
(901
)
1,590
(1,177
)
(9,158
)
135
(24,883
)
(10,173
)
38,355
(61,306
)
117,018
15,615
June 30,
December 31,
2011
2010
(In thousands)
$
229,433
$
291,367
5,574,872
5,309,441
328,977
294,485
2,915,131
2,928,916
4,243,456
4,145,336
146,808
141,718
1,184,608
1,022,387
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
8,457
$
8,903
$
17,327
$
16,844
(8,625
)
(8,876
)
(17,129
)
(17,394
)
(2,403
)
(2,404
)
(4,808
)
(4,809
)
(2,571
)
(2,377
)
(4,610
)
(5,359
)
(3,723
)
(3,491
)
(6,860
)
(7,777
)
June 30,
December 31,
2011
2010
(In thousands)
$
9,004
$
9,290
91,290
96,383
63,029
61,839
71,383
69,616
19,907
26,767
Weighted Average
Remaining
June 30, 2011
December 31, 2010
Amortization Period
Gross
Accumulated
Gross
Accumulated
(Years)
Amount
Amortization
Amount
Amortization
(In thousands)
(In thousands)
2
$
59,027
$
(55,938
)
$
59,027
$
(54,702
)
15
9,200
(2,645
)
9,200
(2,415
)
$
68,227
$
(58,583
)
$
68,227
$
(57,117
)
Table of Contents
$
2,931
2,314
460
460
460
June 30,
December 31,
2011
2010
(In thousands)
$
(36,896
)
$
(36,896
)
19,743
19,299
$
(17,153
)
$
(17,597
)
June 31,
December 31,
2011
2010
$
4,911
$
4,911
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
$
325
$
200
$
646
$
398
$
181
$
219
$
362
$
438
Table of Contents
Six Months
Ended June 30,
2011
2010
(In thousands)
$
122,857
$
111,316
2,722
682
2,803
2,881
1,153
589
(942
)
(288
)
(3,257
)
125,336
115,180
13,920
(239
)
4,267
76
18,187
(163
)
$
143,523
$
115,017
Table of Contents
Pension Benefits
Other Benefits
Three Months
Three Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
3,048
$
2,596
$
181
$
234
6,327
6,117
837
981
(5,813
)
(5,157
)
(4
)
(8
)
711
131
(379
)
(166
)
$
4,273
$
3,687
$
635
$
1,041
Pension Benefits
Other Benefits
Six Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
6,096
$
5,192
$
362
$
468
12,654
12,234
1,674
1,962
(11,626
)
(10,314
)
(8
)
(16
)
1,422
262
(758
)
(332
)
$
8,546
$
7,374
$
1,270
$
2,082
$
35,730
(847
)
1,212
$
36,095
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2011
(In thousands)
$
29,333
$
97,152
(998
)
(2,967
)
28,335
94,185
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
30,698
29,984
30,668
29,923
217
346
342
226
224
196
2
3
11
92
31,143
29,984
31,241
30,564
Three Months
Six Months
Ended June 30,
Ended June 30,
2010
2010
(In thousands)
1,435
125
16
238
8
106
Table of Contents
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
218,832
$
256,689
$
456,487
$
463,428
33,590
24,503
76,664
48,618
252,422
281,192
533,151
512,046
207,139
199,593
412,861
391,112
459,561
480,785
946,012
903,158
(1,230
)
(830
)
(3,170
)
(207,139
)
(199,593
)
(412,861
)
(391,112
)
$
252,422
$
279,962
$
532,321
$
508,876
$
28,097
$
37,040
$
68,613
$
49,770
160,098
153,225
319,045
296,058
(3,396
)
(2,870
)
(8,195
)
(6,771
)
184,799
187,395
379,463
339,057
(194
)
(279
)
(512
)
(160,098
)
(153,225
)
(319,045
)
(296,058
)
24,701
33,976
60,139
42,487
(7,853
)
(9,998
)
(15,544
)
(19,503
)
(62,768
)
(62,225
)
(124,959
)
(123,533
)
(277
)
(880
)
(572
)
(1,796
)
(70,898
)
(73,103
)
(141,075
)
(144,832
)
62,768
62,225
124,959
123,533
(8,130
)
(10,878
)
(16,116
)
(21,299
)
6,913
6,913
(14,357
)
$
23,484
$
23,098
$
50,936
$
6,831
June 30,
December 31,
2011
2010
(In thousands)
$
971,440
$
920,647
5,933,749
5,605,239
548,471
538,464
7,453,660
7,064,350
(5,574,872
)
(5,309,441
)
$
1,878,788
$
1,754,909
(1)
(2)
(3)
Table of Contents
(4)
(5)
(6)
(7)
(8)
(9)
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In thousands)
(In thousands)
$
33,587
$
23,277
$
75,825
$
45,446
41,121
33,718
72,118
52,987
Table of Contents
Table of Contents
Table of Contents
Item 2.
Topic
Location
Page 34
Page 37
Page 48
Page 53
Page 55
Page 55
Page 55
Page 56
Page 56
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In millions)
(In millions)
$
252.4
$
281.2
$
533.1
$
512.1
207.1
199.6
412.9
391.1
459.5
480.8
946.0
903.2
(1.2
)
(0.8
)
(3.2
)
(207.1
)
(199.6
)
(412.9
)
(391.1
)
$
252.4
$
280.0
$
532.3
$
508.9
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In millions)
(In millions)
$
28.1
$
37.1
$
68.6
$
49.8
160.1
153.2
319.0
296.0
(3.4
)
(2.9
)
(8.2
)
(6.8
)
184.8
187.4
379.4
339.0
(0.2
)
(0.3
)
(0.5
)
(160.1
)
(153.2
)
(319.0
)
(296.0
)
$
24.7
$
34.0
$
60.1
$
42.5
Table of Contents
Three Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In millions)
(In millions)
$
24.7
$
34.0
$
60.1
$
42.5
(8.1
)
(10.9
)
(16.1
)
(21.3
)
6.9
6.9
(14.4
)
23.5
23.1
50.9
6.8
4.7
2.8
12.3
6.1
(0.7
)
(0.6
)
(1.3
)
(1.2
)
0.1
4.5
(1.5
)
1.0
(3.4
)
0.9
(20.4
)
(1.6
)
(35.8
)
(3.1
)
23.9
(44.4
)
70.2
0.2
$
29.6
$
(19.7
)
$
97.4
$
9.7
(1)
(2)
(3)
(4)
(5)
(6)
Three Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
252
$
281
(10
)%
(1
)
(100
)%
$
252
$
280
(10
)%
Table of Contents
Three Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
214
$
237
(10
)%
85
%
85
%
Three Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
22
$
20
10
%
9
%
7
%
Three Months
Ended June 30,
2011
2010
(In millions)
$
5
$
3
Three Months
Ended June 30,
2011
2010
(In millions)
$
1
$
1
Table of Contents
Three Months
Ended June 30,
2011
2010
(In millions)
$
26.0
$
(42.4
)
(2.1
)
(2.0
)
$
23.9
$
(44.4
)
Table of Contents
Three Months
Three Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In Canadian dollars)
(In U.S. dollars)
200.4
205.4
207.1
199.6
(45.5
)
(47.9
)
(47.0
)
(46.4
)
(60.8
)
(63.9
)
(62.8
)
(62.2
)
0.1
94.2
93.6
97.3
91.0
(52.6
)
(60.6
)
(54.4
)
(58.9
)
14.2
(147.9
)
15.3
(142.3
)
(10.6
)
51.6
(11.2
)
49.7
0.3
(0.7
)
0.5
(0.9
)
(8.8
)
0.1
(9.2
)
0.1
36.7
(63.9
)
38.3
(67.3
)
0.9676
1.0287
Six Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
533
$
512
4
%
(1
)
(3
)
(66
)%
$
532
$
509
5
%
Table of Contents
Six Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
445
$
447
0
%
84
%
88
%
Six Months
Ended June 30,
% Increase/
2011
2010
(Decrease)
(In millions)
$
43
$
41
5
%
8
%
8
%
Six Months
Ended June 30,
2011
2010
(In millions)
$
12
$
6
Table of Contents
Six Months
Ended June 30,
2011
2010
(In millions)
$
1
$
1
Six Months
Ended June 30,
2011
2010
(In millions)
$
74.1
$
4.7
(3.9
)
(4.4
)
(0.1
)
$
70.2
$
0.2
Table of Contents
Six Months
Six Months
Ended June 30,
Ended June 30,
2011
2010
2011
2010
(In Canadian dollars)
(In U.S. dollars)
403.2
404.6
412.9
391.1
(91.6
)
(98.5
)
(93.8
)
(95.1
)
(122.1
)
(127.7
)
(125.0
)
(123.5
)
(0.7
)
(0.8
)
188.8
178.4
193.3
172.5
(108.1
)
(122.9
)
(110.7
)
(118.8
)
96.3
(34.5
)
98.6
(33.3
)
(39.9
)
6.8
(40.9
)
6.6
1.5
(1.1
)
1.6
(1.2
)
(24.3
)
(10.6
)
(24.9
)
(10.2
)
114.3
16.1
117.0
15.6
0.9766
1.0344
June 30,
December 31,
June 30,
December 31,
2011
2010
2011
2010
(In Canadian dollars)
(In U.S. dollars)
221.0
290.8
229.4
291.4
5,370.8
5,298.8
5,574.9
5309.4
317.0
293.9
329.0
294.5
2,808.4
2,923.0
2,915.1
2,928.9
4,088.2
4,137.1
4,243.5
4,145.3
141.4
141.4
146.8
141.7
1,141.2
1,020.4
1,184.6
1,022.4
0.9634
0.9980
June 30,
December 31,
2011
2010
$
1,357
$
1,625
5,622
5,477
6,979
7,102
(4
)
(5,622
)
(5,477
)
$
1,357
$
1,621
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
June 30,
December 31,
Maturity
Currency
2011
2010
(In CAD millions)
October 31, 2012
CAD or USD equivalent
October 31, 2012
CAD
160
170
October 31, 2014
USD
1,632
1,699
October 31, 2014
USD
140
146
November 1, 2015
USD
667
691
November 1, 2017
USD
209
217
CAD
2,808
2,923
(48
)
(54
)
2,760
2,869
CAD
(126
)
(97
)
CAD
2,634
2,772
Table of Contents
Table of Contents
Table of Contents
Item 3.
Foreign
Currency
U.S.$
(In millions)
¥
83.4
$
1.0
¥
2,586.9
$
32.1
12.8
$
18.5
8.7
$
12.6
To Sell
At
At
Euro
Contract
Market
Maturity
Amount
Rate
Rate
(In millions)
65.5
$
85.5
$
94.6
27.0
32.6
38.5
27.0
32.9
38.0
119.5
$
151.0
$
171.1
Table of Contents
Item 4.
Table of Contents
58
OTHER INFORMATION
Item 1.
Item 1A.
Item 5.
Item 6.
Grant Agreement, dated as of May 20, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Daniel Goldberg (Management compensation plan) (1)
Grant Agreement, dated as of May 31, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Michael C. Schwartz (Management compensation plan) (1)
Grant Agreement, dated as of May 31, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Michel G. Cayouette (Management compensation plan) (1)
First Amendment of Employment Agreement dated as of July 19, 2011 between Loral
Space & Communication Inc. and Michael B. Targoff (Management compensation plan) (2)
Loral Space & Communications
Inc. Severance Policy for Corporate Officers (Amended and restated as
of August 4, 2011) (Management compensation plan)
Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 906 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 906 of the Sarbanes-Oxley Act of 2002
(1)
(2)
Table of Contents
59
Registrant
Loral Space & Communications Inc.
/s/
Harvey B. Rein
Harvey B. Rein
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
and
Registrants Authorized Officer
Table of Contents
60
Grant Agreement, dated as of May 20, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Daniel Goldberg (Management compensation plan) (1)
Grant Agreement, dated as of May 31, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Michael C. Schwartz (Management compensation plan) (1)
Grant Agreement, dated as of May 31, 2011, by and among Telesat Holdings Inc.,
Telesat Canada, Loral Space & Communications Inc., the Public Sector Pension Investment Board,
4440480 Canada Inc. and Michel G. Cayouette (Management compensation plan) (1)
First Amendment of Employment Agreement dated as of July 19, 2011 between Loral
Space & Communication Inc. and Michael B. Targoff (Management compensation plan) (2)
Loral Space & Communications
Inc. Severance Policy for Corporate Officers (Amended and Restated as
of August 4, 2011) (Management compensation plan)
Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 906 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 906 of the Sarbanes-Oxley Act of 2002
(1)
(2)
(2) | (A) | you are a regular, full-time employee of the Company who is the President, the Chief Operating Officer, the Chief Financial Officer, an Executive Vice President, a Senior Vice President or a Vice President; |
(B) | your primary place of employment is the Companys corporate headquarters located in New York, NY, or such other place designated by the Plan Administrator; |
(C) | you have been employed by the Company for at least six months; and |
(D) | you have been designated by the Plan Administrator to be an Eligible Employee and have not thereafter been disqualified by the Plan Administrator; |
- 2 -
(A) | six calendar months Pay (i.e., 50% of Pay) (the Six-Months-Pay Amount); and | ||
(B) | the sum of (i) three calendar months Pay (i.e., 25% of Pay) plus (ii) two weeks Base Salary for every Year of Service plus (iii) one twelfth (1/12th) of two weeks Base Salary for every Month of Service in excess of such Participants Years of Service (the Three-Plus-Two Amount); or |
- 3 -
Category of Participant | Category I Participants | Category II Participants | ||
Aggregate Amount of Additional Severance
|
Either (x) to the extent the Initial Payment equals the Six-Months-Pay Amount, an amount equal to the Six-Months-Pay Amount plus one years Base Salary, or (y) to the extent the Initial Payment equals the Three-Plus-Two Amount, an amount equal to the Six-Months-Pay Amount plus one years Base Salary minus the excess of the Three-Plus-Two Amount over the Six-Months-Pay Amount | Three calendar months Pay (i.e., 25% of Pay) | ||
Installment Period
|
39 biweekly pay periods | 6 biweekly pay periods |
- 4 -
- 5 -
- 6 -
- 7 -
(i) | for a Category I Participant, twenty-four calendar months; or | ||
(ii) | for a Category II Participant, (x) six calendar months plus (y) a number of full calendar months (rounded up to the nearest whole month) equal to: (I) the amount of cash severance to which the Eligible Employee is entitled under Section 3(b)(2)(ii) and (iii) above divided by (II) the monthly rate of Eligible Employees Base Salary. |
- 8 -
- 9 -
- 10 -
- 11 -
- 12 -
- 13 -
- 14 -
- 15 -
- 16 -
- 17 -
- 18 -
/s/ Michael B. Targoff | ||||
Michael B. Targoff | ||||
Vice Chairman of the Board, Chief Executive Officer and President |
/s/ Harvey B. Rein | ||||
Harvey B. Rein | ||||
Senior Vice President and Chief Financial Officer |
/s/ Michael B. Targoff | ||||
Michael B. Targoff | ||||
Vice Chairman of the Board, Chief Executive Officer and President |
/s/ Harvey B. Rein | ||||
Harvey B. Rein | ||||
Senior Vice President and Chief Financial Officer |