SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

OLMSTEAD DEAN

(Last)

(First)

(Middle)

42 WILKINSON WAY

(Street)

PRINCETON

08540

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LORAL SPACE & COMMUNICATIONS INC. [ LORL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/22/2007		A		1,000⁽¹⁾	A	$0	1,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$27.135	05/22/2007		A		20,000		⁽²⁾	06/14/2013	Common Stock	20,000	$0	20,000	D
Employee Stock Option (Right to Buy)	$27.135	05/22/2007		A		100,000		⁽³⁾	06/14/2013	Common Stock	100,000	$0	100,000	D

Explanation of Responses:

1. On March 20, 2007, the Board of Directors approved grants of restricted stock to the Company's non-executive directors as part of their compensation for 2006. These grants were subject to stockholder approval of the Company's Amended and Restated 2005 Stock Incentive Plan (the "Amended and Restated Plan"). The Amended and Restated Plan was approved by stockholders at the Company's annual meeting on May 22, 2007, and the restricted stock grant was made on that date. 50% vests on grant date. The remaining 50% vests on the first anniversary of the grant date.

2. The options were granted on June 14, 2006 subject to stockholder approval of the Company's Amended and Restated Plan. On May 22, 2007, stockholders approved the Amended and Restated Plan. 20,000 shares vest over a four-year period, with 25% vesting on each of the first four anniversaries of the grant date.

3. The options were granted on June 14, 2006 subject to stockholder approval of the Company's Amended and Restated Plan. On May 22, 2007, stockholders approved the Amended and Restated Plan. 100,000 shares vest based upon closing of a satellite services business transaction with a specified value to Loral (25,000 shares vest upon closing of a transaction with a value of between $100 million and less than $250 million; 50,000 shares vest upon closing of a transaction with a value of between $250 million and less than $500 million; 75,000 options vest upon closing of a transaction with a value of between $500 million and less than $1,000 million; and 100,000 options vest upon closing of a transaction with a value of $1,000 million or more).

	Dean A. Olmstead	05/22/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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