See the link to "BlackBerry Support Doc ID: KB13707" for information on this event.
We had this after an upgrade (4.0 -> 4.1) which included several reboots just to install current versions of prerequisite software. Because of other problems, we had to restart the Blackberry services a few times as well, but finally BES stopped transmitting with this event occuring every minute (while the services were still running). If you suffer from this, you probably have other problems to be solved as well, but the 10 restarts limit can be overcome as follows:
1. Stop all Blackberry services.
2. Run regedit, navigate to HKCU\Software\Microsoft\Windows\MessagingSubsystem\Profiles. (You must be logged in as the BES admin user)
3. Delete the Blackberry related profiles in there.
4. Start the services again.