Exhibit 10.60


 


COMMON STOCK PURCHASE AND OPTION AGREEMENT


 


(as amended through December
20, 2013)


 


THIS COMMON STOCK
PURCHASE AND OPTION AGREEMENT (this “Agreement”) is made and entered into as of October 14, 2013 (as amended
December 20, 2013), by and among Globalstar, Inc., a Delaware corporation (the “Company”), Thermo Funding Company
LLC, a Colorado limited liability company (“TFC”), and Thermo Funding II LLC, a Colorado limited liability company
(“TFII,” and collectively with TFC, “Thermo”).


 


WHEREAS, the Company
entered into an Exchange Agreement, dated as of May 20, 2013 (the “Exchange Agreement”), with certain holders
of the Company’s 5.75% Convertible Senior Notes due 2028;


 


WHEREAS, the Company
is a party to a COFACE Facility Agreement dated as of June 5, 2009 (as amended, the “COFACE Agreement”),
between, among others, the Company, BNP Paribas as the Security Agent and the COFACE Agent (“Paribas”) and the
lenders thereunder (the “Lenders”), pursuant to which the Company has borrowed approximately $586.3 million;


 


WHEREAS, to obtain
the consent of Paribas and the Lenders to the transactions contemplated by the Exchange Agreement, the Company and Thermo entered
into an Equity Commitment, Restructuring and Consent Agreement dated as of May 20, 2013 (the “Consent Agreement”)
by and among the Company, the Lender, the domestic subsidiaries of the Company, Paribas and the Lenders;


 


WHEREAS, Section
2(a) of the Consent Agreement requires Thermo to agree to provide certain funds to the Company under the conditions set forth therein;


 


WHEREAS, the Company
and certain of its subsidiaries have entered into a Global Deed of Amendment and Restatement dated July 31, 2013, as amended by
a Deed of Amendment dated August 22, 2013 (the “GARA”), with Paribas and the Lenders, pursuant to which the
COFACE Agreement has been amended and restated effective August 22, 2013;


 


WHEREAS, in connection
with its obligations under the Consent Agreement and as required by the GARA, on July 29, 2013, and August 19, 2013 (the “Prior
Funds Advance Period”), Thermo advanced $6.0 million and $6.5 million, respectively (the “Prior Funds”),
to the Company for the purchase of shares of non-voting common stock of the Company (“Common Stock”) at a price
to be determined;


 


WHEREAS, during the
Prior Funds Advance Period, the Company’s voting common stock (“Voting Stock”) traded at a price of between
$0.57 and $0.65 per share;


 




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WHEREAS, during the
Prior Funds Advance Period, the Company sought to raise additional capital of at least $20 million, and was not able to obtain
interest from third party investors in purchasing sufficient additional capital at a price equal to or greater than $0.52 per share
(before advisory fees);


 


WHEREAS, in August
2013, Thermo was the only known party willing to fund at least $20 million at a price of $0.52 per share; and


 


WHEREAS, the Company
and Thermo each desires to agree upon the price per share for the purchase of Common Stock for which Thermo has provided the Prior
Funds and the grant of the First Option and the Second Option (each as defined below).


 


NOW, THEREFORE, in
consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:


 


ARTICLE
I



PURCHASE


 


Section 1.1           Purchase.
Under the terms and subject to conditions hereof and in reliance upon the representations, warranties and agreements contained
herein:


 


(a) The Company
hereby agrees to sell, and Thermo hereby agrees to purchase, 24,038,461 shares of Common Stock (the “Initial Shares”)
at a price of $0.52 per share in cash, payment of which has been made by Thermo’s delivery of the Prior Funds to the Company,
plus the grant of the First Option and the Second Option (each as defined below).


 


(b) Promptly
after the execution of this Agreement, the Company shall deliver the Initial Shares to Thermo.


 


Section 1.2           Options. Under the terms and subject to conditions hereof and in reliance upon the representations, warranties and agreements contained
herein:


 


(a) At any
time and from time to time, on or before November 28, 2013, the Company, through the Special Committee (as defined in Section 1.3),
may, at its sole option and by written notice to Thermo (which written notice shall be given no later than three days prior to
the date of purchase as set forth in such notice), designate a date, time and place (each such purchase, a “Closing”
and each such date, a “Closing Date”) upon which the Company shall sell to Thermo, and Thermo shall purchase
from the Company, additional shares of Common Stock (“First Additional Shares”) at a purchase price of
$0.52 per share, payment for which shall be made by wire transfer of immediately available funds, in an amount equal to the number
of First Additional Shares to be purchased on such Closing Date multiplied by $0.52, to an account designated by the Company; provided,
however, that the number of First Additional Shares to be sold pursuant to this Section 1.2(a) shall not exceed, $13,500,000 in
the aggregate, or 25,961,538 shares of Common Stock (such right of the Company set forth in this Section 1.2(a) is referred to
herein as the “First Option”). In the event of a stock split, reverse stock split, stock dividend or
other similar event, the number of shares and purchase price therefor set forth in this Section 1.2(a) shall be appropriately adjusted.


 




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(b) At any
time and from time to time, on or following such date as all of the First Additional Shares that may be purchased under Section
1.2(a) have been purchased, and on or before March 31, 2014, the Company, through the Special Committee, may, at its sole option
and by written notice to Thermo (which written notice shall be given no later than three days prior to the date of purchase as
set forth in such notice), designate a date, time and place (each such purchase, a “Closing” and each such date,
a “Closing Date”) upon which the Company shall sell to Thermo, and Thermo shall purchase from the Company, additional
shares of Common Stock (“Second Additional Shares,” and, together with the Initial Shares and the First
Additional Shares, the “Shares”) at a purchase price per share equal to the Second Additional Shares Purchase
Price (as defined in Section 1.2(d) below) for such Closing Date, payment for which shall be made by wire transfer of immediately
available funds, in an amount equal to the number of Second Additional Shares to be purchased on such Closing Date multiplied by
the Second Additional Shares Purchase Price for such Closing Date, to an account designated by the Company; provided, however,
that the aggregate purchase price for the Second Additional Shares to be sold pursuant to this Section 1.2(b) shall not exceed
$11,500,000 (such right of the Company set forth in this Section 1.2(b) is referred to herein as the “Second Option”).


 


(c) At each
Closing Date and upon payment therefor, the Company shall deliver the First Additional Shares or Second Additional Shares, as applicable,
to Thermo.


 


(d) For purposes
of Section 1.2(b), the “Second Additional Shares Purchase Price” on any Closing Date for the purchase of Second
Additional Shares shall be 85% of the average of the Closing Price for the ten trading days immediately preceding the date the
Company gives written notice to Thermo pursuant to Section 1.2(b) of such Closing Date. The “Closing Price”
on any trading day shall be the Close/Last sale price for the Voting Stock on the principal national securities exchange upon which
the Voting Stock then trades or, if the foregoing does not apply, the Close/Last sale price for the Voting Stock in the over-the-counter
market on the electronic bulletin board for the Voting Stock, or, if no such Close/Last sale price is reported, the average of
the highest closing bid price and the lowest closing ask price of any of the market makers for the Voting Stock as reported by
OTC Markets, Inc. or similar organization. If the Closing Price cannot be calculated for the Voting Stock on such date on any of
the foregoing bases, the Closing Price of such security on such date shall be the fair market value of a share of Voting Stock
as mutually determined by Thermo and the Special Committee.


 




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Section 1.3           Action
by the Special Committee. The special committee of the board of directors of the Company, as formed on July 30, 2013, by unanimous
written consent of the board of directors of the Company for the purpose of reviewing transactions between the Company and Thermo,
is referred to herein as the “Special Committee.” The Special Committee shall have full power and authority
to exercise the First Option and the Second Option on behalf of the Company, to give notice of such exercise on behalf of the
Company, and to take such other actions on behalf of the Company as are set forth above, or are with respect to the matters set
forth in this Agreement and are necessary, appropriate, or not inconsistent with the terms of this Agreement.


 


ARTICLE
II



REPRESENTATIONS AND WARRANTIES OF THE COMPANY


 


The Company represents
and warrants to Thermo as follows:


 


Section 2.1           Authority
Relative to this Agreement. The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. The Company has the requisite corporate power and authority to execute and deliver this Agreement and
to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation by the Company
of the transactions contemplated hereby have been duly authorized by the Company’s board of directors, and no other corporate
or stockholder proceedings on the part of the Company are necessary to authorize this Agreement or for the Company to consummate
the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and, assuming
the due authorization, execution and delivery by the other parties hereto, constitutes the valid and binding obligation of the
Company, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.


 


Section 2.2           Approvals.
No consent, approval, authorization or order of, or registration, qualification or filing with any court, regulatory authority,
governmental body (a “Governmental Entity”) or any other third party (each, an “Approval”)
is required to be made or obtained by the Company or any of its subsidiaries for the execution, delivery or performance by the
Company of this Agreement or the consummation by the Company of the transactions contemplated hereby, other than those that have
been obtained or those for which consents are being obtained, and except for filings required by the Securities Exchange Act of
1934, as amended (the “Exchange Act”) or any state securities laws, other matters where the failure by the
Company to make or obtain any Approval would not be material to the business of the Company and its subsidiaries, taken as a whole.


 




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Section 2.3           Non-Contravention.


 


(a)           The performance
by the Company of its obligations under this Agreement and the consummation by the Company of the transactions contemplated hereby
will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
(i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of
the Company or any of its subsidiaries is subject, (ii) the provisions of the organizational documents of the Company or any of
its subsidiaries or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction
over the Company or any of its subsidiaries or any of their properties; except in the case of clauses (i) or (iii) above, as would
not be material to the business of the Company and its subsidiaries, taken as a whole, or as publicly disclosed in any filing by
the Company under the Exchange Act.


 


(b)           Neither the
Company nor any of its subsidiaries is (i) in violation of the provisions of its organizational documents or (ii) in default under
any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company
or any of its subsidiaries is subject (other than any default identified in the Exchange Agreement), except in the case of clause
(ii) above, as would not be material to the business of the Company and its subsidiaries, taken as a whole, or as publicly disclosed
in any filing by the Company under the Exchange Act.


 


Section 2.4           Capitalization;
Issuance. The authorized capital stock of the Company is 1,700,000,000 shares, of which 1,600,000,000 shares have been designated
as common stock, 704,992,231 of which shares were issued and outstanding immediately prior to the date hereof. All of the issued
shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.
All of the issued shares of capital stock of each material subsidiary of the Company have been duly and validly authorized and
issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances,
equities or claims, except as publicly disclosed in any filing by the Company under the Exchange Act. All corporate action has
been taken such that the Shares issuable under this Agreement, when issued and delivered in accordance with the provisions of
this Agreement, will have been duly and validly authorized, fully paid and non-assessable.


 


Section 2.5           Securities
Laws. The Company is current in its filings of all reports, schedules, forms, statements and other documents required
to be filed by it with the Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements
of the Exchange Act and such filings are in material compliance with the Exchange Act.


 


ARTICLE
III



REPRESENTATIONS AND WARRANTIES OF THERMO


 


Thermo represents and
warrants to the Company, as follows:


 


Section 3.1           Existence;
Authorization. Thermo is duly organized and validly existing under the laws of its jurisdiction of organization. The execution,
delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated hereby are within Thermo’s
powers and have been duly authorized by all necessary action on the part of Thermo. This Agreement has been duly executed by Thermo
and constitutes a valid and binding agreement of Thermo.


 




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Section 3.2           Non-Contravention;
Approvals. The execution, delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated
hereby do not and will not (i) violate the organizational documents of Thermo or any statute or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over Thermo or any of its properties or (ii) require any consent
or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration
of any right or obligation of Thermo under any provision of any agreement or other instrument binding upon Thermo. The execution,
delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated hereby do not require
any Approval that has not been obtained.


 


Section 3.3           Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by and on behalf of Thermo or any of its affiliates.


 


Section 3.4           Securities
Laws. Thermo is participating in this Agreement and acquiring the Shares for its own account for investment purposes only and
not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered
under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws. Thermo does not have a present arrangement to effect any distribution of the Shares to or through any person or entity; provided,
however, that by making the representations herein, Thermo does not agree to hold any of the Shares for any minimum or other specific
term and reserves the right to dispose of the Shares at any time in accordance with or pursuant to a registration statement or
an exemption under the Securities Act.


 


Section 3.5           Restricted
Securities; Reliance on Exemptions. Thermo acknowledges that the Shares are being offered and sold to it in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and, thus, are characterized as
“restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company
in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold
without registration under the Securities Act only in certain limited circumstances. Thermo further understands that the Company
is relying in part upon the truth and accuracy of, and Thermo’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of Thermo set forth herein in order to determine the availability of such exemptions and the
eligibility of Thermo to acquire the Shares.


 




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ARTICLE
IV



ADDITIONAL AGREEMENTS


 





Section 4.1           Commercially
Reasonable Efforts; Further Assurances. The parties shall each cooperate with each other and use (and shall cause their respective
subsidiaries to use) their respective commercially reasonable efforts to promptly take or cause to be taken all necessary actions,
and do or cause to be done all things, necessary, proper or advisable under this Agreement and applicable laws to consummate and
make effective all the transactions contemplated by this Agreement as soon as practicable after the date of this Agreement. The
failure of any party to perform the actions contemplated by this Agreement shall not impair the rights and obligations of any
party under this Agreement, and notwithstanding any such failure, except as specifically set forth in this Agreement, the parties
shall endeavor in good faith to consummate the transactions contemplated by this Agreement upon the terms set forth herein.


 


Section 4.2           Voting
Restrictions. In accordance with the terms of existing obligations of the Company and Thermo, Thermo shall not exercise any
right to vote the Shares in the election of directors of the Company as long as Thermo and its affiliates own 70% or more of the
voting common stock of the Company.


 


Section 4.3           Transfer
Restrictions.


 


(a)           Thermo covenants
that the Shares will be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements
of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in compliance
with any applicable state securities laws. In connection with any transfer of the Shares other than pursuant to an effective registration
statement or to the Company, or pursuant to Rule 144, the Company may require the transferor to provide to the Company an opinion
of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration under the Securities Act. Notwithstanding the foregoing, the Company
hereby consents to and agrees to register on the books of the Company and with its transfer agent, without any such legal opinion,
except to the extent that the transfer agent requests such legal opinion, any transfer of Shares by Thermo to an affiliate of Thermo,
provided that the transferee certifies to the Company that it is an “accredited investor” as defined in Rule 501(a)
under the Securities Act and provided that such affiliate does not request any removal of any existing legends on any certificate
evidencing the Shares.


 


(b)            Thermo agrees
to the imprinting, until no longer required by this Section 4.3(b), of the following legend on any certificate evidencing
any of the Shares:


 


THESE SECURITIES HAVE
NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.


 




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Certificates evidencing
the Shares, if any, shall not be required to contain such legend or any other legend (i) while a registration statement covering
the resale of the Shares is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144 if
the holder provides the Company with a legal opinion reasonably acceptable to the Company to the effect that the Shares can be
sold under Rule 144, (iii) if the Shares are eligible for sale without any volume limitation under Rule 144, or (iv) if the holder
provides the Company with a legal opinion reasonably acceptable to the Company to the effect that the legend is not required under
applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements issued by the
Staff of the SEC).


 


(c)           The Company
will not object to and shall permit (except as prohibited by law) Thermo to pledge or grant a security interest in some or all
of the Shares in connection with a bona fide margin agreement with a registered broker-dealer or grant a security interest in some
or all of the Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the
Securities Act and who agrees to be bound by the provisions of this Agreement, and if required under the terms of such arrangement,
the Company will not object to and shall permit (except as prohibited by law) Thermo to transfer pledged or secured Shares to the
pledgees or secured parties. Except as required by law, such a pledge or transfer would not be subject to approval of the Company,
no legal opinion of the pledgee, secured party or pledgor shall be required in connection therewith (but such legal opinion shall
be required in connection with a subsequent transfer or foreclosure following default by Thermo to a transferee of the pledgee),
and no notice shall be required of such pledge. Thermo acknowledges that the Company shall not be responsible for any pledges relating
to, or the grant of any security interest in, any of the Shares or for any agreement, understanding or arrangement between Thermo
and its pledgee or secured party. At Thermo’s expense, the Company will execute and deliver such reasonable documentation
as a pledgee or secured party of Shares may reasonably request in connection with a pledge or transfer of the Shares, including
the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of the Securities Act or other applicable
provision of the Securities Act to appropriately amend the list of selling stockholders thereunder.


 


Section 4.4           Filings. 
Each of Thermo and the Company shall coordinate and cooperate with one another and shall each use commercially reasonable efforts
to comply with, and shall each refrain from taking any action that would impede compliance with, all legal requirements and shall
make all filings, notices, petitions, statements, registrations, submissions of information, application or submission of other
documents required by any Governmental Entity in connection with the purchase of the Shares, including, without limitation any
filings required under the Securities Act, the Exchange Act, any applicable state or securities or “blue sky” laws
and the securities laws of any foreign country, or any other legal requirement relating to the purchase
and sale of the Shares.  Each of Thermo and the Company will cause all documents that it is responsible for filing with any
Governmental Entity to comply in all material respects with all applicable legal requirements.


 


Section 4.5           Actions
of the Special Committee.  Each of Thermo and the Company agree that any action taken by the Special Committee
on behalf of the Company pursuant to the terms of this Agreement is an action of the Company. Each of Thermo and the Company shall
take any and all actions reasonably necessary to preserve the Special Committee’s authority to act on behalf of the Company
pursuant to the terms of this Agreement, and neither Thermo nor the Company shall take any action to decrease or eliminate the
authority of the Special Committee to act on behalf of the Company.




 




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ARTICLE
V


 



CONDITIONS TO CLOSING


 


Section 5.1           Conditions
to Closing of Each Party. The obligations of each of the parties at a Closing are subject to the fulfillment or waiver by
such party on or prior to the applicable Closing Date of each of the following conditions:


 


(a)      No Legal Restraint.
No temporary restraining order, preliminary or permanent injunction, cease and desist order or other legal restraint or prohibition
of any governmental entity preventing the consummation of the transactions contemplated herein shall be in effect or pending.


 


(b)      Executed
Agreement. Each of the parties shall have received an executed counterpart of this Agreement from each of the other parties.


 


Section 5.2           Conditions
to Closing of Thermo. The obligations of Thermo to the Company at a Closing pursuant to this Agreement are subject to the
fulfillment or waiver at or prior to the applicable Closing of each of the following conditions:


 


(a)      Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material
respects (except for the representations and warranties qualified by materiality, which shall be true and correct in all respects)
on the date of the Closing as though made as of such date, except to the extent expressly made as of an earlier date, in which
case as of such date.


 


(b)      Performance.
All agreements and conditions contained in this Agreement to be performed or complied with by the Company on or prior to the date
of the Closing shall have been performed or complied with by the Company in all material respects.


 


ARTICLE
VI


 



MISCELLANEOUS


 


Section 6.1           Survival.
The representations, warranties and covenants contained in this Agreement shall survive the Closing and the purchase of the Shares.


 


Section 6.2           Amendment
and Waiver. Except as otherwise provided herein, this Agreement may not be amended except by an instrument in writing signed
on behalf of each of the parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in
no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and
every provision of this Agreement in accordance with its terms. Any agreement on the part of any party to any waiver shall be
valid only if set forth in an instrument in writing signed on behalf of such party.


 




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Section 6.3           Severability.
If any provision of this Agreement shall be declared by any court of competent jurisdiction to be illegal, void or unenforceable,
all other provisions of this Agreement shall not be affected and shall remain in full force and effect.


 


Section 6.4           Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements
or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way.


 


Section 6.5           Successors
and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon,
the successors by operation of law and permitted assigns of the parties hereto. Neither this Agreement nor any of the rights or
obligations of any party under this Agreement shall be assigned, in whole or in part by any party without the prior written consent
of the other parties.


 


Section 6.6           Counterparts;
Third Party Beneficiaries. This Agreement may be executed in separate counterparts each of which shall be an original and
all of which taken together shall constitute one and the same agreement. No provision of this Agreement is intended to confer
any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns.


 


Section 6.7           Remedies.


 





(a)           Each
party hereto acknowledges that monetary damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without
limiting any other remedy or right it may have in law or in equity, the non-breaching party will have the right (without the requirement
of posting bond) to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction
enjoining any such breach and enforcing specifically each and every one of the terms and provisions hereof. Each party hereto agrees
not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement
for the securing or posting of any bond in connection with such remedy.


 


(b)           All rights,
powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative
and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous
or later exercise of any other such right, power or remedy by such party.


 


Section 6.8           Notices.
All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained
in a written instrument delivered in person or sent by facsimile, electronic mail, nationally recognized overnight courier or
first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set
forth below or such other address as may hereafter be designated in writing by such party to the other parties:


 




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If to the Company:


 


Globalstar, Inc.


300 Holiday Square Blvd.


Covington, Louisiana 70433


Telephone Number: (985) 335-1503


Facsimile: (985) 335-1900


Attention: L. Barbee Ponder


 


If to Thermo:


 


Thermo Funding Company LLC

1735 Nineteenth Street, Suite 200


Denver, Colorado 80202-1005

Attention: James Monroe III


 


All such notices, requests, consents and
other communications shall be deemed to have been given or made if and when delivered personally or by overnight courier to the
parties at the above addresses or sent by electronic transmission, with confirmation received, to the facsimile numbers or electronic
mail addresses specified above (or at such other address or facsimile number for a party as shall be specified by like notice).
Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously
with delivery to the first party receiving such notice.


 


Section 6.9           Governing
Law; Consent to Jurisdiction. This Agreement, and any claim, controversy or dispute arising under or related to this Agreement,
the transactions contemplated hereby and/or the interpretation and enforcement of the rights and duties of the parties hereto,
shall be governed by and construed in accordance with the law of the State of Delaware without regard to any applicable principles
of conflicts of law. Each party to this Agreement agrees that, in connection with any legal suit or proceeding arising with respect
to this Agreement, it shall submit to the non-exclusive jurisdiction of the United States District Court for the District of Delaware
or the applicable Delaware state court located in Newcastle County and agrees to venue in such courts.


 


Section 6.10           Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.


 


	 	GLOBALSTAR, INC.
	 	 	 	 
	 	By:	/s/ L. Barbee Ponder IV
	 	 	Name:	L. Barbee Ponder IV
	 	 	Title:	General Counsel and Vice President-Regulatory Affairs
	 	 	 	 
	 	THERMO FUNDING COMPANY LLC
	 	 	 	 
	 	By:	/s/ James Monroe III
	 	 	Name:	James Monroe III
	 	 	Title:	Manager
	 	 	 	 
	 	THERMO FUNDING II LLC
	 	 	 	 
	 	By:	/s/ James Monroe III
	 	 	Name:	James Monroe III
	 	 	Title:	Manager


  






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