Exhibit 10.1


 


Portions of this exhibit have been omitted pursuant to a
request for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities
Exchange Act of 1934. Such portions are marked “[*]” in this document; they have been filed separately with the Commission.







 





GLOBALSTAR, INC.


ANNUAL KEY EMPLOYEE BONUS PLAN


(PLAN YEAR COINCIDING WITH 2014 FISCAL
YEAR)


 


Section 1. Purposes of the Plan


 


The purposes of this
Key Employee Bonus Plan ("Plan") of Globalstar, Inc. ("Company") are:


 


		·	to reward designated key employees' successful efforts to exceed the Company's financial performance
goals for the designated Plan Year,



 


		·	to align these employees' financial interests with those of the Company's stockholders, and



 


		·	to provide these employees with a competitive, success-based bonus package.



 


Section 2. Bonus Pool; Amounts Payable


 


(a) The pool available for bonus distribution
shall be determined based on the Company's Adjusted EBITDA performance during the authorized calendar year ("Plan Year").
The aggregate amount to be distributed under the Plan with respect to the 2014 Plan Year shall be $1,000,000 if the Company's Adjusted
EBITDA for the Plan Year is [*] (the "Base EBITDA"). For each 1% of Adjusted EBITDA over the Base EBITDA, the
bonus pool will be increased by 1% of the percentage increase in Base EBITDA.


 


For example, if Plan Year Adjusted EBITDA
is [*], the bonus pool will be $1,000,000, if Plan Year Adjusted EBITDA is [*] the bonus pool will be [*], if Plan Year Adjusted
EBITDA is [*] the bonus pool will be [*], and so on.


 


For each
1% of Adjusted EBITDA below Base EBITDA, the bonus pool will be decreased by 2-1/2% of the percentage decrease in Base EBITDA until
Adjusted EBITDA declines to less than 80% of Base EBITDA (i.e. less than [*]), after
which no bonus will be payable.


 


For example, if Plan Year Adjusted EBITDA
is [*], the bonus pool will be [*], and if Plan Year Adjusted EBITDA is [*] the bonus pool will be [*]. Below [*] of Adjusted EBITDA,
no bonus will be payable.


 


For Plan purposes, Adjusted EBITDA means
EBITDA adjusted on a basis consistent with adjusted EBITDA previously reported by the Company, with further adjustments, if necessary,
for extraordinary net costs or benefits, spectrum sale or lease proceeds, asset write-offs and other similar items impacting Adjusted
EBITDA during the Plan Year as determined at the sole discretion of the Compensation Committee of the Board of Directors ("Committee").


 


(b) The portion of the pool payable to
each participant shall be as recommended by the Chief Executive Officer and approved by the Compensation Committee, acting in its
sole discretion.


 


Section 3. Participants; Eligibility; Payment


 


(a) The Compensation Committee (the
Chairman of the Board of Directors and CEO being also Chairman of the Committee) shall designate the participants in the Plan
within 90 days after the beginning of each Plan Year, and will report the roster of participants to the Board. The Plan, and
participation of initially-designated key employees, shall be effective retroactive to January 1 of the Plan Year. The CEO,
after reporting to the Committee, may also revise the roster of, or designate additional, participants from time to time with
participation to be effective from date determined by the CEO.


 






    	 



    	 



    

 


(b) In order to be eligible to
receive this bonus, a participant must be employed by the Company or any of its subsidiaries from the beginning of the Plan
Year (subject to express partial year designation under Section 3(a)) and until the first business day that is three (3)
business days after the Company files its annual report on Form 10-K for the Plan Year (such day the "Payment
Date"). Failure of a participant to remain employed through the Payment Date for any reason whatsoever will
terminate all entitlements under the Plan; provided, however, that the Committee may, but shall not be required to approve,
on a case-by-case basis, payments under the Plan of prorated bonus for employees who, during the Plan Year, are hired as, or
who replace, designated participants. The Committee may also, but shall not be required to, make case-by-case exceptions to
termination of Plan participation resulting from termination of service, either during the Plan Year or before the Payment
Date, because of death, disability, or voluntary retirement of a participant.


 


(c) The Company shall make payments
on the Payment Date. All payments will be, made in cash or in common stock of the Company as determined by the Committee. If
payments are made in stock, the shares shall be distributed accordance with the stock distribution provisions of Company's
Amended and Restated 2006 Equity Incentive Plan and shall be fully vested, registered and marketable at the time
distributed.


 


Section 4. Committee


 


(a) This Plan shall be administered
by the Committee, which shall have full authority and discretion to interpret the Plan, to establish, amend and rescind rules
relating to the Plan that are not inconsistent with this document, and to make all other determinations that may be necessary
or advisable for the Plan's administration.


 


(b) Any interpretation of the Plan by the
Committee and any

decision by it relating to the Plan shall be final and binding on all persons.


 


Section 5. Liability for Repayment


 


In the event that,
within two years after the Payment Date, discovered fraud or misrepresentation (as determined by the Committee) should result in
a need for the Company to restate its annual financial statements for the Plan Year in a manner that reduces the adjusted EBITDA
figure that was used to determine the amount available for distribution under the Plan, then participants who have received distributions
under the Plan in excess of the amounts they would have been entitled to receive, but for the fraud or misrepresentation, shall
be liable to repay such excess to the Company, without interest, on demand.


 


Section 6. Plan Not Exclusive







 





This Plan shall not be construed as limiting
the ability or discretion of the Committee to award additional compensation, including without limitation other bonuses, separate
and apart from this Plan, to individual participants based upon subjective or other criteria.