Document:

EXHIBIT 10.3 - Schedule of Director Compensation

 

Compensation of Directors. Each director
of the Corporation is also a director of First Financial Bank (“FFB”), the lead subsidiary bank of the Corporation,
and receives directors’ fees from each organization. For 2013 a director of the Corporation and FFB will receive a fee of
$750 for each board meeting attended.

 

Non-employee directors also receive a fee
for meetings attended of the Audit Committee of $1,000, the Compensation Committee of $1,000, the Governance/Nominating Committee
of $500, and the Loan Discount Committee of $300. Each director also will receive from a quarterly director’s fee of $11,250.
No non-employee director served as a director of any other subsidiary of the Corporation.

 

Directors of the Corporation and FFB who
are not yet 70 years of age may participate in a deferred director’s fee program at each institution. Under this program,
a director may defer $6,000 of his or her director’s fees each year over a five-year period. When the director reaches the
age of 65 or age 70, the director may elect to receive payments over a ten-year period. The amount of the deferred fees is used
to purchase an insurance product which funds these payments. Each year from the initial date of deferral until payments begin
at age 65 or 70, the Corporation accrues a non-cash expense which will equal in the aggregate the amount of the payments to be
made to the director over the ten-year period. The Corporation expects that the cash surrender value of the insurance policy will
offset the amount of expenses accrued. If a director fails for any reason other than death to serve as a director during the entire
five-year period, or the director fails to attend at least 60 regular or special meetings, the amount to be received at age 65
or 70, as applicable, will be pro-rated appropriately.

 

Directors also may receive compensation previously
accrued under the Corporation’s 2005 Long-Term Incentive Plan, no other benefits may be accrued under this plan. Under this
plan, directors received 90, 100 or 110 percent of the director’s “award amount” if the Corporation and FFB
attained certain goals established by the Corporation’s Compensation Committee. See Exhibit 10.3 to this Form 10-K for a
description of this plan.EXHIBIT 10.4 - Schedule of Named Executive Officers Compensation

 

On December 21, 2012, the Compensation Committee of First Financial
Corporation (the “Corporation”) set the 2012 annual base salaries of the named executive officers. These amounts are
set forth in the table below.

 

	Name
    and Principal Position	 	2013
    Base Salary	 
	Donald
    E. Smith 
President
    and Chairman of the Corporation; Chairman of First Financial Bank, NA	 	$	200,000	 
	 	 	 	 	 
	Norman L. Lowery
    
Vice Chairman, CEO and Vice President of the Corporation;
    President and CEO of First Financial Bank, NA	 	$	620,296	 
	 	 	 	 	 
	Thomas S. Clary
    
Senior Vice President and CCO of First Financial Bank,
    NA	 	$	187,490	 
	 	 	 	 	 
	Norman D. Lowery
    
Vice President and COO of First Financial Bank, NA	 	$	191,014	 
	 	 	 	 	 
	Rodger A. McHargue
    
CFO of the Corporation; Vice President and CFO of
    First Financial Bank, NA	 	$	190,391Exhibit 10.30

 

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.

 

December 20, 2012

 

Globalstar Canada Satellite Co. (“Globalstar Canada”)

115 Matheson Boulevard West, Suite 100

Mississauga, Ontario, L5R 3L1

Canada

 

Globalstar, Inc. (“Globalstar, Inc.”)

300 Holiday Square Blvd.

Covington, Louisiana 70433

 

Attention: Mr. Jay Monroe

 

		Ref:	Contract Number GINC-C-08-0390 (“Contract”) between Globalstar Canada and Hughes Network Systems, LLC (“Hughes”),
as amended;

			Letter Agreement, dated March 21, 2011, as amended on Oct. 14, 2011 and December 30, 2011 and March 30, 2012 and June 26, 2012
(the “Letter Agreement”)

 

Dear Jay:

 

This letter memorializes the recent discussions
regarding certain milestone payments due and payable to Hughes under the Contract and reflects the parties’ further understandings
and agreements in respect of the Letter Agreement. The Specified Amount currently owing from Globalstar Canada to Hughes (excluding
accrued interest) is $17,831,729, which includes the remaining $8,554,486 of the April 2011 milestone payment and the full amount
of the July 2011 milestone payment. The deadline stated in the Letter Agreement for repayment of the Specified Amount is the earlier
of [*] and June 29, 2011 (such earlier date, the “Due Date”).

 

The parties hereby agree to further amend
the Letter Agreement as follows:

 

		·	[*]. 

		·	Globalstar Canada agrees to pay to Hughes $1,000,000 in two installments,
as follows: i) $250,000 no later than January 15, 2013 (“Installment Payment #1”); and ii) $750,000 no later than March
15, 2013 (“Installment Payment #2”). Both such payments shall be credited against the April 2011 milestone payment
and upon receipt of each such payment, the Specified Amount shall be reduced by the amount paid. 

		·	Provided that Hughes receives Installment Payment #1 no later than
January 15, 2013, the Due Date for repayment of the Specified Amount shall be extended to the earlier of [*] and March 15, 2013.

		·	Provided that Hughes receives Installment Payment #1 no later than
January 15, 2013 and receives Installment Payment #2 no later than March 15, 2013, the Due Date for repayment of the Specified
Amount shall be further extended to the earlier of [*] and March 28, 2013. 

		·	Upon each extension of the Due Date as specified above, the dates
specified in Paragraphs 2-3 of the Letter Agreement shall be extended to the then-current Due Date, and the associated dates referenced
in Paragraph 5 of the Letter Agreement shall be adjusted to the corresponding days in February 2013 after payment of Installment
Payment #1 and April 2013 after payment of Installment Payment #2, respectively. 

		·	Prior to payment of the entire Specified Amount being made to Hughes,
neither Globalstar, Inc. nor Globalstar Canada shall pay, or cause to be paid, directly or indirectly, any amount in respect of
capital expenses related to new capital projects not currently contracted for, or capital projects previously contracted for other
than i) the project for the manufacture and launch, together with related insurance, of the satellites (the “Satellites”)
already manufactured by Thales, or for which an order has been placed as of October 14, 2011, pursuant to the Amended and Restated
Contract between Globalstar, Inc. and Thales Alenia Space France dated June 3, 2009 and ii) projects for the development and supply
ground network infrastructure to be used with the Satellites under orders placed prior to October 14, 2011 or under orders valued
at no more than $1.5 million. 

		·	Except as amended herein, all terms and conditions of the Letter Agreement
and Contract shall remain in full force and effect. In the event of a discrepancy between the terms and conditions contained in
this Letter Agreement, as amended, and those contained in the contract, the terms and conditions contained in this Letter Agreement,
as amended, shall prevail.

 

    	 

    	 

    

 

 

In light of the extensions contemplated
by this letter, the parties agree to revise the program milestones set forth in Exhibit A of the Contract and the payment milestones
set forth in Exhibit C of the Contract. Notwithstanding anything to the contrary in the Contract, until such time as the Specified
Amount has been paid to Hughes and the parties have agreed on revised program milestones and payment milestones, Hughes shall not
be required to order any hardware and materials or deliver any test or production units under the Contract.

 

 

We would appreciate the acknowledgement
of Globalstar Canada’s and Globalstar, Inc’s agreement to this letter by having a duly authorized representative of
Globalstar Canada and Globalstar, Inc. sign in the respective signature blocks below.

 

 

Sincerely,

 

/s/ Sean P. Fleming

 

Sean P. Fleming

 

    	 

    	 

    

 

	AGREED AND ACCEPTED BY:	 
	 	 
	GLOBALSTAR CANADA	GLOBALSTAR, INC.
	SATELLITE CO.	 
	 	 
	 	 
	/s/ Stephen Drew	/s/ James Monroe III
	Signature	Signature
	 	 
	Stephen Drew	James Monroe III
	Name	Name
	 	 
	Treasurer	CEO
	Title	Title
	 	 
	12/21/12	12/20/12
	Date	DateExhibit
10.47

	
        To:
	
        Globalstar, Inc.

	 	300 Holiday Square Boulevard Covington, Louisiana 70433 United States of America
	 	Attention: James Monroe III

 

From: BNP Paribas, as the COFACE Agent

 

Date: 12th October 2012

 

By Express Mail and E-mail

 

Dear Sirs,

 

Waiver Letter No.11 - COFACE Facility

 

 

	1.	We refer to:
	 	 	 
		(a)	the facility agreement dated 5 June 2009 between
Globalstar, Inc. as the Borrower, BNP Paribas, Societe Generale, Natixis, Credit Agricole Corporate and Investment Bank and Credit
Industriel et Commercial as the Mandated Lead Arrangers, BNP Paribas as the Security Agent and the COFACE Agent and the banks and
financial institutions listed in schedule 1 (Lenders and Commitments) thereto as the Original Lenders, as
amended from time to time (the "Facility Agreement");

 

		(b)	the reservation of rights letter dated 29 June 2012 from the COFACE
Agent to the Borrower (the "Reservation of Rights Letter");

 

		(c)	the amendment and waiver request letter dated
3 July 2012 from the Borrower to the COFACE Agent (the "Request Letter") setting out, among other things, certain
Defaults;

		(d)	the letter dated 24 July 2012 from the COFACE
Agent to the Borrower (the "Relevant Utilisation Request Letter") with respect to the Relevant Utilisation Request
(as such term is defined in the Relevant Utilisation Request Letter);

 

		(e)	the letter dated 20 September 2012 from the
Borrower to the COFACE Agent setting out various responses from the Borrower to the various requirements of the Lenders as detailed
in the Relevant Utilisation Request Letter (the "Response Letter"); and

 

		(f)	the contingent equity funding notice dated 19 September 2012 from
the Borrower to BNP Paribas and Thermo (the "Contingent Equity Funding Notice").

 

		2.	Unless otherwise defined herein, terms and expressions
defined in the Reservation of Rights Letter shall have the same meaning when used in this letter (the "Letter").

 

		3.	We write to you in our capacity as COFACE Agent under
the Finance Documents acting in our capacity as facility agent and Chef de File for and on behalf of the Finance Parties.

 

    	

    	 

    

 

	 	4.	As at the date of this Letter, certain Events of Default
have occurred and are continuing.
	 	 	 
		5.	Following receipt by the COFACE Agent of the Response
Letter, for the sole purpose of permitting the Utilisation referred to in the Relevant Utilisation Request (as such term is defined
in the Relevant Utilisation Request Letter), subject to the terms of this Letter, the Lenders waive the condition precedent to
a Utilisation set out in clause 4.2(a) (Further Conditions Precedent) of the Facility Agreement that "no Default
is continuing or would be likely to result from the proposed Loan".

 

		6.	Pursuant to clause 6.2 (Permitted Withdrawals from
the Thermo Contingent Equity Account and the Borrower Contingent Equity Account) of the Accounts Agreement, no amounts may
be withdrawn from the Thermo Contingent Equity Account in accordance with clause 6.3(a)(ii)(B) (Contingent Equity Funding)
of the Accounts Agreement if a Default has occurred and is continuing.

 

		7.	Subject to paragraph 8 below and the other terms of
this Letter, the COFACE Agent (acting on the instructions of the Majority Lenders) agrees to waive the requirement that:

 

		(a)	pursuant to clause 6.2 (Permitted Withdrawals from the Thermo
Contingent Equity Account and the Borrower Contingent Equity Account) of the Accounts Agreement, "no Default has occurred
and is continuing";

 

		(b)	in accordance with clause 6.3(a)(ii)(B) (Contingent Equity Funding)
of the Accounts Agreement, within five (5) Business Days of its determination of a Forecast Deficiency (as such term is defined
in the Accounts Agreement) the Borrower must notify the COFACE Agent of such Deficiency (as such term is defined in the Accounts
Agreement) and the reasons (in reasonable detail) therefor;

 

		(c)	in accordance with clause 6.3(b)(ii) (Contingent Equity Funding)
of the Accounts Agreement, the Contingent Equity Funding Notice must specify "reasonable detail regarding the nature
of the Deficiency"; and

		(d)	in accordance with clause 6.3(b)(ii) (Contingent Equity Funding)
of the Accounts Agreement, the Contingent Equity Funding Notice must specify the "due date for payment of the Deficiency",

 

in each case, solely for the
purpose of permitting a transfer from the Thermo Contingent Equity Account to the Collection Account in an amount equal to seven
million three hundred thousand Dollars (US$7,300,000) referred to in the Contingent Equity Funding Notice on a date no earlier
than the date of this Letter (the "Relevant Transfer").

 

		8.	The Offshore Account Bank shall only be obliged to
make the Relevant Transfer if, no later than five (5) Business Days following the date of this Letter, the Borrower delivers written
notice to the COFACE Agent setting out:

 

		(a)	the reasons (in reasonable detail) as to why the Deficiency has arisen and the nature of such
Deficiency; and
	 	 	 

		(b)	the due date for payment of the Deficiency.

 

    	2

    	 

    

 

 

		9.	The granting of the waivers referred to above shall in
no circumstances be construed to be a:

 

		(a)	permanent waiver of clause 4.2(a) (Further Conditions Precedent) of the Facility Agreement;
or

 

		(b)	other than for the sole purpose described above, waiver of any:

 

		(i)	Relevant Default; or

		(ii)	other Default which has occurred or which may occur in the future
(and whether or not any Finance Party is aware of the same), including, but not limited to, any rights which may arise under clause
24 (Remedies upon an Event of Default) of the Facility Agreement.

 

		10.	Notwithstanding the granting of the waivers referred
to above, nothing in this Letter shall be construed to be an acceptance, approval or consent from the Lenders of any of the actions
proposed to be taken by the Borrower in the Response Letter including, without limitation, the incurrence of any Financial Indebtedness
in respect of "Phase 3" or the amount of any equity contributions to be made to the Borrower.
	 	 	 
	 	11.	This Letter is provided without prejudice to:

 

		(a)	the Reservation of Rights Letter; and

 

		(b)	each Obligor's continuing obligations under the Finance Documents to which it is a party and
which continuing obligations shall remain in full force and effect.

 

		12.	The Lenders agree that for the sole purpose of this
Letter only, the Waiver Fees (as such term is defined in the sixth amendment letter to the Facility Agreement dated 30 March 2011
and entered into between, amongst others, the Obligors and certain other parties to the Facility Agreement ("Amendment
Letter No.6")) shall not apply to this Letter. For the avoidance of doubt, unless agreed to the contrary by the Lenders,
paragraph 6 (Payment of Waiver Fees) of Amendment Letter No.6 shall apply to any additional waivers and/or amendments (howsoever
described) agreed to by the Lenders in respect of the Finance Documents after the date of this Letter.
	 	 	 
	 	13.	Each Obligor confirms in favour of the COFACE Agent that:

 

		(a)	it hereby agrees to the terms and conditions of this Letter; and
	 	 	 

		(b)	notwithstanding this Letter, each Finance Document to which it is a party remains in full force
and effect and the rights, duties and obligations of each Obligor are not, except as expressly stated to the contrary
in this Letter, released, discharged or impaired by this Letter.

 

		14.	The following provisions of the Facility Agreement are incorporated into
this Letter, mutatis mutandis, as if set out in this Letter with references to "this Agreement" being construed
as references to this Letter: clauses 17 (Costs and Expenses), 35 (Partial Invalidity), 38 (Counterparts), 39
(Governing Law) and 40 (Enforcement).
	 	 	 
	 	15.	This Letter shall constitute a Finance Document.

 

		16.	Any failure by the Borrower to comply with this Letter shall, subject to any applicable grace
periods under the Finance Documents, constitute an Event of Default.

 

 

    	3

    	 

    

 

 

 

		17.	Other than as set out in this Letter, each Finance Document shall remain
in full force and effect. Each Finance Party reserve all other rights or remedies it may have now or in the future.
	 	 	 

		18.	Other than in respect of each Finance Party, a person who is not a party
to this Letter may not rely on it and the terms of the Contracts (Rights of Third Parties) Act 1999 are excluded.

 

 Please confirm your acceptance of and agreement
to, the provisions of this Letter by signing and dating the enclosed copy of this Letter and returning it to the COFACE Agent.

 

 

Yours faithfully

 

/s/ Jean Philippe Poirier

 

/s/ E. Galzy

 

For and on behalf of

BNP Paribas

as COFACE Agent for and on behalf of the Finance Parties

 

    	4

    	 

    

 

Acknowledged and agreed

For and on behalf of

Globalstar, Inc.

as Borrower

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Thermo Funding Company LLC

as Obligor

 

/s/ James Monroe III

By: James Monroe III

Title: Manager

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

GSSI, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Security Services, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Globalstar C, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

    	5

    	 

    

 

 

Acknowledged and agreed

For and on behalf of

Globalstar USA, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Leasing LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Spot LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

ATSS Canada, Inc.

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Brazil Holdings, L.P.

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

    	6

    	 

    

 

 

Acknowledged and agreed

For and on behalf of

GCL Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

Acknowledged and agreed

For and on behalf of

GUSA Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

 

Acknowledged and agreed

For and on behalf of

Globalstar Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 10/12/12

 

 

 

    	7

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