Document:

Exhibit 4.2

NEITHER THESE SECURITIES
NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE 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”) AND APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, SHALL NOT BE OFFERED, PLEDGED,
HYPOTHECATED, SOLD OR OTHERWISE TRANSFERRED UNLESS (I) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (II) THE COMPANY RECEIVES
AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY STATING THAT SUCH
OFFER OR SALE MAY BE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

INTERNATIONAL FIGHT LEAGUE, INC.

WARRANT TO PURCHASE COMMON STOCK

 

	
  

  	
   

  	
   

  
	
  Warrant No. C-

  	
   

  	
  Original Issue Date:                  

  

 

INTERNATIONAL FIGHT
LEAGUE, INC., a Delaware corporation (the “Company”),
hereby certifies that, for value received, ________________________ (the “Holder”), is entitled to purchase from the Company up to a
total of ___________________________________ (____) shares of common stock,
$0.01 par value per share (the “Common Stock”),
of the Company (each such share, a “Warrant Share”
and all such shares, the “Warrant Shares”)
at an exercise price per share equal to $____ (as adjusted from time to time as
provided in Section 8 herein, the “Exercise Price”),
at such times after the Original Issue Date (the “Issuance
Date”) and prior to 5:00 P.M., New York City time, on ______________
(the “Expiration Date”), as provided in Section
3 herein, and subject to the following terms and conditions:

The Holder hereby agrees
that the representations and warranties set forth in Appendix A to Schedule
1, annexed hereto and made a part hereof, are true, accurate and complete
as of the Issuance Date.

1.             Registration of Warrants.  The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder from
time to time.  The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for
the purpose of any exercise hereof or any distribution to the Holder, and for
all other purposes, absent actual notice to the contrary.

2.             Non-Transferability of Warrant.  This Warrant may not be sold, pledged,
assigned or transferred in any manner without the written consent of the
Company.

3.             Exercise and Duration of Warrants.

                (a)
          Except as otherwise provided in
this Warrant, this Warrant (to the extent not previously exercised) may be
exercised, in whole or in part, by the registered Holder with respect

   
 

to the Warrant Shares in accordance with the
following schedule:  this Warrant shall
vest and become exercisable as to one-sixth (1/6) of the Warrant Shares on each
of the following dates:                                       
until fully vested and exercisable. 
Notwithstanding the foregoing, (i) any portion of this Warrant not
vested and exercisable as of the date (the “Termination
Date”) on which the Holder no longer is providing to the Company
either (x) independent contractor services under the written agreement between
the Holder and the Company in effect as of the Issuance Date (pursuant to which
agreement this Warrant To Purchase Common Stock is issued) (the “Team Manager Agreement”), or (y)
comparable independent contractor services under an agreement entered into with
the Company to replace the Team Manager Agreement, shall become void and of no
value as of the Termination Date; and (ii) any portion of this Warrant vested
and exercisable but not exercised prior to the Expiration Date shall be and
become void and of no value as of the Expiration Date, and on the Expiration
Date this Warrant shall terminate and no longer be outstanding  To the extent not exercised, installments
shall be cumulative and may be exercised in whole or in part.

(b)           The Holder may exercise this Warrant
by delivering to the Company (i) an exercise notice, in the form attached as Schedule
1 hereto (the “Exercise Notice”),
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being
exercised.  The date such items are
delivered to the Company (as determined in accordance with the notice
provisions hereof) is an “Exercise Date.”
The delivery by (or on behalf of) the Holder of the Exercise Notice and the
applicable Exercise Price as provided above shall constitute the Holder’s
certification to the Company that the Holder’s representations contained in Appendix
A to Schedule 1 hereto are true and correct as of the Exercise Date
as if remade in their entirety. 
Execution and delivery of the Exercise Notice shall have the same effect
as cancellation of the original Warrant and issuance of a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares subject
to and under the same terms and conditions as provided for in this instrument.

4.             Delivery of Warrant Shares.  Upon exercise of this Warrant, the Company
shall promptly (but in no event later than three (3) Trading Days after the
Exercise Date) issue or cause to be issued and cause to be delivered to the
Holder, or upon the written order of the Holder, to such person(s) and in such
name or names as the Holder may designate (provided that, if a registration
statement covering the resale of the Warrant Shares and naming the Holder as a
selling stockholder thereunder (the “Registration Statement”)
is not then effective under the Securities Act and the Holder directs the
Company to deliver a certificate for the Warrant Shares in a name other than
that of the Holder or an Affiliate of the Holder, the Holder shall deliver to
the Company on the Exercise Date an opinion of counsel reasonably satisfactory
to the Company to the effect that the issuance of such Warrant Shares in such
other name may be made pursuant to an available exemption from the registration
requirements of the Securities Act and all applicable state securities or blue
sky laws), a certificate for the Warrant Shares issuable upon such exercise,
free of restrictive legends, unless (a) the Registration Statement is not then
effective, or (b) if the Registration Statement is then effective, the Warrant
Shares are not being delivered to a third party pursuant to a bona fide
disposition by the Holder pursuant to the Registration Statement or (c) the
Warrant Shares are not freely transferable without volume restrictions pursuant
to Rule 144(k) under the Securities Act, in which case the certificate for the
Warrant Shares issuable upon such exercise shall contain the following legend:

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION (THE “COMMISSION”) OR THE SECURITIES COMMISSION OF ANY
STATE IN 

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RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE
OFFERED, PLEDGED, HYPOTHECATED, SOLD OR OTHERWISE TRANSFERRED UNLESS (I)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR
(II) THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE
COMPANY STATING THAT SUCH OFFER OR SALE MAY BE MADE PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS.

The Holder, or any
Person permissibly so designated by the Holder to receive Warrant Shares, shall
be deemed to have become the holder of record of such Warrant Shares as of the
Exercise Date.

5.             Charges, Taxes and Expenses.
Issuance and delivery of certificates for shares of Common Stock upon exercise
of this Warrant shall be made without charge to the Holder for any issue or
transfer tax, withholding tax, transfer agent fee or other incidental tax or
expense in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the Holder or an
Affiliate of the Holder. The Holder shall be responsible for all other tax
liability that may arise as a result of the issuance, exercise, vesting,
holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

6.             Replacement of Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation hereof, or in lieu of and substitution for this
Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction (in such case)
and, in each case, a customary and reasonable indemnity (which may include a
surety bond), if requested.  Applicants
for a New Warrant under such circumstances shall also comply with such other
reasonable regulations and procedures and pay such other reasonable third-party
costs as the Company may prescribe.  If a
New Warrant is requested as a result of a mutilation of this Warrant, then the
Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant.

7.             Reservation of Warrant Shares.
The Company covenants that it will initially reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved Common
Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares which
are initially issuable and deliverable upon the exercise of this entire
Warrant, free from preemptive rights or any other contingent purchase rights of
Persons other than the Holder.  The
Company further covenants that it will at all times reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved
Common Stock, solely for the purpose of enabling it to issue Warrant

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Shares upon exercise of
this Warrant as herein provided, the number of Warrant Shares which are then
issuable and deliverable upon the exercise of this entire Warrant, free from
preemptive rights or any other contingent purchase rights of persons other than
the Holder (taking into account the adjustments and restrictions of Section
8). The Company covenants that all Warrant Shares so issuable and
deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized,
issued and fully paid and nonassessable. The Company will take all such action
as may be reasonably necessary to assure that such shares of Common Stock may
be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any securities exchange or automated quotation system
upon which the Common Shares may be listed.

8.             Certain Adjustments. The
Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this Section
8.

(a)           Stock Dividends and Splits. If
the Company, at any time while this Warrant is outstanding, (i) pays a stock
dividend on its Common Stock in shares of Common Stock or otherwise makes a distribution
on any class of capital stock that is payable in shares of Common Stock, (ii)
subdivides its outstanding shares of Common Stock into a larger number of
shares, or (iii) combines its outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding immediately before such event and the denominator of which
shall be the number of shares of Common Stock outstanding immediately after
such event. Any adjustment made pursuant to clause (i) of this paragraph shall
become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clause (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

(b)           Fundamental
Transactions. If, at any time while this Warrant is outstanding  (i) the Company effects any merger or
consolidation of the Company with or into another Person, in which the Company
is not the survivor, (ii) the Company effects any sale of all or substantially
all of its assets or a majority of its Common Stock is acquired by a third
party, in each case, in one or a series of related transactions, (iii) any
tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which all or substantially all of the holders of Common
Stock are permitted to tender or exchange their shares for other securities,
cash or property, or (iv) the Company effects any reclassification of the
Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or
property (other than as a result of a subdivision or combination of shares of
Common Stock covered by Section 8(a) above) (in any such case, a “Fundamental Transaction”), then the Holder shall, subject to
the vesting requirements of this Warrant, have the right thereafter to receive,
upon exercise of this Warrant, the same amount and kind of securities, cash or
property as the Holder would have been entitled to receive upon the occurrence
of such Fundamental Transaction if the Holder had been, immediately prior to
such Fundamental Transaction, the holder of the number of Warrant Shares then
issuable upon exercise in full of this Warrant without regard to any
limitations on exercise contained herein; provided, however, that notwithstanding
the foregoing, nothing in this Section 8(b) shall be deemed to
accelerate the vesting of this Warrant, and this Warrant may only be exercised
to the extent that it has vested.  The
provisions of this paragraph (b) shall similarly apply to subsequent
transactions analogous to a Fundamental Transaction.

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(c)           Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price
pursuant to this Section 8, the number of Warrant Shares that may be
purchased upon exercise of this Warrant shall be increased or decreased
proportionately, so that after such adjustment the aggregate Exercise Price
payable hereunder for the increased or decreased number of Warrant Shares shall
be the same as the aggregate Exercise Price in effect immediately prior to such
adjustment.

(d)           Calculations. All calculations
under this Section 8 shall be made to the nearest cent or the nearest
1/100th of
a share, as applicable.  The number of
shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the sale or issuance of
any such shares shall be considered an issue or sale of Common Stock.

(e)           Notice of Adjustments. Upon the
occurrence of each adjustment pursuant to this Section 8, the Company at
its expense will, at the written request of the Holder, promptly compute such
adjustment, in good faith, in accordance with the terms of this Warrant and
prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number or type of Warrant Shares or
other securities issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in
detail the facts upon which such adjustment is based.  Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the
Company’s transfer agent.

9.             Payment of Exercise Price.
The Holder shall pay the Exercise Price in immediately available funds.

10.           No Fractional Shares. No
fractional Warrant Shares will be issued in connection with any exercise of
this Warrant.  In lieu of any fractional
shares which would otherwise be issuable, subject to Section 9, the
number of shares of Warrant Shares to be issued shall be rounded up to the
nearest whole number.

11.           Notices. Any and all notices or
other communications or deliveries hereunder (including, without limitation,
any Exercise Notice) shall be in writing and shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified
below in this Section 11 prior to 5:00 p.m. (New York City time) on a
Trading Day, (ii) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in the Purchase Agreement on a day that is not a Trading Day or later
than 5:00 p.m. (New York City time) on any Trading Day, (iii) the Trading Day
following the date of mailing, if sent by nationally recognized overnight
courier service specifying next Trading Day delivery, or (iv) upon actual
receipt by the party to whom such notice is required to be given, if by hand
delivery.  The address and facsimile
number of a party for such notices or communications shall be as set forth
below unless changed by such party by two (2) Trading Days’ prior notice to the
other party in accordance with this Section 11:

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  If to the Company:

  	
   

  	
  International Fight League, Inc.

  
	
   

  	
   

  	
  424 West 33rd Street, Suite 650

  
	
   

  	
   

  	
  New York, New York 10001

  
	
   

  	
   

  	
  Telephone No.: (212) 356-4000

  
	
   

  	
   

  	
  Facsimile No.: (212) 564-6546

  
	
   

  	
   

  	
  Attention: President, Legal and Business Affairs

  
	
   

  	
   

  	
   

  
	
  If to Holder:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

12.           Warrant Agent. The Company
shall serve as warrant agent under this Warrant.  Upon thirty (30) days’ notice to the Holder,
the Company may appoint a new warrant agent. 
Any corporation into which the Company or any new warrant agent may be
merged or any corporation resulting from any consolidation to which the Company
or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all of its corporate
trust or shareholders services business shall be a successor warrant agent
under this Warrant without any further act. 
Any such successor warrant agent shall promptly cause notice of its
succession as warrant agent to be mailed (by first class mail, postage prepaid)
to the Holder at the Holder’s last address as shown on the Warrant Register.

13.           Miscellaneous.

(a)           The Holder, solely
in such Person’s capacity as a holder of this Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the Holder, solely in such Person’s capacity as the
Holder of this Warrant, any of the rights of a stockholder of the Company or
any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of stock, consolidation,
merger, amalgamation, conveyance or otherwise), receive notice of meetings,
receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which such Person is then entitled to
receive upon the due exercise of this Warrant. 
In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the
Company.

(b)           Subject
to compliance with applicable securities laws, this Warrant shall not be
assigned by the Holder without the Company’s prior written consent, provided
that, subject to compliance with applicable securities laws, nothing in this
Warrant shall prohibit the Holder from transferring any Shares issued upon
exercise of this Warrant.  This Warrant
shall not be assigned by the Company except to a successor in the event of a
Fundamental Transaction.  This Warrant
shall be binding on and inure to the benefit of the parties hereto and their
respective permitted successors and assigns. 
Subject to the preceding sentence, nothing in this Warrant shall be
construed to give to any Person other than the Company and the Holder any legal
or equitable right, remedy or cause of action under this Warrant.  This Warrant shall be amended only in writing
signed by the Company and the Holder, or their permitted successors and
assigns.

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(c)           GOVERNING
LAW; VENUE; WAIVER OF JURY TRIAL.  ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION
OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED EXCLUSIVELY IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAW THEREOF. 
EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN,
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH
ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN AND HEREBY IRREVOCABLY
WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM
THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT.  EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL
SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT,
ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL
OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS
IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE
SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING CONTAINED HEREIN SHALL
BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER
PERMITTED BY LAW.  EACH PARTY HEREBY
WAIVES ALL RIGHTS TO A TRIAL BY JURY.

(d)           The headings herein are for
convenience only, do not constitute a part of this Warrant and shall not be
deemed to limit or affect any of the provisions hereof.

(e)           In case any one or more of the
provisions of this Warrant shall be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this
Warrant shall not in any way be affected or impaired thereby, and the parties
will attempt in good faith to agree upon a valid and enforceable provision
which shall be a commercially reasonable substitute therefore, and upon so
agreeing, shall incorporate such substitute provision in this Warrant.

14.           Registration Rights.  Holder has no right to require the Company or
any of its subsidiaries to register either the Warrant or any of the Warrant
Shares for sale pursuant to a registration statement filed under the Securities
Act.

15.           Definitions.

“Affiliate”
of any specified Person means any other person or entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such
specified Person.  For purposes of this
definition, “control” means the power to
direct the management and policies of such Person or firm, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise.

“Eligible
Market” shall mean any of the New York Stock Exchange, the American
Stock Exchange, Nasdaq Stock Market or the Over-the-Counter Bulletin Board (the
“OTCBB”).

“Person”
means any court or other federal, state, local or other governmental authority
or other individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

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“Trading Day”
shall mean any day on which the Common Stock is listed or quoted on any
Eligible Market.

IN
WITNESS WHEREOF, the undersigned has duly executed this Warrant as of the date
first indicated above.

	
  

  	
   

  	
   

  
	
   

  	
  INTERNATIONAL FIGHT LEAGUE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

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 SCHEDULE 1

FORM OF EXERCISE NOTICE

(To be executed by the Holder
to exercise the right to purchase shares of Common Stock under the foregoing
Warrant)

Ladies and Gentlemen:

(1)           The undersigned is the Holder of
Warrant No. __________ (the “Warrant”) issued by International Fight League,
Inc., a Delaware corporation (the “Company”). 
Capitalized terms used herein and not otherwise defined herein have the
respective meanings set forth in the Warrant.

(2)           The undersigned hereby exercises its
right to purchase __________ Warrant Shares pursuant to the Warrant.

(3)           The Holder shall pay the sum of
$_______ to the Company in accordance with the terms of the Warrant.

(4)           Pursuant to this Exercise Notice, the
Company shall deliver to the Holder _____________ Warrant Shares in accordance
with the terms of the Warrant.

	
  Dated:

  	
            ,     

  	
   

  

 

	
  Name of Holder: 

  	
   

  	
   

  

 

	
  By:

  	
   

  	
   

  
	
  Name: 

  	
   

  	
   

  
	
  Title: 

  	
   

  	
   

  

 

(Signature must conform
in all respects to name of Holder as specified on the face of the Warrant)

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Appendix A

to

Schedule 1

Warrant Holder
Certification

In
connection with the issuance, permitted transfer, and/or exercise of the
Warrant to which this Schedule 1 is attached, as the case may be, the
undersigned hereby certifies, knowing and intending that the International
Fight League, Inc., a Delaware corporation (the “Company”)
is relying hereon in issuing, transferring and/or exercising such Warrant, as
the case may be, that the following representations and warranties are true,
accurate and complete as of the date of such issuance, transfer and/or
exercise:

1.             Investment Intent.  The undersigned understands that this Warrant
and the Warrant Shares are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is
acquiring this Warrant and the Warrant Shares, as the case may be, as principal
for the undersigned’s own account and not with a view to, or for distributing
or reselling this Warrant and such Warrant Shares, as the case may be, or any
part thereof in violation of the Securities Act or any applicable state
securities laws, without prejudice, however, to the undersigned’s right,
subject to the provisions of the Warrant, at all times to sell or otherwise
dispose of all or any part of such Warrant Shares pursuant to an effective
registration statement under the Securities Act or under an exemption from such
registration and in compliance with applicable federal and state securities
laws.  The undersigned is acquiring this
Warrant and the Warrant Shares hereunder, as the case may be, in the ordinary
course of undersigned’s business. The undersigned does not presently have any
agreement, plan or understanding, directly or indirectly, with any Person (as
defined in this Warrant) to distribute or effect any distribution of this
Warrant or any of the Warrant Shares (or any securities which are derivatives
thereof) to or through any person or entity; provided,
however, that by making the
representations herein, the undersigned does not agree to hold this Warrant or
any of the Warrant Shares, as the case may be, for any minimum period of time.

2.             Holder’s Status.  The undersigned is, and on each date on which
the undersigned exercises this Warrant the undersigned will be, an “accredited
investor” as defined in Rule 501(a) under the Securities Act.  In general, an individual is deemed to be an
accredited investor if such individual has net worth, or joint net worth with
the individual’s spouse, in excess of $1,000,000 or annual income exceeding
$200,000, or $300,000 jointly with the individual’s spouse, in each of the two
most recent years and has a reasonable expectation of reaching the same income
level in the current year.  In addition,
the undersigned represents to the Company that during 2006, the undersigned (i)
was actively engaged in providing mixed martial arts services, other than as an
employee or as a director of a corporation, (ii) provided mixed martial arts
services to two or more Persons to which the undersigned was not “related” (as
such term is defined in proposed regulation Section 1.409A-1(f)(3)(ii) of the
proposed regulations under Section 409A of the Internal Revenue Code of 1986,
as amended) and that are not related to one another and (iii) the revenue that
the undersigned generated from providing mixed martial arts services to any
such Person during 2006 did not exceed 70% of the total revenue that the
undersigned generated from providing mixed martial arts services during
2006.  The undersigned shall notify the
Company by December 15, 2007, whether or not the representations in the
preceding sentence shall hold true with respect to the undersigned for 2007.

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3.             General Solicitation.  The undersigned is not acquiring this Warrant
or the Warrant Shares, as the case may be, as a result of any advertisement,
article, notice or other communication regarding this Warrant or the Warrant
Shares, published in any newspaper, magazine or similar media or broadcast over
television or radio or presented at any seminar or any other general
advertisement.

4.             Experience of Holder.  The undersigned, either alone or together
with its representatives, has such knowledge, sophistication and experience in
business and financial matters so as to be capable of evaluating the merits and
risks of the prospective investment in this Warrant and the Warrant Shares, and
has so evaluated the merits and risks of such investment.  The undersigned is able to bear the economic
risk of an investment in this Warrant and the Warrant Shares and, at the
present time, is able to afford a complete loss of such investment.

5.             Access to Information.  The undersigned acknowledges that the
undersigned has been afforded (i) the opportunity to ask such questions as the
undersigned has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the offering of this
Warrant and the Warrant Shares and the merits and risks of investing in this
Warrant and the Warrant Shares; (ii) access to information (other than material
non-public information) about the Company and the subsidiaries and their
respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment;
and (iii) the opportunity to obtain such additional information that the
Company possesses or can acquire without unreasonable effort or expense that is
necessary to make an informed investment decision with respect to the
investment.

6.             Independent Investment Decision.  The undersigned has independently evaluated
the merits of its decision to acquire this Warrant and the Warrant Shares.  The undersigned understands that nothing in
this Warrant or any other materials presented by or on behalf of the Company to
the undersigned in connection with its acquisition of this Warrant and the
Warrant Shares or this Warrant constitutes legal, tax or investment
advice.  The undersigned has consulted
such legal, tax and investment advisors as it, in its sole discretion, has
deemed necessary or appropriate in connection with its acquisition of this
Warrant and the Warrant Shares.

7.             Reliance on Exemptions.  The undersigned understands that the Warrant
and the Warrant Shares are being offered and issued to it in reliance on
specific exemptions from the registration requirements of United States federal
and state securities laws and that the Company is relying in part upon the
truth and accuracy of, and the undersigned’s compliance with, the
representations, warranties, agreements, acknowledgements and understandings of
the undersigned set forth herein in order to determine the availability of such
exemptions and the eligibility of the undersigned to acquire the Warrant and
the Warrant Shares.

[This space intentionally left blank.  Signature page follows.]

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IN WITNESS WHEREOF, the
undersigned has duly executed this Appendix as of the date first indicated
above.

 

	
  

  	
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  Name:

  
	
   

  	
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  ADDRESS FOR
  NOTICE

  
	
   

  	
  c/o:

  	
   

  
	
   

  	
   

  
	
   

  	
  Street:

  	
   

  
	
   

  	
   

  
	
   

  	
  City/State/Zip:

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  
	
   

  	
  Tel:

  	
   

  
	
   

  	
   

  
	
   

  	
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 12Exhibit 10.1

FORM OF

GLOBALSTAR, INC.

DESIGNATED EXECUTIVE AWARD AGREEMENT

Agreement (“Award Agreement”)
entered into on August 10, 2007 (the “Effective Date”)
by GLOBALSTAR, INC. (“Globalstar”)
with             (“Participant”), an employee of Globalstar or of a member of
the Globalstar Group.

PREFACE

This Award Agreement sets forth the terms and conditions of certain
Awards under the Globalstar, Inc. 2006 Equity Incentive Plan (“Plan”).  The Awards
completely supersede and replace a supplemental executive incentive
compensation program that Globalstar previously provided to Participant under a
“Designated Executive Incentive Compensation Memorandum” effective as of
November 1, 2004.  This Award Agreement
does not modify or otherwise affect Participant’s terms and conditions of
employment.  It does not, expressly or by
implication, create a contract for, or any assurance of, a fixed or minimum
duration of employment by Participant. 
Participant acknowledges and agrees that all agreements and
understandings in this Award Agreement are expressly made subject to Globalstar’s
at-will employment policy, as well as all other applicable terms and
conditions of the Globalstar Personnel Policies and Procedures Manual, and the
Plan.

The understandings and agreements in this Award Agreement are personal
to Participant and do not attach to, nor will they become an incident of, any
Participant’s office.

1.                                      PRINCIPLES

This Award Agreement is predicated on the
following principles and the parties intend that it be interpreted to be
consistent with them:

A.                                   The financial interests of all stockholders
of Globalstar will be enhanced by a financial compensation arrangement that
rewards key members of management financially for superior intermediate and
long-term team performance that contributes to Globalstar’s success.

B.                                     Equity-based incentive compensation to
management should and will result in an alignment of the financial interests of
management with the financial interests of stockholders.

C.                                     Awarding equity-based compensation that vests
over multiple years in accordance with annually updated performance criteria
should and will promote management’s commitment to Globalstar and will be in
the best interests of Globalstar and the stockholders.

D.                                    This Award Agreement is intended to be consistent
with the Plan.  In the event of an irreconcilable
conflict of substance, this Award Agreement should be interpreted to reconcile
it with the applicable provision of the Plan.

2.                                      CONSTRUCTION

2.1                               Cross-References.  References
to Sections, without further particularization (for example, an express
reference to the “Plan”), refer to sections, subsections, or other divisions of
this Award Agreement.

2.2                               Definitions.  Capitalized
terms used in this Award Agreement but not defined in this Award Agreement have
the meanings given to them in the Plan. 
In the event of conflict in the definition of a capitalized term between
this Award Agreement and the Plan, the definition in this Award Agreement shall
prevail; subject, however, to Section 1,
Part D.  As used in this Award Agreement,
the following terms have these meanings:

(a)                                  Affiliate(s) (of Thermo):  Persons, natural or
otherwise, who, directly or indirectly, control, are controlled by, or are
under common control with Thermo.

(b)                                 Annual Vesting Dates: 
Subject to fulfillment of applicable Vesting Conditions, the first
Trading Day of 2008, 2009, 2010, and 2011 that is three business days after
Globalstar shall have announced its earnings for the years ended, respectively,
on December 31, 2007, 2008, 2009, and 2010.

(c)                                  Award:  A
Current Award or a Future Award.

(d)                                 Cause:  Has
the meaning provided in Section 2.1(e) of the Plan.

(e)                                  Change of Control:  An
event, or series of events, as a result of which any party other than Thermo
becomes the beneficial owner, directly or indirectly, of securities of
Globalstar representing more than fifty percent (50%) of the combined voting
power of Globalstar’s then-outstanding securities entitled to vote generally in
the election of Directors; provided, however,
that the following acquisitions shall not constitute a Change in Control:  (1) an acquisition by any such person who on
the Effective Date is the beneficial owner of more than fifty percent (50%) of
such voting power, (2) any acquisition directly from Globalstar, including
without limitation a public offering of securities, (3) any acquisition by
Globalstar, (4) any acquisition by a trustee or other fiduciary under an
employee benefit plan of Globalstar, or (5) any acquisition by an entity owned
directly or indirectly by the stockholders of Globalstar in substantially the
same proportions as their ownership of the voting securities of Globalstar.  The effective date of a Change of Control will
be determined from the documents under which the Change of Control occurs.

(f)                                    Committee:  Has
the meaning provided in Section 2.1(h) of the Plan.

 2
 

(g)                                 Company:  Any
applicable member of the Globalstar Group, as the context may require.

(h)                                 Current Award (Nos. 1, 2A, and 2B):  Has
the meaning given to these terms in Section 4.1.1.

(i)                                     Disability:  Means
the permanent and total disability of Participant, within the meaning of
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, and any
applicable regulations or administrative guidelines promulgated thereunder.

(j)                                     Effective Date:  The
date of this Award Agreement.

(k)                                  Fair Market Value:  Has
the meaning provided in Section 2.1(h) of the Plan.

(l)                                     Fair Value of Services:  Total
compensation (exclusive of compensation under this Award Agreement) that is at
least equal to the compensation that Participant would be entitled to receive
if employed on an arm’s length basis to perform the services for which
Participant accepts ongoing employment by the Company after a Change of Control,
but under no circumstances less than the salary, plus all benefits (exclusive
of compensation under this Award Agreement) that Participant was receiving from
the Company before the effective date of the Change of Control.

(m)                               Future Award (Nos. 1, 2, and 3):  Has
the meaning given to these terms in Section 4.1.2.

(n)                                 Globalstar Group: 
Globalstar and, at any time, all entities that are directly or
indirectly owned or controlled by Globalstar.

(o)                                 Insider Trading Policy: 
Globalstar’s written policy from time to time in effect pertaining to
the sale, transfer, or other disposition of Globalstar’s equity securities by
members of the Board, officers, or other employees who may possess material,
non-public information regarding Globalstar, as in effect at the time of
a disposition of any Shares.

(p)                                 Participant:  The
individual whose name is set forth on the first page of this Award Agreement.

(q)                                 Plan:  The
Globalstar, Inc. 2006 Equity Incentive Plan, approved by the Board of Directors
and by the stockholders of Globalstar on July 12, 2006, as amended from time to
time.

(r)                                    Restricted Stock Bonus:  Has
the meaning provided in Section 2.1(mm) of the Plan.

(s)                                  Shares: 
Shares of Stock that have been issued as Awards.

(t)                                    Stock: 
Common stock of Globalstar, $0.0001 par value per share, as adjusted
from time to time in accordance with Section 8.

 3
 

(u)                                 Stock Exchange:  Any
stock exchange registered under the Securities Exchange Act of 1934, including
NASDAQ, on which Stock shall been registered as of an applicable Vesting Date.

(v)                                 Successor:  A
successor to Globalstar as a result of any Change of Control transaction or
series of transactions.

(w)                               Thermo: 
Collectively, Globalstar Holdings LLC, a Delaware limited liability
company, Globalstar Satellite, LP, and Thermo Funding Company, LLC, both
organized under the laws of Colorado, and their respective Affiliates.

(x)                                   Trading Day:  Any
day on which Stock shall be traded on a Stock Exchange.

(y)                                 Vested Shares: 
Shares that were issued under this Award Agreement that have ceased to
be subject to Globalstar’s reacquisition rights under Section 6.

(z)                                   Vesting:  The
lapsing or other termination of both Participant’s possibility of forfeiture of
the Awards to Globalstar and of Globalstar’s right to reacquire the Shares.

(aa)                            Vesting Conditions:  The
conditions precedent to Vesting that are set forth in Section 4.2 and Section
5.

(bb)                          Vesting Date:  Any
date, including an Annual Vesting Date, on which Awards, or any portion
thereof, granted under this Award Agreement shall cease to be subject to
forfeiture by Participant and/or reacquisition by Globalstar.

3.                                      OVERVIEW OF AGREEMENT

Globalstar
agrees to grant to Participant Awards of Restricted Stock Bonus Awards under
Section 4.1.  The Awards will be
subject to satisfaction of Vesting Conditions under Section 4.2.  Globalstar will reacquire non-Vested Shares
under Section 6 if at any time prior to Vesting Participant ceases to meet the
eligibility requirements under Section 5 or attempts to transfer non-Vested
Shares.  By signing this Award Agreement,
Participant:  (a) acknowledges
receipt of and represents that Participant has read and is familiar with this
Award Agreement, the Plan, and a prospectus
for the Plan in the form most recently filed with the U.S. Securities and Exchange
Commission, (b) agrees to accept the Awards and Shares subject to
all of the terms and conditions of this Award Agreement and the Plan, (c)
except as otherwise expressly stated in this Award Agreement, agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under this Award Agreement or the Plan,
and (d) agrees that Participant’s rights under the Globalstar Companies
Designated Executive Incentive Compensation Memorandum shall terminate on the
Effective Date of this Award Agreement.

 4
 

4.                                      AWARDS

4.1.1                             Current Awards.

(i)                             On the Effective Date, Globalstar shall issue
and Participant shall acquire, subject to this Award Agreement and applicable
provisions of the Plan, a Restricted Stock Bonus equal to 71,499 Shares (“Current Award No. 1”).

(ii)                          Promptly after the Effective Date, Globalstar shall use its best
efforts to cause sufficient Stock to be reserved under the Plan and duly
registered on Form S-8 in accordance with the Rules of the Securities and
Exchange Commission in order to be able to issue to Participant, subject to this
Award Agreement and the applicable provisions of the Plan, a Restricted Stock
Bonus equal to 285,987 Shares (“Current Award No. 2”).  Globalstar shall issue Current Award No. 2 to
Participant, and Participant shall acquire the Shares, in two installments, one
of 190,658 Shares on or about the Effective Date (Current
Award 2A) and one of 95,329 Shares on or about January 9, 2008 (Current Award 2B). 
The number of Shares issued shall be entered on Schedule 4.1 when
issued, but failure to do so shall not impair validity of the issuance.

4.1.2                             Future Awards.  On
each of the Annual Vesting Dates in 2008, 2009, and 2010, Globalstar shall
issue and Participant shall acquire, subject to this Award Agreement and
applicable provisions of the Plan, a Restricted Stock Bonus consisting of the
number of Shares determined by dividing 750,000 by the Fair Market Value per
share in dollars of the Stock on the last Trading Day that shall have occurred
before the respective Annual Vesting Date (“Future
Awards Nos. 1, 2, and 3”). 
The number of Shares issued shall be entered on Schedule 4.1 when
issued, but failure to do so shall not impair validity of the issuance.

4.1.3                             No Monetary Payment Required. 
Participant is not required to make any monetary payment as a condition
to receiving the Awards or the Shares. 
The consideration for the Awards and the Shares shall be past services
actually rendered to a Company or for its benefit.  Notwithstanding the foregoing, if required by
applicable state corporate law, Participant shall pay to Globalstar
consideration in the form of cash or past services rendered to a Company having
a value not less than the par value of the Shares issued upon receipt of the
Award.

4.1.4                             Issuance of Shares in Compliance
with Law.  Issuance of Shares shall be subject to
compliance with all applicable requirements of federal, state, or foreign
law.  No Shares shall be issued at any
time when issuance would constitute a violation by Globalstar of any applicable
federal, state, or foreign securities laws or other law or regulations or the
requirements of any Stock Exchange or market system on which the Stock may then
be listed.  The inability of Globalstar
to obtain from any regulatory body having jurisdiction the authority, if any,
deemed by Globalstar’s legal counsel to be necessary to the lawful issuance of
any Shares under this Award Agreement shall toll Globalstar’s obligation to
issue such Shares until such disability shall have been removed, and shall relieve
Globalstar of any liability in respect of any resultant delay in issuance of
Shares as to which such requisite authority shall not have been obtained.  As a condition to the issuance of the Shares,
Globalstar may require Participant to satisfy any qualifications that may be
necessary or appropriate, to 

 5
 

evidence compliance with any
applicable law or regulation and to make any representation or warranty with
respect thereto as may be requested by Globalstar.

4.1.5                             Compliance with Rule 16b-3.  The
Awards subject to this Award Agreement have been approved by the Board of
Directors in compliance with Rule 16b-3(d) promulgated under the
Securities Exchange Act of 1934.

4.2                               Vesting.

4.2.1                             Current Award Vesting. 
Subject to Sections 4.1.4, 4.2.3, 4.2.4, 4.2.5, and 5:

(i)                                     Thirty-three and one-third percent (33-1/3%)
of the total number of Shares comprising Current Award No. 1 shall become
Vested Shares on each of the Annual Vesting Dates in 2008, 2009, and 2010, and

(ii)                                  One hundred percent (100%) of the Shares
comprising Current Award No. 2 shall become Vested Shares on the Annual Vesting
Date in 2011.

4.2.2                             Future Award Vesting. 
Subject to Sections 4.1.4, 4.2.3, 4.2.4, 4.2.5, and 5, all Future Awards
Nos. 1, 2, and 3 shall be issued and become Vested Shares at the time they are
issued on the respective Annual Vesting Dates in 2008, 2009, and 2010.

4.2.3                             Impact of Insider Trading Policy.  No
Shares issued under this Award Agreement shall become Vested Shares on a date
on which a sale of Shares by Participant or Participant’s beneficiaries or
personal representatives would violate Globalstar’s Insider Trading
Policy.  Vesting shall be deferred until the
next day on which the sale would not violate the Globalstar Insider Trading
Policy.

4.2.4                             Acceleration of Vesting in Event
of Change of Control.  If Globalstar or stockholders holding, in the
aggregate, more than fifty percent (50%) of the combined voting power of
Globalstar’s then-outstanding securities entitled to vote generally in the
election of Directors should enter into one or more final and binding agreements
under which a Change of Control would occur before all Awards have been granted
under Section 4.1 and have become Vested Shares under Section 4.2, then, (a) seven
(7) Trading Days before the effective date of the Change of Control, subject to
Section 4.1.4 all ungranted Awards shall be granted, and, (b) subject to
Section 4.2.3 all Shares shall immediately become fully Vested Shares; provided, however, that in the event that the Awards are
assumed or substituted by a Successor this Section 4.2.4 is expressly also made
subject to the special rules set forth below. 
In the event that the Successor does not assume or substitute the
Awards, full acceleration of the grant and Vesting of the Awards under this
Section 4.2.4 shall occur notwithstanding the employment of the Participant by
the Company or the Successor following the effective date of the Change of
Control.

(i)                                     If the transaction or event that results in
the Change of Control includes a requirement that Participant remain employed
by the Company or its successor for a period of up to, but not more than,
twelve (12) months after the effective date of the Change of Control, then if
Participant’s continued employment for the entire employment period would be
for not less than Fair Value of Services, Participant agrees to accept the
offered employment, and 

 6
 

Vesting
of all Awards not vested on the effective date of the Change of Control will
occur on the earlier of twelve (12) months following the effective date of the
Change of Control or the termination of Participant’s employment by or at the
request of the Company or its Successor.

(ii)                                  If the transaction or event that results in
the Change of Control includes a requirement that Participant remain employed
by the Company or a Successor for a period of in excess of twelve (12) months
after the effective date of the Change of Control, then if Participant’s
continued employment for the entire employment period would be for not less
than Fair Value of Services, Participant will accept the offered employment; provided, however, that if the required period is in excess
of 24 months, Participant need only offer to accept for 24 months.  In such event, Vesting of all Awards not
Vested as of the effective date of the Change of Control shall occur to the
extent of one-half of the Shares not then vested on the first anniversary of
the effective date of the Change of Control, and Vesting of one-half of such
Shares shall occur on the second anniversary of the effective date of the
Change of Control; provided, however,
that under no circumstances shall final Vesting occur later than the earliest
of:  (i) the date of termination of
Participant by or at the request of the Company or a Successor, (ii) 24 months
after the effective date of the Change of Control, or (iii) the final Annual
Vesting Date.

4.2.5                             Acceleration for Second
Generation Constellation.  Subject to Sections 4.1.4, 4.2.3, and 5, granting
and Vesting of all ungranted or non-vested Awards and Shares shall occur on the
date that the Committee, acting in the exercise of its discretion, which shall
not be withheld or delayed unreasonably, determines that not less than
twenty-four (24) satellites of Globalstar’s “second generation constellation”
have entered commercial service and are performing satisfactorily in carrying
two-way voice and data, revenue capable, traffic.

5.                                      ELIGIBILITY REQUIREMENT AND
EXCEPTIONS.

5.1                               General Rule.  Subject
to the exceptions in Section 5.2, to be eligible for granting of Awards and/or
Vesting of Shares, a Participant must be employed by the Company or a Successor
on the applicable Grant Date and/or Vesting Date.  A Participant will forfeit all rights to
future issuance and/or Vesting of Awards not then vested if, prior to a Vesting
Date, Participant resigns from employment for any reason or Participant’s
employment is terminated by the Company for any reason, regardless of whether
termination is for the Company’s convenience or for Cause.

5.2                               Exceptions.  Subject
only to limitations under Sections 4.1.4 and 4.2.3,

5.2.1                             Partial Vesting with Respect to
Next Succeeding Annual Vesting Date.  If the Company terminates
Participant for any reason other than for Cause before any Annual Vesting Date,
Participant’s Award(s) that would have Vested on the applicable Annual Vesting
Date (but not on any subsequent Annual Vesting Dates) shall be distributed and
Vest pro rata on the date of Participant’s termination.  The pro rata share shall be determined by multiplying
the Award by a fraction with (i) a numerator equal to the greater of (a) 12, or
(b) 12 minus the number of whole months remaining until the applicable Annual
Vesting Date, and (ii) a denominator of 12. 
This exception shall not apply if the termination of employment is a
voluntary termination or resignation by Participant.

 7
 

5.2.2                             Termination within Six Months
prior to a Change of Control.  In addition to Participant’s rights under
Section 5.2.1, if the Company terminates Participant’s employment for any
reason other than for Cause, and the effective date of a Change of Control
occurs within six (6) months after the date of termination, then,
notwithstanding Participant’s termination and in addition to Participant’s
rights under Section 5.2.1, all of the unvested portion of the Current Awards
shall be reinstated and Vesting of the reinstated Awards shall occur on the
date that the Change of Control becomes effective.  On the same date, ungranted Future Awards
shall be reinstated, applicable Shares shall be granted, and Vesting of these
Shares shall occur, to the full extent that would have occurred in the event
Participant had been employed at the time of the effective date of a Change of
Control.  This exception shall not apply
if the termination of employment was a voluntary termination or resignation by
Participant.

5.2.3                             Termination Because of Death or
Disability.  If a Participant’s employment terminates
prior to the final Annual Vesting Date because of Participant’s death or
Disability, Participant (or if applicable Participant’s duly qualified estate,
personal representative, or designated beneficiary), shall be entitled to
receive, as Vested Shares, all Shares that would have vested on the next Annual
Vesting Date after the occurrence of death or Disability and notwithstanding
the actual date of the applicable Annual Vesting Date, distribution shall be
made on the date that is three (3) months after the date of death or Disability.  Rights under this Section 5.2.3 are in lieu
of rights that Participant would have enjoyed under Sections 5.2.1 and 5.2.2.

5.2.4                             Tax Withholding.  If
any of the exceptions in Section 5.2 applies, then, subject to Participant’s
opportunity to determine the methodology of satisfying tax withholding
obligations as set forth in Section 7.12 below, the Company shall satisfy tax
withholding obligations as permitted under Section 14 of the Plan.

6.                                      COMPANY REACQUISITION RIGHT;
ESCROW.

6.1                               Grant of Company Reacquisition
Right.  Except as provided in Section 5.2, in the
event that:  (i) Participant’s Service
terminates for any reason or no reason, with or without Cause, (ii) the final
date required for Vesting of an Award under Sections 4.2.1 or 4.2.2, as
applicable, shall pass and Vesting shall not have occurred, or (iii) Participant,
Participant’s legal representative, or other holder of Shares that are not
Vested Shares, attempts to sell, exchange, transfer, pledge, or otherwise
dispose of any Shares that are not vested, Globalstar or its designee shall
automatically reacquire the affected Shares, and Participant shall not be
entitled to any payment for the affected Shares.

6.2                               Establishment of Escrow. 
Participant authorizes Globalstar to deposit all non-Vested Shares with
Globalstar’s transfer agent to be held in book entry form, and Participant
agrees to deliver to and deposit with the transfer agent each certificate, if
any, evidencing the Shares and an “assignment separate from certificate” with
respect to such book entry Shares and each such certificate duly endorsed (with
date and number of shares blank) in a form satisfactory to the transfer agent,
to be held by the agent under the terms and conditions of this Section 6.2 (the
“Escrow”).  Upon the occurrence of a change under Section
8 in the character or amount of any outstanding Stock which is subject to the
provisions of this Award Agreement, any and all new, substituted, or additional
securities or other property to which Participant is entitled by reason of his
or her ownership of the Shares that remain, subject to Section 6.1, shall

 8
 

immediately become subject to the Escrow to the same
extent as the shares immediately before such event.  Globalstar shall bear the expenses of the
Escrow.

6.3                               Delivery/Vesting of Shares Subject
to Escrow.  Whenever Participant notifies Globalstar that
Participant proposes to sell, exchange, transfer, pledge, or otherwise dispose
of any Shares and whenever any of the non-Vested Shares subject to the Escrow
become Vested, Globalstar shall promptly determine, in its discretion
reasonably exercised, whether such occurrence would cause Globalstar
automatically to reacquire such Shares pursuant to Section 6.1.  If automatic reacquisition is not applicable,
Globalstar shall immediately confirm this fact to Participant and Participant may
at Participant’s option deliver to Globalstar Participant’s check or other good
funds in an amount sufficient for Globalstar to satisfy Globalstar’s tax
withholding obligations arising from the occurrence.  Upon receipt of the funds, Globalstar shall
notify Participant and give to the transfer agent a written notice directing
the transfer agent to deliver such Shares in accordance with Participant’s
instructions.  The transfer agent shall
then deliver to Participant the Shares specified in such notice, and the Escrow
shall terminate with respect to such Shares.

7.                                      TAX MATTERS.

7.1.1                                     Payment of Income Taxes.  If
Participant does not deliver to Globalstar Participant’s good funds provided in
6.3, Participant hereby authorizes Globalstar to liquidate sufficient escrowed Shares
to satisfy the federal, state, local, and foreign tax withholding obligations,
if any, of the Company that arise in connection with any of the following
clauses (i) through (v) (each a “Tax Event”):  (i) Vesting of the Shares, (ii) the transfer
of Shares to Participant, (iii) the lapsing of any restriction with respect to
any Shares, (iv) the filing of an election to recognize tax liability, or
(v) the transfer by Participant of any Shares. 
Liquidation shall be in accordance with procedures established by
Globalstar providing for delivery by Participant to Globalstar or a broker
approved by Globalstar of properly executed instructions, in a form approved by
Globalstar, providing for the assignment to Globalstar of the proceeds of a
sale with respect to some or all of the Shares becoming Vested Shares on a
Vesting Date.

7.1.2                                     Alternate Means of Tax Payments.  Section
7.1.1 to the contrary notwithstanding, Participant shall be permitted to
determine reasonable alternate methods by which the applicable income tax
withholding obligations of the Company on a Tax Event shall be satisfied by
Participant, such as payment under Section 6.2, directing withholding from
other compensation payable to Participant by the Company or deduction from the
Shares of stock issuable to a Participant upon the exercise or settlement of an
Award, or tender to Globalstar of a number of whole shares of stock having a
Fair Market Value equal to all or part of the applicable statutory minimum tax
withholding obligations of the Company. 
If Participant does so, Participant shall be deemed to have indemnified
the Company against any penalties and/or additional tax obligation incurred by
the Company in reliance on Participant having acted under this Section 7.1.2.

7.2                               Election under Section 83(b) of
the Code.  Participant understands that Participant
should consult with Participant’s tax advisor regarding the advisability of
filing with the Internal Revenue Service an election under Section 83(b) of the
Code, which must be filed no later than thirty (30) days after the date of the
acquisition of the Shares pursuant to this Agreement.  Failure to file an election under Section
83(b), if 

 9
 

appropriate, may result in adverse tax consequences
to Participant.  Participant acknowledges
that Participant has been advised to consult with a tax advisor regarding the
tax consequences to Participant of the acquisition of Shares hereunder.  ANY ELECTION UNDER SECTION 83(b) PARTICIPANT
WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH
PARTICIPANT ACQUIRES THE SHARES.  THIS
TIME PERIOD CANNOT BE EXTENDED. 
PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION
IS PARTICIPANT’S SOLE RESPONSIBILITY, EVEN IF PARTICIPANT REQUESTS GLOBALSTAR
OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON PARTICIPANT’S BEHALF.  Participant agrees to notify Globalstar in
writing before Participant files an election pursuant to Section 83(b) of the
Code.

7.3                                       Impact of Certain Tax Provisions.  It
is the intention of the parties that the Awards under this Agreement comply
with, and/or be exempt from, the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, so that no adverse tax consequences will be
imposed upon Participant under such Section at the time any Award vests.  The Plan is not intended to be a qualified
plan under the Federal Employee Retirement Income Security Act.  Nothing in this Award Agreement or in the
Plan shall be construed to be at variance with these intentions.

8.                                      ADJUSTMENTS FOR CHANGES IN CAPITAL
STRUCTURE.

Subject to any required
action by the stockholders, in the event of any change in the Stock effected
without receipt of consideration by Globalstar, whether through merger,
consolidation, reorganization, reincorporation, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, split-up, split-off,
spin-off, combination of shares, exchange of shares, or similar change in the
capital structure of Globalstar, or in the event of payment of a dividend or
distribution to the stockholders in a form other than Stock (excepting normal
cash dividends) that has a material effect on the Fair Market Value of shares
of Stock, appropriate adjustments shall be made by the Committee in the number
and kind of shares subject to the Award, in order to prevent disproportionate
dilution or enlargement of Participant’s rights under the Award.  For purposes of the foregoing, conversion of
any convertible securities of Globalstar shall not be treated as “effected
without receipt of consideration by Globalstar.”  Any fractional share resulting from an
adjustment pursuant to this Section shall be rounded down to the nearest whole
number.  The Committee in its sole
discretion, may also make such adjustments in the terms of any Award to
reflect, or related to, such changes in capital structure of Globalstar or
distributions as it deems appropriate. 
The Committee’s determinations under this Section 8 shall be final,
binding, and conclusive.

9.                                      RIGHTS AS A STOCKHOLDER,
DIRECTOR, EMPLOYEE, OR CONSULTANT.

Participant shall have no rights as a Stockholder
with respect to any Shares subject to any Award until the date of the issuance
of a certificate for such Shares (as evidenced by the appropriate entry on the
books of Globalstar or of a duly authorized transfer agent of Globalstar).  No adjustment shall be made for dividends,
distributions or other rights for which the record date is prior to the date
such certificate is issued, except as provided in Section 8.  Subject the provisions of this Agreement,
Participant shall exercise all rights and privileges of a Stockholder with
respect to Shares deposited in the Escrow pursuant to Section 6.  If Participant is an Employee, Participant
understands and acknowledges that, except as otherwise provided in a separate,
written employment agreement between a Participating Company and Participant, or
as 

 10
 

otherwise required by applicable law, Participant’s
employment is “at will” and is for no specified term.  Nothing in this Agreement shall confer upon
Participant any right to continue in the service of a Company or interfere in
any way with any right of the Company to terminate Participant’s service at any
time.

10.                               LEGENDS.

Globalstar may at any time
place legends referencing the Globalstar Reacquisition Right and any applicable
federal, state, or foreign securities law restrictions on all certificates
representing the Shares.  Participant
shall, at the request of Globalstar, promptly present to Globalstar any and all
certificates representing the Shares in the possession of Participant in order
to carry out the provisions of this Section. 
Unless otherwise specified by Globalstar, legends placed on such
certificates may include, but shall not be limited to, the following:

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS SET
FORTH IN AN AWARD AGREEMENT BETWEEN THIS CORPORATION AND THE REGISTERED HOLDER,
OR HIS PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL
OFFICE OF THIS CORPORATION.

11.                               TRANSFERS IN VIOLATION OF AGREEMENT.

No Shares may be sold, exchanged, transferred,
assigned, pledged, hypothecated, or otherwise disposed of, including by
operation of law, in any manner which violates any of the provisions of this
Agreement or applicable law and, in any event, until the date on which such
shares become Vested Shares.  Any
attempted disposition in contravention of the preceding sentence shall be
void.  Globalstar shall not be required (i)
to transfer on its books any Shares which will have been transferred in
violation of any of the provisions set forth in this Agreement or (ii) to treat
as owner of such Shares or to accord the right to vote as such owner or to pay
dividends to any transferee to whom such Shares will have been so
transferred.  In order to enforce its rights
under this Section, Globalstar shall be authorized to give a stop transfer
instruction with respect to the Shares to Globalstar’s transfer agent.  The parties intend that this Agreement having
been approved unanimously by the Board of Directors, Vested Shares shall be
transferable upon Vesting under Rule 16b-3(d) promulgated under the
Securities Exchange Act of 1934 as such Rule exists on the Effective Date.

12.                               MISCELLANEOUS PROVISIONS.

12.1                                Applicable Law.  This
Award Agreement shall be governed by the laws of the State of California as
such laws are applied to agreements between California residents entered into
and to be performed entirely within the State of California.

12.2                                Construction.  Captions and
titles in this Award Agreement are for convenience only and shall not affect
the meaning or interpretation of any provision of this Award Agreement.  Except when otherwise indicated by the
context, the singular shall include the plural and the plural shall include the
singular.  Use of the term “or” is not
intended to be exclusive, unless the context clearly requires otherwise.  Neither party shall be deemed the drafter of
this Award Agreement.

 11
 

12.3                                Administration.  All
questions of interpretation concerning this Award Agreement shall be determined
by the Committee.  All determinations by
the Committee shall be final and binding upon all persons having an interest in
the Award.

12.4                                Termination or Amendment.  The
Committee may terminate or amend the Plan or this Award Agreement at any time; provided, however, that no such termination or amendment may
adversely affect Participant’s rights under this Award Agreement without the
consent of Participant except to the limited extent that such termination or
amendment is necessary to comply with applicable law or government
regulation.  No amendment or addition to
this Agreement shall be effective unless in writing signed by Globalstar and
Participant.

12.5                                Transfer Rights.  Neither
the Awards nor any right to acquire Shares pursuant to the Awards shall be subject
in any manner to anticipation, alienation, sale, exchange, transfer,
assignment, pledge, encumbrance, or garnishment by creditors of Participant or
Participant’s beneficiary.  All rights
with respect to the Award shall be exercisable during Participant’s lifetime
only by Participant or Participant’s guardian or legal representative.  Participant’s rights (if any) that survive
Participant’s death may be transferred by will or by the laws of descent and
distribution.

12.6                                Binding Effect.  This
Award Agreement shall inure to the benefit of and be binding on the Successors
and assigns of Globalstar and, subject to the restrictions on transfer in
Section 12.5 shall be binding upon and inure to the benefit of Participant and
Participant’s heirs, executors, administrators, successors, and assigns.

12.7                                Further Instruments.  The
parties hereto agree to execute such further instruments and to take such
further action as may reasonably be necessary to carry out the intent of this
Award Agreement.

12.8                                Delivery of Documents and Notices. 
Except as otherwise expressly provided in this Award Agreement, any
document relating to participation in the Plan or any notice required or
permitted under this Award Agreement to be given to Participant shall be given
in writing and shall be deemed effectively given (except to the extent that the
Award Agreement provides for effectiveness only upon actual receipt of such
notice) upon personal delivery, electronic delivery at the then-active
Globalstar e-mail address, if any, provided for Participant, or upon
deposit in the U.S. Post Office or foreign postal service, by registered or
certified mail, or with a nationally recognized overnight courier service, with
postage and fees prepaid, addressed to Participant at the address shown below
Participant’s signature to this Award Agreement, or at such other address as
Participant may designate by notice in writing from time to time to
Globalstar.  Notices to any member of the
Globalstar Group shall be given in the same manner, addressed to Globalstar’s “Chairman”
at Globalstar’s Milpitas, California address.

12.9                                Beneficiary Designation. 
Subject to local laws and procedures, Participant may file with
Globalstar a written designation of a beneficiary who is to receive any benefit
under the Plan and this Award Agreement to which Participant is entitled in the
event of Participant’s death after the Shares have become Vested Shares and
before Participant receives all of such benefit.  Each designation will revoke all prior
designations by Participant, shall be in a form prescribed by Globalstar, and
will be effective only when filed by Participant in writing with Globalstar
during Participant’s lifetime.  If a
married Participant designates a beneficiary other than Participant’s 

 12
 

spouse, the effectiveness of
such designation may be subject to the consent of Participant’s spouse.  If a Participant dies without an effective
designation of a beneficiary who is living at the time of Participant’s death,
Globalstar will deliver any remaining Vested Shares to Participant’s legal
representative.

12.10                         Integrated Agreement.  This
Award Agreement and the applicable provisions of the Plan (which need not be
specifically and individually incorporated into or otherwise referenced in this
Award Agreement) shall constitute the entire understanding and agreement of
Participant and the Globalstar Group with respect to the subject matter
contained herein or therein and supersedes any prior agreements,
understandings, restrictions, representations, or warranties among Participant
and the Globalstar Group with respect to such subject matter other than those
as set forth or provided for herein or therein. 
To the extent contemplated herein or therein, the provisions of the
Award Agreement and the Plan shall survive any settlement of the Awards and
shall remain in full force and effect.

Agreed to as of                               
2007.

	
   

  	
  Participant:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name:

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  GLOBALSTAR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  James Monroe III

  
	
   

  	
   

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  461 South
  Milpitas Blvd.

  
	
   

  	
   

  	
  Milpitas,
  California 95035

  
				

 13
 

SCHEDULE
4.1

SHARES
AWARDED

	
  Award No.

  	
   

  	
  Date Awarded

  	
   

  	
  Number of Shares

  	
   

  
	
  Current Award
  No. 1

  	
   

  	
  Effective
  Date

  	
   

  	
  71,499

  	
   

  
	
  Current Award
  No. 2A

  	
   

  	
  Effective
  Date

  	
   

  	
  190,658

  	
   

  
	
  Current Award
  No. 2B

  	
   

  	
  January
           , 2008

  	
   

  	
  95,329

  	
   

  
	
  Future Award No.
  1

  	
   

  	
  March
           , 2008

  	
   

  	
   

  	
   

  
	
  Future Award No.
  2

  	
   

  	
  March
           , 2009

  	
   

  	
   

  	
   

  
	
  Future Award No. 3

  	
   

  	
  March
           , 2010

  	
   

  	
   

  	
   

  

 

 14

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