Document:

Exhibit 10.1

 

 

 

 

		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:	2nd August 2012

 

By Express Mail and E-mail

 

Dear Sirs,

 

Waiver Letter No.10 - COFACE Facility

 

		1.	We refer to:

 

		(a)	the facility agreement dated 5 June 2009 between Globalstar, Inc. as the Borrower, BNP Paribas, Société Générale,
Natixis, Crédit Agricole Corporate and Investment Bank and Crédit 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 thereto as
the Original Lenders, as amended from time to time by the Amendment Letters (as such terms is defined in Amendment Letter No.9)
(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”); and

 

		(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.

 

		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.	We note that pursuant to paragraph 4.1(b)(i) (Requested waivers and amendments) of the Request Letter, the Borrower
has requested an amendment in respect of clause 23.17 (Failure to Bring Satellites in Service) of the Facility Agreement
(as amended by Amendment Letter No. 9 to the Facility Agreement dated 6 March 2012 (“Amendment Letter No. 9”)),
which provides that an Event of Default will occur if the Borrower has failed to achieve Individual In-Orbit Acceptance with respect
to eighteen (18) Satellites delivered under the Satellite Construction Contract by 1 August 2012.

 

		5.	Subject to the terms of this Letter, the Majority Lenders agree to waive a breach solely in respect of Clause 23.17(a)(ii)
(Failure to Bring Satellites in Service) of the Facility Agreement (as amended by Amendment Letter No. 9) until 31 December
2012 with effect from the date of the last counter-signature of this Letter by each Obligor.

 

		6.	If the Borrower fails to achieve Individual In-Orbit Acceptance with respect to eighteen (18) Satellites delivered under the
Satellite Construction Contract by 31 December 2012, such failure shall constitute an immediate Event of Default without the application
of any additional grace period.

 

		7.	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.

 

		8.	The Borrower shall pay to the COFACE Agent and each COFACE Lender the “Waiver Fee” (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) no later than 10 days after the date of this Letter.

 

		9.	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 released, discharged or impaired by this Letter.

 

		10.	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).

 

    	2

    	 

    

		11.	This Letter shall constitute a Finance Document.

 

		12.	Any failure by the Borrower to comply with this Letter shall constitute an Event of Default pursuant to clause 23.3 (Other
Obligations) of the Facility Agreement (other than those obligations and/or provisions which if not complied with would result
in an Event of Default under another sub-clause of clause 23 (Events of Default) of the Facility Agreement).

 

		13.	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/ Fabrice Pruvost

 

/s/ E. Galzy

 

For and on behalf of

BNP Paribas

as COFACE Agent for and on behalf of the Finance Parties

 

    	3

    	 

    

Acknowledged and agreed

For and on behalf of

Globalstar, Inc.

as Borrower

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 8/9/12

 

 

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: 8/9/12

 

 

Acknowledged and agreed

For and on behalf of

GSSI, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 8/9/12

 

 

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: 8/9/12

 

 

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: 8/9/12

 

    	4

    	 

    

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: 8/9/12

 

 

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: 8/9/12

 

 

Acknowledged and agreed

For and on behalf of

Spot LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 8/9/12

 

 

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: 8/9/12

 

    	5

    	 

    

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: 8/9/12

 

 

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: 8/9/12

 

 

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: 8/9/12

 

 

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: 8/9/12

 

    	6Exhibit 10.2

 

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.

 

 

September 27, 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 $18,831,729, which includes the remaining $277,243 of the January 2011 milestone payment and the full amounts
of the April and July 2011 milestone payments. 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) $500,000 no later than October 5, 2012 (“Installment Payment I”); and ii) $500,000 no later than November
15, 2012 (“Installment Payment #2”). Both such payments shall be credited first against the January 2011 milestone
payment and then 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
October 5, 2012, the Due Date for repayment of the Specified Amount shall he extended to the earlier of [*] and November 15, 2012.
	 	·	Provided that Hughes receives installment
Payment #l no later than October 5, 2012 and receives Installment Payment #2 no later than November 15, 2012, the Due Date for
repayment of the Specified Amount shall be further extended to the earlier of [*] and December 21, 2012.

		·	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 December 2012 after payment of Installment
Payment #1 and January 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, Ines 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	 
	 	 	 	 
	September 27, 2012	 	September 27, 2012	 
	Date	 	Date

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