Document:

Unassociated Document

    Exhibit
4.1

    

    GLOBALSTAR,
INC.

    

    AMENDMENT
TO WARRANT NUMBER [__]

    

    TO
PURCHASE COMMON STOCK OF GLOBALSTAR, INC.

    

    

    Original
Date of Issuance: ________________

    

    

    This
Amendment (the “Amendment”) dated
______, 2010 amends Warrant Number[s] [__] dated ____________, 2009 (the “Warrant”) issued by
Globalstar, Inc., a Delaware corporation (the “Company”) to
[_______________] (the “Holder”), pursuant to
which the Holder is entitled to subscribe for and purchase up to [__________]
shares of the voting common stock of the Company, par value $0.0001 per share
(the “Common
Stock”). Capitalized terms used but not defined in this Amendment have
the meanings given to them in the Warrant.

    

    WHEREAS,
pursuant to Section
14 of the Warrant, the written consent of the
Company and the Holder is required to amend any provision of the Warrant; and

    

    WHEREAS, the Holder and the Company
desire to amend the Warrant as set forth herein.

    

    NOW,
THEREFORE, for good and valuable consideration, the parties hereto agree as
follows:

    

    1.           Amendments.

     

    1.1           The
definition of “Exercise Period” in Section 1(C) of the
Warrant is hereby amended and restated in its entirety as follows:

     

     

    “(C)           “Exercise Period”
means the period beginning on the date hereof and ending on June 8, 2010, unless
sooner terminated as provided below.”

     

    1.2           The
Company and the Holder acknowledge that the current Exercise Price is
$0.87.

     

    1.3           The
introductory paragraph of Section 2 of the
Warrant is hereby amended and restated as follows:

     

     

    “2.  Exercise of
Warrant.  Subject to Section 2.4, the rights represented by
this Warrant may be exercised in whole or in part at any time during the
Exercise Period, by delivery of the following to the Company at its address set
forth on the signature page hereto (or at such other address as it may designate
by notice in writing to the Holder):

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (A)           an
executed Notice of Exercise in the form attached hereto; and

    

    (B)           payment
of the Exercise Price in cash or by wire transfer of immediately available
funds.

    

    1.4           Section 2.1 of the
Warrant is hereby deleted and replaced with [Intentionally Deleted] and all
references to Section
2.1 shall not be applicable.

     

    1.5           All
other terms of the Warrant shall remain unchanged.

     

    2.           Cash Consideration.
In consideration for the Holder executing this Amendment, for agreeing to reduce
the term of the Warrant and for agreeing to eliminate the option to pay the
exercise price by “cashless exercise,” the Company hereby agrees to pay to the
Holder in immediately available funds cash consideration in the amount of
$_______, to be paid contemporaneously with the execution of this Amendment, but
in no event more than one (1) business day thereafter.

     

    3.           The
Company represents, warrants and agrees that:

     

    3.1           it
has all the requisite authority and power to enter into and consummate the
transactions contemplated herein and such transactions shall not contravene any
contractual, regulatory, statutory or other obligation or restriction applicable
to the Company;

     

    3.2           this
Amendment has been duly and validly authorized, executed and delivered by the
Company, and shall constitute a legal, valid, and binding obligation of the
Company, enforceable against it in accordance with its terms, except as the
enforcement thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally and general equitable principles
whether in a proceeding in equity or at law;

     

    3.3           it has a sufficient number of authorized
and unissued shares of voting common stock to consummate the exercise of the
Warrant;

     

    3.4           any
shares issued to Holder pursuant to an exercise of the Warrant shall be freely
tradable unlegended Common Stock
that may be sold into the public market, subject to the accuracy of Holder’s
representations in Section 4.4 below; and

     

    3.5           if,
from the date of this Amendment until September 1, 2010: (A) the Company enters
into any other arrangement related to the warrants issued concurrently with the
Warrant that involves payment of any consideration for agreeing to reduce the
term of the warrant, eliminating the option to pay the exercise price by
“cashless exercise” or for the exercise of any such warrants prior to their
stated term (other than shares issued pursuant to the existing terms of the
warrants); and (B) the Consideration Premium (as defined below) given by the
Company in connection therewith exists (a “Subsequent
Transaction”), then the Company will promptly (but in any event, within
three business days) pay to the Holder an amount in cash equal to the
Consideration Premium given in the Subsequent Transaction.  For the
purposes hereof, the “Consideration Premium” of any warrants amended by the
Company will mean an amount equal to: (A) (i) any aggregate reduction in the
Exercise Price for such warrants in the Subsequent Transaction paid to the
Company not in accordance with the terms of the original warrants; plus (ii) any
consideration given in the Subsequent Transaction, cash or otherwise; minus (B) any cash
consideration given in consideration of this Amendment; and (C) with the
resulting amount adjusted pro rata based on the applicable number shares of
Common Stock underlying the warrants.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.            The
Holder  represents and warrants that:

     

    4.1           it
has the authority to enter into the transactions and consummate the transactions
contemplated herein and such transactions shall not contravene any contractual,
regulatory, statutory or other obligation or restriction applicable to the
Holder;

     

    4.2           the
Amendment has been duly and validly authorized, executed and delivered by the
Holder, and shall constitute a legal, valid, and binding obligation of the
Holder, enforceable against it in accordance with its terms, except as the
enforcement thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally and general equitable principles
whether in a proceeding in equity or at law;

     

    4.3           it
has sufficient knowledge and experience in financial and business matters so as
to be capable of bearing the economic risks of participation in this Amendment,
and it is capable of evaluating the merits and risks of participating in this
Amendment, including any risks associated with surrendering certain rights
related to the Warrants; and

     

    4.4           it
is not an affiliate of the Company as such term is defined in Rule 144
promulgated under the Act.

     

    5.           Public
Disclosure.  On or before 8:30 a.m., New York City time, on June 4,
2010, the Company shall file a Current Report on Form 8-K describing the
material terms of the transactions contemplated by the Amendment in the form
required by the Securities Exchange Act of 1934, as amended, and attaching the
Amendment as an exhibit to such filing) (including all attachments, the “8-K
Filing”). From and after the 8-K Filing with the Securities and Exchange
Commission, the Company hereby covenants and agrees that the Holder shall not be
in possession of any material, nonpublic information received from the Company,
any of its subsidiaries or any of their respective officers, directors,
employees or agents, that is not disclosed in the 8-K Filing. The Company shall
not, and shall cause each of its subsidiaries and its and each of their
respective officers, directors, employees and agents, not to, provide the Holder
with any material, nonpublic information regarding the Company or any of its
subsidiaries from and after the 8-K Filing with the Securities and Exchange
Commission without the prior express written consent of the Holder.

     

    6.           Miscellaneous. This Amendment may be executed in
multiple original counterparts, each of which shall be an original, but all of
which shall constitute one and the same Amendment.  This
Amendment and all rights, obligations and liabilities hereunder shall be
governed by, and construed in accordance with, the internal laws of the State of
New York, without giving effect to the principles of conflicts of law that would
require the application of the laws of any other jurisdiction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Holder and the Company have executed this Amendment as of
______________, 2010.

    

    

    THE
HOLDER:

    

    [Insert
name]

    

    By:                                                                

    Name:

    Title:

    

    

    THE
COMPANY:

    

    GLOBALSTAR,
INC.

    

    By:                                                                

    Name:

    Title:Unassociated Document

    Exhibit
10.1

    

    UNITED
STATES OF AMERICA

    Before
the

    OFFICE
OF THRIFT SUPERVISION

     

    
      	 
      	 
      	 
      
	 
      	
              )

            	 
      
	
              In
      the Matter of

            	
              )

            	
              Order
      No.: CN 10-22

            
	 
      	
              )

            	 
      
	 
      	
              )

            	 
      
	
              TIERONE
      CORPORATION

            	
              )

            	
              Effective
      Date:  June 3, 2010

            
	 
      	
              )

            	 
      
	 
      	
              )

            	 
      
	
              Lincoln,
      Nebraska

            	
              )

            	 
      
	
              OTS
      Docket No. H3867

            	
              )

            	 
      
	 
      	
              )

            	 
      

    

     

    ORDER TO CEASE AND
DESIST

     

    WHEREAS, TierOne Corporation,
Lincoln, Nebraska, OTS Docket No. H3867 (Holding Company), by and through its
Board of Directors (Board), has executed a Stipulation and Consent to Issuance
of an Order to Cease and Desist (Stipulation); and

    

    WHEREAS, the Holding
Company, by
executing the Stipulation, has consented and agreed to the issuance of this
Order to Cease and Desist (Order) by the Office of Thrift Supervision (OTS)
pursuant to 12 U.S.C. § 1818(b); and

    

    WHEREAS, pursuant to delegated
authority, the OTS Regional Director for the Central Region (Regional Director)
is authorized to issue Orders to Cease and Desist where a savings and loan
holding company has consented to the issuance of an order.

    

    NOW, THEREFORE, IT IS ORDERED
that:

     

    Cease and
Desist.

     

    1.           The
Holding Company and its directors, officers, employees, and agents shall cease
and desist
from any action (alone or with another or others) for or toward causing,
bringing about, participating in, counseling or the aiding and abetting in the
unsafe or unsound practices that resulted in operating the Holding Company with
an inadequate level of capital for the volume, type, and quality of assets held
by the consolidated Holding Company and with inadequate earnings to fund
expenses.

     

    TierOne
Corporation

    Order to
Cease and Desist

    Page 1 of
8

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Recapitalization
Requirements.

     

    2.           By
May 31, 2010, the Holding Company shall ensure that its wholly-owned subsidiary,
TierOne Bank, Lincoln, Nebraska, OTS Docket No. 03309 (Association), complies
with the recapitalization requirements set forth in Sections 1.1 and 1.2 of the
Prompt Corrective Action Directive issued by the OTS against the Association,
OTS Order No. CN 10-14, effective March 31,
2010.

     

    Capital
Plan.

     

    
      	
              3.

            	
              (a)

            	
              By
      July 15, 2010, the Holding Company shall submit to the Regional Director
      a  Capital Plan covering the period beginning with the quarter
      ending June 30, 2010 through the quarter ending December 31,
      2011.  At a minimum, the Capital Plan shall
    include:

            

    

     

    (i)           establishment
of a minimum tangible capital ratio of tangible equity capital to total tangible
assets commensurate with the Holding Company’s stand alone risk
profile;

     

    (ii)           specific
strategies for increasing and maintaining tangible equity capital of the Holding
Company at the Board established targets no later than September 30,
2010;

     

    (iii)           operating
strategies to achieve net income levels that will result in profitability and
adequate debt service at the Holding Company without reliance on dividends from
the Association;

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 2 of
8

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (iv)           specific
plans to reduce the risks to the Holding Company from its current debt servicing
requirements;

     

    (v)           detailed
scenarios to stress-test the consolidated capital targets based on continuing
operating results, economic conditions and risk profile of consolidated
assets;

     

    (vi)           detailed
quarterly pro forma consolidated and unconsolidated Holding Company balance
sheets and income statements for the period beginning with the quarter ending
June 30, 2010 through the quarter ending December 31, 2011 that reflect maintenance of
the Board-established minimum tangible equity capital ratio from September 30,
2010 throughout the remaining period of the Capital Plan; and

     

    (vii)       detailed
descriptions of all relevant assumptions and projections and the supporting
documentation for all relevant assumptions and projections.

     

    
      	
            	
              (b)

            	
              Upon
      written notification from the Regional Director that the Capital Plan is
      acceptable, the Holding Company shall implement the Capital
      Plan.  Within five (5) days of Board approval of the Capital
      Plan, the Holding Company shall send a copy of the Capital Plan to the
      Regional Director.

            

    

     

    
      	
            	
              (c)

            	
              Once
      the Capital Plan is implemented, the Holding Company shall operate within
      the parameters of its Capital Plan.  Any proposed material
      deviations from or changes to the Capital Plan shall be submitted for the
      prior, written non-objection of the Regional Director.  Requests
      for any material deviations or changes must be submitted at least thirty
      (30) days before a proposed deviation or change is
      implemented.

            

    

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 3 of
8

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
            	
              (d) 

            	
              The
      Holding Company shall notify the Regional Director regarding any material
      event affecting or that may affect the balance sheet, capital, or the cash
      flow of the Holding Company within five (5) days after such
      event occurs.

            

    

     

    
      
        	
                4.

              	
                (a)

              	
                Within
      forty-five (45) days after the end of
      each quarter, beginning with the quarter ending June 30, 2010, the Board
      shall review a written report prepared by management that compares
      projected operating results contained within the Capital Plan to actual
      results (Variance Report).  The Board’s review of each Variance
      Report and assessment of the Holding Company’s compliance with the Capital
      Plan shall be fully documented in the appropriate Board meeting
      minutes.

              

      

    

     

    
      	
            	
              (b)

            	
              Within
      fifty (50) days
      after the end of each quarter, beginning with the quarter ending June 30,
      2010, the Holding Company shall provide the Regional Director with a copy
      of each Variance Report.

            

    

     

    
      
        Dividends.

      

    

     

    5.           Effective
immediately, the Holding Company shall not declare or pay any cash dividends or
other capital distributions or purchase, repurchase or redeem or commit to
purchase, repurchase, or redeem any Holding Company equity stock without the
prior written non-objection of the Regional Director.  The Holding
Company shall submit its written request for non-objection to the Regional
Director at least forty-five (45) days prior to the
anticipated date of the proposed dividend, capital distribution, or stock
transaction.  The written request for such notice of non-objection
shall: (a) contain current and pro forma projections regarding the Holding
Company’s capital, asset quality, and earnings; and (b) address compliance with
the Capital Plan required by Paragraph 3 of this Order.

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 4 of
8

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Debt
Restrictions.

     

    6.           Effective
immediately, the Holding Company shall not, directly or indirectly, incur,
issue, renew, roll over, redeem, or increase any debt or debt securities or
commit to do so without the prior written non-objection of the Regional
Director.  The Holding Company shall submit its written request for
non-objection to the Regional Director at least forty-five (45) days prior to the
anticipated date of the proposed debt transaction.  The Holding
Company’s written requests for Regional Director non-objection to engage in such
debt transactions, at a minimum, shall: (a) describe the purpose of the proposed
debt transaction; (b) set forth and analyze the terms of the proposed debt and
covenants; (c) analyze the Holding Company’s current cash flow resources
available to satisfy such debt repayment; and (d) set forth the anticipated
source(s) of repayment of the proposed debt.  For purposes of this
Paragraph of the Order, the term “debt” includes, but is not limited to, loans,
bonds, cumulative preferred stock, hybrid capital instruments such as
subordinated debt or trust preferred securities, and guarantees of
debt.  For purposes of this Paragraph of the Order, the term “debt”
does not include liabilities incurred in the ordinary course of business to
acquire goods and services and that are normally recorded as accounts payable
under generally accepted accounting principles.

     

    Transactions with
Affiliates.

     

    7.           Effective immediately, the Holding
Company shall not engage in any new or modify any
existing transactions
with any subsidiary or affiliate without the prior, written non-objection of the
Regional Director.  The Holding Company shall provide thirty (30) days
advance written notice to the Regional Director of any proposed affiliate
transaction and shall include a full description of the
transaction.

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 5 of
8

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Golden Parachute
Payments.

     

    8.           Effective
immediately, the Holding Company shall not make any golden parachute
payment1 unless, with respect to such payment, the
Holding Company has complied with the requirements of 12 C.F.R. Part
359.

     

    Directorate and Management
Changes.

     

    9.           Effective
immediately, the Holding Company shall comply with the prior notification
requirements for changes in the Holding Company’s directors and Senior Executive
Officers2 set forth in 12 C.F.R. Part 563, Subpart
H.

     

    Employment Contracts and
Compensation Arrangements.

     

    10.           Effective
immediately, the Holding Company shall not enter into any new contractual
arrangement or renew, extend, or revise any contractual arrangement related to
compensation or benefits with any director or Senior Executive Officer of the
Holding Company, unless it provides the Regional Director with not less than
thirty (30) days prior, written notice of the proposed
transaction.  The notice to the Regional Director shall include a copy
of the proposed employment contract or compensation arrangement, or a detailed
written description of the compensation arrangement to be offered to such
director or Senior Executive Officer, including all benefits and
perquisites.  The Board shall ensure that any contract, agreement, or
arrangement submitted to the Regional Director fully complies with the
requirements of 12 C.F.R. Part 359.

     

    Effective Date,
Incorporation of Stipulation.

     

    11.           This
Order is effective on the Effective Date as shown on the first
page.  The Stipulation is made a part hereof and is incorporated
herein by this reference.

    

      

    
      1 The term
“golden parachute payment” is defined at 12 C.F.R. §
359.1(f).

    

    
      2 The term
“Senior Executive Officer” is defined at 12 C.F.R. § 563.555.

       

      
        TierOne
Corporation

        Order to
Cease and Desist

        Page 6 of
8

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Duration.

     

    12.           This
Order shall remain in effect until terminated, modified, or suspended by written
notice of such action by the OTS, acting by and through its authorized
representatives.

     

    Time
Calculations.

     

    13.           Calculation
of time limitations for compliance with the terms of this Order run from the
Effective Date and shall be based on calendar days, unless otherwise
noted.

     

    14.           The
Regional Director, or an OTS authorized representative, may extend any of the
deadlines set forth in the provisions of this Order upon written request by the
Holding Company that includes reasons in support for any such
extension.  Any OTS extension shall be made in writing.

     

    Submissions and
Notices.

     

    15.           All
submissions, including any reports, to the OTS that are required by or
contemplated by this Order shall be submitted within the specified
timeframes.

     

    16.           Except
as otherwise provided herein, all submissions, requests, communications,
consents, or other documents relating to this Order shall be in writing and sent
by first class U.S. mail (or by reputable overnight carrier, electronic
facsimile transmission, or hand delivery by messenger) addressed as
follows:

     

    (a)           To the OTS:

    

    Regional Director

    Office of Thrift
Supervision

    One South Wacker Drive, Suite
2000

    Chicago,
Illinois  60606

    Facsimile: (312) 917-5001

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 7 of
8

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)           To the Holding
Company:

    

    Acting Chairman of the
Board

    TierOne Corporation

    1235 “N” Street

    Lincoln,
Nebraska  68508-2008

    Facsimile: (402) 435-0427

    

    No Violations
Authorized.

    

    17.           Nothing
in this Order or the Stipulation shall be construed as allowing the Holding
Company, its Board, officers, or employees to violate any law, rule, or
regulation.

    

    IT
IS SO ORDERED.

    

    OFFICE
OF THRIFT SUPERVISION

     

    

    By   /s/ Daniel T. McKee        
Daniel T.
McKee
Regional
Director, Central Region

    

    Date: See
Effective Date on page 1

    

    

    

    

    TierOne
Corporation

    Order to
Cease and Desist

    Page 8 of
8

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