Document:

Code of Ethics
  
   
  OVERVIEW
   
  MicroChannel Technologies Corporation (“MicroChannel”) has adopted a Code of Ethics that applies to all Officers, Directors, and Employees of the company and its affiliates (herein collectively referred to as, “Employee” or “Employees”). 
   
 In so doing, this Code of Ethics demands the highest standards of business conduct required of all Employees. 
   
 The Code is part of MicroChannel’s ongoing effort to comply with applicable laws and have an effective program in place to prevent and detect violations of law; this code is an effort to train and educate MicroChannel Employees about ethical business practices.
   
  OBJECTIVE
   
 A key MicroChannel objective is to conduct business operations in the most ethical manner possible. MicroChannel cares about its Employees, shareholders, clients, suppliers and the communities in which it conducts business operations. During the course of meeting its business objectives, MicroChannel believes that it is essential for all Employees to understand and comply with the Code of Ethics and in so doing, participate in MicroChannel’s way of operating its business.
   
  STANDARD OF CONDUCT
   
  MicroChannel insists that all aspects of its business operations be conducted with honesty, integrity, fairness and with respect for those affected by its business activities. Similarly, MicroChannel expects the same in its relationships among those with whom it does business.
   
 All Employees are expected to maintain and promote integrity and honesty in all business transactions. Employees must conduct themselves according to the highest ethical standards and are expected to apply ethical business practices in the administrative and financial affairs of MicroChannel business operations.
   
 There is no Code of Ethics that can expect to define suitable behavior for each situation, nor should it seek to do so. As such, Employees are expected to exercise vigilance and make considered judgment of what is right and proper in any particular situation.
   
 While carrying out the business operations of MicroChannel, Employees are expected to be accountable, truthful, trustworthy, conscientious, and committed to the highest standards of ethical business practices. As such, Employees are required to avoid all impropriety as well as the appearance of impropriety when conducting MicroChannel business operations.
   
  ACCURACY AND COMPLETENESS OF ACCOUNTING RECORDS
   
  MicroChannel’s accounting and supporting documents must accurately and completely describe and represent the nature and result of MicroChannel’s business operations. The results and activities of MicroChannel’s operations must be presented in a fair and unbiased manner.
   
    
 
    
  MicroChannel business transactions must be appropriately authorized as well as completely and accurately recorded on the Company’s books. Proposed budgets, financial assessments, evaluations and fiscal presentations must fairly present all information relevant to the business transaction. Furthermore, at no time will the Company establish or maintain cash funds or asset accounts which are unrecorded.
   
  Misappropriation, wrongful allocation, or improper use of the Company’s assets and property, or the false entry to records and reports by any Employee or by others must be reported to Board of MicroChannel.
   
  ACCURATE AND TIMELY COMMUNICATION
   
  MicroChannel expects Employees to be completely truthful and forthright in all internal and external interactions and communications, whether with shareholders, clients, government agencies, or others.
   
 Employees will ensure that all statements are accurate and complete with no misrepresentations which may mislead or misinform. In all cases, Employees are expected to provide full, prompt and accurate disclosure to governmental agencies.
   
  MAINTAINING AND RETAINING RECORDS
   
 In order to maintain the security and integrity of MicroChannel’s record-keeping and reporting systems, all Employees must adhere to applicable records retention procedures and fully understand how to document and transact entries that fall within their jurisdiction.
   
 All Employees are expected to comply fully with audits and provide timely response to requests for records or other materials from or on behalf of MicroChannel auditors or management.
   
  COMPLYING WITH THE LAW
   
  MicroChannel Employees are expected to fully comply with both the letter and the spirit of the laws and regulations of the countries in which the Company conducts business.
   
  MicroChannel Employees are expected to act in accordance with the accepted business practices in commercial markets and adhere to the contractual terms and conditions applicable to any business transaction.
   
 All Employees must commit to abiding by all applicable laws and regulations.
   
 The breach of rules, regulations, ethical standards, and laws cannot be justified by the pursuit of profit or the departure from acceptable practice by competitors.
   
  INSIDER TRADING
   
  MicroChannel Employees are strictly prohibited by law from buying or selling the Company’s shares or any other public security as a result of inside information.
  
  Furthermore, it is against the law and unethical to provide such information about MicroChannel to other individuals or companies so that they may gain.
   
    
 
    
 In accordance with the Code of Ethics, Employees are strictly prohibited from trading in shares of MicroChannel, clients or suppliers as a result of any inside information.
   
  ENVIRONMENTAL ISSUES
   
  MicroChannel is committed to running its business in an environmentally sound and sustainable manner. MicroChannel’s objective is to ensure that its business operations have the minimum adverse environmental impact commensurate with the legitimate needs of its business operations.
   
 DISCLOSURE OF PERSONAL INTEREST
   
  MicroChannel Employees are expected to fully disclose any personal interest(s) which could impinge or might reasonably be considered by others to conflict with their business dealings with industry.
   
  MicroChannel Employees must not engage in personal activities and financial interests that may conflict with their responsibilities and obligations to the Company or give assistance to competitors, in conflict with the interests of MicroChannel or its clients.
   
 Under all circumstances, Employees must obtain the formal consent of MicroChannel management if they intend to become partners, shareholders, or Directors, or participants in companies outside the MicroChannel corporate structure.
   
  PERSONAL DISCRETION AND CONFIDENTIALITY
   
 At all times, Employees are expected to respect the confidentiality of information received during the course of business dealings and must never use such information for personal benefit or gain.
   
 Employees are expected to give information during the course of business which is truthful, complete and fair and never intended to mislead.
 Employees cannot disclose MicroChannel trade secrets, confidential or proprietary information, or any other such information without the written, formal authorization of management. Such information may not be disclosed as a means of making profit, gains or benefits.
   
 At no time can Employees use Internet bulletin boards, chat rooms, messaging services, or other electronic systems to discuss issues, affairs, or opinions related to MicroChannel or any of its industries, or to respond to comments about the Company. MicroChannel considers electronic postings to be the same as “speaking to the media”.
   
  FAIR COMPETITION
   
  MicroChannel is committed to vigorous yet fair competition and supports the development of appropriate competition laws. Each Employee must avoid any business arrangement that might prevent the effective operation of fair competition.
   
  COMPLIANCE WITH THE COMPANY’S CODE OF ETHICS
   
  MicroChannel’s Board of Directors is responsible for ensuring that the standards outlined in the Code of Ethics are fully communicated to all Employees and are similarly understood and adhered to.
   
    
 
    
   
 Should the Company experience loss of business as a result of adhering to the Code of Ethics, the Board of Directors will not criticize, condemn or complain.
   
 Likewise, should a real or suspected breach of the Company’s Code of Ethics be brought to the attention of the Company, the Board of Directors will ensure that the reporting Employee does not suffer as a consequence of doing so.
   
 The Company’s Code of Ethics are reflective of MicroChannel’s ethical standards and expectations. Accordingly, Employees are expected to fulfill the Company’s ethical commitments in a way that is clearly visible to all those with whom MicroChannel conducts its business.
   
 At all times, Employees are expected to fully comply with the standards established in the Code of Ethics and ensure that their personal conduct is always above reproach.
   
  MicroChannel expects each Employee to ensure that the conduct of others around him or her is in compliance with the Code of Ethics and that any breach of the same is duly reported to management.
   
 All breaches of the law or violations of regulations and the standards of conduct listed in this Code of Ethics may lead to serious consequences for the Employee concerned; MicroChannel Employees have a legal, moral, and ethical duty to report any such real or suspected violation to the Board of Directors and regulatory authorities.
   
  “CODE OF ETHICS” ENFORCEMENT
   
  MicroChannel Employees understand and acknowledge that a breach of the Code of Ethics can result in severe disciplinary action, including but not necessarily limited to termination.
   
 The Company’s Code of Ethics will be fairly enforced at all levels, without prejudice.
   
  ANNUAL ACKNOWLEDGEMENT
   
 Each Employee will be required to sign a statement annually that he or she has read and understands MicroChannel’s Code of Ethics. This statement will also require that the Employee state that he or she is in full compliance with the Code.
   
  EMPLOYEE CERTIFICATION AND ACKNOWLEDGEMENT
   
 I acknowledge and certify that I have read and understood the information set forth in the Code of Ethics of MicroChannel Technologies, Inc. and will comply with these principles in my daily work activities. I am not aware of any violation of the standards of MicroChannel’s Code of Ethics.
   
  	  Date:
 	   
 	   
 
	 Name (print):
 	   
 	   
 
	  Position:
 	   
 	   
 
	  Address:
 	   
 	   
 
	  Signature:Exhibit 10.5

 

July 3, 2013

 

SHARE LENDING TERMINATION
AGREEMENT

 

WHEREAS, Globalstar, Inc., as Lender, and
Merrill Lynch International, as Borrower, through Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Borrowing Agent, are
parties to the Share Lending Agreement, dated as of April 10, 2008 (the “Original Share Lending Agreement”),
containing terms and conditions under which Borrower borrowed from Lender shares of its Common Stock (as defined therein), as amended
by Amendment No. 1 to the Share Lending Agreement, dated as of December 18, 2008 (the Original Share Lending Agreement, as so amended,
the “Share Lending Agreement”);

 

WHEREAS, on June 13, 2013, Borrower notified
Lender of Borrower’s termination of Loans with respect to 6,186,325 Loaned Shares (the “Previously Terminated Shares”);
and

 

WHEREAS, in connection with any Cash Settlement
of Loans, the parties are required to agree on a methodology to determine the applicable Stock Price pursuant to Section 4(f)(iii)
of the Share Lending Agreement,

 

NOW THEREFORE, Lender and Borrower hereby
agree as follows, on the terms, and subject to the conditions, set forth herein:

 

1.      
    Definitions; Conflicts.

 

(a)          Terms
used but not defined herein shall have the meanings given thereto in the Share Lending Agreement.

 

(b)          To
the extent of any conflict between this Share Lending Termination Agreement (this “Termination Agreement”) and
the Share Lending Agreement, this Termination Agreement shall govern.

 

2.      
    Termination of Loans. Borrower hereby notifies Lender, pursuant to Section 4(a) of the Share
Lending Agreement, that Borrower is terminating Loans with respect to 11,115,840 Loaned Shares (together with the Previously
Terminated Shares, the “Terminated Shares”) and designates the date hereof as the Optional Termination
Date therefor.

 

3.     
     Cash Settlement.

 

(a)          Lender
hereby elects Cash Settlement with respect to 7,117,340 of the Terminated Shares (the “Cash Settled Shares”),
and Borrower hereby consents to such election, in each case, pursuant to Section 4(f) of the Share Lending Agreement.

 

    	 

    	 

    

 

(b)          For
purposes of determining the Cash Settlement Amount with respect to the Cash Settled Shares, the “Stock Price” shall
be equal to the arithmetic average of the Volume Weighted Average Prices of the Common Stock over the period of 20 Trading Days
beginning on, and including, July 9, 2013 (the “Averaging Period”), subject to clause (c) below.

 

“Volume Weighted Average
Price” has the meaning given in the Indenture, subject to clause (c) below; provided that if such price is not
reported by Bloomberg on any scheduled Trading Day, the Volume Weighted Average Price for such scheduled Trading Day shall be determined
by agreement of Borrower and Lender, each acting in good faith.

 

“Trading Day”
means any day on which the OTCQB Marketplace is open for trading during its regular trading session, and on which no Market Disruption
Event occurs, subject to clause (c) below.

 

“Market Disruption Event”
has the meaning given in Section 6.3 of the 2002 ISDA Equity Derivatives Definitions published by the International Swaps and Derivatives
Association (the “Equity Definitions”); provided that:

 

(1)         clause
(a) of such Section is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation
Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in sub-clause (ii)
thereof;

 

(2)         clause
(d) of such Section is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time”
in the fourth line thereof;

 

(3)         references
in the Equity Definitions (A) to “Shares” shall be deemed to refer to shares of Common Stock, (B) to the
“Calculation Agent” shall be deemed to refer to Borrower, acting in a commercially reasonable manner and in good faith
and (C) to the “Exchange” shall be deemed to refer to the OTCQB Marketplace; and

 

(4)         no
exchanges or quotation systems will be deemed to be “Related Exchanges” (within the meaning given in the Equity Definitions).

 

(c)          Notwithstanding
anything to the contrary herein, upon the occurrence of a Market Disruption Event, Borrower may, in good faith and in a commercially
reasonable manner, determine that any scheduled Trading Day is a Trading Day in part, in which case (i) the end of the Averaging
Period may be postponed, (ii) the Stock Price may be determined based on an appropriately weighted average of Volume Weighted
Average Prices over the Averaging Period rather than an arithmetic average and (iii) the Volume Weighted Average Price for
such scheduled Trading Day may be determined, each as agreed to by Borrower and Lender in good faith and taking into account the
nature and duration of the Market Disruption Event.

 

    	 

    	 

    

 

(d)          Borrower
hereby designates the third Business Day following the end of the Averaging Period to be the Cash Settlement Date with respect
to the Cash Settled Shares.

 

(e)          Lender
shall provide to Borrower any information and take any other action reasonably requested by Borrower to facilitate payment of the
Cash Settlement Amount with respect to the Cash Settled Shares.

 

4.  
        Physical Settlement. Notwithstanding anything to the contrary in the
Share Lending Agreement, in respect of the terminated Loans relating to a number of Terminated Shares (the
“Physically Settled Shares”) equal to the total number of Terminated Shares less the number of Cash
Settled Shares, Borrower shall deliver such Physically Settled Shares to Lender on, or as soon as reasonably practicable
following, the date hereof. Lender shall provide to Borrower any information and take any other action reasonably requested
by Borrower to facilitate such delivery. It shall be a condition precedent to the payment of the Cash Settlement Amount that
Lender shall have accepted delivery of the Physically Settled Shares in accordance with this Section. The parties agree
that no Return Fee shall be payable with respect to the Physically Settled Shares.

 

5.    
      Representations and Warranties. Each of Borrower and Lender remakes, as of the
date hereof, the representations and warranties set forth in Section 7(a) of the Share Lending Agreement; provided
that, for this purpose, (1) references in such Section to “this Agreement” shall be deemed to refer to this
Termination Agreement and (2) the words “, to enter into the Loans contemplated hereby” in clause (i)
thereof shall be deemed to have been deleted.

 

6.     
     Termination of Share Lending Agreement; Release. Following the payments and deliveries
contemplated by this Termination Agreement and the performance by each party of any other obligations hereunder, the Share
Lending Agreement shall terminate in full, and neither party shall have any further obligations thereunder. Except with
respect to the payments and deliveries contemplated by this Termination Agreement and the performance of any other
obligations hereunder, each party hereby releases, acquits and discharges the other party and its affiliates, officers,
directors and employees from any and all manner of losses, costs, damages, liabilities, deficiencies, actions, suits, debts,
controversies, judgments, demands, claims or causes of action that such party has or may have, whether known or unknown,
against such other party or any affiliate, officer, director or employee thereof arising out of or in any way in
connection with the Share Lending Agreement or any transaction relating thereto, notwithstanding anything in the Share
Lending Agreement to the contrary.

 

    	 

    	 

    

 

7.       
   Governing Law. This Termination Agreement, and any claim, controversy or dispute arising hereunder
or relating hereto, shall be governed by the laws of the State of New York, without regard to any choice of law provisions
that would require the application of the laws of a jurisdiction other than New York.

 

8.      
    Counterparts. This Termination Agreement may be signed in any number of counterparts, each of
which shall be deemed an original, with the same effect as if all of the signatures thereto and hereto were upon the same
instrument.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Termination
Agreement to be executed as of the date first above written.

 

	GLOBALSTAR, INC.

as Lender	 	MERRILL LYNCH INTERNATIONAL

as Borrower
	 	 	 
	By:	/s/ L. Barbee Ponder IV	 	By:	/s/ Rajeev Patel
	 	Name:	L. Barbee Ponder IV	 	 	Name:	Rajeev Patel
	 	Title:	General Counsel & Vice President Regulatory Affairs	 	 	Title:	Managing Director

 

	 	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

as Borrowing Agent
	 	 
	 	By:	/s/ Richard B. Jessop
	 	 	Name:	Richard B. Jessop
	 	 	Title:	Managing Director

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