Document:

Exhibit

Exhibit 10.53

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.

GLOBALSTAR, INC.

ANNUAL KEY EMPLOYEE BONUS PLAN
(PLAN YEAR COINCIDING WITH 2016 FISCAL YEAR)

Section 1.    Purposes of the Plan

The purposes of this Key Employee Bonus Plan ("Plan") of Globalstar, Inc.  ("Company") are:

		
	•
	to reward designated key employees' successful efforts to exceed the Company's financial performance goals for the designated Plan Year,

		
	•
	to align these employees' financial interests with those of the Company's stockholders, and

		
	•
	to provide these employees with a competitive, success-based bonus package.

Section 2.    Bonus Pool; Amounts Payable

(a)    The pool available for bonus distribution shall be determined based on the Company's Adjusted EBITDA performance during the authorized calendar year ("Plan Year").  The aggregate amount to be distributed under the Plan with respect to the 2016 Plan Year shall be $1,000,000 if the Company's Adjusted EBITDA for the Plan Year is $[*] (the "Base EBITDA").  For each 1% of Adjusted EBITDA over the Base EBITDA, the bonus pool will be increased by 1% of the percentage increase in Base EBITDA.

For example, if Plan Year Adjusted EBITDA is $[*], the bonus pool will be $[*], if Plan Year Adjusted EBITDA is $[*] the bonus pool will be $[*], if Plan Year Adjusted EBITDA is $[*] the bonus pool will be $[*], and so on.  

For each 1% of Adjusted EBITDA below Base EBITDA, the bonus pool will be decreased by 2‐1/2% of the percentage decrease in Base EBITDA until Adjusted EBITDA declines to less than 75% of Base EBITDA (i.e. less than $[*]), after which no bonus will be payable.  

For example, if Plan Year Adjusted EBITDA is $[*], the bonus pool will be $[*], and if Plan Year Adjusted EBITDA is $[*] the bonus pool will be $[*].  Below $[$] of Adjusted EBITDA, no bonus will be payable.

For Plan purposes, Adjusted EBITDA means EBITDA adjusted on a basis consistent with adjusted EBITDA previously reported by the Company, with further adjustments, if necessary, for extraordinary net costs or benefits, spectrum sale or lease proceeds, asset write-offs and other similar items impacting Adjusted EBITDA during the Plan Year as determined at the sole discretion of the Compensation Committee of the Board of Directors ("Committee").

(b)    The portion of the pool payable to each participant shall be as recommended by the Chief Executive Officer and approved by the Compensation Committee, acting in its sole discretion.

Section 3.    Participants; Eligibility; Payment

(a)    The Compensation Committee (the Chairman of the Board of Directors and CEO being also Chairman of the Committee) shall designate the participants in the Plan within 90 days after the beginning of each Plan Year, and will report the roster of participants to the Board.  The Plan, and participation of initially-designated key employees, shall be effective retroactive to January 1 of the Plan Year.  The CEO, after reporting to the Committee, may also revise the roster of, or designate additional, participants from time to time with participation to be effective from date determined by the CEO.

(b)    In order to be eligible to receive this bonus, a participant must be employed by the Company or any of its subsidiaries from the beginning of the Plan Year (subject to express partial year designation under Section 3(a)) and until the first business day that is three (3) business days after the Company files its annual report on Form 10-K for the Plan Year (such day the "Payment Date").  Failure of a participant to remain employed through the Payment Date for any reason whatsoever will terminate all entitlements under the Plan; provided, however, that the Committee may, but shall not be required to approve, on a case-by-case basis, payments under the Plan of prorated bonus for employees who, during the Plan Year, are hired as, or who replace, designated participants.  The Committee may also, but shall not be required to, make case-by-case exceptions to termination of Plan participation resulting from termination of service, either during the Plan Year or before the Payment Date, because of death, disability, or voluntary retirement of a participant.

(c)    The Company shall make payments on the Payment Date.  All payments will be, made in cash or in common stock of the Company as determined by the Committee.  If payments are made in stock, the shares shall be distributed accordance with the stock distribution provisions of Company's Amended and Restated 2006 Equity Incentive Plan and shall be fully vested, registered and marketable at the time distributed.

Section 4.    Committee

(a)    This Plan shall be administered by the Committee, which shall have full authority and discretion to interpret the Plan, to establish, amend and rescind rules relating to the Plan that are not inconsistent with this document, and to make all other determinations that may be necessary or advisable for the Plan's administration.

(b)    Any interpretation of the Plan by the Committee and any decision by it relating to the Plan shall be final and binding on all persons. 

Section 5.    Liability for Repayment

In the event that, within two years after the Payment Date, discovered fraud or misrepresentation (as determined by the Committee) should result in a need for the Company to restate its annual financial statements for the Plan Year in a manner that reduces the adjusted EBITDA figure that was used to determine the amount available for distribution under the Plan, then participants who have received distributions under the Plan in excess of the amounts they would have been entitled to receive, but for the fraud or misrepresentation, shall be liable to repay such excess to the Company, without interest, on demand.

Section 6.    Plan Not Exclusive

This Plan shall not be construed as limiting the ability or discretion of the Committee to award additional compensation, including without limitation other bonuses, separate and apart from this Plan, to individual participants based upon subjective or other criteria.Exhibit

Exhibit 10.54

[Globalstar Letterhead]
January 11, 2016

David Kagan
3223 Bellwind Circle
Rockledge, FL 32955

Dear David,

On behalf of Globalstar Inc., I am pleased to provide you with this offer of employment:

Position Title:        President and Chief Operating Officer 
Department:        1001-Executive Services    
Location:        Covington, LA
Manager:        Jay Monroe
Annual Salary:        $275,000
FLSA Status:        Exempt
Officer:            Section 16 Officer
Vacation:        4 weeks accrued per year
Temporary Housing:    4 nights a week as discussed below
Car:            Leased car for use until relocation
Relocation:         Up to $40,000 
Work Schedule:        Per discussion with Jay, details below
2016 Key Employee
		
	Stock Program:
	Not less than 30,000 RSA shares to be granted annually and will vest in thirds on 12/15 of each year, details below

Future Key Employee 
Equity Plan:        250,000 Incentive Stock Options (ISOs) with three year vest, details of vesting below
  50,000 Incentive Stock Options (ISOs) details of grant and vesting below
100,000 Restricted Stock Awards (RSAs) details of grant and vesting below
150,000 Restricted Stock Awards (RSAs) details of grant and vesting below
Management Cash 
Bonus Program:        Amount approved by board each year
Start Date:        January 13, 2016 

Our employment offer includes comprehensive benefits package of Medical, Dental and Life Insurance, as well as the Savings Plan. A benefits summary is included in this package.

Globalstar will relocate you to the Covington/New Orleans, Louisiana area. We will pay up to $40,000 in relocation upon your child’s graduation from high school in May or June 2017.  Please note, if you should leave voluntarily within one year of relocating, relocation costs must be reimbursed to Globalstar on a pro-rated basis.

As part of your relocation package outside of the $40,000 allowance, we will pay for one house hunting trip for you and your spouse to come to look for housing. The Relocation Center will assist in setting this up. 

Globalstar will reimburse you for up to 4 nights a week at a hotel approved by Globalstar at the Globalstar rate until you relocate to Covington. Additionally, Globalstar will reimburse reasonable air travel costs between New Orleans and Florida prior to relocation 

Globalstar will provide you with a leased car for your use until your family’s relocation to the Covington area.

As discussed with Jay, your work schedule for the first 90 day period will be in the Covington office Monday through full work day Friday.  After the initial 90 day period, your Covington work schedule will be Monday through the Friday with a midafternoon departure for your flight home for the next 6 months.  Beyond this period, you will work in Covington Monday through the full work day Thursday and work remotely on Friday until your family relocation to the Covington area.

You will receive 30,000 RSAs upon your start with Globalstar as part of the 2016 Key Employee Stock Program. These will vest prorated over three years on or about December 15th of each year. 

You will be eligible to receive not less than 30,000 shares of Restricted Stock Awards (RSAs) annually in December as part of a Key Employee Grant. These will vest in equal amounts on the first three (3) anniversaries of the grant date or upon a change of control or the repayment of Globalstar’s Coface debt. 

You will receive 250,000 incentive stock options (ISO) which will vest in equal amounts on the first three (3) anniversaries of the grant date with early vesting upon a change of control or the repayment of Globalstar’s COFACE debt.  

You will receive 50,000 incentive stock options (ISO) which will vest upon your family’s relocation to the Covington, LA area.

You will receive 100,000 RSA shares upon a change of control or the repayment of Globalstar’s COFACE debt. If vesting of these shares under a change of control results in an actual “GOLDEN PARACHUTE” tax, the company will cover that tax up to 20% through either cash or additional shares.

You will also receive a 150,000 RSA shares which will be granted on the earlier of   your family’s relocation to the Covington, LA area, exceeding the 2016 Budgeted EBITDA by 15% or greater, after which there will be a three year vest.  Additionally, should there be a change of control or repayment of the COFACE debt prior to or after your relocation, the shares will be granted and vested. If vesting of these shares under a change of control results in an actual “GOLDEN PARACHUTE” tax, the company will cover that tax up to 20% through either cash or additional shares.

You will be a participant in the management cash bonus program approved by the board each year.

Our offer is contingent upon satisfactory completion of a drug screening and verification of information you provided on the employment application. Forms and instructions for the drug screen will follow upon acceptance of offer. You should complete the drug screening prior to your start date.  

We appreciate your interest in Globalstar, and look forward to your favorable reply to this employment offer.  If you have any questions or concerns regarding this offer, please call me at (985) 335-1574.

Sincerely,
/s/ Colleen McDonald
Colleen McDonald
Human Resources Generalist

	
							
	 
	Accept Offer
	 
	/s/ David Kagan
	 
	1/11/16

	 
	x
	 
	Signed
	 
	Date

	 
	Anticipated Start Date:
	1/13/16
	 
	 

	

	Decline Offer
	 
	 
	 
	 

	 
	 
	 
	Signed
	 
	Date

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