Document:

Exhibit

Exhibit 10.54

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 2018 FISCAL YEAR)

Section 1.    Purposes of the Plan

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

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

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

		
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	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 2018 Plan Year shall be $1,250,000 if the Company's Adjusted EBITDA for the Plan Year is $[*] (the "Base EBITDA"). The Base EBITDA may be adjusted from time to time to align with the Company’s operating budget.

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 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 or the prior Plan Year’s Adjusted EBITDA, whichever is higher, after which no bonus will be payable. See Exhibit I for potential bonus pool amounts.

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.

Exhibit 10.54

(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 I: TABLE OF POTENTIAL BONUS POOL AMOUNTS

(in thousands)

[*]Exhibit

Exhibit 10.55

November 27, 2017

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:
	$350,000

	FLSA Status:
	Exempt

	Officer:
	Section 16 Officer

	Vacation:
	4 weeks accrued per year

	Temporary Housing:
	4 nights a week as discussed below

	Car:
	Car for use until relocation

	Relocation costs:     
	$40,000 onetime payment to cover relocation costs to Louisiana

	Annual Bonus:
	up to 40% of salary based upon annual targets set by the Board of Directors

	Previous Equity Plan:    
	30,000 RSA’s granted 1/13/2016
30,000 RSA’s granted 12/9/2016
250,000 Incentive Stock Options (ISO’s), continued vesting below

	New Equity Plans:
	750,000 RSA’s -details of grant and vesting below
250,000 RSA’s - details of grant and vesting below
750,000 ISO’s - details of grant and vesting below
250,000 ISO’s - details of grant and vesting below

	Start Date:
	TBD

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.

Please note, if you should leave voluntarily within one year of relocating, relocation costs must be reimbursed to Globalstar on a pro-rated basis.

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, LA and Houston, TX prior to relocation.

You agree if a change of control occurs within 24 months after your employment date to remain employed, if requested by purchaser, for a term not less than 1 year at the annual salary and annual bonus provided herein.

The following equity previously granted will continue to vest upon your acceptance:

		
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	30,000 RSA’s granted on 1/13/2016, three year vest

		
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	30,000 RSA’s granted on 12/9/2016, three year vest

		
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	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.  

New equity component of this offer is as follows:

		
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	Incremental new 750,000 RSAs – granted upon hire and vesting 10% after year 1, 15% after year 2 (25% cumulative), 25% after year 3 (50% cumulative) and final 50% after year 4 or become fully vested upon a change of control

		
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	Incremental new 250,000 RSAs – granted and vesting upon the sooner of a) a change of control or b) reaching annual EBITDA of $50 million from the core business

		
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	Incremental new 750,000 ISOs –granted upon hire and  vesting 10% after year 1, 15% after year 2 (25% cumulative), 25% after year 3 (50% cumulative) and final 50% after year 4 or become fully vested upon a change of control

		
	•
	Incremental new 250,000 ISOs – granted and vesting upon the sooner of a) a change of control or b) reaching annual EBITDA of $50 million from the core business

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.  Employment is “at will”.  Nothing in this letter or any of our discussions implies any fixed or minimum term.

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) 335-1592.

Sincerely,

/s/ James A Seese II

James A Seese II
Vice President Administration

	
							
	X
	Accept Offer
	 
	/s/ David B. Kagan
	 
	11/27/17

	 
	 
	 
	Signed
	 
	Date

	 
	Anticipated Start Date:
	Dec 6, 2017
	 
	 

	

	Decline Offer
	 
	 
	 
	 

	 
	 
	 
	Signed
	 
	Date

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