Document:

Exhibit

GLOBALSTAR, INC.

ANNUAL KEY EMPLOYEE BONUS PLAN
(PLAN YEAR COINCIDING WITH 2019 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 2019 Plan Year shall be $1,330,000 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.

(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 4.1

 

	 	NUMBER UNITS
 U-

                                                                

	SEE REVERSE FOR CERTAIN

DEFINITIONS	CUSIP 

 

 

Social
Capital Hedosophia Holdings Corp. II

 

UNITS CONSISTING OF ONE CLASS A ORDINARY
SHARE AND ONE-QUARTER OF ONE REDEEMABLE WARRANT, EACH WHOLE WARRANT ENTITLING THE HOLDER TO PURCHASE ONE CLASS A ORDINARY SHARE

 

	THIS CERTIFIES THAT	is the owner of	Units.

 

Each Unit (“Unit”) consists of one
(1) Class A Ordinary Share, par value $0.0001 per share (“Class A Ordinary Shares”), of Social Capital
Hedosophia Holdings Corp. II, a Cayman Islands exempted company (the “Company”), and one-quarter (1/4)
of one redeemable warrant (the “Warrant”). Each whole Warrant entitles the holder to purchase one (1)
Class A Ordinary Share (subject to adjustment) for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable.
Each Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share
exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (each
a “Business Combination”), and (ii) twelve (12) months from the closing of the Company’s initial
public offering, and will expire, unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after
the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation. The Class A
Ordinary Shares and Warrants comprising the Units represented by this certificate will begin separate trading on                      ,
2020 unless Credit Suisse Securities (USA) LLC elects to allow separate trading earlier, subject to the Company’s filing
of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the
Company’s receipt of the gross proceeds of its initial public offering and issuing a press release announcing when separate
trading will begin. No fractional Warrants will be issued upon separation of the Units. The terms of the Warrants are governed
by a Warrant Agreement, dated as of                      , 2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant
Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate
consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at One State Street,
30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

 

Upon the consummation of the Business Combination,
the Units represented by this certificate will automatically separate into the Class A Ordinary Shares and Warrants comprising
such Units.

 

This certificate is not valid unless countersigned
by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the laws of the State of New York.

 

Witness the facsimile signature of its duly
authorized officers.

 

	 	 	 
	
        [TITLE]
	 	
        [TITLE]

 

    

     

    

 

Social Capital Hedosophia Holdings
Corp. II

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	—as tenants in common	UNIF GIFT MIN ACT —	________Custodian
 ________

                            

	TEN ENT	—as tenants by the entireties	 	(Cust)
 (Minor)
 under Uniform Gifts to Minors

         

	JT TEN	—as joint tenants with right of survivorship 

and not as tenants in common	 	Act                               

    (State)
	 	 	 	 

Additional abbreviations may also be used though not in the
above list.

 

For value received, ______________ hereby sell, assign and
transfer unto ______________

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                                                                                 

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

                                                                                 

	 

                                                                 

	 

                                                                 

	___ Units represented by the within Certificate, and does hereby irrevocably constitute and appoint

                                 

	                                                   Attorney
                                to transfer the said Units on the register of members of the within named Company with full power
                                of substitution in the premises.

                                 

	Dated:                       
	 

 

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	 	Notice:The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
	Signature(s) Guaranteed:
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 	 

 

In each case, as more fully described in the Company’s
final prospectus dated               , 2020, the holder(s)
of this certificate shall be entitled to receive a pro rata portion of certain funds held in the trust account established in
connection with its initial public offering only in the event that (i) the Company redeems the Class A Ordinary Shares sold in
its initial public offering and liquidates because it does not consummate an initial business combination by                     ,
2022, or by such later date approved by the Company’s shareholders in accordance with the Company’s amended and restated
memorandum and articles of association, (ii) the Company redeems the Class A Ordinary Shares sold in its initial public offering
in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
(A) to modify the substance and timing of the Company’s obligation to allow redemption in connection with the Company’s
initial business combination or to redeem 100% of the Class A Ordinary Shares if it does not complete its initial business combination
by                     , 2022,
or by such later date approved by the Company’s shareholders in accordance with the Company’s amended and restated
memorandum and articles of association, or (B) with respect to any other provision relating to the holder(s)’(s) rights
or pre-initial business combination activity, or (iii) if the holder(s) seek(s) to redeem for cash his, her, its or their respective
Class A Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder
approval of the proposed initial business combination) setting forth the details of a proposed initial business combination. In
no other circumstances shall the holder(s) have any right or interest of any kind to or in the trust account.

 

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