Document:

Exhibit
10.1

 

 

Dated 31 July 2013

 

Global Deed of Amendment and Restatement

between

 

Globalstar,
Inc.

as the Borrower

 

Thermo
Funding Company LLC

as Thermo and the Subordinated Creditor

 

BNP
Paribas

as the COFACE Agent, the Security Agent
and the Offshore Account Bank

 

The
Banks and Financial Institutions

named in 0 (Lenders) as the Lenders

 

and

 

Others

 

in respect of, among other things, a COFACE

Facility Agreement dated 5 June 2009

 

White & Case llp

5 Old Broad Street

London EC2N 1DW

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	3
	 	 	 
	2.	Amendment and Restatement	7
	 	 	 
	3.	Representations and Warranties	8
	 	 	 
	4.	Restructuring Fee	9
	 	 	 
	5.	Confirmations of Obligors	9
	 	 	 
	6.	Disapplication of Provisions	11
	 	 	 
	7.	Other Provisions	11
	 	 	 
	8.	Continuity, Waivers and Further Assurance	14
	 	 	 
	9.	Release	15
	 	 	 
	10.	Miscellaneous	15
	 	 
	Schedule 1 Lenders	46
	 	 
	Schedule 2 Subsidiary Guarantors	47
	 	 
	Schedule 3 Conditions Precedent to the Effective Date	48
	 	 
	Schedule 4 Amended and Restated Facility Agreement	53
	 	 
	Schedule 5 Amended and Restated Accounts Agreement	54
	 	 
	Schedule 6 Amended and Restated Guarantee Agreement	94
	 	 
	Schedule 7 Amended and Restated Thermo Subordination Deed	111
	 	 
	Schedule 8 Disclosures	112
	 	 
	Schedule 9 Projections	117

 

    	(i)

    	 

    

  

This Global Deed of Amendment and Restatement
(the “Deed”) is made as a deed on 31 July 2013 between:

 

		(1)	Globalstar, Inc., a corporation duly organised and validly existing under the laws
of the State of Delaware, with its principal office located at 300 Holiday Square Boulevard, Covington, LA 70433, United
States of America (the “Borrower”);

 

		(2)	Thermo Funding Company LLC, a limited liability company duly organised and existing under
the laws of the State of Colorado, with its principal office located at 1735 Nineteenth Street, Second Floor, Denver, Colorado
80202, United States of America (“Thermo” and the “Subordinated Creditor”);

 

		(3)	The Subsidiary Guarantors, listed in Schedule 2 (Subsidiary Guarantors) as Subsidiary
Guarantors (the “Subsidiary Guarantors”);

 

		(4)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as facility agent and Chef de File for and on behalf of the Finance Parties (the “COFACE Agent”);

 

		(5)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the security agent (the “Security Agent”);

 

		(6)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the offshore account bank (the “Offshore Account Bank”);

 

		(7)	BNP Paribas, Société Générale, Natixis, Crédit
Agricole Corporate and Investment Bank (formerly known as Calyon) and Credit Industriel et Commercial, each acting
in its capacity as a mandated lead arranger (the “Mandated Lead Arrangers”); and

 

		(8)	The Banks and Financial Institutions listed in Schedule 1 (Lenders) as lenders
(the “Lenders”).

 

Recitals:

 

		(A)	The Borrower, the COFACE Agent, the Original Lenders and others entered into a facility agreement
dated 5 June 2009, as amended, varied and modified from time to time pursuant to the Amendment Letters (as defined below)
(the “Original Facility Agreement”).

 

		(B)	The Borrower, Thermo, the COFACE Agent, the Security Agent and the Offshore Account Bank entered
into an accounts agreement dated 5 June 2009, as amended and restated pursuant to a deed of waiver and amendment agreement
dated 30 September 2011 (the “Original Accounts Agreement”).

 

		(C)	The Security Agent and each Original Subsidiary Guarantor entered into a guarantee agreement dated
5 June 2009 (the “Original Guarantee Agreement”) and the Security Agent and each Additional Subsidiary
Guarantor (as defined below) entered into a guarantee agreement dated 18 October 2010 (the “Additional Guarantee
Agreement”).

 

		(D)	The Borrower, the Subordinated Creditor, the COFACE Agent and the Security Agent entered into a
subordination deed dated 22 June 2009 (the “Original Thermo Subordination Deed”).

 

    	 

    	 

    

 

		(E)	The Borrower, the Original Subsidiary Guarantors and the Security Agent entered into a collateral
agreement and a stock pledge agreement each dated 22 June 2009 and each as supplemented by a joinder agreement dated 5 August
2010 entered into by the Additional Subsidiary Guarantors in favour of the Security Agent (the “Original Collateral Agreement”
and the “Original Pledge Agreement” respectively).

 

		(F)	Following the occurrence of certain Defaults and Events of Default under the Original Facility
Agreement, the Borrower, the Subsidiary Guarantors, the Security Agent, the COFACE Agent, the Lenders and Thermo entered into an
equity commitment, restructuring support and consent agreement dated 20 May 2013 (the “Restructuring Support and Consent
Agreement”) pursuant to which the Borrower requested that, among other things, the Lenders consent and agree to a restructuring
of the obligations of the Borrower under the Original Facility Agreement on the basis of certain key terms as set out therein,
and subject to other terms and conditions as set out therein (the “Proposed Restructuring”).

 

		(G)	In connection with the Proposed Restructuring, the Parties have agreed to amend and restate certain
of the Finance Documents on the terms and subject to the conditions as set out in this Deed, and in particular, the Parties have
agreed to amend and restate:

 

		(i)	the Original Facility Agreement in the form attached as Schedule 4 (Amended and Restated
Facility Agreement);

 

		(ii)	the Original Accounts Agreement in the form attached as Schedule 5 (Amended and Restated
Accounts Agreement);

 

		(iii)	the Original Guarantee Agreement (and, with effect from the Effective Date, the Additional Subsidiary
Guarantors have agreed to become a party to the Original Guarantee Agreement as amended and restated by this Deed) in the form
attached as Schedule 6 (Amended and Restated Guarantee Agreement);

 

		(iv)	the Original Thermo Subordination Deed in the form attached as Schedule 7 (Amended and
Restated Thermo Subordination Deed);

 

		(v)	the Original Collateral Agreement pursuant to, and in accordance with, the terms of the Security
Amendment and Restatement Agreement in the form attached as schedule 2 (Amended and Restated Security Agreement) to the
Security Amendment and Restatement Agreement; and

 

		(vi)	the Original Pledge Agreement pursuant to, and in accordance with, the terms of the Security Amendment
and Restatement Agreement in the form attached as schedule 3 (Amended and Restated Pledge Agreement) to the Security Amendment
and Restatement Agreement,

 

in each case, on the terms and
subject to the conditions of this Deed or the Security Amendment and Restatement Agreement (as the case may be).

 

		(H)	It is intended that this document takes effect as a deed notwithstanding the fact that a Party
may only execute this Deed under hand.

 

    	2

    	 

    

 

It is Hereby Agreed as follows:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Deed:

 

“5%
Notes” means the 5% convertible senior unsecured notes issued by the Borrower pursuant to the Original Indenture as supplemented
by a third supplemental indenture dated as of 14 June 2011.

 

“5.75%
Notes” means the 5.75% convertible unsecured senior notes due 2028 and issued by the Borrower pursuant to the Original
Indenture as supplemented by a first supplemental indenture dated as of 15 April 2008 which were exchanged or redeemed in full
by the Borrower on or prior to 26 June 2013.

 

“5.75%
Notes Term Sheet” means the term sheet attached as schedule 1 to the Restructuring Support and Consent Agreement
in respect of the restructuring of the 5.75% Notes.

 

“8%
New Notes” means the 8% convertible senior notes issued by the Borrower pursuant to the Original Indenture as supplemented
by the fourth supplemental indenture dated 20 May 2013.

 

“8%
Old Notes” means the 8% convertible senior unsecured notes issued by the Borrower pursuant to the Original Indenture
as supplemented by the second supplemental indenture dated 19 June 2011.

 

“2013
Closing Commitment” has the meaning given to such term in the Amended and Restated Facility Agreement.

 

“2013
Year-End Commitment” has the meaning given to such term in Clause 7.4(a) (Equity Commitments).

 

“2014
Anticipated Equity Financing” has the meaning given to such term in Clause 7.4(b) (Equity Commitments).

 

“Additional
Guarantee Agreement” has the meaning given to such term in Recital (C).

 

“Additional
Subsidiary Guarantors” means each of the Subsidiary Guarantors listed in items 12 and 13 of Schedule 2 (Subsidiary
Guarantors).

 

“Amended
and Restated Accounts Agreement” means the Original Accounts Agreement, as amended and restated by this Deed, the terms
of which are set out in Schedule 5 (Amended and Restated Accounts Agreement).

 

“Amended
and Restated Collateral Agreement” means the Original Collateral Agreement, as amended and restated by the Security Amendment
and Restatement Agreement in the form attached to the Security Amendment and Restatement Agreement.

 

“Amended
and Restated Facility Agreement” means the Original Facility Agreement, as amended and restated by this Deed, the terms
of which are set out in Schedule 4 (Amended and Restated Facility Agreement).

 

“Amended
and Restated Guarantee Agreement” means the Original Guarantee Agreement, as amended and restated by this Deed, the terms
of which are set out in Schedule 6 (Amended and Restated Guarantee Agreement).

 

    	3

    	 

    

 

“Amended
and Restated Pledge Agreement” means the Original Pledge Agreement as amended and restated by the Security Amendment
and Restatement Agreement in the form attached to the Security Amendment and Restatement Agreement.

 

“Amended
and Restated Thermo Subordination Deed” means the Original Thermo Subordination Deed as amended and restated by this
Deed, the terms of which are set out in Schedule 7 (Amended and Restated Thermo Subordination Deed).

 

“Amendment
Letters” means:

 

		(a)	the waiver letter dated 29 June 2009 and the amendment letter dated 29 June 2009, in
each case in respect of the Facility Agreement and entered into between, amongst others, the Obligors and the COFACE Agent;

 

		(b)	the amendment letter in respect of the Facility Agreement dated 9 April 2010 and entered into
between the Obligors, the COFACE Agent and the Lenders;

 

		(c)	the amendment and cancellation letter in respect of the Facility Agreement dated 28 October
2010 and entered into between, the Obligors, the COFACE Agent and the Lenders;

 

		(d)	the amendment letter in respect of the Facility Agreement dated 22 December 2010 and entered
into between the Obligors, the COFACE Agent and the Lenders;

 

		(e)	the amendment letter in respect of the Facility Agreement dated 16 March 2011 and entered
into between, the Obligors, the COFACE Agent and the Lenders;

 

		(f)	the amendment letter in respect of the Facility Agreement dated 30 March 2011 and entered
into between the Obligors, the COFACE Agent and the Lenders;

 

		(g)	the deed of waiver and amendment in respect of the Facility Agreement dated 30 September 2011
and entered into between, amongst others, the Obligors, the COFACE Agent and the Lenders;

 

		(h)	the amendment letter in respect of the Facility Agreement dated 23 January 2012 and entered
into between the Obligors, the COFACE Agent and the Lenders;

 

		(i)	the amendment letter in respect of the Facility Agreement dated 6 March 2012 and entered into
between the Obligors, the COFACE Agent and the Lenders;

 

		(j)	the waiver letter in respect of the Facility Agreement dated 2 August 2012 and entered into
between the Obligors and the COFACE Agent;

 

		(k)	the waiver letter in respect of the Facility Agreement dated 12 October 2012 and entered into
between the Obligors and the COFACE Agent;

 

		(l)	the waiver letter in respect of the Facility Agreement dated 21 November 2012 and entered
into between the Obligors and the COFACE Agent;

 

		(m)	the waiver letter in respect of the Facility Agreement dated 23 January 2013 and entered into
between the Obligors and the COFACE Agent; and

 

		(n)	the waiver letter in respect of the Facility Agreement dated 4 July 2013 and entered into between
the Obligors and the COFACE Agent.

 

“Borrower
Additional Pledge of Bank Accounts” means the French law “Convention de Nantissement de Comptes Bancaires”
entered or to be entered into by the Borrower and the Security Agent on or around the Effective Date.

 

    	4

    	 

    

 

“Defaults
Side-Letter” means the letter from the Borrower to the COFACE Agent dated on or about the date of this Deed relating
to certain Events of Default that have occurred and are continuing under or in connection with the Finance Documents as of the
date of this Deed.

 

“Delegation
Agreement Amendment Agreements” means each of the amendment agreements in respect of the Delegation Agreements entered
or to be entered into between the Borrower, the Security Agent and the Supplier or the Launch Services Provider (as the case may
be) in accordance with the provisions of this Deed.

 

“Effective
Date” means the date on which the COFACE Agent confirms to the Borrower and the Lenders that it has received all of the
documents and other evidence set out in Schedule 3 (Conditions Precedent to the Effective Date) in form and substance
satisfactory to the COFACE Agent (acting on the instruction of each Lender).

 

“Effective
Date Commitment” has the meaning given to such term in the Amended and Restated Facility Agreement.

 

“Effective
Date Fee Payment” has the meaning given to such term in Clause 4.2(a) (Restructuring Fee Payment).

 

“Effective
Date Utilisation” has the meaning given to such term in Clause 7.1(a) (Further Utilisation of Facilities).

 

“Equity
Commitments” means:

 

		(a)	the Initial Minimum Cash Commitment;

 

		(b)	the Effective Date Commitment;

 

		(c)	the 2013 Closing Commitment;

 

		(d)	the 2013 Year-End Commitment; and

 

		(e)	the 2014 Anticipated Equity Financing.

 

“Equity
Linked Securities” has the meaning given to such term in paragraph 9(a) of Schedule 3 (Conditions Precedent
to the Effective Date).

 

“Existing
Defaults” has the meaning given to such term in Clause 8.2(a) (Waivers of Existing Defaults).

 

“Holding
Account Pledge Agreement” means the French law “Convention de Nantissement de Compte Bancaire” to
be entered into by the Borrower and the Security Agent on or around the Effective Date in relation to the Holding Account (as defined
in the Amended and Restated Facility Agreement).

 

“Initial
Minimum Cash Commitment” has the meaning given to such term in the Amended and Restated Facility Agreement.

 

“Initial
Signing Date” means 5 June 2009.

 

“Longstop
Date” means 9 August 2013 or such other date as may be agreed between the Borrower and the COFACE Agent (acting on the
instructions of all the Lenders).

 

“Original
Accounts Agreement” has the meaning given to such term in Recital (B).

 

“Original
Collateral Agreement” has the meaning given to such term in Recital (E).

 

“Original
Facility Agreement” has the meaning given to such term in Recital (A).

 

“Original
Guarantee Agreement” has the meaning given to such term in Recital (C).

 

    	5

    	 

    

 

“Original
Indenture” means the indenture dated as of 15 April 2008 between the Borrower as issuer and U.S. Bank National Association
as trustee.

 

“Original
Pledge Agreement” has the meaning given to such term in Recital (E).

 

“Original
Subsidiary Guarantors” means each of the Subsidiary Guarantors listed in items 1 to 11 (inclusive) of Schedule 2
(Subsidiary Guarantors).

 

“Original
Thermo Subordination Deed” has the meaning given to such term in Recital (D).

 

“Party”
means a party to this Deed.

 

“Proposed
Restructuring” has the meaning given to such term in Recital (F).

 

“Purchase
Agreement” means the common stock purchase agreement dated as of 28 December 2012 between the Borrower and Terrapin.

 

“Relevant
Accounts” has the meaning given to such term in Clause 6.1(a) (Disapplication of Certain Terms).

 

“Relevant
Commitments” has the meaning given to such term in Clause 7.1(a)(iv) (Further Utilisation of Facilities).

 

“Restructuring
Documents” means:

 

		(a)	this Deed;

 

		(b)	the Security Amendment and Restatement Agreement;

 

		(c)	the Amended and Restated Facility Agreement;

 

		(d)	the Amended and Restated Accounts Agreement;

 

		(e)	the Amended and Restated Guarantee Agreement;

 

		(f)	the Amended and Restated Thermo Subordination Deed;

 

		(g)	the Amended and Restated Collateral Agreement;

 

		(h)	the Amended and Restated Pledge Agreement;

 

		(i)	the Subsidiary Guarantor Subordination Deed;

 

		(j)	the Delegation Agreement Amendment Agreements;

 

		(k)	the Borrower Additional Pledge of Bank Accounts;

 

		(l)	the Holding Account Pledge Agreement;

 

		(m)	the Defaults Side-Letter; and

 

		(n)	any notices or schedules entered into pursuant to any of the foregoing.

 

“Restructuring
Fee” has the meaning given to such term in Clause 4.1 (Restructuring Fee).

 

“Restructuring
Support and Consent Agreement” has the meaning given to such term in Recital (F).

 

“Security
Amendment and Restatement Agreement” means the New York law governed amendment and restatement agreement dated on or
around the date of this Deed between the Borrower, the Subsidiary Guarantors and the Security Agent in connection with the Original
Collateral Agreement and the Original Pledge Agreement.

 

    	6

    	 

    

 

“Subsidiary
Guarantor Subordination Deed” means the subordination deed dated on or around the Effective Date and made between the
Subsidiary Guarantors, the Borrower, the Security Agent and the COFACE Agent.

 

“Terrapin”
means Terrapin Opportunity, L.P.

 

“Thermo
Contingent Equity Account” has the meaning given to such term in the Original Accounts Agreement.

 

		1.2	Incorporation of Defined Terms

 

Terms defined in clause 1.1
(Definitions) of the Original Facility Agreement shall, unless otherwise defined herein, have the same meaning in this Deed
and the principles of construction set out in clause 1.2 (Construction) of the Original Facility Agreement shall have
effect as if set out in this Deed.

 

		1.3	Clauses

 

In this Deed any reference to
a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause
or a Schedule hereof. Clause headings are for ease of reference only.

 

		1.4	Third Party Rights

 

		(a)	A person which is not a party to this Deed (a “third party”) shall have no right
under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Deed.

 

		(b)	The Parties may, without the consent of any third party, vary or rescind this Deed.

 

		1.5	Finance Documents

 

In the case of any inconsistency
between the provisions of this Deed and the provisions of any other Finance Document, the provisions of this Deed shall prevail.

 

		2.	Amendment and Restatement

 

		2.1	Amendment and Restatement of Certain Finance Documents

 

With effect from the Effective
Date:

 

		(a)	the Original Facility Agreement shall be deemed to have been amended and restated so that it shall
be read and construed for all purposes as set out in Schedule 4 (Amended and Restated Facility Agreement);

 

		(b)	the Original Accounts Agreement shall be deemed to have been amended and restated so that it shall
be read and construed for all purposes as set out in Schedule 5 (Amended and Restated Accounts Agreement);

 

		(c)	the Original Guarantee Agreement shall be deemed to have been amended and restated so that it shall
be read and construed for all purposes as set out in Schedule 6 (Amended and Restated Guarantee Agreement); and

 

		(d)	the Original Thermo Subordination Deed shall be deemed to have been amended and restated so that
it shall be read and construed for all purposes as set out in Schedule 7 (Amended and Restated Thermo Subordination Deed).

 

    	7

    	 

    

 

		2.2	Failure to Achieve Effective Date

 

If the Effective Date does not
occur on or prior to the Longstop Date, such non-occurrence shall constitute an immediate Event of Default pursuant to clause 23.3
(Other Obligations) of the Original Facility Agreement and, for the avoidance of doubt, it is agreed that any grace period
contemplated by clause 23.3(b) (Other Obligations) of the Original Facility Agreement shall not apply to such Event
of Default.

 

		2.3	Finance Document

 

Each Party agrees that this Deed
is designated a “Finance Document” for the purposes of the Original Facility Agreement and the Amended and Restated
Facility Agreement.

 

		3.	Representations and Warranties

 

		3.1	Borrower Representations

 

Subject to the disclosures
set out in Schedule 8 (Disclosures) and the Defaults Side-Letter, on each of the date of this Deed and the Effective
Date, the Borrower repeats in favour of the Finance Parties each of the representations and warranties set out in:

 

		(a)	clause 18 (Representations) of the Amended and Restated Facility Agreement but with
reference to the facts existing as of the date on which such representation is being repeated (with, in respect of any representations
and warranties repeated on the date of this Deed, any reference therein to the “Effective Date” being deemed
to be the date of this Deed); and

 

		(b)	section 10(c) (Representations and Warranties) of the Restructuring Support and Consent
Agreement but with reference to the facts existing as of the date on which such representation is being repeated.

 

		3.2	Subsidiary Guarantor Representations

 

Subject to the disclosures
set out in Schedule 8 (Disclosures) and the Defaults Side-Letter, on each of the date of this Deed and the Effective
Date, each Subsidiary Guarantor repeats in favour of the Finance Parties each of the representations and warranties set out in:

 

		(a)	clause 4 (Representations and Warranties) of the Amended and Restated Guarantee Agreement
but with reference to the facts existing as of the date on which such representation is being repeated (with, in respect of any
representations and warranties repeated on the date of this Deed, any reference therein to the “Effective Date”
being deemed to be the date of this Deed); and

 

		(b)	section 10(c) (Representations and Warranties) of the Restructuring Support and Consent
Agreement but with reference to the facts existing as of the date on which such representation is being repeated.

 

		3.3	Thermo Representations

 

Subject to the disclosures
set out in Schedule 8 (Disclosures) and the Defaults Side-Letter, on each of the date of this Deed and the Effective
Date, Thermo repeats in favour of the Finance Parties each of the representations and warranties set out in:

 

		(a)	clause 5 (Representations and Warranties) of the Amended and Restated Thermo Subordination
Deed but with reference to the facts existing as of the date on which such representation is being repeated (with, in respect of
any representations and warranties repeated on the date of this Deed, any reference therein to the “Effective Date”
being deemed to be the date of this Deed); and

 

    	8

    	 

    

 

		(b)	section 10(b) (Representations and Warranties) of the Restructuring Support and Consent
Agreement but with reference to the facts existing as of the date on which such representation is being repeated.

 

		4.	Restructuring Fee

 

		4.1	Restructuring Fee

 

As consideration for each Lender’s
participation in the Proposed Restructuring (including, but not limited to, the entry into each Restructuring Document), the Borrower
shall pay to the COFACE Agent (for the account of each Lender pro rata to the proportion of each Lender’s Commitment
as at the Initial Signing Date) a restructuring fee in an amount equal to two point five per cent. (2.5%) of the Total
Commitments as at the Initial Signing Date, being US$14,658,550 (the “Restructuring Fee”) which shall become
due on the Effective Date and shall be payable in accordance with Clause 4.2 (Restructuring Fee Payment).

 

		4.2	Restructuring Fee Payment

 

The Restructuring Fee shall be
payable on the following dates:

 

		(a)	an amount equal to forty per cent. (40%) thereof (being US$5,863,420) (the “Effective
Date Fee Payment”) shall be payable on or prior to the Effective Date as a condition precedent to the occurrence thereof
(provided that, if, following payment of the Effective Date Fee Payment under this paragraph (a), the Effective Date does
not occur, the COFACE Agent shall, as soon as reasonably practicable following the Longstop Date (or as otherwise agreed between
the Borrower and the COFACE Agent), reimburse to the Borrower an amount equal to the Effective Date Fee Payment); and

 

		(b)	provided that the Effective Date has occurred, an amount equal to sixty per cent.
(60%) thereof (being US$8,795,130) shall be payable on 31 December 2017 (or such earlier date following any prepayments that
are made under the Facilities in accordance with clause 7.11(d) (Voluntary Prepayment of the Loans) or clause 7.13 (Application
of Mandatory Prepayments) of the Amended and Restated Facility Agreement (and any other relevant terms of the Amended and Restated
Facility Agreement)).

 

		4.3	Non-refundable

 

Save as
provided in Clause 4.2 (Restructuring Fee Payment), the Restructuring Fee once paid shall be non-refundable and non-creditable
against other fees payable in connection with the Project. Payments in respect of the Restructuring Fee shall be made in accordance
with the payment provisions set out in the Amended and Restated Facility Agreement.

 

		5.	Confirmations of Obligors

 

		5.1	Confirmations – Date of this Deed

 

As
of the date of this Deed:

 

		(a)	each Obligor confirms its acceptance of the Amended and Restated Facility Agreement, the Amended
and Restated Accounts Agreement, the Amended and Restated Guarantee Agreement and the Amended and Restated Thermo Subordination
Deed;

 

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		(b)	each Obligor confirms that notwithstanding this Deed, each Finance Document to which it is a party
remains in full force and effect and the rights, duties and obligations of each Obligor are not released, discharged or impaired
by this Deed;

 

		(c)	each Subsidiary Guarantor irrevocably and unconditionally confirms that its guarantee and indemnity
under clause 2.1 (Guarantee and Indemnity) of the Original Guarantee Agreement or the Additional Guarantee Agreement
(as the case may be):

 

		(i)	continues in full force and effect on the terms of the Original Guarantee Agreement or the Additional
Guarantee Agreement (as the case may be); and

 

		(ii)	extends to the liabilities and obligations of the Obligors under the Finance Documents (including
this Deed);

 

		(d)	each Obligor confirms that any Lien created by it under the Security Documents extends to the obligations
of the Obligors under the Finance Documents (including this Deed) subject to any limitations set out in the Security Documents;
and

 

		(e)	each Obligor confirms that the Liens created under the Security Documents to which it is a party
continue in full force and effect on the terms of the Security Documents.

 

		5.2	Confirmations – Effective Date

 

As of the Effective Date:

 

		(a)	each Obligor confirms its acceptance of the Amended and Restated Facility Agreement, the Amended
and Restated Accounts Agreement, the Amended and Restated Guarantee Agreement and the Amended and Restated Thermo Subordination
Deed;

 

		(b)	the Borrower agrees that it is bound by the terms of the Amended and Restated Facility Agreement,
the Amended and Restated Accounts Agreement and the Amended and Restated Thermo Subordination Deed applicable to it;

 

		(c)	Thermo agrees that it is bound by the terms of the Amended and Restated Thermo Subordination Deed
applicable to it;

 

		(d)	each Subsidiary Guarantor (including each Additional Subsidiary Guarantor) agrees that it is bound
by the terms of the Amended and Restated Guarantee Agreement;

 

		(e)	each Subsidiary Guarantor irrevocably and unconditionally confirms that its guarantee and indemnity
under clause 2.1 (Guarantee and Indemnity) of the Amended and Restated Guarantee Agreement:

 

		(i)	continues in full force and effect on the terms of the Amended and Restated Guarantee Agreement;
and

 

		(ii)	extends to the liabilities and obligations of the Obligors under the Finance Documents (as such
term is defined in the Amended and Restated Facility Agreement and including the Restructuring Documents);

 

		(f)	each Obligor confirms that any Lien created by it under the Security Documents extends to the liabilities
and obligations of the Obligors under the Finance Documents (as such term is defined in the Amended and Restated Facility Agreement
and including the Restructuring Documents) subject to any limitations set out in the Security Documents;

 

    	10

    	 

    

 

		(g)	each Obligor confirms that the obligations of the Obligors arising under the Finance Documents
(as such term is defined in the Amended and Restated Facility Agreement and including the Restructuring Documents) are included
in the definition of the relevant secured obligations (howsoever defined) for the purposes of the Security Documents; and

 

		(h)	each Obligor confirms that, to the extent permitted by law, the Liens created under the Security
Documents continue in full force and effect on the terms of the Security Documents (as such Security Documents may have been amended
and/or restated pursuant to the Restructuring Documents).

 

		6.	Disapplication of Provisions

 

		6.1	Disapplication of Certain Terms

 

		(a)	As from the Effective Date (and following the application of the amounts standing to the credit
of the Thermo Contingent Equity Account pursuant to Clause 7.2 (Contingent Equity and DSRA Funds)), the Parties agree that
the Borrower Contingent Equity Account, the Thermo Contingent Equity Account, the Capital Expenditure Account, the Convertible
Note Reserve Account and the Distribution Account (each as defined in the Original Accounts Agreement and together, the “Relevant
Accounts”) and the Supplier Guarantee (as such term is defined in the Original Facility Agreement) shall no longer be
required for the purposes of the transactions contemplated in the Finance Documents and, to the extent not amended pursuant to
the provisions of the Restructuring Documents, all references to the Relevant Accounts and the Supplier Guarantee and all related
terms shall be disapplied for the purposes of the Finance Documents.

 

		(b)	In connection with such disapplication referred to in paragraph (a) above, the Security Agent hereby
irrevocably and unconditionally with effect from the Effective Date (subject to the application of the amounts standing to the
credit of the Thermo Contingent Equity Account pursuant to the provisions of Clause 7.2 (Contingent Equity and DSRA Funds))
releases, without recourse or warranty, all rights pledged to it in respect of the Relevant Accounts pursuant to the provisions
of the Borrower Pledge of Bank Accounts and the Thermo Pledge of Bank Accounts (as such terms are defined in the Original Facility
Agreement).

 

		6.2	Removal of Thermo from Accounts Agreement

 

On and from the Effective Date,
and as set out in the Amended and Restated Accounts Agreement, Thermo shall be removed as a party from the Amended and Restated
Accounts Agreement and shall no longer have any obligations thereunder, save to the extent that such obligations were incurred
during, or are attributable to, the period prior to the Effective Date. For the avoidance of doubt, no consent shall be required
from Thermo in connection with any amendment to the Amended and Restated Accounts Agreement after the Effective Date.

 

		7.	Other Provisions

 

		7.1	Further Utilisation of Facilities

 

		(a)	Notwithstanding that:

 

		(i)	the Availability Period ended on 31 December 2012;

 

		(ii)	there are currently Defaults existing under the Finance Documents;

 

		(iii)	the proposed Utilisation Date will not be a Business Day within the Availability Period; and

 

    	11

    	 

    

 

		(iv)	the undrawn amount of the Total Commitments has been cancelled pursuant to clause 5.7 (Cancellation
of Commitment) of the Original Facility Agreement (the “Relevant Commitments”),

 

the Parties agree that following
the occurrence of the Effective Date, the Relevant Commitments shall be reinstated solely for the purpose of the Borrower making
a Utilisation on the Effective Date and the Borrower shall utilise all amounts in respect of the Facilities not previously utilised,
being an amount of US$672,133.33 (the “Effective Date Utilisation”), such Effective Date Utilisation to be applied
towards payment by the Borrower of any amounts then due and owing by it to the Supplier and/or the Launch Services Provider, provided
that the Effective Date Utilisation shall not exceed the aggregate amount of any amounts payable to the Supplier and the Launch
Services Provider.

 

		(b)	In connection with the Effective Date Utilisation, the Borrower shall provide to the COFACE Agent,
as conditions precedent to the occurrence of the Effective Date, the following:

 

		(i)	a signed but undated Utilisation Request instructing the COFACE Agent to remit the Effective Date
Utilisation on the date falling five (5) Business Days after the Effective Date to the Supplier and/or the Launch Services Provider’s
account, as the case may be, as payment of any amounts then due and payable by the Borrower to such party;

 

		(ii)	an authorisation to the COFACE Agent to date the Utilisation Request immediately upon the occurrence
of the Effective Date; and

 

		(iii)	evidence of the amounts owing by the Borrower to the Supplier and/or the Launch Services Provider
under the Satellite Construction Contract and/or the Launch Services Contract.

 

		(c)	Provided that:

 

		(i)	each of the conditions precedent set out in clause 4.2 (Further conditions precedent)
of the Amended and Restated Facility Agreement have been satisfied or waived by the COFACE Agent (acting on the instructions of
all the Lenders); and

 

		(ii)	the Effective Date has occurred,

 

the Borrower hereby irrevocably
authorises and mandates the COFACE Agent (on its behalf and for its account) to pay the proceeds of the Effective Date Utilisation
as a direct disbursement to the Supplier and/or the Launch Services Provider (as directed by the Borrower) and the Borrower agrees
that the Effective Date Utilisation shall be deemed to have been made to or for the benefit of the Borrower and the Borrower waives
all rights of protest it may have to the contrary.

 

		7.2	Contingent Equity and DSRA Funds

 

Notwithstanding any provisions
of the Finance Documents to the contrary, the Parties agree that upon the Effective Date:

 

		(a)	firstly, any amounts standing to the credit of the Thermo Contingent Equity Account;
and

 

    	12

    	 

    

 

		(b)	secondly, an amount of up to US$234,100 standing to the credit of the Debt Service
Reserve Account, which is the amount by which the balance of the Debt Service Reserve Account exceeds the DSRA Required Balance
under the Amended and Restated Facility Agreement as of the Effective Date,

 

shall be paid directly to the
Launch Services Provider towards payment of any amounts that may be owing by the Borrower to the Launch Services Provider pursuant
to the Launch Services Contract provided that the aggregate of the amounts set out in paragraphs (a) and (b) above
shall not exceed the amount due to the Launch Services Provider as of the Effective Date. The Borrower shall provide to the COFACE
Agent evidence of the amounts owing by the Borrower to the Launch Services Provider under the Launch Services Contract and, following
payment thereof, confirmation from the Launch Services Provider of the receipt of such payment. The Borrower hereby authorises
the payment of the amounts referred to in paragraphs (a) and (b) above by the Offshore Account Bank from the Thermo Contingent
Equity Account and the Debt Service Reserve Account respectively.

 

		7.3	Delegation Agreement Amendment Agreements

 

The Borrower shall use its commercially
reasonable efforts to procure that each of the Supplier and the Launch Services Provider shall enter into a Delegation Agreement
Amendment Agreement with the Borrower and the Security Agent within thirty (30) days of the Effective Date. Upon execution of each
of the Delegation Agreement Amendment Agreements, the COFACE Agent must receive:

 

		(a)	from the Borrower, any items required by the COFACE Agent in connection with the execution of such
Delegation Agreement Amendment Agreement of the type set out in paragraph 4 (Security Matters) of Schedule 3 (Conditions
Precedent to the Effective Date);

 

		(b)	a legal opinion of White & Case LLP (advisers to the Lenders) as to matters of the laws of
France and confirming, among other things, the validity and enforceability of the relevant Delegation Agreement Amendment Agreement;
and

 

		(c)	from the Borrower, a legal opinion of Taft Stettinus & Hollister LLP (advisers to the Borrower)
confirming, among other things, the due authorisation by the Borrower of its execution of the relevant Delegation Agreement Amendment
Agreement,

 

in each case,
in form and substance satisfactory to the COFACE Agent.

 

		7.4	Equity Commitments

 

As of the Effective Date, Thermo
agrees to restate in this Deed certain of its obligations in respect of its Equity Commitments under section 2 (Equity Commitments)
of the Restructuring Support and Consent Agreement in the following terms:

 

		(a)	as a condition precedent to the entry into any Guarantee Obligation of the Subsidiary Guarantors
of the type set out in clause 22.1(l) (Limitations on Financial Indebtedness) of the Amended and Restated Facility Agreement,
on or prior to 26 December 2013, Thermo agrees to make, or cause to be made, available, and shall fund to the Borrower, an aggregate
amount of cash (which shall be in addition to the Initial Minimum Cash Commitment, the Effective Date Commitment and the 2013 Closing
Commitment) equal to US$20,000,000 (the “2013 Year-End Commitment”). For the avoidance of doubt, any funds raised
prior to 26 December 2013 by Thermo (or any third party Equity Issuances (but excluding any Equity Issuance involving Terrapin))
and contributed to the Borrower in excess of the Initial Minimum Cash Commitment, the Effective Date Commitment and the 2013 Closing
Commitment may be included in the calculation of the 2013 Year-End Commitment; and

 

    	13

    	 

    

 

		(b)	on or prior to 31 December 2014, Thermo agrees to make, or cause to be made, available, and shall
fund to the Borrower, an aggregate amount of cash (which amount shall be in addition to the Effective Date Commitment, the Initial
Minimum Cash Commitment, the 2013 Closing Commitment and the 2013 Year-End Commitment) equal to US$20,000,000 minus the
amount by which:

 

		(i)	the amount of cash actually received by the Borrower in connection with the Initial Minimum Cash
Commitment, the 2013 Closing Commitment and the 2013 Year-End Commitment; exceeds

 

		(ii)	US$40,000,000,

 

(the “2014
Anticipated Equity Financing”). For the avoidance of doubt, any amount raised prior to 31 December 2014 by Thermo (or
any third party Equity Issuances (but excluding any Equity Issuance involving Terrapin)) and contributed to the Borrower
in excess of the Initial Minimum Cash Commitment, the Effective Date Commitment, the 2013 Closing Commitment and the 2013 Year-End
Commitment may be included in the calculation of the 2014 Anticipated Equity Financing; and

 

		(c)	for the avoidance of doubt, the amount of Thermo’s payments with respect to the 2013 Closing
Commitment, the 2013 Year-End Commitment and the 2014 Anticipated Equity Financing shall be reduced by the proceeds received by
the Borrower from any financing received by the Borrower pursuant to any third party Equity Issuances (but excluding any
Equity Issuance involving Terrapin).

 

Thermo acknowledges
and agrees that its obligations to fund the commitments set out in paragraphs (a) and (b) above to the Borrower shall be irrevocable.

 

		8.	Continuity, Waivers and Further Assurance

 

		8.1	Continuing Obligations

 

		(a)	The provisions of each of the Original Facility Agreement, the Original Accounts Agreement, the
Original Guarantee Agreement and the Original Thermo Subordination Deed shall, save as amended hereby, continue in full force and
effect.

 

		(b)	For the avoidance of doubt, this Deed shall not constitute an assignment or novation of any of
the rights and obligations of any party to the Original Facility Agreement, the Original Accounts Agreement, the Original Guarantee
Agreement or the Original Thermo Subordination Deed, nor shall it constitute an amendment to any Security Document in place at
the date of this Deed, each of whose terms shall remain in full force and effect (save as otherwise amended by any other Restructuring
Document).

 

		8.2	Waivers of Existing Defaults

 

		(a)	The Borrower confirms that the list of Defaults and Events of Default as set out in the Defaults
Side-Letter (the “Existing Defaults”) is a complete list of all such Defaults and Events of Default existing
under the Finance Documents as of the date of this Deed.

 

		(b)	The Lenders agree that on and from the Effective Date, all Existing Defaults (to the extent that
such Existing Defaults are continuing) shall be permanently waived.

 

		(c)	Subject to paragraph (d) below and for the avoidance of doubt, the waiver contained in this Clause
8.2 shall extend solely to the Existing Defaults which have occurred as of the date of this Deed and shall not apply to any Defaults
or Events of Default which first occur following the date of this Deed (including those of a similar nature to the Existing Defaults).

 

    	14

    	 

    

 

		(d)	If:

 

		(i)	any Defaults or Events of Default arise during the period from the date of this Deed to the Effective
Date (the “Relevant Defaults”); and

 

		(ii)	the COFACE Agent receives a written request from the Borrower requesting the designation of the
Relevant Defaults as Existing Defaults,

 

then the COFACE
Agent may, acting on the instructions of each Lender, agree in writing to designate the Relevant Defaults as “Existing
Defaults” for the purposes of this Deed.

 

		8.3	Further Assurance

 

The Borrower shall, at the request
of the COFACE Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments
effected or to be effected pursuant to this Deed and the other Restructuring Documents.

 

		9.	Release

 

As of the Effective Date and
to the maximum extent permitted by Applicable Law, the Borrower and each of its Affiliates hereby release the Finance Parties,
and each of their respective affiliates, partners, trustees, shareholders, representatives, attorneys-in-fact, controlling persons,
employees, officers, directors, agents, attorneys and advisors, from all claims, demands, disputes, objections, liabilities or
obligations whether based in contract, tort or any other theory at law or equity, arising out of, related to or in connection with
the Group, Thermo, any of the Finance Documents, any documents related to any other debt obligation of the Group, and any other
document or instrument executed in connection with the transactions contemplated by the Proposed Restructuring and the Restructuring
Documents and all transactions related in any way thereto.

 

		10.	Miscellaneous

 

		10.1	Incorporation of Terms

 

The provisions of clauses 13.4
(Stamp Taxes), 13.5 (Value Added Tax), 35 (Partial Invalidity), 36 (Remedies and Waivers),
40 (Enforcement) and 41 (Confidentiality) of the Amended and Restated Facility Agreement shall also apply to
this Deed as if expressly set out herein, mutatis mutandis, with each reference therein to “this Agreement”
being deemed to be a reference to this Deed, each reference to “Party” or “Parties” being
deemed to be a reference to the parties to this Deed and each reference to the “Borrower” being deemed to be
a reference to each Obligor and the Subordinated Creditor. For the purposes of incorporating clause 41 (Confidentiality)
of the Amended and Restated Facility Agreement into this Deed, the Parties agree that the definition of Confidential Information
shall be extended to include any information provided by the Borrower, Thermo or any other person to satisfy the requirements of
paragraph 11 of Schedule 3 (Conditions Precedent to the Effective Date).

 

		10.2	Governing Law

 

This Deed, and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		10.3	Counterparts

 

This Deed may be executed in
any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

    	15

    	 

    

 

		10.4	Set-off

 

If an Event of Default has occurred
and is continuing, a Finance Party may set-off any matured obligation due from an Obligor under the Finance Documents (to the extent
beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless
of the place of payment, booking branch or currency of either obligation.  If the obligations are in different currencies,
the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
the set-off.  Following the exercise of a right of set-off under this Deed, the relevant Finance Party shall notify the Borrower.

 

This Deed has been executed as a
deed by the Borrower, Thermo, the Subordinated Creditor and the Subsidiary Guarantors and has been signed on behalf of the other
Parties.

 

    	16

    	 

    

 

SIGNATURE PAGES

 

The Borrower

 

	SIGNED as a deed by GLOBALSTAR, INC. acting 		 
	 	/s/ Lindsey Keeble
	by its attorney  Lindsey Keeble, attorney-in-fact 	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

    	17

    	 

    

 

Thermo

 

	SIGNED as a deed by THERMO FUNDING		 
	COMPANY LLC acting  by its attorney  	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact 	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

    	18

    	 

    

 

	SIGNED as a deed by GSSI, LLC in its capacity as		 
	GUARANTOR acting  by its attorney Lindsey 	/s/ Lindsey Keeble
	Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	19

    	 

    

 

	SIGNED as a deed by GLOBALSTAR SECURITY		 
	SERVICES, LLC in its capacity as GUARANTOR	/s/ Lindsey Keeble
	 	 
	acting  by its attorney Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	20

    	 

    

 

	SIGNED as a deed by GLOBALSTAR C, LLC in its		 
	capacity as GUARANTOR  acting by its attorney	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact 	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	21

    	 

    

 

	SIGNED as a deed by GLOBALSTAR USA, LLC in		 
	its capacity as GUARANTOR  acting  by its attorney	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	22

    	 

    

 

	SIGNED as a deed by GLOBALSTAR LEASING		 
	LLC in its capacity as GUARANTOR acting  by its	/s/ Lindsey Keeble
	attorney  Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985)
335-1900

 

    	23

    	 

    

 

	SIGNED as a deed by SPOT LLC in its capacity as		 
	GUARANTOR  acting  by its attorney  Lindsey	/s/ Lindsey Keeble
	Keeble, attorney-in-fact	 
	in the presence of:	 

 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	24

    	 

    

 

	SIGNED as a deed by ATSS CANADA, INC. in its		 
	capacity as GUARANTOR  acting  by its attorney	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	25

    	 

    

 

	SIGNED as a deed by GLOBALSTAR BRAZIL		 
	HOLDINGS, L.P. in its capacity as GUARANTOR	/s/ Lindsey Keeble
	acting  by its attorney  Lindsey Keeble, attorney-in-	 
	fact in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:    +1 (985)
335-1500

Fax No.:     +1 (985)
335-1900

 

    	26

    	 

    

 

	SIGNED as a deed by GCL LICENSEE LLC in its		 
	capacity as GUARANTOR  acting  by its attorney	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	27

    	 

    

 

	SIGNED as a deed by GUSA LICENSEE LLC in its		 
	capacity as GUARANTOR  acting  by its attorney	/s/ Lindsey Keeble
	Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:   +1 (985) 335-1900

 

    	28

    	 

    

 

	SIGNED as a deed by GLOBALSTAR LICENSEE		 
	LLC in its capacity as GUARANTOR  acting  by its	/s/ Lindsey Keeble
	attorney Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:   +1 (985) 335-1900

 

    	29

    	 

    

 

	SIGNED as a deed by GLOBALSTAR MEDIA,		 
	L.L.C. in its capacity as GUARANTOR  acting  by	/s/ Lindsey Keeble
	its attorney  Lindsey Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:    +1 (985) 335-1900

 

    	30

    	 

    

 

	SIGNED as a deed by GLOBALSTAR		 
	BROADBAND SERVICES INC. in its capacity as	/s/ Lindsey Keeble
	GUARANTOR  acting  by its attorney  Lindsey	 
	Keeble, attorney-in-fact	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:   James Monroe III

Telephone No.:   +1 (985) 335-1500

Fax No.:     +1 (985)
335-1900

 

    	31

    	 

    

 

The Subordinated Creditor

 

	SIGNED as a deed by THERMO FUNDING		 
	COMPANY LLC  acting  by its attorney  Lindsey	/s/ Lindsey Keeble
	Keeble, attorney-in-fact 	 
	in the presence of:	 

 

	Witness’s Signature	/s/ David Inns
	 	 
	Name:	David Inns
	 	 
	Address:	5 Old Broad Street 
	 	 
	 	London, EC2N 1DW

 

    	32

    	 

    

 

Lender

 

	Executed by BNP PARIBAS	 	)
	acting by /s/ Irene Paschalidis and /s/ Loié le Saché	 	)
	duly authorised by BNP PARIBAS 	 	)
	to sign on its behalf, 	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	Thiago Reis Mefano
	 	 
	Address:	37, Pl. du Marché
	 	 
	 	St. Honoré - 75001
	 	 
	 	Paris - France

 

    	33

    	 

    

 

Lender

 

	Executed by SOCIÉTÉ GÉNÉRALE	 	)
	acting by /s/ Oliver Royer	 	)
	duly authorised by SOCIÉTÉ GÉNÉRALE	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Sylvie Leclercq
	 	 
	Name: 	Sylvie Leclercq
	 	 
	Address:	Tour Societé Genérale
	 	 
	 	A7 Cours Valery
	 	 
	 	92800 La defense - France

 

    	34

    	 

    

 

Lender

 

	Executed by NATIXIS	 	)
	acting by /s/ David Bonnefoy and /s/ Jean-Louis VIALA	 	)
	duly authorised by NATIXIS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Marc COLAS de la NOUE
	 	 
	Name: 	Marc COLAS de la NOUE
	 	 
	Address: 	30, avenue Pierre Mendés
	 	 
	 	France – 75013 Paris

 

    	35

    	 

    

 

Lender

 

	Executed by CRÉDIT AGRICOLE	 	)
	CORPORATE AND INVESTMENT BANK	 	)
	acting by /s/ Jean-lue Raiyac and /s/ André Gazal	 	)
	duly authorised by CRÉDIT AGRICOLE	 	)
	CORPORATE AND INVESTMENT BANK	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Elsa Ferreira
	 	 
	Name: 	Elsa Ferreira
	 	 
	Address: 	8, Rue Rouget de Lisle
	 	 
	 	78800 Hoielles
	 	 
	 	France

 

    	36

    	 

    

 

Lender

 

	Executed by CRÉDIT INDUSTRIEL ET COMMERCIAL	 	)
	acting by /s/ Thomas Giroud and /s/ Franęais Guiffart	 	)
	duly authorised by CRÉDIT INDUSTRIEL ET COMMERCIAL	 	)
	to sign on its behalf, in the presence of:	 	 

 

	Witness’s Signature:	/s/ Philippe Gibon
	 	 
	Name: 	Philippe Gibon
	 	 
	Address: 	6, avenue de Provence
	 	 
	 	75009 Paris
	 	 
	 	France

 

    	37

    	 

    

 

Mandated Lead Arranger

 

	Executed by BNP PARIBAS	 	)
	acting by /s/ Irene Paschalidis and /s/ Loié le Saché	 	)
	duly authorised by BNP PARIBAS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	Thiago Reis Mefano
	 	 
	Address:	37, Pl. du Marché
	 	 
	 	St. Honoré - 75001
	 	 
	 	Paris - France

 

    	38

    	 

    

 

Mandated Lead Arranger

 

	Executed by SOCIÉTÉ GÉNÉRALE	 	)
	acting by /s/ Oliver Royer	 	)
	duly authorised by SOCIÉTÉ GÉNÉRALE	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Sylvie Leclercq
	 	 
	Name:	Sylvie Leclercq
	 	 
	Address:	Tour Societé Genérale
	 	 
	 	A7 Cours Valery
	 	 
	 	92800 La defense - France

 

    	39

    	 

    

 

Mandated Lead Arranger

 

	Executed by NATIXIS	 	)
	acting by /s/ David Bonnefoy and /s/ Jean-Louis VIALA	 	)
	duly authorised by NATIXIS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Marc COLAS de la NOUE
	 	 
	Name:	Marc COLAS de la NOUE
	 	 
	Address:	30, avenue Pierre Mendés
	 	 
	 	France – 75013 Paris

 

    	40

    	 

    

 

Mandated Lead Arranger

 

	Executed by CRÉDIT AGRICOLE	 	)
	CORPORATE AND INVESTMENT BANK	 	)
	acting by /s/ Jean-lue Raiyac and /s/ Andre Gazal	 	)
	duly authorised by CRÉDIT AGRICOLE	 	)
	CORPORATE AND INVESTMENT BANK	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Elsa Ferreira
	 	 
	Name: 	Elsa Ferreira
	 	 
	Address: 	8, Rue Rouget de Lisle
	 	 
	 	78800 Hoielles
	 	 
	 	France

 

    	41

    	 

    

 

Mandated Lead Arranger

 

	Executed by CRÉDIT INDUSTRIEL ET COMMERCIAL	 	)
	acting by /s/ Thomas Giroud and /s/ Franęais Guiffart	 	)
	duly authorised by CRÉDIT INDUSTRIEL ET COMMERCIAL	 	)
	to sign on its behalf, in the presence of:	 	 

 

	Witness’s Signature:	/s/ Philippe Gibon
	 	 
	Name: 	Philippe Gibon
	 	 
	Address: 	6, avenue de Provence
	 	 
	 	75009 Paris
	 	 
	 	France

 

    	42

    	 

    

 

Security Agent

 

	Executed by BNP PARIBAS	 	)
	acting by /s/ Irene Paschalidis and /s/ Loié le Saché	 	)
	duly authorised by BNP PARIBAS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	Thiago Reis Mefano
	 	 
	Address:	37, Pl. du Marché
	 	 
	 	St. Honoré - 75001
	 	 
	 	Paris - France

 

    	43

    	 

    

 

COFACE Agent

 

	Executed by BNP PARIBAS	 	)
	acting by /s/ Irene Paschalidis and /s/ Loié le Saché	 	)
	duly authorised by BNP PARIBAS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name: 	37, Pl. du Marché
	 	 
	Address: 	St. Honoré - 75006
	 	 
	 	Paris - France

 

    	44

    	 

    

 

Offshore Account Bank

 

	Executed by BNP PARIBAS	 	)
	acting by /s/ Irene Paschalidis and /s/ Loié le Saché	 	)
	duly authorised by BNP PARIBAS	 	)
	to sign on its behalf,	 	)
	in the presence of:	 	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name: 	37, Pl. du Marché
	 	 
	Address: 	St. Honoré - 75006
	 	 
	 	Paris - France

 

    	45

    	 

    

 

Schedule 1    Lenders

 

		1.	BNP Paribas;

 

		2.	Société Générale;

 

		3.	Natixis;

 

		4.	Crédit Agricole Corporate and Investment Bank; and

 

		5.	Crédit Industriel et Commercial.

 

    	46

    	 

    

  

Schedule 2  Subsidiary
Guarantors

 

		1.	GSSI, LLC, a limited liability company organised in Delaware, United States of America, with organisational
identification number 3732317 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United
States of America;

 

		2.	Globalstar Security Services, LLC, a limited liability company organised in Delaware, United States
of America, with organisational identification number 3747502 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		3.	Globalstar C, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3732313 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		4.	Globalstar USA, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 2663064 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		5.	Globalstar Leasing LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3731109 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		6.	Spot LLC, a limited liability company organised in Colorado, United States of America, with organisational
identification number 20071321209 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		7.	ATSS Canada, Inc., a corporation incorporated in Delaware, United States of America, with organisational
identification number 2706412 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United
States of America;

 

		8.	Globalstar Brazil Holdings, L.P., a limited partnership formed in Delaware, United States of America,
with organisational identification number 2453576 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		9.	GCL Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187922 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		10.	GUSA Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187919 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		11.	Globalstar Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187920 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		12.	Globalstar Media, L.L.C., a limited liability company organised in Louisiana, United States of
America, with organisational identification number 40224959K and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433; and

 

		13.	Globalstar Broadband Services Inc. a corporation incorporated in Delaware, United States of America,
with organisational identification number 4833062 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433.

 

    	47

    	 

    

 

Schedule 3  Conditions
Precedent to the Effective Date

 

		1.	Obligors

 

		(a)	A copy of the constitutional documents of each Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by the Restructuring Documents to which
it is a party and resolving that it execute the Restructuring Documents to which it is a party;

 

		(ii)	authorising a specified person or persons to execute the Restructuring Documents to which it is
a party on its behalf; and

 

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents
and notices to be signed and/or despatched by it under or in connection with the Restructuring Documents to which it is a party.

 

		(c)	A specimen of the signature of each person authorised by the resolutions referred to in paragraph (b)
above.

 

		(d)	A certificate from a Responsible Officer of the Borrower certifying that, as at the Effective Date:

 

		(i)	each copy document relating to an Obligor specified in this Schedule 3 (Conditions Precedent
to the Effective Date) is correct, complete and in full force and effect as at the Effective Date;

 

		(ii)	all representations and warranties of the Obligors contained in the Restructuring Documents are
true, correct and complete in all respects;

 

		(iii)	none of the Obligors is in violation of any of the covenants contained in the Restructuring Documents
save as set out in the Restructuring Documents; and

 

		(iv)	after giving effect to the transactions contemplated by the Restructuring Documents, no Default
or Event of Default has occurred and is continuing.

 

		(e)	Certificates as of a recent date of the good standing of each Obligor under the laws of its jurisdiction
of organisation and, to the extent requested by the COFACE Agent, each other jurisdiction where such Obligor is qualified to do
business.

 

		2.	Legal Opinions

 

		(a)	A legal opinion of White & Case LLP (advisers to the Lenders) as to matters of the laws of
England and confirming, amongst other things, the validity and enforceability of the Restructuring Documents governed by English
law.

 

		(b)	A legal opinion of White & Case LLP (advisers to the Lenders) as to matters of the laws of
France and confirming, among other things, the validity and enforceability of the Borrower Additional Pledge of Bank Accounts.

 

		(c)	A legal opinion of Taft Stettinius & Hollister LLP (advisers to the Borrower) confirming, amongst
other things, the due authorisation of each Obligor, the validity and enforceability of the Restructuring Documents governed by
New York law and that the subordination provisions in respect of the 8% Old Notes and the 5% Notes are the legal, valid, binding
and enforceable obligations of the Borrower, notwithstanding the amendments to the Original Facility Agreement as set out in this
Deed.

 

    	48

    	 

    

 

		(d)	Such other favourable legal opinions of counsel to the Obligors addressed to the COFACE Agent (for
and on behalf of itself and the other Finance Parties) with respect to the Obligors, the Restructuring Documents and such other
matters as the COFACE Agent shall reasonably request, including, without limitation, FCC matters.

 

		3.	Restructuring Documents

 

An original (duly executed by
each of the parties thereto) of:

 

		(a)	this Deed; and

 

		(b)	each of the other Restructuring Documents (other than (i) the Amended and Restated Facility
Agreement, the Amended and Restated Accounts Agreement, the Amended and Restated Guarantee Agreement, the Amended and Restated
Thermo Subordination Deed, the Amended and Restated Collateral Agreement and the Amended and Restated Pledge Agreement which shall
each be scheduled to this Deed or the Security Amendment and Restatement Agreement (as the case may be), and (ii) the Delegation
Agreement Amended Agreements).

 

		4.	Security Matters

 

		(a)	Certified copies of all notices of assignment and/or charge required to be delivered pursuant to
the Amended and Restated Collateral Agreement, the Amended and Restated Pledge Agreement and the Borrower Additional Pledge of
Accounts.

 

		(b)	Each Obligor (or legal advisers to the Lenders) shall have filed:

 

		(i)	proper financing statements (Form UCC-1 or such other financing statements or similar notices as
shall be required by local law) fully executed for filing under the UCC or other appropriate filing offices of each jurisdiction
as may be necessary to perfect a Lien purported to be created by the Amended and Restated Collateral Agreement, the Amended and
Restated Pledge Agreement and the Borrower Additional Pledge of Accounts;

 

		(ii)	certified copies of requests for information or copies (Form UCC-11), or equivalent reports, listing
all judgement liens, tax liens or effective financing statements that name the Obligors or any of their Subsidiaries, or a division
or other operating unit of any such person, as debtor and that are filed in the jurisdictions referred to in paragraph (i)
above, together with copies of such other financing statements evidencing any Lien permitted by clause 22.2 (Limitations
on Liens) of the Amended and Restated Facility Agreement;

 

		(iii)	evidence of the completion of all other recordings and filings of, or with respect to, the Amended
and Restated Collateral Agreement, the Amended and Restated Pledge Agreement and the Borrower Additional Pledge of Accounts as
may be necessary to perfect any Lien intended to be created by such documents;

 

		(iv)	each irrevocable payment instruction (if any); and

 

		(v)	evidence that all other actions necessary to perfect and protect any Lien purported to be created
by the Amended and Restated Collateral Agreement, the Amended and Restated Pledge Agreement and the Borrower Additional Pledge
of Accounts have been taken.

 

    	49

    	 

    

 

		5.	Governmental and other Authorisations

 

The Borrower has obtained, and
provided to the COFACE Agent, certified copies of all Authorisations that may become necessary for:

 

		(a)	the due execution, delivery, validity and enforceability of, and performance by an Obligor of its
obligations under this Deed and each other Restructuring Document to which it is a party, and any other documents necessary or
desirable to the implementation of any of those agreements or documents; and

 

		(b)	the remittance to any Finance Party of all monies payable or owing to such Finance Party under
any Restructuring Document in the currencies specified in such Finance Document, and in each case, all those Authorisations are
in full force and effect.

 

		6.	Material Contracts

 

Copies of each of the Material
Contacts listed in schedule 12 (Material Contracts) of the Amended and Restated Facility Agreement.

 

		7.	COFACE Insurance Policy

 

Each COFACE Insurance Policy
(as amended) is in full force and effect and is in form and substance satisfactory to the COFACE Agent (acting on the instructions
of all Lenders) and the COFACE Agent (acting on the instructions of all the Lenders) is satisfied that all conditions to each COFACE
Insurance Policy are fulfilled, that all requisite approvals of the French Authorities have been obtained and, if required, payment
of any portion of any new COFACE Insurance Premium then owing (if any) has been made.

 

		8.	No Material Adverse Effect

 

Since 10 May 2013, nothing has
occurred which has or could reasonably be expected to have a Material Adverse Effect.

 

		9.	Equity / Subordinated Debt

 

		(a)	Evidence (which must include a certification by the Borrower that it has received the relevant
funds together with a certified copy of the relevant wire transfer and bank statement of the Borrower evidencing the receipt of
funds) that the Group shall have received from third parties reasonably acceptable to the Lenders (which may, but need not include,
Thermo and Terrapin) at least US$45,000,000 from cash equity financing (including for this purpose, convertible subordinated debt,
subordinated debt with warrants and similar equity-like financial instruments which, in all cases, shall be subject to definitive
documentation including, without limitation, subordination provisions, acceptable to the Majority Lenders and COFACE (collectively
the “Equity Linked Securities”)), of which at least:

 

		(i)	US$25,000,000 shall be on account of the Effective Date Commitment; and

 

		(ii)	US$20,000,000 less the aggregate amount of cash actually received by the Borrower in connection
with the Initial Minimum Cash Commitment shall be on account of the 2013 Closing Commitment (subject to any reduction in respect
of the 2013 Closing Commitment pursuant to any proceeds received by the Borrower from any financing by the Borrower pursuant to
any Equity Issuances, in accordance with the provisions of the Restructuring Support and Consent Agreement).

 

    	50

    	 

    

 

		(b)	Evidence (which must include a certification by the Borrower that it has received the relevant
funds together with a certified copy of the relevant wire transfer and bank statement of the Borrower evidencing the receipt of
funds) that the Group shall have received the Initial Minimum Cash Commitment.

 

		(c)	Certification by a Responsible Officer of the Borrower that no amendment, variation, novation,
supplement, waiver, or modification shall have been made to, or in respect of, the terms of the 8% New Notes, the 8% Old Notes
or the 5% Notes.

 

		(d)	Evidence of the closing of a restructuring of approximately US$71,800,000 of issued and outstanding
5.75% Notes on the terms and conditions set out in the 5.75% Notes Term Sheet, and otherwise reasonably acceptable to the Majority
Lenders in all respects in relation to those terms not expressly stated in the 5.75% Notes Term Sheet.

 

		(e)	Certification by the Borrower that there is no pending enforcement action by any noteholder or
group of noteholders holding (in aggregate) an amount greater than US$5,000,000 in principal amount of the 8% New Notes.

 

		10.	Debt Service Reserve Account

 

Evidence that the DSRA Required
Balance is standing to the credit of the Debt Service Reserve Account.

 

		11.	Know Your Customer Requirements

 

The COFACE Agent shall have received
each of the documents required by each of the Lenders in respect of any “Know Your Customer” requirements applicable
to such Lender.

 

		12.	No Litigation

 

No litigation, arbitration, administrative,
governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened against the Group or its
assets which has not been disclosed to the COFACE Agent in writing.

 

		13.	Agreed Business Plan

 

Delivery of a final business
plan and financial projections in form and substance satisfactory to the Lenders and agreed to by the Borrower, which plan shall
incorporate the projections attached as Schedule 9 (Projections) (the “Projections”) and shall also
demonstrate the Group’s ability (assuming the timely receipt of Equity Linked Securities) to fully fund operations and repay
all indebtedness, and identify all sources of additional funding (including the Projections).

 

		14.	Other Documents and Evidence

 

		(a)	Evidence that any process agent referred to in the Finance Documents has accepted its appointment.

 

		(b)	A copy of any other Authorisation or other document, opinion or assurance which any Lender considers
to be necessary in connection with the entry into and performance of the transactions contemplated by any Restructuring Document
or for the validity or enforceability of any Restructuring Document.

 

		(c)	Payment of all fees, costs and expenses of the Finance Parties associated with the negotiation,
preparation, due diligence, documentation, administration and closing of the Restructuring Documents and the transactions contemplated
therein, including payment:

 

		(i)	in cash of the Effective Date Fee Payment,

 

    	51

    	 

    

 

		(ii)	in cash of the COFACE Additional Insurance Premium due and payable at the Effective Date; and

 

		(iii)	all fees and expenses of the Finance Parties and their professional advisors, including, without
limitation, any completion fees payable to FTI Consulting, Inc. as approved by the Lenders and any other fees, costs and expenses
of White & Case LLP and FTI Consulting, Inc.

 

		(d)	Evidence of the restructuring of the vendor financing agreements (including, amongst others, the
Hughes and Ericsson vendor financings) in terms satisfactory to the Lenders.

 

		(e)	Satisfaction of all the conditions precedent to the Effective Date referred to in Clause 7.1
(Further Utilisation of Facilities).

 

		(f)	Receipt by the COFACE Agent of the evidence referred to in Clause 7.2 (Contingent Equity
and DSRA Funds).

 

		(g)	Receipt by the COFACE Agent of a comfort letter addressed to it from James Monroe III.

 

		(h)	Receipt by the COFACE Agent of a letter addressed to it from Thermo and the beneficiary of the
ultimate owner of Thermo acknowledging that:

 

		(i)	the Lenders have requested the provision of the financial statements (or equivalent document) of
Thermo and certain “Know Your Customer” documentation in respect of the “James Monroe Revocable Trust
dated January 1, 1997”, which have not been provided by Thermo on the basis that such documents are not available; and

 

		(ii)	if a Lender is obliged by its compliance reporting requirements to report the unavailability of
the financial statements (or equivalent document) of Thermo or such “Know Your Customer” documentation, Thermo
and the ultimate owner of Thermo agree to take all such action required to release the relevant Lender from any potential liability
that may be asserted against it if Thermo or the ultimate owner of Thermo (as beneficiary of the above-mentioned trust) suffers
any negative consequences due to such documents not being provided to the Lenders,

 

in such form
as shall be acceptable to the COFACE Agent.

 

    	52

    	 

    

 

Schedule 4  Amended
and Restated Facility Agreement

 

See Exhibit 10.3 to Current Report on Form
8-K dated August 22, 2013

 

    	53

    	 

    

 

Schedule 5  Amended
and Restated Accounts Agreement

 

 

 

Dated 5 June 2009

as amended and restated pursuant

to the Deed of Waiver and Amendment No. 7

dated 30 September 2011 and the
Global Deed of Amendment

and Restatement dated ___________ 2013

 

Accounts Agreement

 

between

 

Globalstar, Inc. 

as the Borrower

 

and

 

BNP Paribas

as the Security Agent,

the COFACE Agent and 

the Offshore Account Bank

 

White & Case llp

5 Old Broad Street

London EC2N 1DW 

 

    	54

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	57
	 	 	 
	2.	Appointment	61
	 	 	 
	3.	Establishment of the Accounts	61
	 	 	 
	4.	[Intentionally Omitted]	63
	 	 	 
	5.	Collection Account	64
	 	 	 
	6.	Holding Account	65
	 	 	 
	7.	[Intentionally Omitted]	65
	 	 	 
	8.	Debt Service Account	65
	 	 	 
	9.	Debt Service Reserve Account	65
	 	 	 
	10.	[Intentionally Omitted]	66
	 	 	 
	11.	Insurance Proceeds Account	66
	 	 	 
	12.	[Intentionally Omitted]	67
	 	 	 
	13.	General Rule Regarding Excess Balances	67
	 	 	 
	14.	[Intentionally Omitted]	67
	 	 	 
	15.	Final Disbursement upon Termination	67
	 	 	 
	16.	[Intentionally Omitted]	67
	 	 	 
	17.	Balances	67
	 	 	 
	18.	Event of Default	67
	 	 	 
	19.	Blocking and Unblocking Notices	68
	 	 	 
	20.	Foreign Currency Conversions	68
	 	 	 
	21.	Ancillary Provisions	68
	 	 	 
	22.	The Offshore Account Bank	69
	 	 	 
	23.	Notices	72
	 	 	 
	24.	Remedies, Waivers and Amendments	74
	 	 	 
	25.	Additional Provisions	74
	 	 	 
	26.	Governing Law	74
	 	 	 
	27.	Enforcement	75
	 	 	 
	Schedule 1	[Intentionally Omitted]	76
	 	 	 
	Schedule 2	Form of Blocking Notice	77
	 	 	 
	Schedule 3	Form of Unblocking Notice	79
	 	 	 
	Schedule 4	Form of Accession Memorandum	80
	 	 	 
	Schedule 5	Order of Application	81
	 	 	 
	Schedule 6	Authorised Persons and Callback Contacts	82
	 	 	 
	Schedule 7	Domestic Accounts	83
	 	 	 
	Schedule 8	Foreign Accounts	86

 

    	55

    	 

    

 

	 	 	Page
	 	 	 
	Schedule 9	Canadian Accounts	90
	 	 	 
	Schedule 10	Form of Payment/Transfer Instruction	91
	 	 	 
	Schedule 11	Intentionally Omitted	92
	 	 	 
	Schedule 12	Intentionally Omitted	93

 

    	56

    	 

    

  

This Accounts Agreement (the “Agreement”)
was originally dated 5 June 2009 (and was amended and restated on 30 September 2011 by the Deed of Waiver and Amendment
No. 7 (as such term is defined below) and was further amended and restated on _____________ 2013 by the Global Deed of Amendment
and Restatement and is made

 

Between:

 

		(1)	Globalstar, Inc., a corporation duly organised and validly existing under the laws of the
State of Delaware, with its principal office located at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America
(the “Borrower”);

 

		(2)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as facility agent and Chef de File for and on behalf of the Finance Parties (the “COFACE Agent”);

 

		(3)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the security agent for and on behalf of the Finance Parties (the “Security Agent”); and

 

		(4)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens, 75009
Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity as offshore account
bank (the “Offshore Account Bank”).

 

It is hereby agreed as follows:

 

		1.	Definitions and Interpretation

 

		1.1	Incorporation of Definitions

 

Words and expressions defined
in the Facility Agreement shall, unless the context otherwise requires, have the same meaning when used in this Agreement.

 

		1.2	Definitions

 

In this Agreement the following
terms have the meaning set out below:

 

“Account
Banks” means:

 

		(a)	the Offshore Account Bank; and

 

		(b)	the Onshore Account Bank,

 

and “Account
Bank” mean either of the foregoing, as the context requires.

 

“Accounts
Assets” has the meaning given to such term in Clause 3.4(a)(ii) (Notice of Liens).

 

“Authorised
Person” has the meaning given to such term in Clause 3.6(d) (Instructions).

 

“Blocking
Notice” means a notice substantially in the form of Schedule 2 (Form of Blocking Notice).

 

    	57

    	 

    

 

“Callback
Contact” means each person identified by the Borrower to the Offshore Account Bank as being authorised to confirm to
the Offshore Account Bank any instructions given by the Borrower to the Offshore Account Bank in the form of Schedule 6 (Authorised
Persons and Callback Contacts).

 

“Canadian
Account” means each bank account held in Canada:

 

		(a)	set out in Schedule 9 (Canadian Accounts); and

 

		(b)	opened after the date of this Agreement.

 

“Collection
Account” means the Dollar denominated account so titled, held in the name of the Borrower with the Onshore Account Bank
with account number 6731016680.

 

“Debt
Service Account” means the Dollar denominated account so titled, held in the name of the Borrower with the Offshore Account
Bank with account number 30004 05658 0000034082G 55.

 

“Debt
Service Period” means:

 

		(a)	in respect of the first Utilisation, the period from the Utilisation Date of such Loan to the first
Payment Date; and

 

		(b)	in respect of any other period, the period beginning the day following a Payment Date and ending
on the next Payment Date.

 

“Debt
Service Reserve Account” means the Dollar denominated account so titled, held in the name of the Borrower with the Offshore
Account Bank with account number 30004 05658 0000034083A 43.

 

“Deed
of Waiver and Amendment No. 7” means the amendment agreement to this Agreement dated 30 September 2011 between, among
others, the Borrower, the Offshore Account Bank and the COFACE Agent.

 

“Domestic
Account” means each bank account held in the United States:

 

		(a)	set out in Schedule 7 (Domestic Accounts); and

 

		(b)	opened after the date of this Agreement.

 

“DSA
Required Balance” means an amount equal to the product of:

 

		(a)	the quotient of the number of days from and including the last Payment Date to the date of determination
divided by the number of days from and including the date of the last Payment Date to but excluding the next Payment Date;

 

multiplied by,

 

		(b)	the aggregate scheduled Debt Service (including principal, interest, fees, and other charges and
expenses) due under the Facilities for the current Debt Service Period provided that if LIBOR exceeds the capped interest
rate set out in an Interest Rate Cap Agreement, the amount of such capped interest rate shall be used for the purpose of calculating
any interest under this paragraph (b).

 

“Effective
Date” has the meaning given to such term in the Global Deed of Amendment and Restatement.

 

“Facility
Agreement” means the facility agreement originally dated 5 June 2009, as amended from time to time including as amended
and restated pursuant to the Global Deed of Amendment and Restatement between the Borrower, the Security Agent, the COFACE Agent,
the Mandated Lead Arrangers and the Lenders.

 

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“Final
Discharge Date” means the date on which all the Secured Obligations have been unconditionally and irrevocably paid and
discharged in full and none of the Finance Parties is under any obligation (whether actual or contingent) to make advances or provide
other financial accommodation to the Borrower under the Finance Documents.

 

“Foreign
Account” means each bank account held in a jurisdiction other than the United States or Canada:

 

		(a)	set out in Schedule 8 (Foreign Accounts); and

 

		(b)	opened after the date of this Agreement.

 

“Holding
Account” means the Dollar denominated account so titled, held in the name of the Borrower with the Offshore Account Bank
with account number 3000 4056 5800 0004 3504 S68.

 

“Insurance
Proceeds” means all proceeds and amounts payable to or received by the Borrower or the Security Agent (as the case may
be) under the Insurances.

 

“Insurance
Proceeds Account” means the Dollar denominated account so titled, held in the name of the Borrower with the Offshore
Account Bank with account number 30004 05658 0000034085H 59.

 

“Liability”
means any present or future liability (actual or contingent) (including without limitation, any payment obligation and/or fee obligation)
whether or not matured or liquidated, together with any:

 

		(a)	refinancing, novation, deferral or extension of that liability;

 

		(b)	claim for misrepresentation or breach of warranty or undertaking or an event of default or under
any indemnity;

 

		(c)	further advance which may be made under any agreement expressed to be supplemental to any document
in respect of that liability, together with all related interest, fees and costs;

 

		(d)	claim for damages or restitution in the event of rescission of that liability or otherwise;

 

		(e)	claim flowing from any recovery by a payment or discharge in respect of that liability on the grounds
of preference or otherwise; and

 

		(f)	amount (such as post-insolvency interest) which would be included in any of the above but for its
discharge, non-provability or unenforceability in any insolvency or other proceedings.

 

“Offshore
Project Accounts” means the Project Accounts other than the Collection Account.

 

“Onshore
Account Bank” means Union Bank with its registered office at 99 Almaden Blvd., Ste 200, San Jose, CA 95113, United
States of America.

 

“Operating
Expenditure” means all operating and maintenance costs, expenses and liabilities (including inventory purchases) incurred
by the Borrower and including any VAT in respect of any such amount (excluding any capital expenditure (other than maintenance
capital expenditure)) and any other costs and expenses agreed between the COFACE Agent and the Borrower.

 

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“Overnight
LIBOR” means, on any date, the London Interbank Offered Rate administered by the British Banker’s Association,
that is the day to day rate at which Dollars are offered to prime banks on the London interbank market and at 11:00 a.m. (London
time) on pages LIBOR01 or LIBOR02 of the Reuters screen, (or any replacement Reuters page which displays that rate) or on the appropriate
page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service
ceases to be available, the COFACE Agent may specify another page or service displaying the appropriate rate.

 

“Party”
means a party to this Agreement.

 

“Payment
Date” means:

 

		(a)	a Repayment Date; and

 

		(b)	the last day of an Interest Period.

 

“Project
Accounts” means:

 

		(a)	the Collection Account;

 

		(b)	the Debt Service Account;

 

		(c)	the Debt Service Reserve Account;

 

		(d)	the Insurance Proceeds Account; and

 

		(e)	the Holding Account,

 

and “Project
Account” means any of the foregoing, as the context requires.

 

“Secured
Obligations” means all the Liabilities and all other present and future obligations at any time due, owing or incurred
by an Obligor to any Finance Party under the relevant Finance Documents, both actual and contingent and whether incurred solely
or jointly and as principal or surety or in any other capacity.

 

“Unblocking
Notice” means a notice substantially in the form of Schedule 3 (Form of Unblocking Notice).

 

		1.3	Interpretation

 

		(a)	Clause 1.2 (Construction) of the Facility Agreement shall apply to this Agreement as
if expressly set out herein, mutatis mutandis, with each reference therein to the Facility Agreement being deemed to be
a reference to this Agreement.

 

		(b)	Unless a contrary indication appears, a reference in this Agreement to the “date of this
Agreement” shall be the original date of this Agreement, being 5 June 2009.

 

		1.4	Third Party Rights

 

		(a)	Save as provided in Clause 21.3 (Fees, Costs and Expenses), a person who is not a Party
has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this
Agreement.

 

		(b)	Notwithstanding any term of this Agreement, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

		1.5	Accounts

 

Any reference in this Agreement
to any bank account shall include any renewal, redenomination, re-designation or sub-account thereof.

 

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		2.	Appointment

 

		(a)	The Borrower designates and appoints the Offshore Account Bank as account holder in relation to
the Offshore Project Accounts. The Offshore Account Bank accepts such designation and appointment in accordance with and limited
to the terms and conditions of this Agreement.

 

		(b)	The Offshore Account Bank shall act in accordance with instructions received by it from the COFACE
Agent and/or the Borrower, as appropriate, in accordance with the terms of this Agreement.

 

		(c)	The Security Agent shall act at all times only in accordance with the instructions of the COFACE
Agent. The COFACE Agent shall give instructions to the Security Agent in accordance with the terms of the Finance Documents.

 

		3.	Establishment of the Accounts

 

		3.1	Project Accounts

 

		(a)	The Borrower shall establish, maintain and operate with the Offshore Account Bank in Paris the
following bank accounts, denominated in Dollars, subject to and in accordance with the terms and conditions of this Agreement:

 

		(i)	the Debt Service Account;

 

		(ii)	the Debt Service Reserve Account;

 

		(iii)	the Insurance Proceeds Account; and

 

		(iv)	the Holding Account.

 

		(b)	The Offshore Account Bank hereby confirms to the other Parties that the accounts referred to in
Clause 3.1(a) above have been opened with the Offshore Account Bank.

 

		(c)	The Offshore Account Bank hereby agrees to operate and maintain the Project Accounts (other than
the Collection Account) in accordance with the provisions of this Agreement.

 

		3.2	Collection Account

 

The Borrower shall continue to
maintain and operate with the Onshore Account Bank in California the Collection Account, denominated in Dollars, subject to and
in accordance with the terms and conditions of the relevant Account Control Agreement.

 

		3.3	No Prejudice

 

The Borrower acknowledges for
the benefit of the COFACE Agent and the Security Agent that each Project Account pledged, charged or assigned to the Security Agent
(for and on behalf of itself and the other Finance Parties) under or pursuant to the Security Documents will be a separate account
of an Account Bank and the Borrower agrees:

 

		(a)	none of the restrictions or conditions contained in this Agreement on the withdrawal of funds from
a Project Account shall be construed as a waiver of any Lien or affect the rights or the obligations of any of the Finance Parties
under any Finance Document; and

 

		(b)	no withdrawal shall be made from any Project Account if it would cause such Project Account to
become overdrawn.

 

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		3.4	Notice of Liens

 

		(a)	The Borrower hereby gives notice to the Offshore Account Bank of the Liens granted or to be granted
by it to the Security Agent over:

 

		(i)	the balance from time to time standing to the credit of any relevant Project Account, including
all interest credited to any such Project Account; and

 

		(ii)	all of the Borrower’s rights, title and interest in and to and the benefit of any relevant
Project Account and the indebtedness represented by such credit balance (the “Accounts Assets”) and the Offshore
Account Bank hereby acknowledges the same.

 

		(b)	The Offshore Account Bank confirms to the Security Agent and the COFACE Agent that it has not received
actual notice of any other Lien in, or any assignment of, the Accounts Assets granted by the Borrower to any third party.

 

		3.5	Availability

 

The Offshore Account Bank shall
not be obliged to make available to the Borrower, or any other person any sum which it is expecting to receive for the account
of the Borrower until it has been able to establish that it has received that sum.

 

		3.6	Instructions

 

		(a)	The Borrower may communicate any and all instructions (including approval, consents and notices)
to the Offshore Account Bank in relation to the Project Accounts (as appropriate), including communication by any manual or electronic
medium or other systems agreed between the Borrower and the Offshore Account Bank.

 

		(b)	The Borrower may subject to the terms of this Agreement and the other Finance Documents, following
notice to the Offshore Account Bank, give payment instructions in accordance with the payment and/or transfer instructions set
out in Schedule 10 (Form of Payment/Transfer Instruction). Such instructions must be received by not later than 9:00 a.m.
(Paris time) two (2) Business Days prior to the proposed payment date in order to ensure that any payment will be made
for value on the proposed payment date, provided that the Borrower shall use its reasonable endeavours to ensure that, to
the extent reasonably practicable, instructions are given to the Offshore Account Bank by 9:00 a.m. (Paris time) not less
than three (3) Business Days prior to the proposed payment date.

 

		(c)	The Borrower may only make a payment from a Project Account (other than the Collection Account)
to the extent it had sufficient cleared funds at the close of business on the Paris Business Day prior to the day of payment.

 

		(d)	Instructions may only be given by any person authorised by the Borrower to act on its behalf in
the performance of any act, discretion or duty under this Agreement (including, for the avoidance of doubt, any officer or employee
of such person) (each an “Authorised Person”). The Borrower has provided to the Offshore Account Bank the names
of each:

 

		(i)	Authorised Person; and

 

		(ii)	Callback Contact,

 

in the form of Schedule 6 (Authorised
Persons and Callback Contacts).

 

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The Borrower may change the names
of the Authorised Persons and/or Callback Contacts by giving not less than five (5) Business Days’ prior written
notice to the Offshore Account Bank of updating Schedule 6 (Authorised Persons and Callback Contacts).

 

		(e)	If a Blocking Notice has been delivered to the Offshore Account Bank in accordance with Clause 19.1
(Blocking Notices) and such Blocking Notice is continuing, the Offshore Account Bank shall only act on instructions communicated
by the Borrower to the Offshore Account Bank if such instructions are countersigned by the COFACE Agent.

 

		3.7	Miscellaneous

 

		(a)	Each Project Account (other than the Collection Account) will bear interest at a daily rate equal
to Overnight LIBOR less point zero twenty five per cent. (0.25%) and such interest will be credited to
the Project Accounts (other than the Collection Account) in accordance with the Offshore Account Bank’s usual practices.

 

		(b)	The Offshore Account Bank shall not have any proprietary interest in amounts deposited hereunder
but merely holds such amounts as banker subject to the terms of this Agreement.

 

		(c)	Any payment by the Offshore Account Bank under this Agreement will be made without any deduction
or withholding for or on account of any Tax unless such deduction or withholding is required by Applicable Law.

 

		(d)	If the Offshore Account Bank is required by Applicable Law to make a deduction or withholding,
it will not pay an additional amount in respect of that deduction or withholding to the relevant party.

 

		(e)	The Offshore Account Bank shall, save as otherwise provided in this Agreement, maintain the Project
Accounts (other than the Collection Account) in accordance with:

 

		(i)	the mandates (if any) entered into by the Offshore Account Bank with the Borrower;

 

		(ii)	its normal practices; and

 

		(iii)	the provisions of this Agreement,

 

provided that if there is
any conflict between this Agreement and either:

 

		(A)	the mandates (if any) entered into by the Offshore Account Bank with the Borrower; or

 

		(B)	the Offshore Account Bank’s normal practices referred to above,

 

the provisions of this Agreement
shall prevail (but only to the extent that the Offshore Account Bank would not be in breach of any Applicable Law as a result).

 

		3.8	Information on Accounts

 

The Offshore Account Bank agrees
with the Borrower that the Offshore Account Bank may disclose to the COFACE Agent and/or the Security Agent any information regarding
the Project Accounts as may be requested by the COFACE Agent and/or the Security Agent.

 

		4.	[Intentionally Omitted]

 

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		5.	Collection Account

 

		5.1	Payments to the Collection Account

 

		(a)	The Borrower shall ensure that:

 

		(i)	all amounts standing to the credit of:

 

		(A)	[intentionally omitted];

 

		(B)	a Domestic Account;

 

		(C)	all Foreign Accounts in any one jurisdiction which exceed an aggregate amount of US$1,000,000;
and

 

		(D)	all Canadian Accounts which exceed an aggregate amount of US$2,000,000;

 

		(ii)	all other revenues of, and payments to, the Borrower not included in paragraph (a)(i) above
(including any amounts received by the Borrower of the kind required to be applied in mandatory prepayment pursuant to clause 7.3
(Mandatory Prepayment – Cash Sweep of Spectrum Cash Flow), clause 7.4 (Mandatory Prepayment – Excess Cash
Flow), clause 7.6 (Mandatory Prepayments – Asset Dispositions) (save in respect of such amounts that are
required to be paid into the Holding Account in accordance with sub-paragraph (b)(ii) of clause 7.6 (Mandatory Prepayments –
Asset Dispositions)), clause 7.8 (Mandatory Prepayment – Cash Sweep Following Spectrum Sale) and clause 7.9 (Mandatory
Prepayment – Cash Sweep following Equity Issuance and Debt Issuance) of the Facility Agreement), but excluding any amounts
payable to the Borrower under an Interest Rate Cap Agreement which shall be directly deposited in the Debt Service Account in accordance
with Clause 8.1(b) (Payments to the Debt Service Account); and

 

		(iii)	any drawdown of any Loan (other than Loan disbursement amounts which a Lender has permitted to
be paid directly to a third party to which payment is due from the Borrower), and any Net Cash Proceeds arising from any Equity
Issuances and any Subordinated Indebtedness,

 

are, in each case, directly deposited
into the Collection Account not later than the last Business Day of each Month.

 

		(b)	The Borrower may deposit funds into the Collection Account pursuant to Clause 9.3 (Excess
Funding in the Debt Service Reserve Account), Clause 11.3 (Application of Insurance Proceeds: Less than US$500,000),
Clause 11.4(b) (Application of Insurance Proceeds – Mandatory Prepayment), Clause 13 (General Rule Regarding
Excess Balances) and as otherwise permitted by the Finance Documents.

 

		5.2	Permitted Withdrawals from the Collection Account

 

The Borrower
may only withdraw amounts from the Collection Account at the times, for the purposes and in the order of priority, set out in Schedule
5 (Order of Application).

 

		5.3	Certificates

 

The Borrower shall be deemed
to have certified to the COFACE Agent that the amounts instructed by it to be transferred or paid in accordance with the provisions
of Clause 5.2 (Permitted Withdrawals from the Collection Account) shall be the correct amount required to be so paid
or transferred in accordance with the terms thereof.

 

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		6.	Holding Account

 

		6.1	Payments to the Holding Account

 

The Borrower shall ensure that
the Holding Account is funded in accordance with clause 7.6(b)(ii) (Mandatory Prepayments – Asset Dispositions) of
the Facility Agreement.

 

		6.2	Permitted Withdrawals from the Holding Account

 

The Borrower may only withdraw
amounts standing to the credit of the Holding Account pursuant to:

 

		(a)	firstly, subject to clause 7.6(d) and clause 7.6(e) (Mandatory Prepayments –
Asset Dispositions) of the Facility Agreement, clause 7.6(b)(ii)(A) and (B) (Mandatory Prepayments – Asset Dispositions)
of the Facility Agreement; and

 

		(b)	secondly, clause 7.6(c) (Mandatory Prepayments – Asset Dispositions)
of the Facility Agreement.

 

		7.	[Intentionally Omitted]

 

		8.	Debt Service Account

 

		8.1	Payments to the Debt Service Account

 

		(a)	Amounts shall be transferred to or deposited in the Debt Service Account in accordance with Clause 5.2
(Permitted Withdrawals from the Collection Account), Clause 8.1(b) and (c) (Payments to the Debt Service Account),
Clause 9.3 (Excess Funding in the Debt Service Reserve Account) and Clause 13 (General Rule Regarding Excess
Balances), only.

 

		(b)	The Borrower shall ensure that any amounts payable to it under an Interest Rate Cap Agreement are
directly deposited into the Debt Service Account.

 

		(c)	The Borrower may credit amounts to the Debt Service Account with the proceeds of equity contributed
to enable the Borrower to make payments under the Finance Documents.

 

		8.2	Permitted Withdrawals from the Debt Service Account

 

Subject to Clause 13 (General
Rule Regarding Excess Balances), on each Payment Date, and on each other date on which any payments in respect of Debt Service
are required to be made, the Borrower shall withdraw funds from the Debt Service Account to pay such amounts then due and payable
to the Finance Parties, but not otherwise.

 

		9.	Debt Service Reserve Account

 

		9.1	Payments to the Debt Service Reserve Account

 

		(a)	The Borrower shall ensure that at all times an amount not less than the DSRA Required Balance shall
be credited, in Cash, to the Debt Service Reserve Account.

 

		(b)	Amounts shall be deposited in or transferred to the Debt Service Reserve Account in accordance
with Clause 5.2 (Permitted Withdrawals from the Collection Account), Clause 9.1(c) (Payments to the Debt Service
Reserve Account) and Clause 13 (General Rule Regarding Excess Balances) only.

 

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		(c)	The Borrower may credit amounts to the Debt Service Reserve Account with the proceeds of equity
contributed to enable the Borrower to ensure that the Debt Service Reserve Account is at all times funded in an amount equal to
the DSRA Required Balance.

 

		9.2	Withdrawals from the Debt Service Reserve Account

 

Subject to Clause 9.3 (Excess
Funding in the Debt Service Reserve Account), if, on any date, the aggregate balance of the Debt Service Account is insufficient
to pay Debt Service then due, the Borrower shall withdraw cash up to the amount of such shortfall from the Debt Service Reserve
Account to pay such Debt Service then due, but not otherwise.

 

		9.3	Excess Funding in the Debt Service Reserve Account

 

To the extent the balance of
the Debt Service Reserve Account exceeds the DSRA Required Balance, the Borrower shall be entitled to withdraw such excess amount
and pay to the Debt Service Account to fund such account to its then required level as set out in this Agreement, and to the extent
that the Debt Service Account is funded to the DSA Required Balance any such excess shall be paid to the Collection Account.

 

		10.	[Intentionally Omitted]

 

		11.	Insurance Proceeds Account

 

		11.1	General Rule Regarding Application of Insurance Proceeds

 

The Security Agent (following
the occurrence and the continuance of an Event of Default) and the Borrower shall apply all Insurance Proceeds in accordance with
the provisions of this Clause 11.

 

		11.2	Payments to the Insurance Proceeds Account

 

All Insurance Proceeds shall
be paid by the relevant insurer directly to the Insurance Proceeds Account and, if paid to the Borrower (other than into the Insurance
Proceeds Account), such Insurance Proceeds shall be forthwith paid over to the Insurance Proceeds Account.

 

		11.3	Application of Insurance Proceeds: Less than US$500,000

 

In connection with an Insurance
and Condemnation Event yielding less than US$500,000 in Net Cash Proceeds, the Borrower may transfer such amounts to the Collection
Account to be applied in accordance with Clause 5.2 (Permitted Withdrawals from the Collection Account).

 

		11.4	Application of Insurance Proceeds – Mandatory Prepayment

 

		(a)	Subject to Clause 11.3 (Application of Insurance Proceeds: Less than US$500,000) above
and paragraph (b) below, the COFACE Agent shall direct the Offshore Account Bank to apply the funds in the Insurance Proceeds
Account in mandatory prepayment of the Facilities in accordance with clause 7.5 (Mandatory Prepayment – Insurance
and Condemnation Events) of the Facility Agreement.

 

		(b)	If clause 7.5(b)(ii) (Mandatory Prepayment – Insurance and Condemnation Events)
of the Facility Agreement applies, the Borrower may request the Offshore Account Bank to make payment to a supplier of a replacement
asset or replacement Satellite, any long lead items, Launch services, insurances or other costs directly arising in relation to
the purchase or Launch of a Satellite described in clause 7.5(b)(ii) (Mandatory Prepayment – Insurance and Condemnation
Events) of the Facility Agreement, in accordance with the terms and conditions agreed between the Borrower and the Supplier.
Any excess Net Cash Proceeds after taking into account such payments and costs shall be transferred as soon as practicable to the
Collection Account.

 

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		12.	[Intentionally Omitted]

 

		13.	General Rule Regarding Excess Balances

 

Subject to Clause 18 (Event
of Default), but notwithstanding any other provision of this Agreement, to the extent that at any time the balance on the Debt
Service Account is greater than the DSA Required Balance, the Borrower shall be entitled to withdraw such excess amounts and pay
such amount to the Collection Account.

 

		14.	[Intentionally Omitted]

 

		15.	Final Disbursement upon Termination

 

Upon receipt of notification
from the COFACE Agent of the occurrence of the Final Discharge Date, the Offshore Account Bank shall disburse any amounts on deposit
in the Offshore Project Accounts to or at the direction of, and at the expense of, the Borrower in accordance with Clause 3.6
(Instructions).

 

		16.	[Intentionally Omitted]

 

		17.	Balances

 

In determining the balance of
proceeds on a Project Account (other than the Collection Account) only the cash on deposit on such Project Account shall be taken
into account.

 

		18.	Event of Default

 

		(a)	If an Event of Default has occurred and is continuing and any Blocking Notices have been served
pursuant to Clause 19.1 (Blocking Notices), then any provisions of this Agreement or any other Finance Document to
the contrary notwithstanding, all amounts on deposit in the Offshore Project Accounts which are the subject of any Blocking Notices
and any revenues thereon shall be applied by the Offshore Account Bank, acting on the instructions of the COFACE Agent. Such instructions
of the COFACE Agent may include, without limitation:

 

		(i)	if so decided under and in accordance with the Facility Agreement, instruction toward payment of
the outstanding payment obligations under the Facilities;

 

		(ii)	if so decided by the Lenders under the Facility Agreement, instruction toward the payment of any
other amount (including, without limitation, Taxes and amounts due under the Transaction Documents) as contemplated by this Agreement
or as otherwise decided pursuant to the Facility Agreement; and

 

		(iii)	in making withdrawals from the Project Accounts and payments between the Project Accounts, save
that prior to any such direction, the Borrower, the Offshore Account Bank, the COFACE Agent and the Security Agent shall administer
the Project Accounts (other than the Collection Account) in accordance with the other provisions of this Agreement.

 

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		(b)	Following the occurrence and continuance of an Event of Default and service of any Blocking Notices
pursuant to Clause 19.1 (Blocking Notices), the Borrower shall not, without the written consent of the COFACE Agent,
be entitled to withdraw any funds on any of the Project Accounts the subject of any Blocking Notices or deal with such funds in
any manner whatsoever.

 

		19.	Blocking and Unblocking Notices

 

		19.1	Blocking Notices

 

Following an Event of Default
which has occurred and is continuing, the COFACE Agent shall (if so instructed by the Majority Lenders) deliver to the Offshore
Account Bank and/or the Onshore Account Bank, the Security Agent and the Borrower, Blocking Notices in respect of any Project Accounts
held with the Offshore Account Bank and the Offshore Account Bank will comply with the terms thereof.

 

		19.2	Unblocking Notices

 

At such time as any Event of
Default subject to any Blocking Notices is no longer continuing, the COFACE Agent shall deliver to the Offshore Account Bank, the
Security Agent and the Borrower Unblocking Notices in respect of those Project Accounts the subject of any Blocking Notices and,
in respect of any Project Accounts held with the Offshore Account Bank, the Offshore Account Bank shall comply with the terms thereof.

 

		20.	Foreign Currency Conversions

 

		(a)	In respect of any currency conversions for determining the balances on any accounts, such conversions
shall be done at the Offshore Account Bank’s commercial spot mid-rate for conversion of the relevant currency on the relevant
date.

 

		(b)	The Offshore Account Bank shall have no liability to the Borrower in connection therewith other
than in respect of its gross negligence or wilful misconduct.

 

		21.	Ancillary Provisions

 

		21.1	Time of Day

 

All references in this Agreement
to any time of day in relation to any Project Account (other than the Collection Account) shall be deemed to be references to Paris,
France time.

 

		21.2	Intentionally Omitted

 

		21.3	Fees, Costs and Expenses

 

		(a)	The Borrower shall pay the fees and reasonably incurred and documented out-of-pocket expenses of
the Offshore Account Bank.

 

		(b)	The Borrower shall pay all legal and professional fees and costs of the advisers to the Offshore
Account Bank with respect to the preservation or enforcement of any of its respective rights during the continuance of an Event
of Default.

 

		(c)	Subject to paragraph (d) below the Borrower shall indemnify and hold harmless the Offshore
Account Bank and its respective officers, directors, employees, representatives and agents (collectively, the “Indemnitees”,
and each an “Indemnitee”) from and against and reimburse the Indemnitees for any and all losses, liabilities,
claims and expenses arising by reason of their participation in the transactions contemplated by this Agreement. Any officer, director,
employee, representative or agent of the Offshore Account Bank may rely on this paragraph (c) and enforce its terms under
the Contracts (Rights of Third Parties) Act 1999.

 

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		(d)	The indemnity obligation of the Borrower pursuant to this Clause 21.3 (Fees, Costs
and Expenses) shall not apply with respect to an Indemnitee to the extent arising as a result of the gross negligence or wilful
misconduct of such Indemnitee.

 

		(e)	The provisions of this Clause 21.3 (Fees, Costs and Expenses) shall survive termination
of this Agreement and the resignation or removal of the Offshore Account Bank and shall be in addition to any other rights and
remedies of any Indemnitee.

 

		22.	The Offshore Account Bank

 

		22.1	Rights of the Offshore Account Bank

 

The Offshore Account Bank may:

 

		(a)	rely upon any communication or document believed by it to be genuine and may assume that any person
purporting to make any statement or execute any document in connection with the provisions hereof has been duly authorised to do
so; and

 

		(b)	assume that no Default has occurred and that the Borrower is not in breach of or default under
its obligations under this Agreement, unless it has actual knowledge or actual notice to the contrary.

 

		22.2	Excluded Obligations

 

Notwithstanding anything to the
contrary expressed or implied herein, the Offshore Account Bank shall not be:

 

		(a)	bound to enquire as to the occurrence or otherwise of a Default or the performance by any other
party to any of the Finance Documents of its obligations thereunder;

 

		(b)	bound to exercise any right, power or discretion vested in it under any of the Finance Documents
to which it is a party;

 

		(c)	bound to account to any other party hereto for any sum or the profit element of any sum received
by it for its own account;

 

		(d)	bound to disclose to any other person any information relating to any other person; or

 

		(e)	under any fiduciary duty towards any other Party or under any obligations other than those for
which express provision is made in this Agreement.

 

		22.3	Exclusion of Liability

 

The Offshore Account Bank shall
not be responsible for the accuracy and/or completeness of any information supplied in connection with any Finance Document
or for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document nor shall it be under any
liability as a result of taking or omitting to take any action in relation to the Project Accounts (other than the Collection Account)
save in the case of its gross negligence or wilful misconduct.

 

    	69

    	 

    

 

		22.4	Resignation and Removal

 

		(a)	The Offshore Account Bank may resign and appoint one of its Affiliates as successor of the Offshore
Account Bank by giving not less than sixty (60) days’ notice to the Finance Parties and the Borrower, provided that
the successor accounts bank shall act through an office in Paris.

 

		(b)	Provided no Default has occurred and is continuing:

 

		(i)	the Borrower may request that the Offshore Account Bank resigns by giving not less than sixty (60) days’
notice to the COFACE Agent; and

 

		(ii)	the Borrower shall designate a successor accounts bank with the consent of the Majority Lenders.

 

		(c)	Alternatively, the Offshore Account Bank may resign without having designated a successor by giving
notice to the COFACE Agent and the Borrower, in which case the Majority Lenders with the prior written approval of the Borrower
(which approval shall not however be required if a Default has occurred and is continuing) may appoint a successor accounts bank.

 

		(d)	If the Majority Lenders have not appointed a successor accounts bank in accordance with Clause 22.3(c)
(Resignation and Removal) within sixty (60) days after notice of resignation was given, the Offshore Account Bank (with
the prior approval of the Borrower (acting reasonably) (which approval shall not however be required if an Event of Default has
occurred and is continuing)) may appoint a successor offshore account bank (acting through an office in Paris).

 

		(e)	If thirty (30) days after the expiry of the sixty (60) day period referred to above,
a successor accounts bank has not been appointed, the Borrower may petition a court of competent jurisdiction to appoint a successor
accounts bank, and in any case, from that date until the appointment of a successor accounts bank, the Offshore Account Bank’s
sole responsibility shall be to receive and safekeep amounts in the relevant Project Accounts.

 

		(f)	The retiring Offshore Account Bank shall make available to its successor such documents and records
and provide such assistance as its successor may reasonably request for the purposes of performing its functions as the Offshore
Account Bank under the Finance Document. Each successor offshore account bank shall accede to this Agreement by executing an accession
memorandum in the form of Schedule 4 (Form of Accession Memorandum).

 

		(g)	The resignation notice of the Offshore Account Bank shall take effect only upon the appointment
of a successor accounts bank.

 

		(h)	Upon the appointment of a successor, the retiring Offshore Account Bank shall be discharged from
any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 1.1 (Resignation
and Removal) and each of the indemnities in respect of its actions as the Offshore Account Bank under the terms of the Finance
Documents. Each Offshore Account Bank’s successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor offshore account bank had been an original party to this Agreement.

 

		22.5	Offshore Account Bank

 

The Offshore Account Bank shall
at all times be an Acceptable Bank.

 

    	70

    	 

    

 

		22.6	Conduct of Business by the Offshore Account Bank

 

No provision of this Agreement
will:

 

		(a)	interfere with the rights of the Offshore Account Bank to arrange its affairs (Tax or otherwise)
in whatever manner it thinks fit;

 

		(b)	oblige the Offshore Account Bank to investigate or claim any credit, relief, remission or repayment
available to it or the extent, order and manner of any claim; or

 

		(c)	oblige the Offshore Account Bank to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

		22.7	[Intentionally Omitted]

 

		22.8	No Set-Off

 

The Offshore Account Bank hereby
agrees and acknowledges that it waives any right it has or may hereafter acquire to combine, consolidate or merge any of the Project
Accounts with any other account of the Borrower, the Security Agent or any liabilities of the Borrower, the Security Agent or any
other person and agrees that it may not exercise any Lien, set-off, transfer, combine or withhold payment of any sum standing to
the credit of any of the Project Accounts, then it shall immediately re-credit the relevant Project Account with the amount required
to restore such Project Account to the position immediately prior to such breach.

 

		22.9	Exoneration

 

		(a)	The Offshore Account Bank shall not, save in the case of its own gross negligence or wilful misconduct
(or that of its officers, directors employees, representatives and agents) be liable to the Borrower or any other person for any
action it may take in reliance upon any written notice or request given to it by the COFACE Agent or the Security Agent.

 

		(b)	The Offshore Account Bank shall not be under any duty to give the amounts held by it hereunder
any greater degree of care than it gives to its own similar property.

 

		(c)	This Agreement sets forth all the duties of the Offshore Account Bank.

 

		(d)	The Offshore Account Bank shall not be obliged to make any payment or otherwise to act on any request
or instruction notified to it under this Agreement if it is unable:

 

		(i)	to verify any signature on the notice of request or instruction against the specimen signature
provided for the relevant Authorised Person hereunder; and

 

		(ii)	to validate the authenticity of the request by contacting the Callback Contact.

 

		(e)	The Offshore Account Bank may:

 

		(i)	consult lawyers or professional advisers over any question as to the provisions of this Agreement
or its duties as Offshore Account Bank; and

 

		(ii)	act pursuant to the advice of lawyers or other professional advisers with respect to any matter
relating to this Agreement and shall not, save in the case of its own gross negligence or wilful misconduct or that of its officers,
directors, employees or agents, be liable for any action taken or omitted in accordance with such advice.

 

    	71

    	 

    

 

		(f)	The Offshore Account Bank may use (and its performance will be subject to the rules of) any communications,
clearing or payment system, intermediary bank or other system in accordance with its usual operating procedures.

 

		(g)	The Offshore Account Bank shall not be responsible for failure to perform any of its obligations
under this Agreement on the occurrence of any event or circumstance beyond the reasonable control of the Offshore Account Bank,
to the extent that the Offshore Account Bank has used reasonable endeavours to mitigate the consequences of any such event or circumstances
in accordance with its usual operating procedures or if performance would result in the Offshore Account Bank being in breach of
any Applicable Law.

 

		(h)	Notwithstanding any other provision to the contrary in this Agreement, under no circumstance will
the Offshore Account Bank be liable to any party for any consequential loss.

 

		(i)	The Borrower acknowledges that the Offshore Account Bank may use any form of telephonic or electronic
monitoring or recording as it deems appropriate for security and service purposes in accordance with its usual operating procedures.

 

		(j)	The obligations and duties of the Offshore Account Bank will be performed only by it and are not
obligations or duties of any other BNP Paribas company (including any branch or office of the Offshore Account Bank) and the rights
of the Borrower with respect to the Offshore Account Bank extend only to the Offshore Account Bank and do not extend to any other
BNP Paribas company.

 

		(k)	No printed or other matter in any language (including without limitation prospectuses, notices,
reports and promotional material) which mentions the name of the Offshore Account Bank or the rights, powers, or duties of the
Offshore Account Bank shall be issued by the Borrower or on their behalf unless the Offshore Account Bank shall first have given
its written consent thereto.

 

		23.	Notices

 

		23.1	Writing

 

Each communication to be made
under or in connection with this Agreement shall be made in writing and, unless otherwise stated, shall be made by fax or letter.

 

		23.2	Addresses for Notices

 

		(a)	The address and fax number of the Borrower is:

 

	 	Address:	Globalstar, Inc.
	 		300 Holiday Square Boulevard
	 		Covington
	 		LA 70433
	 		United States of America
	 	 	 
	 	Attention:	James Monroe III
	 	 	 
	 	Facsimile:	+001 985 335-1900

 

or such other address or number
as the relevant party may notify to the other parties by not less than fifteen (15) days’ prior written notice.

 

		(b)	[intentionally omitted]

 

    	72

    	 

    

 

		(c)	The address and fax number of the Security Agent is:

 

	 	Address:	BNP Paribas
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI: CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigitte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / +33(0)1 43 16 81 76
	 	 	 
	 	Facsimile:	+ 33 (0)1 43 16 81 84

 

or such other address or number
as the Security Agent may notify to the other parties by not less than fifteen (15) days’ prior written notice.

 

		(d)	The address and fax number of the Offshore Account Bank is:

 

	 	Address:	BNP Paribas
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI: CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigitte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / +33(0)1 43 16 81 76
	 	 	 
	 	Facsimile:	+ 33 (0)1 43 16 81 84

 

or
such other address or number as the Offshore Account Bank may notify to the other parties by not less than fifteen (15) days’
prior written notice.

 

		(e)	The address and fax number of the COFACE Agent is:

 

	 	Address:	BNP Paribas
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI: CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigitte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / +33(0)1 43 16 81 76
	 	 	 
	 	Facsimile:	+ 33 (0)1 43 16 81 84

 

or such other address or number
as the COFACE Agent may notify to the other parties by not less than fifteen (15) days’ prior written notice.

 

		(f)	The COFACE Agent shall, promptly upon receipt of notice from any party of any change in the address,
facsimile number or Facility Office of such party notify the other agents thereof and at the request of any party, give to that
party the address or facsimile number of any other party applicable at the time for the purposes of this Clause 23.2(f) (Addresses
for Notices).

 

    	73

    	 

    

 

 

		24.	Remedies, Waivers and Amendments

 

		24.1	Rights and Waivers

 

No failure to exercise, nor any
delay in exercising, on the part of the Security Agent or the COFACE Agent, any right or remedy under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive
of any rights or remedies provided by Applicable Law.

 

		24.2	Amendments

 

No amendment or waiver of any
provision of this Agreement shall be effective unless the same shall be in writing and signed or approved in writing by the Borrower,
the Security Agent, the COFACE Agent and the Offshore Account Bank.

 

		25.	Additional Provisions

 

		25.1	Partial Invalidity

 

If at any time any provision
of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the Applicable Law of any jurisdiction,
such illegality, invalidity or unenforceability shall not affect:

 

		(a)	the legality, validity or enforceability of the remaining provisions of this Agreement; or

 

		(b)	the legality, validity or enforceability of such provision under Applicable Law of any other jurisdiction.

 

		25.2	Counterparts

 

This Agreement may be executed
in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

		25.3	Benefit of Agreement

 

		(a)	This Agreement binds and benefits the respective successors and permitted assigns and transferees
of the COFACE Agent and the Security Agent as permitted under the Facility Agreement.

 

		(b)	Subject to Clause 1.1 (Resignation and Removal), neither the Offshore Account Bank
nor the Borrower may assign any of their respective rights or transfer any of their respective rights and obligations under this
Agreement, unless otherwise provided in the Finance Documents or unless the COFACE Agent has approved of such transfer or assignment
in writing.

 

		26.	Governing Law

 

This Agreement, and any non-contractual
obligations arising out of or in connection with it, shall be governed by English law.

 

    	74

    	 

    

  

		27.	Enforcement

 

The terms of clause 40 (Enforcement)
of the Facility Agreement are incorporated, mutatis mutandis, herein by reference.

 

In Witness Whereof this Agreement
has been duly executed and delivered as a deed by the parties hereto on the day and year first above written.

  

    	75

    	 

    

  

Schedule
1

[Intentionally Omitted]

 

    	76

    	 

    

  

Schedule
2

Form of Blocking Notice

 

		To:	BNP Paribas,

as Offshore Account Bank

Union Bank

as Onshore Account Bank

 

BNP Paribas,

as Security Agent

 

Globalstar, Inc.,

as the Borrower

 

Ladies and Gentlemen:

 

		1.	This Blocking Notice is delivered to you pursuant to the amended and restated accounts agreement,
dated 5 June 2009 (as amended and restated from time to time) and currently between Globalstar, Inc. (the “Borrower”),
BNP Paribas, in its capacity as the Security Agent, BNP Paribas as the Offshore Account Bank and BNP Paribas in its capacity as
the COFACE Agent (the “Accounts Agreement”). Unless otherwise defined herein, all capitalised terms used herein
shall have the respective meanings specified in the Accounts Agreement.

 

		2.	We hereby give you notice pursuant to Clause 19.1 (Blocking Notices) of the Accounts Agreement
that:

 

		(a)	an Event of Default has occurred and is continuing and has not been waived;

 

		(b)	[reference to enforcement action being taken in accordance with the Accounts Agreement and the
Facility Agreement]; and

 

		(c)	pursuant to paragraph (b) of Clause 18 (Event of Default) of the Accounts Agreement, until
such time as you receive an Unblocking Notice, the Borrower may not withdraw any monies from [list Project Accounts to be blocked]
without the consent of the COFACE Agent.

 

This notice constitutes a Blocking
Notice for the purposes of Clause 19.1 (Blocking Notices) of the Accounts Agreement.

 

		3.	Please note that during the continuance of the Blocking Notice, instructions may only be given
by any person authorised by the COFACE Agent to act on its behalf in the performance of any act, discretion or duty under the Accounts
Agreement in respect of the relevant Project Accounts (including, for the avoidance of doubt, any officer or employee of such person)
(each an “Authorised Person”). The names of each (a) Authorised Person; and (b) Callback Contact are set
out in Appendix A of this Blocking Notice. The COFACE Agent may change the names of the Authorised Persons and/or Callback Contacts
by giving not less than five (5) Business Days’ prior written notice to each Account Bank of updating Appendix
A.

 

	
        for and on behalf of

        BNP Paribas

        (in its capacity as COFACE Agent)
		 
	 	 
	 	Authorised to sign

  

    	77

    	 

    

  

Appendix A

Authorised Persons

 

	COFACE Agent

 

	Name	 	Position	 	Specimen signature	 	Telephone number
	 	 	 	 	 	 	 

 

Callback Contacts

 

	COFACE Agent

 

	Name	 	Position	 	Telephone number
	 	 	 	 	 

 

    	78

    	 

    

  

Schedule
3

Form of Unblocking Notice

 

		To:	BNP Paribas,

as Offshore Account Bank

Union Bank

as Onshore Account Bank

 

BNP Paribas,

as Security Agent

 

Globalstar, Inc.,

as the Borrower

 

Ladies and Gentlemen:

 

		1.	This Unblocking Notice is delivered to you pursuant to the amended and restated accounts agreement,
dated 5 June 2009 (as amended and restated from time to time) and currently between Globalstar, Inc. (the “Borrower”),
BNP Paribas, in its capacity as the Security Agent, BNP Paribas as the Offshore Account Bank and BNP Paribas in its capacity as
the COFACE Agent (the “Accounts Agreement”). All capitalised terms used herein shall have the respective meanings
specified in the Accounts Agreement.

 

		2.	We refer to the notice from us to you dated [●] advising you that an Event of Default had
occurred and was then continuing and that we were issuing a Blocking Notice in respect of the [list Project Accounts the
subject of the Blocking Notice] in accordance with the Accounts Agreement and the Facility Agreement (the “Blocking
Notice”).

 

		3.	We hereby give you notice pursuant to Clause 19.2 (Unblocking Notices) of the Accounts
Agreement that the Blocking Notice is revoked and that you are hereby instructed and authorised to make all payments and transfers
from the [list Project Accounts the subject of the Blocking Notice] in accordance with the instructions and directions
given by the Borrower from time to time in accordance with the Accounts Agreement.

 

This notice constitutes an Unblocking Notice
for the purposes of Clause 19.2 (Unblocking Notices) of the Accounts Agreement.

 

	for and on behalf of		 
	[●]	 
	(in its capacity as COFACE Agent)	 
	 	 
	 	Authorised to sign

  

    	79

    	 

    

  

Schedule
4

Form of Accession Memorandum

 

		To:	BNP Paribas,

as COFACE Agent

 

Ladies and
Gentlemen:

 

		1.	This accession deed is delivered to you pursuant to the amended and restated accounts agreement,
dated 5 June 2009 (as amended and restated from time to time) currently between Globalstar, Inc. (the “Borrower”)
BNP Paribas, in its capacity as the Security Agent, BNP Paribas as the Offshore Account Bank and BNP Paribas in its capacity as
the COFACE Agent (the “Accounts Agreement”). All capitalised terms used herein shall have the respective meanings
specified in the Accounts Agreement.

 

		2.	[●] hereby agrees with each other person who is or who becomes a party to the Accounts Agreement
that with effect on and from the date hereof it will be bound by the Accounts Agreement as if it had been party originally to the
Accounts Agreement as the Offshore Account Bank.

 

		3.	The address for notices of the new Offshore Account Bank is [●].

 

This deed, including any non-contractual
obligations arising out of or in connection with this deed, are governed by English law.

 

[Executed Under Seal by] Offshore
Account Bank.

 

    	80

    	 

    

  

Schedule
5

Order of Application

 

Any withdrawal by the Borrower from the
Collection Account shall be made for the following purposes and in the order of priority set out below:

 

		(a)	to pay Taxes due in relation to the Borrower’s operations;

 

		(b)	after giving effect to the withdrawals made pursuant to paragraph (a) above, to make any Operating
Expenditure (but excluding any bonus payments (howsoever described) by the Borrower to the Supplier pursuant to the Satellite Construction
Contract) payments due and owing by the Borrower;

 

		(c)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (b) inclusive above,
fees due and payable as of such date by the Borrower to the COFACE Agent, the Security Agent, the Offshore Account Bank and/or
the Onshore Account Bank (including the Restructuring Fee and the COFACE Additional Insurance Premium);

 

		(d)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (c) inclusive above,
funding of the Debt Service Account up to the DSA Required Balance;

 

		(e)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (d) inclusive above,
funding of the Debt Service Reserve Account up to the DSRA Required Balance;

 

		(f)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (e) inclusive above,
in or towards payment or reimbursement on a pro rata basis of all other sums then due and payable by the Borrower to any
Finance Party under any of the Finance Documents (other than as contemplated by paragraph (g) below);

 

		(g)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (f) inclusive above,
mandatory prepayments then due and payable pursuant to clauses 7.1 (Illegality), 7.2 (Mandatory Prepayment –
Exit), 7.3 (Mandatory Prepayment – Cash Sweep of Spectrum Cash Flow), 7.4 (Mandatory Prepayment - Excess Cash
Flow), 7.5 (Mandatory Prepayment – Insurance and Condemnation Events), 7.6 (Mandatory Prepayment – Asset
Dispositions), 7.7 (Mandatory Prepayment – COFACE Insurance Policy), 7.8 (Mandatory Prepayment – Cash
Sweep following Spectrum Sale) and 7.9 (Mandatory Prepayment – Cash Sweep Following Equity Issuance and Debt Issuance)
of the Facility Agreement;

 

		(h)	after giving effect to the withdrawals made pursuant to paragraph (a) to (g) above, to make
any capital expenditure (including Covenant Capital Expenditure) payments due and owing by the Borrower;

 

		(i)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (h) inclusive above,
if the Borrower elects, voluntary prepayments pursuant to clause 7.11 (Voluntary Prepayment of the Loans) of the Facility
Agreement;

 

		(j)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (i) inclusive above,
in or towards payment of any bonus payments (howsoever described) then due and payable by the Borrower to the Supplier under the
Satellite Construction Contract; and

 

		(k)	after giving effect to the withdrawals made pursuant to paragraphs (a) to (j) inclusive above,
in or towards payment of any Financial Indebtedness permitted pursuant to the provisions of clause 22.1 (Limitations on Financial
Indebtedness) of the Facility Agreement.

  

    	81

    	 

    

  

Schedule
6

Authorised Persons and Callback Contacts

 

Authorised Persons

 

The Borrower

 

	Name	 	Position	 	Specimen signature	 	Telephone number
	[●]	 	[●]	 	 	 	[●]
	[●]	 	[●]	 	 	 	[●]
	[●]	 	[●]	 	 	 	[●]

 

Callback Contacts

 

The Borrower

 

	Name	 	Position	 	Telephone number
	[●]	 	[●]	 	[●]
	[●]	 	[●]	 	[●]
	[●]	 	[●]	 	[●]

  

    	82

    	 

    

  

Schedule
7

Domestic Accounts

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar Inc (Revenue/ Disbursements Account)	 	Union Bank	 	Specialized Deposits 218 PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar Inc (Revenue/ Disbursements) Account	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar LLC (Payroll Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar Inc (Investment Account)	 	Union Bank	 	IS&AM, Domestic Custody 350 California Street, 6th Floor, San Francisco, CA 94104
	 	 	 	 	 	 	 
	 	 	Globalstar Leasing LLC (Special Deposit Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Spot LLC (Revenue Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Spot LLC (Disbursement Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Spot LLC (Payroll Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840

 

    	83

    	 

    

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Spot LLC (Deposit Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar USA LLC (Revenue Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar USA LLC (Disbursements Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar Caribbean Ltd (Revenue Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar Caribbean Ltd (Disbursement Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	GSSI LLC (Operating Account)	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar C LLC Special Deposit Account	 	Union Bank	 	San Jose  Corporate Treasury Services;  Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	SPOT LLC – LA (Payroll Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840

 

    	84

    	 

    

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	SPOT LLC – LA (Revenue Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	Globalstar, Inc. (Special Deposit Account FBO BNP)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	SPOT LLC (Currency Euro – European Rate)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840
	 	 	 	 	 	 	 
	 	 	SPOT LLC – LA (Disbursement Account)	 	Union Bank	 	San Jose  Corporate Treasury Services; Deposits 645  PO Box 513840 Los Angeles, CA 90051-3840

  

    	85

    	 

    

  

Schedule
8

Foreign Accounts

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Bradesco S.A.	 	Av. Rio Branco, 116 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Bradesco S.A.	 	Av. Rio Branco, 116 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Bradesco S.A.	 	Av. Rio Branco, 116 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Bradesco S.A.	 	Av. Rio Branco, 116 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Bradesco S.A.	 	Av. Rio Branco, 116 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Real ABN Amro	 	Av. Rio Branco, 257 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco do Brasil S.A.	 	Av.das Americas, 4430 - Barra da Tijuca - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Citibank	 	Rua da Assembleia, 100 - Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Basa	 	Av. Alvaro Botelho Maia, 416 - Manaus - AM
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Itau	 	Rua Senador Dantas, 74 A Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Citibank	 	Av. Paulista, 1.111 - Sao Paulo
	 	 	 	 	 	 	 
	 	 	Globalstar do Brasil S.A.	 	Banco Itau	 	Rua Senador Dantas, 74 A Centro - RJ
	 	 	 	 	 	 	 
	 	 	Globalstar Panama, Corp.	 	HSBC	 	Panama, Obarrio entre la Ave. Samuel Lewis y calle 58. Edificio ADR.
	 	 	 	 	 	 	 
	 	 	Globalstar Panama, Corp.	 	Bac International Bank	 	Panamá, Marbella, Calle 43 y Aquilino de la Guardia.
	 	 	 	 	 	 	 
	 	 	Globalstar Panama, Corp.	 	Banco Nacional de Panamá	 	Panamá, Vía España, edificio Banco Nacional.

 

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	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar Honduras	 	Bac International Bank	 	Honduras, Tegucigalpa, Boulevard Suyapa, Fte. a Emisoras Unidas
	 	 	 	 	 	 	 
	 	 	Globalstar Honduras	 	Bac International Bank	 	Honduras, Tegucigalpa, Boulevard Suyapa, Fte. a Emisoras Unidas
	 	 	 	 	 	 	 
	 	 	Globalstar Honduras	 	Banco Atlantida	 	Honduras, Blvd. Centroamérica, Plaza Bancatlan, Frente Edificio Imprema.
	 	 	 	 	 	 	 
	 	 	Globalstar Honduras	 	HSBC	 	Honduras, Bo. El centro, 2da. Avenida 14 de Julio, 9na. Calle, La Ceiba, Atlántida.
	 	 	 	 	 	 	 
	 	 	Globalstar Guatemala	 	Bac International Bank	 	Guatemala, 11 Calle 5-16, Edificio Torre de Estacionamiento, Locales 1-02 /1-03.
	 	 	 	 	 	 	 
	 	 	Globalstar Guatemala	 	Bac International Bank	 	Guatemala, 11 Calle 5-16, Edificio Torre de Estacionamiento, Locales 1-02 /1-03.
	 	 	 	 	 	 	 
	 	 	Globalstar Guatemala	 	Banrural	 	Guatemala, Avenida La Reforma 9-30, zona 9. 01009.
	 	 	 	 	 	 	 
	 	 	Globlastar Nicaragua	 	Bac International Bank	 	Nicaragua, Managua, Carretera Masaya Km 4 1⁄2.
	 	 	 	 	 	 	 
	 	 	Globlastar Nicaragua	 	Bancentro	 	Nicaragua, Managua, km 4 1/2 carretera a Masaya.
	 	 	 	 	 	 	 
	 	 	Globlastar Nicaragua	 	Bancentro	 	Nicaragua, Managua, km 4 1/2 carretera a Masaya.
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANESCO - RECAUDADORA	 	Av. Ppal. de La Castellana, Edif. Multinvest
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANESCO - NOMINA	 	Av. Ppal. de La Castellana, Edif. Multinvest

 

    	87

    	 

    

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANCO VENEZUELA	 	Av. Ppal. de La Castellana, Edif. Multinvest
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANCO GUAYANA	 	Av. Venezuela de el Rosal. Torre Lamaletto. Caracas-Dtto. Capital
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANCO CITIBANK	 	Av. Casanova, Centro Comercial El Recreo, Torre Norte, Piso 18, Citigold. Sabana Grande.
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANCO CITIBANK	 	 
	 	 	 	 	 	 	 
	 	 	Globalstar de Venezuela	 	BANCO VENEZOLANO DE CREDITO	 	Av. Ppal. de La Castellana, Edif. Multinvest
	 	 	 	 	 	 	 
	 	 	Globalstar de Colombia	 	Bancolombia	 	Colombia, Cali
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Bank of Ireland (Main)	 	Ballsbridge, Dublin 4, Ireland.
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Bank of Ireland (Deposit)	 	Ballsbridge, Dublin 4, Ireland.
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Standard Chartered Bank (Payable)	 	Standard Chartered Bank, 1st Floor, 1 Aldermanbury Square, London EC2V 7SB
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Standard Chartered Bank (Receivable)	 	Standard Chartered Bank, 1st Floor, 1 Aldermanbury Square, London EC2V 7SB
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Banco Santander Central Hispano	 	c/ Almagro 24, Madrid, Spain.
	 	 	 	 	 	 	 
	 	 	Globalstar Europe Satellite Services Ltd.	 	Unicredit Banca	 	Via Della Moscova, 58 Ang La Foppa, 20121 Milan, Italy
	 	 	 	 	 	 	 
	 	 	Globalstar Europe S.A.R.L.	 	CIC Paris Beauvau Entreprises	 	11 Rue D'Aguesseau, 75008 Paris, France

 

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	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar Satellite Services PTE LTD	 	Citibank Singapore	 	Robinson Road P.O. Box 330, Singapore 900630

  

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Schedule
9

Canadian Accounts

 

	Account No.	 	Entity	 	Financial Institution	 	Address
	 	 	 	 	 	 	 
	 	 	Globalstar Canada Satellite Co.	 	TD Canada Trust	 	55 King Street West, Toronto, Ontario M5K 1A2
	 	 	 	 	 	 	 
	 	 	Globalstar Canada Satellite Co.	 	TD Canada Trust	 	55 King Street West, Toronto, Ontario M5K 1A2
	 	 	 	 	 	 	 
	 	 	Globalstar Canada Satellite Co.	 	TD Canada Trust	 	55 King Street West, Toronto, Ontario M5K 1A2
	 	 	 	 	 	 	 
	 	 	Globalstar Canada Satellite Co.	 	TD Canada Trust	 	55 King Street West, Toronto, Ontario M5K 1A2

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Schedule
10

Form of Payment/Transfer Instruction

 

[Name of Offshore Account Bank: [●]]

[Address of Offshore Account Bank: [●]]

 

For the attention of:

 

[DATE]

 

Accounts Agreement

 

We refer to the accounts agreement, dated
5 June 2009 (as amended and restated from time to time) currently between Globalstar, Inc. (the “Borrower”),
BNP Paribas, in its capacity as the Security Agent, BNP Paribas as the Offshore Account Bank and BNP Paribas in its capacity as
the COFACE Agent (the “Accounts Agreement”).Words and expressions used in this Payment Instruction shall have
the same meanings as in the Accounts Agreement.

 

You are hereby instructed to pay the following
amount[s]:

 

	 	Payment Account [●]/[Account Transfer Details]
	 	 
	 	[Correspondent Bank]
	 	[Swift Code]/[ABA number (if dollars)]:
	 	[Beneficiary Bank]
	 	 
	 	[SWIFT Code/[Sort Code/(if sterling)]]
	 	[Account Name]
	 	[Account Number]
	 	 
	 	[Ref.]
	 	 	 
	 	Amount:	[in words]
	 	 	 
	 	Currency:	[●]

  

This deed, including any non-contractual
obligations arising out of or in connection with this deed, are governed by English law.

 

Yours sincerely,

 

	Globalstar, Inc.		 
	 	 
	 	 
	 	 
	 	(Authorised Representative)

 

 

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Schedule
11

Intentionally Omitted

  

    	92

    	 

    

  

Schedule
12

Intentionally Omitted

 

    	93

    	 

    

 

Schedule 6  Amended
and Restated Guarantee Agreement

 

 

 

Dated 5 June 2009
as amended and restated on the Effective Date pursuant to the

Global Deed of Amendment and Restatement dated _____________ 2013

 

Guarantee Agreement

 

between

 

Certain
Subsidiaries of Globalstar, Inc.

as Guarantors

 

and

 

BNP Paribas

as Security Agent

  

White & Case llp

5 Old Broad Street

London EC2N 1DW

 

    	94

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	1.	Interpretation	96
	 	 	 
	2.	Guarantee	98
	 	 	 
	3.	Continuing security	99
	 	 	 
	4.	Representations and warranties	101
	 	 	 
	5.	Undertakings	103
	 	 	 
	6.	Payments	104
	 	 	 
	7.	Set-off	106
	 	 	 
	8.	Costs and expenses	106
	 	 	 
	9.	Remedies and waivers	106
	 	 	 
	10.	Additional provisions	107
	 	 	 
	11.	Assignments	108
	 	 	 
	12.	Notices	108
	 	 	 
	13.	Governing law	109
	 	 	 
	14.	Jurisdiction	109
	 	 	 
	15.	Counterparts and effectiveness	109
	 	 
	Schedule 1          Guarantors	110

 

    	95

    	 

    

  

This Guarantee (the “Guarantee”)
is made by way of deed and was originally dated 5 June 2009 and is amended and restated on the Effective Date by the
Global Deed of Amendment and Restatement,

 

Between:

 

		(1)	The Guarantors (as defined below); and

 

		(2)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens, 75009 Paris,
France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity as the security agent
for and on behalf of itself and the other Finance Parties (the “Security Agent”).

 

Recitals

 

		(A)	The Lenders have agreed to make a loan facility available to the Borrower on certain terms and
conditions pursuant to the Facility Agreement, one of those conditions being that each Guarantor enters into this Guarantee.

 

		(B)	The Board of Directors of each Guarantor is satisfied that such Guarantor is entering into this
Guarantee for the purposes of its business and that its doing so benefits that Guarantor.

 

		(C)	Each of Globalstar Media, L.L.C. and Globalstar Broadband Services Inc. agreed to become party
to this Guarantee pursuant to the Joinder Agreement.

 

		(D)	Each Guarantor and the Security Agent intend this Guarantee to take effect as a deed.

 

		1.	Interpretation

 

		1.1	Definitions

 

Unless this Guarantee provides
otherwise, a term which is defined (or expressed to be subject to a particular construction) in clause 1.1 (Definitions)
and clause 1.2 (Construction) of the Facility Agreement shall have the same meaning (or be subject to the same construction)
in this Guarantee.

 

“Default
Rate” means the rate of interest as calculated pursuant to clause 8.3 (Default Interest) of the Facility
Agreement.

 

“Facility
Agreement” means the facility agreement dated 5 June 2009 (as amended on and from the Effective Date by the Global
Deed of Amendment and Restatement) and made between, among others, the Borrower, the Security Agent and the Lenders.

 

“Fraudulent
Transfer Law” means any applicable US Bankruptcy Law or any applicable United States of America state fraudulent transfer
or conveyance law.

 

“Guarantor”
means each Subsidiary Guarantor set out in Schedule 1 (Guarantors).

 

“Liabilities”
means all present and future liabilities and obligations (whether in respect of principal, interest or otherwise, whether actual
or contingent, whether owed jointly or severally and whether owed as principal or surety or in any other capacity) of an Obligor
to the Finance Parties under or in relation to each Finance Document and “Liability” means any of them.

 

“Repeating
Representations” means each of the representations set out in Clauses 4.1 (Status), 4.2 (Binding
Obligations), 4.3 (Power and Authority), 4.4 (All Actions Taken), 4.12 (No Conflicts), 4.13
(No Immunity) and 4.14 (Governing Law and Enforcement).

 

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“US
Bankruptcy Law” means the United States of America Bankruptcy Code of 1978 (Title 11 of the United States Code) or any
other United States of America federal or state bankruptcy, insolvency or similar law.

 

“US
Guarantor” means a Guarantor that is a US Person.

 

“US
Person” means a “United States Person” as defined in Section 7701(a)(30) of the US Internal Revenue Code
and includes a US Person who is the sole owner of any person that is disregarded as being a person separate from such owner for
United States of America federal income tax purposes.

 

		1.2	Defined terms

 

Any reference in this Guarantee
to:

 

		(a)	“VAT” shall be construed as a reference to value added tax including any similar
tax which may be imposed in addition thereto or in place thereof from time to time; and

 

		(b)	the “winding-up”, “dissolution” or “administration”
of a company or corporation shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction
in which such company or corporation is incorporated or any jurisdiction in which such company or corporation carries on business
including the seeking of liquidation, winding-up, reorganisation, dissolution, administration, arrangement, adjustment, protection
from creditors or relief of debtors.

 

		1.3	References to agreements

 

Unless otherwise stated, any
reference in this Guarantee to any agreement or document (including any reference to this Guarantee or any other Finance Document)
or to any agreement or document entered into pursuant to or in accordance with any such agreement or document shall be construed
as a reference to:

 

		(a)	such agreement or document as amended, restated, varied, novated or supplemented from time to time;
and

 

		(b)	any other agreement or document whereby such agreement or document is so amended, restated, varied,
novated or supplemented or which is entered into pursuant to or in accordance with any such agreement or document.

 

		1.4	Statutes

 

Any reference in this Guarantee
to a statute or statutory provision shall, unless the contrary is indicated, be construed as a reference to such statute or statutory
provision as the same shall have been or may be amended or re-enacted.

 

		1.5	Third party rights

 

A person which is not a party
to this Guarantee shall have no rights to enforce the provisions of this Guarantee other than those it would have had if the Contracts
(Rights of Third Parties) Act 1999 had not come into force.

 

		1.6	Clause and schedule headings

 

Clause and Schedule headings
are for ease of reference only and shall not affect the construction of this Guarantee.

 

    	97

    	 

    

  

		2.	Guarantee

 

		2.1	Guarantee and Indemnity

 

Each Guarantor jointly and severally
as principal obligor and not merely as surety irrevocably and unconditionally:

 

		(a)	guarantees to the Security Agent the due and punctual performance by an Obligor of the Liabilities;

 

		(b)	undertakes with the Security Agent that whenever an Obligor does not pay any amount in full when
due or expressed to be due under or in connection with any Finance Document, each Guarantor shall immediately on demand pay that
amount to the Security Agent; and

 

		(c)	agrees with the Security Agent as a primary and independent obligation that if, for any reason,
any amount claimed by the Security Agent under this Guarantee is not recoverable on the basis of a guarantee, it will be liable
as a principal debtor and primary obligor to indemnify the Security Agent against any cost, loss or liability it incurs as a result
of an Obligor not paying any Liability on the date on which it is stated to be due. The amount payable by a Guarantor under this
indemnity will not exceed the amount it would have had to pay under this Guarantee if the amount claimed had been recoverable on
the basis of a guarantee.

 

		2.2	Time for Payments

 

		(a)	Unless stated to the contrary, payments by a Guarantor pursuant to this Guarantee shall be payable
to the Security Agent within two (2) Business Days from the date of delivery by the Security Agent to a Guarantor of a demand in
accordance with Clause 2.3 (Demands).

 

		(b)	Upon the occurrence of an Event of Default pursuant to clause 23.6(a), (b), (c), (d), (f) and (g)
(Insolvency) or 23.7(a) (Insolvency Proceedings) of the Facility Agreement:

 

		(i)	the obligations of each Guarantor pursuant to Clause 2.1 (Guarantee and Indemnity) shall
be due and payable automatically (until otherwise provided by the Security Agent in writing); and

 

		(ii)	the Security Agent shall not be required to make any demand on a Guarantor under Clause 2.1 (Guarantee
and Indemnity).

 

		2.3	Demands

 

The amount
specified in a demand made by the Security Agent pursuant to this Guarantee as to the amount of any Liability or the amount due
from a Guarantor under this Guarantee shall, save for manifest error, be conclusive and binding on each Guarantor.

 

		2.4	Interest

 

Any amount which is owed by a
Guarantor to the Security Agent under this Guarantee and is not paid when due (to the extent that interest in respect of such amount
has not been paid by the Borrower pursuant to the Facility Agreement) shall bear interest at the Default Rate from the due date
until the date on which such amount is unconditionally and irrevocably paid and discharged in full and such interest shall accrue
from day to day (after as well as before judgment) and be payable by a Guarantor on demand of the Security Agent.

 

    	98

    	 

    

  

		3.	Continuing security

 

		3.1	Continuing and independent obligations

 

The obligations of each Guarantor
under this Guarantee shall constitute and be continuing obligations which shall not be released or discharged by any intermediate
payment or settlement of the Liabilities or any of them, shall continue in full force and effect until the unconditional and irrevocable
payment and discharge in full of the Liabilities and are in addition to and independent of, and shall not prejudice or merge with,
any other security (or any right of set-off) which the Security Agent may at any time hold in respect of the Liabilities or any
of them.

 

		3.2	New accounts

 

If the Security Agent makes demand
of a Guarantor for payment of the Liabilities or any of them:

 

		(a)	the Security Agent may open a new account or accounts in respect of the Liabilities or any of them
(and if it does not do so it shall be treated as if it had done so at the time it made such demand); and

 

		(b)	thereafter any amounts paid by an Obligor to the Security Agent in respect of the Liabilities shall
be credited (or be treated as having been credited) to a new account and shall not be treated as having been applied in or towards
payment of the Liabilities or any of them.

 

		3.3	Avoidance of payments

 

Where any release, discharge
or other arrangement in respect of any Liability or any security that the Security Agent may hold for such Liability is given or
made in reliance on any payment or other disposition which is avoided or must be repaid (whether in whole or in part) in an insolvency,
liquidation or otherwise, and whether or not the Security Agent has conceded or compromised any claim that any such payment or
other disposition will or should be avoided or repaid (in whole or in part), this Guarantee shall continue as if such release,
discharge or other arrangement had not been given or made.

 

		3.4	Immediate recourse

 

The Security Agent shall not
be obliged before exercising or enforcing any of the rights conferred on it by this Guarantee or by law to seek to recover amounts
due from the Borrower (or any other Obligor) or to exercise or enforce any other rights or security it may have or hold in respect
of the Liabilities.

 

		3.5	Waiver of defences

 

Neither the obligations of a
Guarantor contained in this Guarantee nor the rights, powers and remedies conferred upon the Security Agent by this Guarantee or
by law shall be discharged, impaired or otherwise affected by:

 

		(a)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of an Obligor or any other person;

 

		(b)	the winding-up, dissolution, administration or re-organisation of an Obligor or any other person
or any change in the status, function, control or ownership of an Obligor or any such person;

 

		(c)	any of the Liabilities or any security held by the Security Agent in respect thereof being or becoming
illegal, invalid, unenforceable or ineffective in any respect;

 

    	99

    	 

    

 

		(d)	any time or other indulgence being granted or agreed:

 

		(i)	to or with an Obligor or any other person in respect of the Liabilities or any of them; or

 

		(ii)	in respect of any security held by the Security Agent in respect thereof;

 

		(e)	any amendment to, or any variation, waiver or release of, the Liabilities or any of them or any
security held by the Security Agent in respect thereof;

 

		(f)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change
in the purpose of, any extension of or increase in any facility under any Finance Document or other document or security;

 

		(g)	any total or partial failure to take or perfect any security proposed to be taken in respect of
the Liabilities or any of them;

 

		(h)	any total or partial failure to realise the value of, or any release, discharge, exchange or substitution
of, any security held by the Security Agent in respect of the Liabilities or any of them; or

 

		(i)	any other act, event or omission which might operate to discharge, impair or otherwise affect any
of the obligations of a Guarantor under this Guarantee or any of the rights, powers and remedies conferred upon the Security Agent
by this Guarantee or by law.

 

		3.6	No competition

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Security Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of
its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Guarantee:

 

		(a)	to be indemnified by an Obligor;

 

		(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the
Finance Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection
with, the Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or
perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under this Guarantee;

 

		(e)	to exercise any right of set-off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If a Guarantor receives any benefit,
payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Security Agent
or as the Security Agent may direct for application in accordance with clause 31 (Payment Mechanics) of the Facility Agreement.

 

    	100

    	 

    

  

		3.7	Appropriation

 

The Security Agent shall not
be obliged to apply any sums held or received by it in respect of the Liabilities in or towards payment of the Liabilities and
any such sum may be credited to a suspense or impersonal account and held in such account pending the application from time to
time (as the Security Agent may think fit) of such sums in or towards the discharge of such obligations of a Guarantor to the Security
Agent as the Security Agent may select.

 

		4.	Representations and warranties

 

Subject to the disclosures set
out in schedule 8 (Disclosures) of the Global Deed of Amendment and Restatement, each Guarantor makes the representations
and warranties set out in this Clause 4 (Representations and Warranties) to the Security Agent on the Effective Date.

 

		4.1	Status

 

		(a)	It is a corporation, limited partnership or limited liability company (as the case may be), duly
incorporated or organised and validly existing (and to the extent applicable, in good standing) under the law of its jurisdiction
of incorporation or organisation.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it
is being conducted.

 

		4.2	Binding obligations

 

Subject to the Reservations:

 

		(a)	the obligations expressed to be assumed by it in each Finance Document to which it is a party are
legal, valid, binding and enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Security Document to which
it is a party creates the security interests which that Security Document purports to create and those security interests are valid
and effective.

 

		4.3	Power and authority

 

		(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise
its entry into, performance and delivery of, the Finance Documents to which it is or will be a party and the transactions contemplated
by those Finance Documents.

 

		(b)	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving
of guarantees or indemnities contemplated by the Finance Documents to which it is a party.

 

		4.4	All actions taken

 

All acts, conditions and things
required to be done, fulfilled and performed in order:

 

		(a)	to enable it lawfully to enter into, exercise its rights under and perform and comply with the
obligations expressed to be assumed by it in this Guarantee;

 

		(b)	to ensure that the obligations expressed to be assumed by it in this Guarantee are legal, valid
and binding; and

 

    	101

    	 

    

 

		(c)	to make this Guarantee admissible in evidence in its jurisdiction of incorporation or organisation
and in England,

 

have been done, fulfilled and
performed.

 

		4.5	Deduction of tax

 

It is not required to make any
deduction for or on account of Tax from any payment it may make under any Finance Document to which it is a party.

 

		4.6	Pari passu ranking

 

Its payment obligations under
each Finance Document to which it is a party rank at least pari passu with the claims of all its unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

		4.7	No filing or stamp taxes

 

Under the laws of its jurisdiction
of incorporation or organisation it is not necessary that this Guarantee be filed, recorded or enrolled with any court or other
authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to
this Guarantee.

 

		4.8	No winding-up

 

It has not taken any corporate
action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened
against it for its winding-up, dissolution, administration or reorganisation or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues.

 

		4.9	No default

 

		(a)	On the Effective Date, no Default is continuing or is reasonably likely to result from the entry
into, the performance of, or any transaction contemplated by, this Guarantee.

 

		(b)	No other event or circumstance is outstanding which constitutes (or with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under the Finance Documents to which it is a party, which has not been waived by the relevant
parties hereto.

 

		(c)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries
or to which its (or any of its Subsidiaries) assets are subject which has or is reasonably likely to have a Material Adverse Effect.

 

		4.10	No proceedings pending or threatened

 

No litigation, arbitration or
administrative proceedings of or before any court, arbitral body or agency which is not frivolous, vexatious or otherwise an abuse
of court process, and which, if adversely determined, could reasonably have a Material Adverse Effect (to the best of its knowledge
and belief) have been started against it or any of its Subsidiaries.

 

    	102

    	 

    

  

		4.11	No liens

 

		(a)	None of the properties and assets of a Guarantor or any Subsidiary thereof is subject to any Lien,
except Permitted Liens.

 

		(b)	No Guarantor nor any Subsidiary thereof has signed any financing statement or any security agreement
authorising any secured party thereunder to file any financing statements, except to perfect Permitted Liens.

 

		4.12	No conflicts

 

The entry into and performance
by it of, and the transactions contemplated by, this Guarantee and the granting of the security interests contemplated by the Security
Documents to which it is a party do not and will not conflict with:

 

		(a)	any Applicable Law;

 

		(b)	the constitutional documents of any member of the Group; or

 

		(c)	any agreement or instrument binding upon it or any member of the Group or any of its, or any member
of the Group’s assets or constitute a default or termination event (however described) under any such agreement or instrument,
where such conflict would have or is reasonably likely to have a Material Adverse Effect.

 

		4.13	No immunity

 

None of the members of the Group
nor any of its or their assets is entitled to immunity from suit, execution, attachment or other legal process.

 

		4.14	Governing law and enforcement

 

		(a)	Subject to the Reservations, the choice of governing law of this Guarantee will be recognised and
enforced in its jurisdiction of incorporation.

 

		(b)	Subject to the Reservations, any judgment obtained in relation to this Guarantee in England will
be recognised and enforced in its jurisdiction of incorporation.

 

		4.15	Repetition

 

The Repeating Representations
are made by each Guarantor by reference to the facts and circumstances then existing on the date of each Utilisation Request, each
Utilisation Date and the first day of each Interest Period.

 

		5.	Undertakings

 

		5.1	Authorisations

 

Each Guarantor shall obtain,
comply with the terms of and do all that is necessary to maintain in full force and effect all Authorisations required in or by
the laws and regulations of its jurisdiction of incorporation to enable it lawfully to enter into and perform its obligations under
this Guarantee and to ensure the legality, validity, enforceability and admissibility in evidence in its jurisdiction of incorporation
and in England of this Guarantee.

  

		5.2	No action

 

No Guarantor shall take any action
which would cause any of the representations made in Clause 4 (Representations and Warranties) to be untrue
at any time during the continuation of this Guarantee.

 

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		5.3	Notification of misrepresentation

 

Each Guarantor shall notify the
Security Agent of the occurrence of any event which results in or may reasonably be expected to result in any of the representations
made in Clause 4 (Representations and Warranties) being untrue when made or when deemed to be repeated.

 

		5.4	Guarantee Obligations

 

No Subsidiary Guarantor shall
create, incur, assume or suffer to exist any Guarantee Obligations in favour of any noteholder, indenture trustee, Thermo, the
Supplier or any other third parties without the consent of the Security Agent, save as such Guarantee Obligations may be permitted
pursuant to the provisions of clause 22.1(e) (Limitations on Financial Indebtedness) of the Facility Agreement.

 

		6.	Payments

 

		6.1	Grossing up

 

The terms of clause 13 (Tax
Gross-up and Indemnities) of the Facility Agreement are incorporated, mutatis mutandis, herein by reference, with each
reference to the Borrower being deemed to be a reference to a Guarantor.

 

		6.2	Payments without set-off

 

Any payment required to be made
by a Guarantor under this Guarantee shall be made free and clear of and without any deduction for or on account of any set-off
or counterclaim.

 

		6.3	Manner of payment

 

Each payment made by a Guarantor
under this Guarantee shall be paid in the manner required by the Security Agent.

 

		6.4	Limitation on Guarantee

 

		(a)	Notwithstanding anything to the contrary in any Finance Document, each Guarantor and the Security
Agent hereby confirms that it is its intention that the provisions of this Guarantee shall not constitute a fraudulent transfer
or conveyance for the purposes of US Bankruptcy Law or any Fraudulent Transfer Law. The Security Agent agrees that the maximum
liability of each US Guarantor under this Guarantee shall in no event exceed an amount (after giving effect to any rights of contribution
pursuant to this Clause 6.4) equal to the greatest amount that would not render such US Guarantor’s obligations under the
Finance Documents being subject to avoidance under US Bankruptcy Law or to being set aside, avoided or annulled under any Fraudulent
Transfer Law.

 

		(b)	If a US Guarantor shall make a payment (a “Relevant Payment”) under this Guarantee
(the “Guaranteed Obligations”), a US Guarantor shall thereafter have a right of contribution against each other
Guarantor as provided in paragraph (c) below, with the right of contribution of each Guarantor to be revised and restated as of
each date on which a payment is made in respect of the Guaranteed Obligations.

 

		(c)	At any time that a Relevant Payment is made by a US Guarantor that results in the aggregate payments
made by such US Guarantor in respect of the Guaranteed Obligations to, and including, the date of the Relevant Payment exceeding
such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of
the Guaranteed Obligations to, and including, the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”),
each such US Guarantor shall have a right of contribution against each other Guarantor who has made payments in respect of the
Guaranteed Obligations to, and including, the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s
Contribution Percentage of the aggregate payments made to, and including, the date of the Relevant Payment by all Guarantors in
respect of the Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”)
in an amount equal to:

 

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		(i)	a fraction:

 

		(A)	the numerator of which is the Aggregate Excess Amount of such US Guarantor; and

 

		(B)	the denominator of which is the Aggregate Excess Amount of all Guarantors,

 

multiplied
by

 

		(ii)	the Aggregate Deficit Amount of such other Guarantor.

 

		(d)	A US Guarantor’s right of contribution pursuant to paragraph (c) above shall arise at the
time of each computation, subject to adjustment to the time of each computation, provided that no Guarantor may take any action
to enforce such right until the Guaranteed Obligations have been irrevocably paid in full in cash and the Commitment has been terminated,
it being expressly recognized and agreed by all Parties that any Guarantor’s right of contribution arising pursuant to this
Clause 6.4 against any other Guarantor shall be expressly junior and subordinate to such other Guarantor’s obligations and
liabilities in respect of the Guaranteed Obligations and any other obligations owing under this Guarantee.

 

		(e)	For the purposes of this Clause 6.4:

 

		(i)	each Guarantor’s “Contribution Percentage” shall mean the percentage obtained
by dividing

 

		(A)	the Adjusted Net Worth (as defined below) of such Guarantor

 

by;

 

		(B)	the aggregate Adjusted Net Worth of all Guarantors;

 

		(ii)	the “Adjusted Net Worth” of each Guarantor shall mean the greater of:

 

		(A)	the Net Worth (as defined below) of such Guarantor; and

 

		(B)	zero (0); and

 

		(iii)	the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable
value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including
contingent liabilities, but without giving effect to any Guaranteed Obligations arising under the Finance Documents) on such date.

 

		(f)	Subject to Clause 3.6 (No competition), each Party agrees that, except for any right of
contribution arising pursuant to this Clause 6.4, each Guarantor who makes any payment in respect of the Guaranteed Obligations
shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until all of the Guaranteed
Obligations have been irrevocably paid in full in cash.

  

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		(g)	Each Guarantor recognises and acknowledges that the rights to contribution arising under this Guarantee
shall constitute an asset in favour of the party entitled to such contribution.

 

		(h)	Each Guarantor has the right to waive its contribution right against any Guarantor to the extent
that after giving effect to such waiver such Guarantor would remain solvent, in the reasonable determination of the Security Agent.

 

		7.	Set-off

 

Each Guarantor authorises the
Security Agent following the occurrence of an Event of Default which is continuing (which shall not be obliged to exercise this
right) to apply any credit balance to which a Guarantor is entitled on any account of a Guarantor with the Security Agent in satisfaction
of any sum which is due and payable from a Guarantor to the Security Agent under this Guarantee and remains unpaid; for this purpose,
the Security Agent is authorised to purchase with the monies standing to the credit of any such account such other currencies as
may be necessary to effect such application. Following the exercise of a right of set-off under this Guarantee, the Security Agent
shall notify the relevant Guarantor.

 

		8.	Costs and expenses

 

		8.1	Transaction costs

 

Each Guarantor shall on demand
of the Security Agent reimburse to the Security Agent on a full indemnity basis all costs and expenses (including legal fees),
and any VAT thereon, incurred by the Security Agent in connection with the preparation, negotiation and execution of this Guarantee.

 

		8.2	Stamp taxes

 

Each Guarantor shall pay all
stamp, registration and other taxes to which this Guarantee or any judgment given in connection with this Guarantee is or at any
time may be subject and shall on demand indemnify the Security Agent against any liabilities, costs, claims and expenses (including
legal fees) resulting from any failure to pay or delay in paying any such tax.

 

		8.3	Indemnity

 

Each Guarantor shall indemnify
and hold harmless the Security Agent on demand from and against any and all costs, claims losses, expenses (including legal fees)
and liabilities, and any VAT thereon, which the Security Agent may incur as a result of the exercise by the Security Agent of any
of its rights and powers under this Guarantee or by law.

 

		9.	Remedies and waivers

 

No failure by the Security Agent
to exercise, nor any delay by the Security Agent in exercising, any right or remedy under this Guarantee shall operate as a waiver
thereof nor shall any single or partial exercise of any such right or remedy prevent any further or other exercise thereof or the
exercise of any other such right or remedy.

  

    	106

    	 

    

 

		10.	Additional provisions

 

		10.1	Partial invalidity

 

If at any time any provision
of this Guarantee is or becomes illegal, invalid or unenforceable in any respect or this Guarantee is or becomes ineffective in
any respect under the law of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

 

		(a)	the legality, validity or enforceability of the remaining provisions of this Guarantee or the effectiveness
in any other respect of this Guarantee under such law; or

 

		(b)	the legality, validity or enforceability of such provision or the effectiveness of this Guarantee
under the law of any other jurisdiction.

 

		10.2	Potentially avoided payments

 

If the Security Agent reasonably
determines that an amount paid to it under any Finance Document is capable of being avoided or otherwise set aside on the liquidation
or administration of the person by whom such amount was paid, then for the purposes of this Guarantee, such amount shall be regarded
as not having been paid.

 

		10.3	Currency conversion

 

In order to apply any sum held
or received by the Security Agent in or towards payment of the Liabilities, the Security Agent may purchase an amount in another
currency and the rate of exchange to be used shall be that at which, at such time as it considers appropriate, the Security Agent
is able to effect such purchase.

 

		10.4	Currency indemnity

 

If any sum due from a Guarantor
under this Guarantee or any order or judgment given or made in relation to this Guarantee has to be converted from the currency
(the “first currency”) in which the same is payable under this Guarantee or under such order or judgment into
another currency (the “second currency”) for the purpose of:

 

		(a)	making or filing a claim or proof against a Guarantor;

 

		(b)	obtaining an order or judgment in any court or other tribunal; or

 

		(c)	enforcing any order or judgment given or made in relation to this Guarantee, a Guarantor shall
within three (3) Business Days of demand indemnify and hold harmless the Security Agent from and against any loss suffered
or incurred as a result of any discrepancy between:

 

		(i)	the rate of exchange used for such purpose to convert the sum in question from the first currency
into the second currency; and

 

		(ii)	the rate or rates of exchange at which the Security Agent may in the ordinary course of business
purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of
any such order, judgment, claim or proof.

 

		10.5	Rights cumulative

 

The rights and remedies provided
by this Guarantee are cumulative and not exclusive of any rights or remedies provided by law.

 

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		11.	Assignments

 

		11.1	Guarantor’s rights and obligations

 

No Guarantor may assign any of
its rights or transfer any of its rights or obligations under this Guarantee.

 

		11.2	The Security Agent’s rights

 

The rights of the Security Agent
under this Guarantee are assignable in whole or in part and the Security Agent may assign all or any such rights without the consent
of the Guarantors in accordance with the Facility Agreement.

 

		12.	Notices

 

		12.1	Communications in writing

 

Each communication to be made
under this Guarantee shall be made in writing but, unless otherwise stated, may be made by fax or letter.

 

		12.2	Delivery of notices

 

Any communication or document
to be made or delivered by one person to another pursuant to this Guarantee shall (unless that other person has by fifteen (15) days’
written notice to the other specified another address or fax number) be made or delivered to that other person at the address or
fax number identified below and shall be deemed to have been made or delivered when despatched (in the case of any communication
made by fax), or (in the case of any communication made by letter) when left at that address or (as the case may be) five days
after being deposited in the post postage prepaid in an envelope addressed to it at that address:

 

		(a)	in the case of each Guarantor:

 

	 	Address:	Globalstar, Inc.
	 	 	300 Holiday Square Boulevard
	 	 	Covington
	 	 	LA 70433
	 	 	United States of America
	 	 	 
	 	Attention:	James Monroe III
	 	 	 
	 	Telephone No.:	+1 (985) 335-1500
	 	 	 
	 	Fax No.:	+1 (985) 335-1900

  

		(b)	in the case of the Security Agent:

 

	 	Address:	BNP Paribas
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI: CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigitte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / +33 (0)1 4316 8176
	 	 	 
	 	Facsimile:	+ 33 (0)1 43 16 81 84

  

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		12.3	Notices to the Security Agent

 

Any communication or document
to be made or delivered to the Security Agent shall be effective only when received by the Security Agent and then only if it is
expressly marked for the attention of the department or officer identified with the Security Agent’s signature below or such
other department or officer as the Security Agent shall from time to time specify for this purpose.

 

		12.4	English language

 

Each communication and document
made or delivered by one party to another pursuant to this Guarantee shall be in English or accompanied by a translation into English
which is certified (by an officer of the person making or delivering the same) as being a true and accurate translation.

 

		13.	Governing law

 

This Guarantee, and any non-contractual
obligations arising out of or in connection with it, shall be governed by English law.

 

		14.	Jurisdiction

 

The terms of clause 40 (Enforcement)
of the Facility Agreement are incorporated, mutatis mutandis, herein by reference.

 

		15.	Counterparts and effectiveness

 

		15.1	Counterparts

 

This Guarantee may be executed
in counterparts and such counterparts taken together shall constitute one and the same instrument.

 

		15.2	Effectiveness

 

This Guarantee shall take effect
as a deed on the date on which it is stated to be made.

 

In witness whereof this Guarantee
has been duly executed as a deed by each Guarantor and has been signed by the Security Agent.

 

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Schedule 1

 

Guarantors

 

		1.	GSSI, LLC, a limited liability company organised in Delaware, United States of America, with organisational
identification number 3732317 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		2.	Globalstar Security Services, LLC, a limited liability company organised in Delaware, United States
of America, with organisational identification number 3747502 and whose chief executive office is at 300 Holiday Square
Boulevard, Covington, LA 70433, United States of America;

 

		3.	Globalstar C, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3732313 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		4.	Globalstar USA, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 2663064 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		5.	Globalstar Leasing LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3731109 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		6.	Spot LLC, a limited liability company organised in Colorado, United States of America, with organisational
identification number 20071321209 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA
70433, United States of America;

 

		7.	ATSS Canada, Inc., a corporation incorporated in Delaware, United States of America, with organisational
identification number 2706412 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		8.	Globalstar Brazil Holdings, L.P., a limited partnership formed in Delaware, United States of America,
with organisational identification number 2453576 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		9.	GCL Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187922 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		10.	GUSA Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187919 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America; and

 

		11.	Globalstar Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187920 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America.

 

		12.	Globalstar Media, L.L.C., a limited liability company organised in Louisiana, United States of
America, with organisational identification number 40224959K and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America.

 

		13.	Globalstar Broadband Services Inc., a corporation incorporated in Delaware, United States of America,
with organisational identification number 4833062 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America.

  

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Schedule 7  Amended
and Restated Thermo Subordination Deed

 

See Exhibit 10.2 to the Current Report
on Form 8- filed August 22, 2013

 

    	111

    	 

    

 

Schedule 8  Disclosures

 

		A.	AMENDED AND RESTATED FACILITY AGREEMENT

 

		1.	Clause 18.5No Proceedings Pending or Threatened

 

		(a)	Globalstar, Inc. v. Thales Alenia Space France. On June
3, 2011, the Borrower filed a demand for arbitration against Thales Alenia Space France (“Thales”) before the
American Arbitration Association to enforce certain rights to order additional satellites under the Amended and Restated Contract
for the construction of the Globalstar Satellite for the Second Generation Constellation dated and executed in June, 2009 (“2009
Contract”). 

 

On
May 10, 2012, the arbitration tribunal issued its award (the “Arbitration Award”) in which it determined that
the Borrower materially breached the contract by failing to pay to Thales termination charges in the amount of €51,330,875
by October 9, 2011, and that absent further agreement between the parties, Thales has no further obligation to manufacture or deliver
satellites under Phase 3 of the 2009 Contract. The arbitrator’s ruling also required the Borrower to pay Thales approximately
€53 million in termination charges and interest by June 9, 2012. 

 

On
May 23, 2012, Thales commenced an action in the United States District Court for the Southern District of New York, Case No. 12-4102
(PAE) by filing a petition to confirm the Arbitration Award (the “New York Proceeding”).

 

On
June 24, 2012, the Borrower and Thales agreed to settle their prior commercial disputes, including those disputes that were the
subject of the Arbitration Award. In order to effectuate this settlement, the Borrower and Thales entered into a Release Agreement
(the “Release Agreement”), Settlement Agreement (the “Settlement Agreement”) and Submission
Agreement. Under the terms of the Release Agreement, Thales agreed unconditionally and irrevocably to release and forever discharge
the Borrower of any obligation to pay €35,623,770 of the termination charges awarded in the Arbitration Award together with
all interest on the award amount upon the earlier of December 31, 2012 and the occurrence of the effective date of the financing
of the purchase of the additional six second-generation satellites. Under the terms of the Release Agreement, the Borrower agreed
unconditionally and irrevocably to release and forever discharge Thales from any and all claims related to Thales’ work under
Phase 2 of the 2009 Contract, including any obligation to pay liquidated damages upon the earlier of December 31, 2012 and the
occurrence of the effective date of the financing of the purchase of the additional six second-generation satellites. 

 

Under
the terms of the Settlement Agreement, the Borrower agreed to pay €17,530,000 to Thales representing one-third of the termination
charges awarded to Thales in the Arbitration Award on the later of the effective date of the new contract for the purchase of the
six additional second-generation satellites and the occurrence of the effective date of the financing of the purchase of the additional
six second-generation satellites. Further, the court in the New York Proceeding has previously agreed to extend the time for the
Borrower to file responsive pleadings in the New York Proceeding until July 1, 2013. Thales and the Borrower entered into a Tolling
Agreement as of June 13, 2013 under which Thales dismissed the New York Proceeding without prejudice. Thales may refile the petition
at a later date.

 

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Any
party to the Settlement Agreement may terminate the Settlement Agreement if the effective date of the new contract for the purchase
of the six additional second-generation satellites does not occur on or prior to February 28, 2013. Termination of the Settlement
Agreement by any party would not terminate the above-described Release Agreement. The effective date of the new contract for the
purchase of the six additional second-generation satellites did not occur on or prior to February 28, 2013. No party has terminated
the Settlement Agreement.

 

Under
the terms of the Submission Agreement, the Borrower and Thales agreed to seek clarification of the Arbitration Award with respect
to a €3,864,000 claim by Thales related to the Phase 2 satellites. Article 4 of the 2009 Contract sets forth a price term
of €3,864,000 with respect to Phase 2 of the Contract. In the prior arbitration proceeding, Thales claimed that it was entitled
to payment of this amount pursuant to Article 26 of the Contract upon termination of Phase 3 of the Contract for convenience. The
Borrower disputed that any such amount was owed. The Arbitration Award found that the Borrower was not obligated to pay the amount
under Article 26 of the Contract. Subsequently, Thales demanded that the Borrower nevertheless pay the amount. In order to resolve
this dispute, the Borrower and Thales agreed to submit the issue to Mr. James Carter in an ad hoc arbitration proceeding. On December
3, 2012, Mr. Carter issued an award in favour of the Borrower, ruling inter alia that the Borrower is not obligated to pay
any portion of the €3,864,000 amount and that Thales is judicially estopped from claiming otherwise. 

 

		(b)	Borrower petition for rulemaking. The Borrower filed a petition
for rulemaking with the FCC on November 13, 2012 in order to obtain regulatory authority to offer terrestrial services over its
mobile satellite services (MSS) spectrum, including mobile broadband services.

 

Therein,
the Borrower proposed both a near-term plan and a separate long-term plan for utilizing its MSS spectrum terrestrially. Under the
proposed near-term plan, the Borrower has requested a license to offer terrestrial services over 11.5 MHz of its exclusively licensed
MSS spectrum at 2483.5-1495MHz. As part of its near-term plan, the Borrower has also requested authority to utilize 10.5 MHz of
adjacent unlicensed spectrum at 2473-2483.5MHz in the Industrial, Scientific and Medical (“ISM”) band in order
to offer a Terrestrial Low Power Service (“TLPS”). With TLPS, the Borrower could make available a carrier-grade
service over a fourth 22 MHz channel (Channel 14 under the existing 802.11 standard) over which existing Wi-Fi capable devices
could operate.

 

In
its rulemaking, the Borrower also proposed a long-term plan to utilize its full 19.275 MHz of exclusively licensed MSS spectrum
for a conventional terrestrial wireless network. This proposal will take more time to work through the additional technical issues
that are associated with operating a terrestrial wireless service near the GPS frequency band.

 

After
the Borrower filed its petition, the FCC quickly placed the petition on public notice and received comments on the petition during
January 2013. The comment period is now closed.

 

The
Borrower is awaiting the FCC’s issuance of a notice of proposed rulemaking in response to its petition.

 

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		(c)	Iridium petition for rulemaking. On February
11, 2013 Iridium Constellation LLC (“Iridium”) filed a petition for rulemaking with the FCC requesting that
2.725 MHz of Big Leo spectrum presently licensed to the Borrower be reallocated to Iridium’s exclusive use. This includes
1.775 MHz of spectrum currently licensed to the Borrower exclusively at 1616-1617.775 MHz, as well as 0.95 MHz of spectrum currently
shared by the Borrower and Iridium at 1617.775-1618.725 MHz. Iridium also filed a motion to consolidate its petition for rulemaking
with the petition for rulemaking filed by the Borrower in November of 2012 to receive terrestrial flexibility to offer mobile broadband
services. The FCC has not taken any action on Iridium’s petition and motion. The Borrower will vigorously oppose both Iridium’s
petition and its motion to consolidate

 

		(d)	5 GHz Notice of Proposed Rulemaking. The FCC
has issued a Notice of Proposed Rulemaking (NPRM) to consider, among other things, expanding the use of terrestrial mobile broadband
devices within the 5 GHz band. The Borrower’s C-band Forward Link (Earth Station to Satellite) operates within the 5 GHz
band at 5091-5250 MHz. As part of this NPRM, the FCC has asked for comments regarding increasing power limits and eliminating the
restriction against outdoor uses of U-NII-1 devices operating within the same frequencies as the Borrower’s C-band Forward
Link. The Borrower has filed comments in opposition due to the increased interference that such modifications would have on its
satellite system.

 

		(e)	Application to Modify and Extend License Term of NGSO
Space Station License. On March 14, 2013, Globalstar Licensee LLC filed a request for an extension of the license term
for its non-geostationary mobile satellite service constellation to October 4, 2024 so as to permit the Borrower to operate its
existing first-generation satellites beyond the April 21, 2013 expiration date of its current NGSO space station license. The Borrower
may continue to operate its existing first-generation satellites during the whilst its application for an extension is pending.

 

		(f)	Tax Returns and Payments. The Borrower operates
in various U.S. and foreign tax jurisdictions. The process of determining its anticipated tax liabilities involves many calculations
and estimates which are inherently complex. The Borrower believes that it has complied in all material respects with its obligations
to pay taxes in these jurisdictions. However, its position is subject to review and possible challenge by the taxing authorities
of these jurisdictions. If the applicable taxing authorities were to challenge successfully its current tax positions, or if there
were changes in the manner in which the Borrower conducts its activities, the Borrower could become subject to material unanticipated
tax liabilities. It may also become subject to additional tax liabilities as a result of changes in tax laws, which could in certain
circumstances have a retroactive effect.

 

		(i)	A tax authority has previously notified the Borrower that
the Borrower (formerly known as Globalstar LLC), one of its subsidiaries, and its predecessor, Globalstar L.P., were under audit
for the taxable periods ending December 31, 2005, December 31, 2004, and June 29, 2004, respectively. During the taxable years
at issue, the Borrower, its predecessor, and its subsidiary were treated as partnerships for U.S. income tax purposes. In December
2009, the Internal Revenue Service ("IRS") issued Notices of Final Partnership Administrative Adjustments related to
each of the taxable years at issue. The Borrower disagreed with the proposed adjustments, and pursued the matter through applicable
IRS and judicial procedures as appropriate.

 

		(ii)	In February 2012, a Closing Agreement (the “Closing
Agreement”) was reached with respect to this matter. The position reached in the Closing Agreement had no impact on the
cost basis of the assets of the Borrower or the Borrower’s net operating loss position. In addition, there is no impact for
the Borrower on deductions in future years. In previous years, the potential outcome of this audit was considered and the gross
deferred tax asset before valuation allowance adjusted to a tax position that was thought to be more likely than not to be sustained.
The impact of this Closing Agreement has been considered in the Borrower’s analysis at December 31, 2011 and the adjustment
to the tax position in previous years was reversed.

 

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		(iii)	In January 2012, the Borrower’s Canadian subsidiary
was notified that its income tax returns for the years ended October 31, 2008 and 2009 had been selected for audit. The Borrower’s
Canadian subsidiary is in the process of collecting the information required by the Canada Revenue Agency.

 

		(iv)	Except for the audits noted above, neither the Borrower nor
any of its Subsidiaries are currently under audit by the IRS or by any state jurisdiction in the United States. The Borrower's
corporate US tax returns for 2008 and subsequent years remain subject to examination by tax authorities. State income tax returns
are generally subject to examination for a period of three to five years after filing of the respective return. The state impact
of any federal changes remains subject to examination by various states for a period of up to one year after formal notification
to the states.

 

		(v)	Through a prior foreign acquisition the Borrower acquired
a tax liability for which the Borrower has been indemnified by the previous owners. As of December 31, 2012 and 2011, the Borrower
had recorded a tax liability of $2.8 million and $2.2 million, respectively, to the foreign tax authorities with an offsetting
tax receivable from the previous owners.

 

		(vi)	In the Borrower's international tax jurisdictions, numerous
tax years remain subject to examination by tax authorities, including tax returns for 2003 and subsequent years in most of the
Borrower's international tax jurisdictions.

 

		(vii)	In connection with the Borrower’s March 2008 acquisition
of Loral/DASA Globalstar, L.P. (“LDG”), the indirect owner of Globalstar do Brasil, S.A. (“GdB”),
the Borrower’s independent gateway operator in Brazil, Loral Space & Communications, Inc. (“Loral Space”)
agreed in the acquisition agreement to indemnify the Borrower and its affiliates for various liabilities and claims relating to
the operation of GdB’s business prior to the closing of the acquisition, whether known at the time of closing or that occurred
prior to, but became known after, the closing of the acquisition. Such indemnity includes an indemnity for tax liabilities owed
by GdB to Brazilian taxing authorities of approximately BRL 5.8 million. A portion of these tax liabilities are currently being
paid in monthly installments by GdB, with Loral Space reimbursing GdB for such payments pursuant to a process set forth in the
LDG acquisition agreement. The Borrower recently became aware of another potential tax liability which would be covered under the
indemnification described above.

 

		2.	Clause 18.36(c)
Notes and Purchase Agreement

 

		(a)	On 14 June 2011, Thermo purchased 5% Notes in an initial
amount of US$20,000,000, the amount of which as of 30 June 2013 is US$22,079,249.

 

		(b)	On 19 June 2009, Thermo purchased 8% Old Notes in an initial
amount of US$11,400,000, the amount of which as of 30 June 2013 is US$15,588,352.

 

    	115

    	 

    

 

		B.	AMENDED AND RESTATED THERMO SUBORDINATION DEED

 

Clause 5.9 (No proceedings
pending or threatened)

 

On January 31, 2013, Thales Alenia
Space France commenced an action against Thermo Funding Company, LLC in the United States District Court for the Southern District
of New York. In its complaint, Thales alleged that Thermo had failed to pay Thales $12,500,000 by December 31, 2012 as required
by the Settlement Agreement among Thales, Thermo and Globalstar dated June 24, 2012. According to the complaint, Thermo’s
obligation arose initially under the Reimbursement Agreement dated June 5, 2009 between Thermo and Thales, in which Thermo agreed
to reimburse Thales for any amounts paid by Thales under its guarantee in support of Globalstar’s DSRA obligation.

 

On March 25, 2013, Thermo filed
a motion to dismiss the action for lack of personal jurisdiction and failure to state a claim upon which relief can be granted.
Both parties filed briefs with respect to the motion to dismiss. On June 25, 2013, the court denied Thermo’s motion to dismiss.
However, on June 4, 2013, the court sua sponte ordered Thales to show cause why the action should not be dismissed for lack of
subject matter jurisdiction. In its order, the court noted that it would have subject matter with respect to the action only if
Thermo were a United States citizen for diversity purposes, and that Thales’ complaint had not alleged that Thermo is a US
citizen.

 

On June 13, 2013, Thales filed
an amended complaint alleging that Thermo is a U.S. citizen for diversity purpose. In a telephone conference on June 27, 2013,
among counsel for the parties and the court, counsel for Thermo advised the judge that Thermo intended to file another motion to
dismiss on the basis that Thermo is not a U.S. citizen for this purpose because of the citizenship of the trust which is the sole
owner of Thermo. The judge then ordered limited discovery on the issue of Thermo’s citizenship.

 

Depositions for this purpose
were held during the week of July 15, 2013.

 

    	116

    	 

    

 

Schedule 9      Projections

 

	($ in millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Agreed Business Plan	 	2013E	 	 	2014E	 	 	2015E	 	 	2016E	 	 	2017E	 	 	2018E	 	 	2019E	 	 	2020E	 	 	2021E	 	 	2022E	 
	Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Service Revenue	 	$	64.9	 	 	$	84.3	 	 	$	102.9	 	 	$	124.6	 	 	$	145.8	 	 	$	164.9	 	 	$	181.6	 	 	$	196.1	 	 	$	207.8	 	 	$	216.7	 
	Equipment Revenue	 	 	20.6	 	 	 	30.6	 	 	 	38.8	 	 	 	44.9	 	 	 	49.5	 	 	 	53.0	 	 	 	56.3	 	 	 	59.6	 	 	 	61.1	 	 	 	62.7	 
	Total Revenue	 	 	85.5	 	 	 	114.9	 	 	 	141.8	 	 	 	169.5	 	 	 	195.3	 	 	 	218.0	 	 	 	238.0	 	 	 	255.7	 	 	 	268.9	 	 	 	279.4	 
	Total Operating Expenses	 	 	(75.1	)	 	 	(87.4	)	 	 	(94.3	)	 	 	(102.0	)	 	 	(108.4	)	 	 	(113.8	)	 	 	(118.9	)	 	 	(123.8	)	 	 	(127.4	)	 	 	(130.7	)
	Adjustments	 	 	1.6	 	 	 	2.5	 	 	 	3.0	 	 	 	3.6	 	 	 	4.2	 	 	 	4.7	 	 	 	5.1	 	 	 	5.5	 	 	 	5.8	 	 	 	6.0	 
	Adjusted EBITDA	 	$	12.0	 	 	$	30.0	 	 	$	50.5	 	 	$	71.2	 	 	$	91.1	 	 	$	108.8	 	 	$	124.2	 	 	$	137.4	 	 	$	147.3	 	 	$	154.7	 
	Change in Working Capital	 	 	9.0	 	 	 	10.1	 	 	 	5.5	 	 	 	1.2	 	 	 	0.1	 	 	 	0.3	 	 	 	0.3	 	 	 	0.8	 	 	 	0.8	 	 	 	0.6	 
	Thales Termination Charge	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Total Other Cash Flows	 	 	(4.9	)	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.1	 	 	 	0.1	 	 	 	0.0	 	 	 	0.2	 
	Operating Cash Flows	 	$	16.2	 	 	$	40.1	 	 	$	56.1	 	 	$	72.4	 	 	$	91.2	 	 	$	109.2	 	 	$	124.5	 	 	$	138.3	 	 	$	148.1	 	 	$	155.5	 
	Capital Expenditures	 	 	(51.1	)	 	 	(38.5	)	 	 	(17.1	)	 	 	(12.0	)	 	 	(2.4	)	 	 	(2.4	)	 	 	(2.4	)	 	 	(2.4	)	 	 	(2.4	)	 	 	(2.4	)
	Cash Interest & Fees:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COFACE - Interest	 	 	(19.1	)	 	 	(22.9	)	 	 	(23.8	)	 	 	(24.5	)	 	 	(25.3	)	 	 	(24.5	)	 	 	(22.4	)	 	 	(18.1	)	 	 	(11.8	)	 	 	(3.3	)
	COFACE - Insurance Premium	 	 	(8.0	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(9.2	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	COFACE - Restructuring Fees	 	 	(5.9	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(6.7	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	COFACE - Mandatory Prepayments	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(0.6	)	 	 	(4.3	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Interest from Vendor Financing	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	New 8% Notes Interest	 	 	(4.1	)	 	 	(2.3	)	 	 	(2.3	)	 	 	(2.4	)	 	 	(2.4	)	 	 	(2.2	)	 	 	(1.9	)	 	 	(2.0	)	 	 	(2.0	)	 	 	(2.1	)
	Total Cash Interest Payments	 	 	(37.1	)	 	 	(25.1	)	 	 	(26.2	)	 	 	(27.5	)	 	 	(48.0	)	 	 	(26.6	)	 	 	(24.3	)	 	 	(20.1	)	 	 	(13.8	)	 	 	(5.4	)
	Free Cash Flow	 	$	(72.0	)	 	$	(23.5	)	 	$	12.8	 	 	$	32.9	 	 	$	40.8	 	 	$	80.2	 	 	$	97.8	 	 	$	115.8	 	 	$	131.9	 	 	$	147.7	 
	Equity Inflows:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contingent equity inflow	 	 	1.1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Terrapin	 	 	7.5	 	 	 	12.0	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Thermo backed financing	 	 	65.0	 	 	 	20.0	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Additional Third Party Financing	 	 	13.8	 	 	 	2.3	 	 	 	2.1	 	 	 	6.3	 	 	 	27.5	 	 	 	16.8	 	 	 	1.9	 	 	 	-	 	 	 	-	 	 	 	-	 
	Total Equity Inflows	 	 	87.3	 	 	 	34.3	 	 	 	2.1	 	 	 	6.3	 	 	 	27.5	 	 	 	16.8	 	 	 	1.9	 	 	 	-	 	 	 	-	 	 	 	-	 
	Free Cash Flow Available
    for Debt Repayment	 	$	15.3	 	 	$	10.8	 	 	$	15.0	 	 	$	39.2	 	 	$	68.3	 	 	$	97.0	 	 	$	99.7	 	 	$	115.8	 	 	$	131.9	 	 	$	147.7	 
	Debt Funding / Repayment:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COFACE - Borrowings	 	 	0.7	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	COFACE - Scheduled Repayments	 	 	-	 	 	 	(4.0	)	 	 	(6.4	)	 	 	(32.8	)	 	 	(75.8	)	 	 	(77.9	)	 	 	(94.9	)	 	 	(100.0	)	 	 	(100.0	)	 	 	(54.6	)
	COFACE - Mandatory Prepayment: Spectrum Sweep	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	COFACE - Mandatory Prepayment: ECF Sweep	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(4.6	)	 	 	(4.7	)	 	 	(12.2	)	 	 	(18.5	)
	COFACE - DSRA Funding	 	 	8.9	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	37.9	 
	Deferral Payments to Hughes	 	 	(3.7	)	 	 	(6.8	)	 	 	(7.4	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Deferral Payments to Ericsson	 	 	(2.6	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Payments to Arianespace	 	 	(5.0	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Payments to Thales	 	 	(1.4	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	DSRA / subordinated loan	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Stark Consent Fee	 	 	(1.3	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Warrant Proceeds	 	 	1.0	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	New 8% Notes - Borrowings (Repayments)	 	 	(19.8	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(10.0	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	8.00% Notes - Borrowings (Repayments)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	5.00% Notes - Borrowings
    (Repayments)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Total Debt Funding / Repayment	 	 	(23.1	)	 	 	(10.8	)	 	 	(13.8	)	 	 	(32.8	)	 	 	(75.8	)	 	 	(87.9	)	 	 	(99.4	)	 	 	(104.7	)	 	 	(112.2	)	 	 	(35.2	)
	Net Cash Flow	 	$	(7.8	)	 	$	(0.0	)	 	$	1.2	 	 	$	6.3	 	 	$	(7.5	)	 	$	9.1	 	 	$	0.2	 	 	$	11.1	 	 	$	19.7	 	 	$	112.5	 
	Beginning Unrestricted Cash Balance	 	$	11.8	 	 	$	4.0	 	 	$	4.0	 	 	$	5.2	 	 	$	11.5	 	 	$	4.0	 	 	$	13.2	 	 	$	13.4	 	 	$	24.5	 	 	$	44.3	 
	Net Cash Flow	 	 	(7.8	)	 	 	(0.0	)	 	 	1.2	 	 	 	6.3	 	 	 	(7.5	)	 	 	9.1	 	 	 	0.2	 	 	 	11.1	 	 	 	19.7	 	 	 	112.5	 
	Ending Unrestricted
    Cash Balance1	 	$	4.0	 	 	$	4.0	 	 	$	5.2	 	 	$	11.5	 	 	$	4.0	 	 	$	13.2	 	 	$	13.4	 	 	$	24.5	 	 	$	44.3	 	 	$	156.8	 

 

1Excludes balance in DSRA.

  

    	117Exhibit
10.2

 

 

Dated 21 August 2013

 

Deed of Amendment

 

in
respect of a Global Deed of Amendment and Restatement

dated 31 July 2013

 

between

 

Globalstar,
Inc.

as the Borrower

 

Thermo
Funding Company LLC

as Thermo and the Subordinated Creditor

 

BNP
Paribas

as the COFACE Agent, the Security Agent
and the Offshore Account Bank

 

The
Banks and Financial Institutions

named in Schedule 1 (Lenders)
as the Lenders

 

and 

 

Others

 

13730321.1White
& Case llp

5 Old Broad Street

London EC2N 1DW 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	3
	 	 	 
	2.	Amendment to Certain Restructuring Documents	3
	 	 	 
	3.	Representations and Warranties	4
	 	 	 
	4.	Confirmations of Obligors	5
	 	 	 
	5.	Further Assurance	5
	 	 	 
	6.	Miscellaneous	5
	 	 	 
	Schedule 1 Lenders	35
	 	 
	Schedule 2 Subsidiary Guarantors	36
	 	 
	Schedule 3 Amended and Restated Facility Agreement	37
	 	 
	Schedule 4 Amended and Restated Thermo Subordination Deed	38

 

    	(i)

    	 

    

 

This Deed of Amendment (the “Deed”)
is made as a deed on 21 August 2013 between:

 

		(1)	Globalstar, Inc., a corporation duly organised and validly existing under the laws
of the State of Delaware, with its principal office located at 300 Holiday Square Boulevard, Covington, LA 70433, United
States of America (the “Borrower”);

 

		(2)	Thermo Funding Company LLC, a limited liability company duly organised and existing under
the laws of the State of Colorado, with its principal office located at 1735 Nineteenth Street, Second Floor, Denver, Colorado
80202, United States of America (“Thermo” and the “Subordinated Creditor”);

 

		(3)	The Subsidiary Guarantors, listed in Schedule 2 (Subsidiary Guarantors) as Subsidiary
Guarantors (the “Subsidiary Guarantors”);

 

		(4)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as facility agent and Chef de File for and on behalf of the Finance Parties (the “COFACE Agent”);

 

		(5)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the security agent (the “Security Agent”);

 

		(6)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the offshore account bank (the “Offshore Account Bank”);

 

		(7)	BNP Paribas, Société Générale, Natixis, Crédit
Agricole Corporate and Investment Bank (formerly known as Calyon) and Credit Industriel et Commercial, each acting
in its capacity as a mandated lead arranger (the “Mandated Lead Arrangers”); and

 

		(8)	The Banks and Financial Institutions listed in Schedule 1 (Lenders) as lenders
(the “Lenders”).

 

Recitals:

 

		(A)	Reference is made to the global deed of amendment and restatement dated 31 July 2013 (including
its schedules) and made between the parties to this Deed (the “Global Deed of Amendment and Restatement”).

 

		(B)	The parties to the Global Deed of Amendment and Restatement have agreed to amend the Global Deed
of Amendment and Restatement and certain of its schedules on the terms set out in this Deed.

 

		(C)	It is intended that this document takes effect as a deed notwithstanding the fact that a Party
may only execute this Deed under hand.

 

    	2

    	 

    

 

It is Hereby Agreed as follows:

 

		1.	Definitions
                                                                                            and Interpretation

 

		1.1	Incorporation of Defined Terms

 

Terms defined in clause 1.1
(Definitions) of the Global Deed of Amendment and Restatement shall, unless otherwise defined herein, have the same meaning
in this Deed and the principles of construction set out in clause 1.2 (Incorporation of Defined Terms) of the Global
Amendment and Restatement Agreement (including by reference to another document) shall have effect as if set out in this Deed.

 

		1.2	Clauses

 

In this Deed any reference to
a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause
or a Schedule hereof. Clause headings are for ease of reference only.

 

		1.3	Third Party Rights

 

		(a)	A person which is not a party to this Deed (a “third party”) shall have no right
under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Deed.

 

		(b)	The Parties may, without the consent of any third party, vary or rescind this Deed.

 

		1.4	Finance Documents

 

In the case of any inconsistency
between the provisions of this Deed and the provisions of the Global Deed of Amendment and Restatement or any other Finance Document,
the provisions of this Deed shall prevail.

 

		2.	Amendment
                                                                                            to Certain Restructuring Documents

 

		2.1	Amendment of the Global Deed of Amendment and Restatement

 

With effect from the date of
this Deed, the Global Deed of Amendment and Restatement shall be amended as set out below:

 

		(a)	by including the “Thermo Group Undertaking Letter” as a new limb (n) in the
definition of “Restructuring Documents” in clause 1.1 (Definitions);

 

		(b)	by adding the following definition in clause 1.1 (Definitions) in the correct alphabetical
order:

 

“ “Thermo
Group Undertaking Letter” means the undertaking letter to be entered into on or prior to the Effective Date between each
of Thermo, Thermo Funding II LLC, FL Investment Holdings LLC (formerly known as Globalstar Holdings LLC) and Globalstar Satellite
LP.”;

 

		(c)	by adding new paragraphs 14(i) and (j) in schedule 3 (Conditions Precedent to Effective Date)
as follows:

 

		“(i)	In respect of each of Thermo Funding II LLC, FL Investment Holdings LLC (formerly known as Globalstar
Holdings LLC) and Globalstar Satellite LP, documents of the type set out in paragraphs 1(a), (b), (c) and (e) of this Schedule
3.

 

    	3

    	 

    

 

(j)           (i)         Copies
of documentation evidencing the transfer of all shares in the Borrower owned by The James Monroe Revocable Trust dated January
1, 1997, as amended and restated on August 10, 1997, to any of Thermo, Thermo Funding II LLC, FL Investment Holdings LLC (formerly
known as Globalstar Holdings LLC) and Globalstar Satellite LP together with copies of any applicable share certificates, in each
case certified by a duly authorised representative as being true, complete and correct.

 

		(ii)	A certificate dated as of the Effective Date from a duly authorised representative of each of Thermo,
Thermo Funding II LLC, FL Investment Holdings LLC (formerly known as Globalstar Holdings LLC) and Globalstar Satellite LP stating
(A) the amount of shares of the Borrower owned by such entity, (B) that any uncertificated shares of the Borrower owned by such
entity are listed on the Borrower’s books and records as being owned by such entity, (C) that the shares of the Borrower
owned by such entity are duly authorised, validly issued, fully paid and non-assessable, (D) that the shares of the Borrower owned
by such entity have not been transferred or encumbered and that such entity is unaware of any adverse claim thereto, (E) the percentage
of the shares of the Borrower held by such entity as a proportion to the total equity of the Borrower, and (F) the percentage of
total voting shares of the Borrower represented by the shares of the Borrower owned by such entity.”;

  

		(d)	by replacing schedule 4 (Amended and Restated Facility Agreement) thereof with the provisions
of Schedule 3 (Amended and Restated Facility Agreement); and

 

		(e)	by replacing Schedule 7 (Amended and Restated Thermo Subordination Deed) thereof with the
provisions of Schedule 4 (Amended and Restated Thermo Subordination Deed).

 

		2.2	References to Amended and Restated Agreements

 

With effect from the date of
this Deed, references in the Global Deed of Amendment and Restatement to the “Amended and Restated Facility Agreement”
and the “Amended and Restated Thermo Subordination Deed” shall be deemed to be references to such schedules
of the Global Deed of Amendment and Restatement as amended and replaced by this Deed.

 

		2.3	Finance Document

 

This Deed shall constitute a
“Restructuring Document” for the purposes of the Global Deed of Amendment and Restatement and a “Finance
Document” for the purposes of the Amended and Restated Facility Agreement.

 

		3.	Representations
                                                                                            and Warranties

 

		3.1	Borrower Representations

 

The Borrower repeats in favour
of the Finance Parties each of the representations and warranties set out in the Global Deed of Amendment and Restatement on the
terms and subject to the conditions set out in clause 3.1 (Borrower Representations) thereof.

 

    	4

    	 

    

  

		3.2	Subsidiary Guarantor Representations

 

Each Subsidiary Guarantor repeats
in favour of the Finance Parties each of the representations and warranties set out in the Global Deed of Amendment and Restatement
on the terms and subject to the conditions set out in clause 3.2 (Subsidiary Guarantor Representations) thereof.

 

		3.3	Thermo Representations

 

Thermo repeats in favour of
the Finance Parties each of the representations and warranties set out in the Global Deed of Amendment and Restatement on the terms
and subject to the conditions set out in clause 3.3 (Thermo Representations) thereof.

 

		4.	Confirmations
                                                                                            of Obligors

 

As
of the date of this Deed, each Obligor repeats the confirmations given by it in clause 5.1 (Confirmations – Date of this
Deed) of the Global Deed of Amendment and Restatement.

 

		5.	Further
                                                                                            Assurance

 

The Borrower shall, at the request
of the COFACE Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments
effected or to be effected pursuant to this Deed and the other Restructuring Documents.

 

		6.	Miscellaneous

 

		6.1	Incorporation of Terms

 

The provisions of clause 10.1
(Incorporation of Terms) of the Global Deed of Amendment and Restatement shall also apply to this Deed as if expressly set
out herein, mutatis mutandis, with each reference therein to “this Agreement” being deemed to be a reference
to this Deed, each reference to “Party” or “Parties” being deemed to be a reference to the
parties to this Deed and each reference to the “Borrower” being deemed to be a reference to each Obligor and
the Subordinated Creditor.

 

		6.2	Governing Law

 

This Deed, and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		6.3	Counterparts

 

This Deed may be executed in
any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

This Deed has been executed as a
deed by the Borrower, Thermo, the Subordinated Creditor and the Subsidiary Guarantors and has been signed on behalf of the other
Parties.

 

    	5

    	 

    

  

SIGNATURE PAGES

 

The Borrower

 

	
        SIGNED as a deed by GLOBALSTAR, INC. acting

        

        by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

  

    	6

    	 

    

  

Thermo

 

	
        SIGNED as a deed by THERMO FUNDING COMPANY LLC

        acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

  

    	7

    	 

    

  

	
        SIGNED as a deed by GSSI, LLC in its capacity
        as

        GUARANTOR acting by its attorney Lindsey

        Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:  James Monroe III

Telephone No.:  +1 (985) 335-1500

Fax No.:  +1 (985) 335-1900

 

    	8

    	 

    

 

	
        SIGNED as a deed by GLOBALSTAR SECURITY SERVICES,
LLC in its capacity as GUARANTOR 

acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

  

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:  James Monroe III

Telephone No.:  +1 (985) 335-1500

Fax No.:  +1 (985) 335-1900

 

    	9

    	 

    

 

	
        SIGNED as a deed by GLOBALSTAR C, LLC in its capacity
        as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
		
         

        /s/ Lindsey Keeble

         

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:  James Monroe III

Telephone No.:  +1 (985) 335-1500

Fax No.:  +1 (985) 335-1900

 

    	10

    	 

    

  

	
        SIGNED as a deed by GLOBALSTAR USA, LLC in its
        capacity as GUARANTOR acting by its attorney

        Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:  James Monroe III

Telephone No.:  +1 (985) 335-1500

Fax No.:  +1 (985) 335-1900

  

    	11

    	 

    

 

	
        SIGNED as a deed by GLOBALSTAR LEASING LLC in
        its capacity as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	12

    	 

    

  

	
        SIGNED as a deed by SPOT LLC in its capacity as
        

        GUARANTOR acting by its attorney Lindsey

        Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention:  James Monroe III

Telephone No.:  +1 (985) 335-1500

Fax No.:  +1 (985) 335-1900

 

    	13

    	 

    

 

	
        SIGNED as a deed by ATSS CANADA, INC. in its

        capacity
        as GUARANTOR acting by its attorney

        Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	14

    	 

    

 

	
        SIGNED as a deed by GLOBALSTAR BRAZIL HOLDINGS, L.P.
        in its capacity as GUARANTOR

        acting by its attorney Lindsey Keeble, attorney-in-fact in the
        presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.:+1  (985) 335-1900

 

    	15

    	 

    

 

	
        SIGNED as a deed by GCL LICENSEE LLC in its capacity
        as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	16

    	 

    

 

	
        SIGNED as a deed by GUSA LICENSEE LLC in its capacity
        as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	17

    	 

    

 

	
        SIGNED as a deed by GLOBALSTAR LICENSEE LLC in
        its capacity as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	18

    	 

    

  

	
        SIGNED as a deed by GLOBALSTAR MEDIA, L.L.C. in
        its capacity as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	19

    	 

    

  

	
        SIGNED as a deed by GLOBALSTAR BROADBAND SERVICES
        INC. in its capacity as GUARANTOR acting by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

 

Address of Guarantor:

Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

Attention: James Monroe III

Telephone No.: +1 (985) 335-1500

Fax No.: +1 (985) 335-1900

 

    	20

    	 

    

  

The Subordinated Creditor

  

	
        SIGNED as a deed by THERMO FUNDING COMPANY LLC acting
        by its attorney Lindsey Keeble, attorney-in-fact

        in the presence of:
	 		
         

        /s/ Lindsey Keeble

  

	Witness’s Signature	/s/ Alice Bushell
	 	 
	Name:	Alice Bushell
	 	 
	Address:	Trainee Solicitor 
	 	 
	 	London, EC2A 2HB

  

    	21

    	 

    

  

	Lender	 
	 	 
	Executed by BNP PARIBAS	)
	acting by /s/ Jean Phillippe Poirier and /s/ E. Galzy	)
	duly authorised by BNP PARIBAS	)
	to sign on its behalf,	)
	in the presence of:	 

  

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	37, Pl. du Marché
	 	 
	Address:	St. Honoré - 75006
	 	 
	 	Paris - France

  

    	22

    	 

    

  

	Lender	 
	 	 
	Executed by SOCIÉTÉ GÉNÉRALE	)
	acting by /s/ Sylvie Leclercq	)
	duly authorised by SOCIÉTÉ GÉNÉRALE	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ Matthieu Saliou
	 	 
	Name:	Tour Societé Genérale
	 	 
	Address:	A7 Cours Valery
	 	 
	 	92800 La defense - France

 

    	23

    	 

    

 

	Lender	 
	 	 
	Executed by NATIXIS	)
	acting by /s/ Matthieu Jamin and /s/ Jean-Louis VIALA	)
	duly authorised by NATIXIS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ S. Magnani
	 	 
	Name:	S. Magnani
	 	 
	Address:	30, avenue Pierre Mendés
	 	 
	 	France – 75013 Paris

 

    	24

    	 

    

 

	Lender	 
	 	 
	Executed by CRÉDIT AGRICOLE	)
	CORPORATE AND INVESTMENT BANK	)
	acting by /s/ Bernard Unger and /s/ André Gazal	)
	duly authorised by CRÉDIT AGRICOLE	)
	CORPORATE AND INVESTMENT BANK	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	Jean Philippe Gros
	 	 
	Name:	A09 rue Charles
	 	 
	Address:	92270 Bois, Colombes
	 	 
	 	France

  

    	25

    	 

    

 

	Lender	 
	 	 
	Executed by CRÉDIT INDUSTRIEL ET COMMERCIAL	)
	acting by /s/ Brigitte Chevalier and /s/ Jacques-Philippe Menville	)
	duly authorised by CRÉDIT INDUSTRIEL ET COMMERCIAL	)
	to sign on its behalf, in the presence of:	 

 

	Witness’s Signature:	/s/ Jacques Vincent
	 	 
	Name:	Jacques Vincent
	 	 
	Address:	6, avenue de Provence
	 	 
	 	75009 Paris

  

    	26

    	 

    

  

	Mandated Lead Arranger	 
	 	 
	Executed by BNP PARIBAS	)
	acting by /s/ Jean Philippe Poirier and /s/ E. Galzy	)
	duly authorised by BNP PARIBAS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	37, Pl. du Marché
	 	 
	Address:	St. Honoré - 75006
	 	 
	 	Paris - France

  

    	27

    	 

    

  

	Mandated Lead Arranger	 
	 	 
	Executed by SOCIÉTÉ GÉNÉRALE	)
	acting by /s/ Sylvie Leclercq	)
	duly authorised by SOCIÉTÉ GÉNÉRALE	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	Matthieu Saliou
	 	 
	Name:	Tour Societé Genérale
	 	 
	Address:	A7 Cours Valery
	 	 
	 	92800 La defense - France

  

    	28

    	 

    

  

	Mandated Lead Arranger	 
	 	 
	Executed by NATIXIS	)
	acting by /s/ Matthieu Jamin and /s/ Jean-Louis VIALA	)
	duly authorised by NATIXIS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ S. Magnani
	 	 
	Name:	S. Magnani
	 	 
	Address:	30, avenue Pierre Mendés
	 	 
	 	France – 75013 Paris

  

    	29

    	 

    

  

	Mandated Lead Arranger	 
	 	 
	Executed by CRÉDIT AGRICOLE	)
	CORPORATE AND INVESTMENT BANK	)
	acting by /s/ Bernard Unger and /s/ Andre Gazal	)
	duly authorised by CRÉDIT AGRICOLE	)
	CORPORATE AND INVESTMENT BANK	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	Jean Philippe Gros
	 	 
	Name:	A09 rue Charles
	 	 
	Address:	92270 Bois, Colombes
	 	 
	 	France

  

    	30

    	 

    

  

	Mandated Lead Arranger	 
	 	 
	Executed by CRÉDIT INDUSTRIEL ET COMMERCIAL	)
	acting by /s/ Brigitte Chevallier and /s/ Jacques-Philippe Menville	)
	duly authorised by CRÉDIT INDUSTRIEL ET COMMERCIAL	)
	to sign on its behalf, in the presence of:	 

 

	Witness’s Signature:	/s/ Jacques Vincent
	 	 
	Name:	Jacques Vincent
	 	 
	Address:	6, avenue de Provence
	 	 
	 	75009 Paris

  

    	31

    	 

    

  

	Security Agent	 
	 	 
	Executed by BNP PARIBAS	)
	acting by /s/ Jean Phillippe Poirier and /s/ E. Galzy	)
	duly authorised by BNP PARIBAS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	37, Pl. du Marché
	 	 
	Address:	St. Honoré - 75006
	 	 
	 	Paris - France

  

    	32

    	 

    

  

	COFACE Agent	 
	 	 
	Executed by BNP PARIBAS	)
	acting by /s/ Jean Phillippe Poirier and /s/ E. Galzy	)
	duly authorised by BNP PARIBAS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	37, Pl. du Marché
	 	 
	Address:	St. Honoré - 75006
	 	 
	 	Paris - France

  

    	33

    	 

    

  

	Offshore Account Bank	 
	 	 
	Executed by BNP PARIBAS	)
	acting by /s/ Jean Phillippe Poirier and /s/ E. Galzy	)
	duly authorised by BNP PARIBAS	)
	to sign on its behalf,	)
	in the presence of:	 

 

	Witness’s Signature:	/s/ Thiago Reis Mefano
	 	 
	Name:	37, Pl. du Marché
	 	 
	Address:	St. Honoré - 75006
	 	 
	 	Paris - France

  

    	34

    	 

    

 

Schedule 1    Lenders

 

	1.	BNP Paribas;
	 	 
	2.	Société Générale;
	 	 
	3.	Natixis;
	 	 
	4.	Crédit Agricole Corporate and Investment Bank; and
	 	 
	5.	Crédit Industriel et Commercial.

  

    	35

    	 

    

  

Schedule 2    Subsidiary
Guarantors

 

	1.	GSSI, LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 3732317 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	2.	Globalstar Security Services, LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 3747502 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	3.	Globalstar C, LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 3732313 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	4.	Globalstar USA, LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 2663064 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	5.	Globalstar Leasing LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 3731109 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	6.	Spot LLC, a limited liability company organised in Colorado, United States of America, with organisational identification number 20071321209 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	7.	ATSS Canada, Inc., a corporation incorporated in Delaware, United States of America, with organisational identification number 2706412 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	8.	Globalstar Brazil Holdings, L.P., a limited partnership formed in Delaware, United States of America, with organisational identification number 2453576 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	9.	GCL Licensee LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 4187922 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	10.	GUSA Licensee LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 4187919 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	11.	Globalstar Licensee LLC, a limited liability company organised in Delaware, United States of America, with organisational identification number 4187920 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America;
	 	 
	12.	Globalstar Media, L.L.C., a limited liability company organised in Louisiana, United States of America, with organisational identification number 40224959K and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433; and
	 	 
	13.	Globalstar Broadband Services Inc. a corporation incorporated in Delaware, United States of America, with organisational identification number 4833062 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433.

 

    	36

    	 

    

  

Schedule 3    Amended
and Restated Facility Agreement

 

See Exhibit 10.3 to Current Report on
Form 8-K filed August 22, 2013

 

    	37

    	 

    

 

Schedule 4    Amended
and Restated Thermo Subordination Deed

  

    	38

    	 

    

  

 

Dated 22 June 2009 as amended and restated
pursuant to a

Global Deed of Amendment and Restatement dated 21 August 2013

 

Thermo Subordination Deed

 

between

 

Globalstar,
Inc.

as Borrower

 

Thermo
Funding Company LLC

as the Subordinated Creditor

 

BNP
Paribas

as COFACE Agent

 

and

 

BNP
Paribas

as Security Agent

 

White & Case llp

5 Old Broad Street

London EC2N 1DW

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	1
	 	 	 
	2.	Subordination	3
	 	 	 
	3.	Permitted Payments	4
	 	 	 
	4.	Undertakings	4
	 	 	 
	5.	Representations and Warranties	6
	 	 	 
	6.	Effect of Insolvency Event	8
	 	 	 
	7.	Turnover of Receipts	10
	 	 	 
	8.	Application of Payments	10
	 	 	 
	9.	Information by Subordinated Creditors	10
	 	 	 
	10.	Protection of Subordination	11
	 	 	 
	11.	Rights of the Security Agent and COFACE Agent	13
	 	 	 
	12.	Further Assurances	14
	 	 	 
	13.	Change of Party	14
	 	 	 
	14.	Consents, Amendments and Override	15
	 	 	 
	15.	Notices	16
	 	 	 
	16.	Preservation	18
	 	 	 
	17.	Counterparts	20
	 	 	 
	18.	Governing Law	20
	 	 	 
	19.	Jurisdiction	20

 

    	(i)

    	 

    

 

This Deed of Subordination (the
“Agreement”) was originally dated 22 June 2009 and is amended and restated on ________________ 2013 by
the Global Deed of Amendment and Restatement and is made between:

 

		(1)	Globalstar Inc., a corporation duly organised and validly existing under the laws of the
State of Delaware, with its principal office located at 300 Holiday Square Boulevard, Covington, LA 70433, United States
of America (the “Borrower”);

 

		(2)	Thermo Funding Company LLC, a limited liability company duly organised and existing
under the laws of the State of Colorado, with its principal office located at 1735 Nineteenth Street, Second Floor, Denver,
Colorado 80202, United States of America (the “Subordinated Creditor”);

 

		(3)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the facility agent and Chef de File for and on behalf of the Finance Parties (the “COFACE Agent”);
and

 

		(4)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the security agent for and on behalf of the Finance Parties (the “Security Agent”).

 

Recitals:

 

		(A)	The Borrower and the Subordinated Creditor enter into this Agreement in connection with the Facility
Agreement (as defined below).

 

		(B)	It is intended that this document takes effect as a deed notwithstanding the fact that a party
may only execute this document under hand.

 

Now This Agreement Witnesses as
follows:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“Blocking
Notice” means any notice of exclusive control or notice of default (or any other similar notice) issued by the Security
Agent in respect of the Collection Account pursuant to the relevant Account Control Agreement.

 

“Facility
Agreement” means the facility agreement originally dated 5 June 2009 as amended and restated pursuant to the Global
Deed of Amendment and Restatement dated on or about the date of this Agreement and made between, among others, the Borrower, the
Security Agent and the Lenders;

 

“Final
Discharge Date” means the date on which all the Secured Obligations have been unconditionally and irrevocably paid and
discharged in full and none of the Finance Parties is under any obligation (whether actual or contingent) to make advances or provide
other financial accommodation to the Borrower under the Finance Documents;

 

“Insolvency
Event” means a situation where any of the following occurs in respect of the Borrower:

 

    	 

    	 

    

 

		(a)	the commencement of a voluntary case (or analogous motion) under the US federal bankruptcy laws
or under other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganisation, winding-up or adjustment of debts
or analogous proceedings;

 

		(b)	the Borrower’s filing of a petition (or analogous motion) seeking to take advantage of any
other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganisation, winding-up, composition for adjustment of
debts or analogous proceedings;

 

		(c)	the Borrower’s consent to, or failure to contest, in a timely and appropriate manner any
petition filed against it in an involuntary case under such bankruptcy laws or other laws;

 

		(d)	any application for or consent to, or failure to contest in a timely and appropriate manner, the
appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of a substantial part of its property,
domestic or foreign;

 

		(e)	any admission in writing by the Borrower of its inability to pay its debts as they become due;

 

		(f)	any general assignment for the benefit of creditors;

 

		(g)	the taking of any corporate action for the purpose of authorising any of the foregoing; or

 

		(h)	any suspension or threat to suspend making payment on any of the Borrower’s debts or, by
reason of actual or anticipated financial difficulties, commencement of negotiations with one (1) or more creditors with a
view to rescheduling any of the Borrower’s indebtedness (other than the Finance Parties in connection with the Finance Documents);

 

“Liability”
means any present or future liability (actual or contingent) whether or not matured or liquidated;

 

“Party”
means a party to this Agreement;

 

“Permitted
Payment” means any payment by the Borrower to the Subordinated Creditor permitted pursuant to the Facility Agreement
in respect of:

 

		(a)	PIK Interest relating to any Convertible Note held by the Subordinated Creditor;

 

		(b)	PIK Interest relating to the Thermo Loan Agreement;

 

		(c)	PIK Interest issued by the Borrower pursuant to Clause 3(c) (Permitted Payments); or

 

		(d)	any cash interest relating to any Convertible Note held by the Subordinated Creditor.

 

“Secured
Obligations” means all the Senior Liabilities and all other present and future obligations at any time due, owing or
incurred by an Obligor to any Finance Party under the Finance Documents, both actual and contingent and whether incurred solely
or jointly and as principal or surety in any other capacity;

 

“Senior
Liabilities” means all present and future Liabilities and obligations owed by an Obligor to the Finance Parties (or any
of them) under or in connection with the Finance Documents; and

 

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“Subordinated
Liabilities” means all Liabilities and obligations now or in the future due, owing or incurred to the Subordinated Creditor
by the Borrower in any currency whether present or future, actual or contingent, whether incurred solely or jointly with any other
person and whether as principal or surety together with all interest accruing thereon and all related costs, charges and expenses,
including, without limitation, the claims of the Subordinated Creditor against the Borrower in respect of its shares in the Borrower’s
Capital Stock.

 

		1.2	Interpretation

 

Unless this Agreement provides
otherwise, a term that is defined or expressed to be subject to a particular construction in clause 1.1 (Definitions)
or clause 1.2 (Construction) of the Facility Agreement shall have the same meaning (or be subject to the same construction)
in this Agreement.

 

		1.3	Third Party Rights

 

		(a)	Unless expressly provided to the contrary in this Agreement a person who is not a Party has no
right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy
the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of this Agreement, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

		1.4	Liabilities

 

All references to Senior Liabilities
or Subordinated Liabilities shall, as appropriate, be construed so as to include:

 

		(a)	any refinancing or deferral or extension of the term of any such Senior Liabilities or Subordinated
Liabilities;

 

		(b)	any further advances which may be made by any Finance Party (in its capacity as Finance Party)
to the Borrower in accordance with the terms of the Finance Documents plus all interest, fees and costs in connection therewith
which, if made by a Finance Party in its capacity as such, shall rank as a Senior Liability;

 

		(c)	any advances which may be made by any Finance Party (in its capacity as a Finance Party) to a receiver
(or similar equivalent officer) or insolvency manager of the Borrower plus all connected interest, fees and costs which, if made
by a Finance Party in its capacity as such, shall rank as a Senior Liability;

 

		(d)	any claim for damages or restitution in the event of rescission of any of those Liabilities or
otherwise in connection with the Finance Documents under which such Senior Liability arises; and

 

		(e)	any claim against the Borrower arising from any recovery by the Borrower or any receiver (or similar
equivalent officer) or insolvency manager of a payment or discharge in respect of those Senior Liabilities or Subordinated Liabilities
on grounds of preference or otherwise.

 

		2.	Subordination

 

In consideration of the Finance
Parties making or continuing to make available the Facilities and other financial accommodation to the Borrower pursuant to the
Finance Documents, the Borrower and the Subordinated Creditor each hereby agrees and covenants with the COFACE Agent (as agent
for and on behalf of itself and as agent for the Finance Parties) and the Security Agent (as agent for and on behalf of itself
and the other Finance Parties) that:

 

		(a)	the Senior Liabilities shall rank in priority to the Subordinated Liabilities pursuant to the terms
of this Agreement; and

 

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		(b)	the claims of the Subordinated Creditor in respect of the Subordinated Liabilities are subordinated
to the Senior Liabilities and, accordingly, payment and receipt of any amount of the Subordinated Liabilities is not permitted
until after the Final Discharge Date.

 

		3.	Permitted Payments

 

		(a)	Subject to paragraphs (b) and (c) below and until the Final Discharge Date, the Borrower may not
make any payments in respect of the Subordinated Liabilities other than the Permitted Payments.

 

		(b)	Notwithstanding anything to the contrary in this Agreement, no Permitted Payment referred in to
paragraph (d) of the definition of “Permitted Payment” shall be made by the Borrower to the Subordinated Creditor
if:

 

		(i)	an Event of Default has occurred and is continuing; and

 

		(ii)	a Blocking Notice has been issued in respect of the Collection Account pursuant to, and in accordance
with, the terms of the relevant Account Control Agreement.

 

		(c)	Promptly upon receipt by the Subordinated Creditor of any Permitted Payment in respect of cash
interest relating to any Convertible Note held by the Subordinated Creditor (the “Relevant Funds”), the Subordinated
Creditor shall transfer monies in an amount equal to such Relevant Funds to the Collection Account. Upon receipt of the Relevant
Funds in the Collection Account, the Borrower may issue PIK Interest to the Subordinated Creditor in an amount no greater than
an amount equal to the Relevant Funds.

 

		4.	Undertakings

 

		4.1	Benefit

 

Each of the Borrower and the
Subordinated Creditor gives the undertakings set out in this Clause 3 (Undertakings) to the Security Agent (for and
on behalf of itself and the other Finance Parties) and to the COFACE Agent (for and on behalf of itself and as agent for the other
Finance Parties) and acknowledges that the Security Agent and the COFACE Agent have entered into this Agreement and the Finance
Parties have entered into the Finance Documents in full reliance upon those undertakings.

 

		4.2	Payments

 

Without the prior written consent
of the COFACE Agent, the Borrower shall (and shall ensure that each Subsidiary will) not:

 

		(a)	make any payment, repayment, prepayment, redemption or distribution (whether in respect of principal,
interest, commission or otherwise) of, in respect of, by reference to or on account of all or any Subordinated Liabilities, in
cash or in kind and whether by loan or otherwise, except for Permitted Payments;

 

		(b)	redeem, purchase or otherwise acquire or permit the redemption, purchase or acquisition of, or
grant or permit to subsist all or any Liens in respect of any Subordinated Liabilities, in cash or kind;

 

		(c)	permit to subsist any guarantee in respect of any Subordinated Liabilities unless the party providing
such guarantee is or becomes a party to this Agreement as a Subordinated Creditor;

 

    	4

    	 

    

 

		(d)	exercise any set-off or counterclaim against, in respect of or by reference to any Subordinated
Liabilities or discharge any Subordinated Liabilities by set-off (other than in relation to a Permitted Payment);

 

		(e)	take, or permit to be taken, any action or step with a view to initiating an Insolvency Event of
the Borrower or any corresponding insolvency event of any Subsidiary; or

 

		(f)	otherwise take or omit to take any action or step whereby the subordination of all or any of the
Subordinated Liabilities contemplated by this Agreement would be expected to be impaired, terminated or adversely affected.

 

		4.3	Receipts

 

The Subordinated Creditor shall
not (and shall procure that any person on its behalf or appointed by or claiming through it does not):

 

		(a)	ask for, demand, take or receive any payment, repayment, prepayment, redemption or distribution
(whether in respect of principal, interest, commission or otherwise) of, in respect of, by reference to or on account of any Subordinated
Liabilities, in cash or in kind or whether by loan or otherwise, except for Permitted Payments;

 

		(b)	assign, transfer or otherwise dispose of, or make demand for or accept, receive or permit to subsist
any Lien in respect of, all or any Subordinated Liabilities or any interests therein or any rights which it may have against the
Borrower in respect of all or any part of the Subordinated Liabilities to or in favour of any person;

 

		(c)	exercise any set-off or counterclaim against, in respect of or by reference to any Subordinated
Liabilities or discharge any Subordinated Liabilities by set-off or counterclaim other than in respect of a Permitted Payment;

 

		(d)	receive any payment under debt of the Borrower except for Permitted Payments; or

 

		(e)	otherwise take or omit to take any action or step whereby the subordination of all or any of the
Subordinated Liabilities contemplated by this Agreement might be impaired, terminated or adversely affected.

 

		4.4	Enforcement of Subordinated Liabilities

 

Subject to Clause 6.2 (Filing
of Claims), unless the COFACE Agent has previously consented in writing, the Subordinated Creditor shall not unless otherwise
required by Applicable Law (and shall procure that its Affiliates and any person on its behalf or appointed by or claiming through
it does not):

 

		(a)	permit, ask, claim, demand, accelerate, sue for, commence or institute or participate in legal,
arbitral or other proceedings to recover, take or receive from the Borrower or any Subsidiary (whether in cash, by set-off or in
any other manner) payment or prepayment of the whole or any amount payable (whether in respect of principal, interest or otherwise)
in respect of the Subordinated Liabilities in cash or in kind or whether by loan or otherwise;

 

		(b)	take, or permit to be taken, any action or step, or petition, apply or vote for, initiate or support
any Insolvency Event of the Borrower or any corresponding insolvency event of any Subsidiary;

 

		(c)	make any demand against the Borrower or any Subsidiary in relation to any guarantee, indemnity
or other assurance against loss in respect of the Subordinated Liabilities or exercise any right to require the Borrower to acquire
the Subordinated Liabilities (including exercising any put or call option against the Borrower for the redemption or purchase of
the Subordinated Liabilities);

 

    	5

    	 

    

 

		(d)	claim, rank, prove or vote as a creditor of the Borrower or any other person or their respective
estates or interests in respect of any of the Subordinated Liabilities in competition with the Finance Parties;

 

		(e)	receive or claim any payment or distribution of any kind or character or claim or have the benefit
of a Lien from or on account of the Borrower or any other person in its capacity as a creditor in respect of all or any of the
Subordinated Liabilities; or

 

		(f)	otherwise exercise or pursue any remedy for the recovery of any Subordinated Liabilities or in
respect of any rights arising in connection with such Subordinated Liabilities.

 

		4.5	Duration

 

The undertakings given by the
Borrower and the Subordinated Creditor in this Clause 3 (Undertakings) will remain in force at all times until the
Final Discharge Date.

 

		5.	Representations and Warranties

 

Subject to the disclosures made
by the Borrower set out in schedule 8 (Disclosures) of the Global Deed of Amendment and Restatement, the Subordinated
Creditor makes the representations and warranties set out below to each Finance Party on the Effective Date:

 

		5.1	Status

 

		(a)	It is a limited liability company duly organised and validly existing (and to the extent applicable,
in good standing) under the law of its jurisdiction of organisation.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it
is being conducted.

 

		5.2	Binding Obligations

 

Subject to the Reservations:

 

		(a)	the obligations expressed to be assumed by it in each Finance Document to which it is a party are
legal, valid, binding and enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Security Document to which
it is a party creates the security interests which that Security Document purports to create and those security interests are valid
and effective.

 

		5.3	Power and Authority

 

		(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise
its entry into, performance and delivery of, the Finance Documents to which it is or will be a party and the transactions contemplated
by those Finance Documents.

 

		(b)	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving
of guarantees or indemnities contemplated by the Finance Documents to which it is a party.

 

		5.4	All Actions Taken

 

All acts, conditions and things
required to be done, fulfilled and performed in order:

 

		(a)	to enable it lawfully to enter into, exercise its rights under and perform and comply with the
obligations expressed to be assumed by it in this Agreement;

 

    	6

    	 

    

 

		(b)	to ensure that the obligations expressed to be assumed by it in this Agreement are legal, valid
and binding; and

 

		(c)	to make this Agreement admissible in evidence in its jurisdiction of incorporation or organisation
and in England,

 

have been done, fulfilled and
performed.

 

		5.5	Deduction of Tax

 

It is not required to make any
deduction for or on account of Tax from any payment it may make under any Finance Document to which it is a party.

 

		5.6	No Filing or Stamp Taxes

 

Under the laws of its jurisdiction
of incorporation or organisation it is not necessary that this Agreement be filed, recorded or enrolled with any court or other
authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to
this Agreement.

 

		5.7	No Winding-Up

 

It has not taken any corporate
action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened
against it for its winding-up, dissolution, administration or reorganisation or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues.

 

		5.8	No Default

 

		(a)	No Event of Default and, on the Effective Date, no Default is continuing or is reasonably likely
to result from the entry into, the performance of, or any transaction contemplated by, this Agreement.

 

		(b)	No other event or circumstance is outstanding which constitutes (or with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under the Finance Documents to which it is a party, which has not been waived by the relevant
parties hereto.

 

		(c)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries
or to which its (or any of its Subsidiaries’) assets are subject which has or is reasonably likely to have a Material Adverse
Effect.

 

		5.9	No Proceedings Pending or Threatened

 

No litigation, arbitration or
administrative proceedings of or before any court, arbitral body or agency which is not frivolous, vexatious or otherwise an abuse
of court process, and which, if adversely determined, could reasonably have a Material Adverse Effect (to the best of its knowledge
and belief) have been started against it or any of its Subsidiaries.

 

		5.10	No Conflicts

 

The entry into and performance
by it of, and the transactions contemplated by, this Agreement and the granting of the security interests contemplated by the Security
Documents to which it is a party do not and will not conflict with:

 

    	7

    	 

    

 

		(a)	any Applicable Law;

 

		(b)	the constitutional documents of any member of the Group; or

 

		(c)	any agreement or instrument binding upon it or any member of the Group or any of its, or any member
of the Group’s assets or constitute a default or termination event (however described) under any such agreement or instrument,
where such conflict would have or is reasonably likely to have a Material Adverse Effect.

 

		5.11	No Immunity

 

None of the members of the Group
nor any of its or their assets is entitled to immunity from suit, execution, attachment or other legal process.

 

		5.12	Governing Law and Enforcement

 

Subject to the Reservations:

 

		(a)	the choice of governing law of this Agreement will be recognised and enforced in its jurisdiction
of incorporation; and

 

		(b)	any judgment obtained in relation to this Agreement in England will be recognised and enforced
in its jurisdiction of incorporation.

 

		5.13	No Other Subordination

 

The Subordinated Liabilities
have not (in whole or in part) been previously subordinated to any Liabilities of any other creditor of the Borrower.

 

		6.	Effect of Insolvency Event

 

		6.1	Payment of Distributions

 

		(a)	Subject to applicable insolvency laws, after the occurrence of an Insolvency Event, the person
responsible for the distribution of the assets of the Borrower shall be directed to pay any distributions in respect of any of
the Subordinated Liabilities to the Security Agent until the Senior Liabilities have been paid in full.

 

		(b)	Any distribution or amount received by the Security Agent pursuant to paragraph (a) above
other than in cash may be realised by the Security Agent at the Security Agent’s discretion, and shall not reduce the Senior
Liabilities until actually so realised and applied towards such reduction.

 

		6.2	Filing of Claims

 

After the occurrence of an Insolvency
Event, the Subordinated Creditor irrevocably authorises the Security Agent to take any of the following actions (in accordance
with the terms of this Agreement):

 

		(a)	accelerate repayment of any Subordinated Liabilities or otherwise declare any Subordinated Liabilities
prematurely due and payable or payable on demand;

 

		(b)	enforce, sue or prove for any claim for repayment of any Subordinated Liabilities by execution
or otherwise or institute any creditor’s process whether before or after judgment, or any equivalent or like process in any
jurisdiction;

 

    	8

    	 

    

 

		(c)	in respect of any Subordinated Indebtedness, take, or permit to be taken, any action or step, or
petition, apply or vote for, initiate or support any step (including the appointment of any liquidator, receiver, administrator
or similar officer), to commence or continue any proceedings against the Borrower or in relation to the bankruptcy, insolvency,
winding-up, liquidation, receivership, administration, reorganisation, dissolution or similar proceedings of the Borrower or any
suspension of payments or moratorium of any indebtedness of the Borrower, or any analogous procedure or step in any jurisdiction;

 

		(d)	commence or join any legal or arbitration action or proceedings against the Borrower to recover
in respect of any Subordinated Liabilities;

 

		(e)	make any demand against the Borrower in relation to any guarantee, indemnity or other assurance
against loss in respect of the Subordinated Liabilities or exercise any right to require the Borrower to acquire the Subordinated
Liabilities (including exercising any put or call option against the Borrower for the redemption or purchase of the Subordinated
Liabilities);

 

		(f)	exercise any right of set-off against the Borrower in respect of the Subordinated Liabilities;

 

		(g)	enter into any composition, assignment or arrangement with the Borrower in order to effect or protect
its rights under this Agreement or any other Finance Document;

 

		(h)	collect and receive all distributions on, or on account of, any or all of the Subordinated Liabilities;
or

 

		(i)	otherwise exercise or pursue any remedy and do all other things the Security Agent considers reasonably
necessary for the recovery of any Subordinated Liabilities or in respect of any rights arising in connection with such Subordinated
Liabilities.

 

		6.3	Subordinated Creditor’s Actions

 

The Subordinated Creditor will
do all things that the Security Agent reasonably requests in order to give effect to this Clause 6 (Effect of Insolvency
Event) and will pay all reasonable costs associated therewith, and, if the Security Agent is not entitled to take any of the
actions contemplated by this Clause 6 (Effect of Insolvency Event) or if the Security Agent requests any Subordinated
Creditor to take that action, that Subordinated Creditor will undertake those actions itself in accordance with the instructions
of the Security Agent or will do such other things as the Security Agent may require to enable the Security Agent to take such
action.

 

		6.4	Subordinated Creditors: Power of Attorney

 

		(a)	The Subordinated Creditor, by way of security for its obligations under this Agreement, irrevocably
appoints the Security Agent to be its attorney, at any time following an Insolvency Event and until the Final Discharge Date, to
do anything which the Subordinated Creditor has authorised the Security Agent or any other Party to do under this Agreement or
is itself required to do under this Agreement but has failed to do (and the Security Agent may delegate that power on such terms
as it sees fit).

 

		(b)	The Subordinated Creditor ratifies and confirms and agrees to ratify and confirm whatever any such
attorney as is mentioned in paragraph (a) above shall do or purport to do in the exercise or purported exercise of all or
any of the powers, authorities and discretions referred to therein.

 

    	9

    	 

    

 

		7.	Turnover of Receipts

 

		7.1	Turnover by Subordinated Creditors

 

If at any time prior to the Final
Discharge Date, the Subordinated Creditor receives or recovers:

 

		(a)	any payment or distribution of, or on account of or in relation to, the Subordinated Liabilities
which is not permitted by Clause 3 (Permitted Payments);

 

		(b)	any amount by way of set-off in respect of the Subordinated Liabilities owed to them which does
not give effect to a payment permitted by Clause 3 (Permitted Payments); or

 

		(c)	any distribution in cash or in kind made as a result of the occurrence of an Insolvency Event,

 

the Subordinated Creditor will
hold that amount on trust for the Security Agent and inform the Security Agent and as soon as reasonably practicable (and
in any event, within five (5) Business Days) pay that amount or an amount equal to that receipt or recovery to the Security
Agent, to be held on trust by the Security Agent for application in accordance with the terms of the Finance Documents.

 

		7.2	Sums Received by Borrower

 

If the Borrower receives or recovers
any sum which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, the Borrower shall
hold that amount on trust for the Security Agent and promptly pay that amount to the Security Agent, or, if this trust cannot be
given effect to, the Borrower will promptly pay an amount equal to that receipt or recovery to the Security Agent for application
in accordance with the terms of the Finance Documents.

 

		8.	Application of Payments

 

At any time prior to the Final
Discharge Date, each of the Parties agrees that any payments received by the Security Agent, from or on behalf of the Subordinated
Creditors or otherwise in respect of the Subordinated Liabilities shall be deemed to have been received on trust for each of the
Finance Parties and that all monies received or recovered by the Security Agent pursuant to this Agreement shall be applied by
the Security Agent (notwithstanding any purported appropriation by the Borrower or Subordinated Creditor) in accordance with clause 31.6
(Partial Payments) of the Facility Agreement.

 

		9.	Information by Subordinated Creditors

 

		9.1	Defaults

 

The Subordinated Creditor will
notify the COFACE Agent of the occurrence of any event of default (howsoever described) in respect of the Subordinated Liabilities
promptly upon becoming aware of its occurrence.

 

		9.2	Amount of Subordinated Liabilities

 

The Borrower will, on written
request by the COFACE Agent, acting reasonably, from time to time, notify the COFACE Agent in writing of details of the aggregate
amount of the Subordinated Liabilities outstanding at any time.

 

    	10

    	 

    

 

		9.3	Disclosure

 

The Borrower and the Subordinated
Creditor consent, until the Final Discharge Date, to the disclosure by either the COFACE Agent or the Security Agent to each other
or to any Finance Party of such information concerning the Borrower and the Subordinated Creditor as either the COFACE Agent and/or
the Security Agent may consider appropriate.

 

		10.	Protection of Subordination

 

		10.1	Continuing Subordination

 

The subordination provisions
in this Agreement constitute a continuing subordination and benefit the ultimate balance of the Senior Liabilities regardless of
any intermediate payment or discharge of the Senior Liabilities in whole or in part or any settlement of account or other matter
or thing whatsoever and shall continue in full force and effect until the Final Discharge Date.

 

		10.2	Non-competition

 

Until the Final Discharge Date,
neither the Borrower nor the Subordinated Creditor will by virtue of any payment or performance by it under this Agreement or by
virtue of the operation of Clause 6 (Effect of Insolvency Event) and Clause 7 (Turnover of Receipts):

 

		(a)	be subrogated to any rights, security or moneys held, received or receivable by any Finance Party
(or the COFACE Agent or Security Agent or any trustee or agent on their behalf) or be entitled to any right of contribution or
indemnity;

 

		(b)	claim, rank, prove or vote as a creditor of the Borrower or its estate in competition with any
Finance Party (or the COFACE Agent or the Security Agent or any trustee or agent on their behalf); or

 

		(c)	receive, claim or have the benefit of any payment, distribution or security from or on account
of the Borrower or other person (but without prejudice to any rights to the benefit of any Permitted Payments).

 

		10.3	Suspense Account

 

Until the Final Discharge Date,
the Security Agent may hold in an interest bearing suspense account any moneys or distributions received from any Subordinated
Creditor under Clause 6 (Effect of Insolvency Event) and Clause 7 (Turnover of Receipts) or on account
of the liability of that Subordinated Creditor under this Agreement.

 

		10.4	Exercise of rights

 

No Finance Party shall be obliged
before exercising any of the rights, powers or remedies conferred upon it in respect of the Borrower or the Subordinated Creditor
by the Finance Documents or by Applicable Law:

 

		(a)	to make any demand of the Borrower, the Subordinated Creditor or any other person (as the case
may be);

 

		(b)	to take any action or obtain judgment in any court against the Borrower, the Subordinated Creditor
or any other person (as the case may be);

 

		(c)	to make or file any claim or proof in a winding-up or dissolution of the Borrower, the Subordinated
Creditor or any other person (as the case may be); or

 

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		(d)	to enforce or seek to enforce any other Lien taken in respect of any of the obligations of the
Borrower, the Subordinated Creditor or any other person (as the case may be) under the Finance Documents.

 

		10.5	Set-off

 

The Security Agent may set-off
any matured obligation due from the Subordinated Creditor under this Agreement against any obligation owed by a Finance Party to
the Subordinated Creditor, regardless of the place of payment, booking branch or currency of either obligation, provided that the
Security Agent has obtained the relevant Finance Party’s consent to such set-off in writing. If the obligations are in different
currencies, the Security Agent may, with the relevant Finance Party’s written consent, convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off.

 

		10.6	Currency Indemnity

 

If any sum due from the Borrower
or the Subordinated Creditor under this Agreement (a “Sum”), or any order, judgment or award given or made in
relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of:

 

		(a)	making or filing a claim or proof against the Borrower or the Subordinated Creditor; or

 

		(b)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

the Borrower or the Subordinated
Creditor shall, as an independent obligation, within five (5) Business Days of demand, indemnify the COFACE Agent, the Security
Agent, and each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the
conversion including any discrepancy between:

 

		(i)	the rate of exchange used to convert that Sum from the First Currency into the Second Currency;
and

 

		(ii)	the rate or rates of exchange available to that person at the time of its receipt of that Sum.

 

		10.7	Transfer of Distributions

 

The Subordinated Creditor will,
at its own expense, do all such things as the Security Agent on behalf of the Finance Parties may reasonably require to transfer
to the Security Agent all payments and distributions which must be turned over or held in trust in accordance with this Agreement
(including endorsements and execution of formal transfers) and will pay all costs and stamp duties in connection with those transfers.

 

		10.8	Borrower’s Obligations

 

The provisions of this Agreement
are intended solely for the purpose of defining the rights and obligations between the Subordinated Creditor and the Finance Parties,
and nothing contained in this Agreement is intended to or shall impair, as among the Borrower, its creditors and the Subordinated
Creditor, the obligations of the Borrower, which are absolute and unconditional, to pay to the Subordinated Creditor, as and when
the same shall become due and payable in accordance with their terms, all amounts payable in respect to the Subordinated Liabilities.

 

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		11.	Rights of the Security Agent and COFACE Agent

 

		11.1	Exclusion of Liability by the Security Agent and COFACE Agent

 

		(a)	Without limiting paragraph (b) below, neither the COFACE Agent nor the Security Agent
(as the case may be) will be liable for any action or omission by it under or in connection with this Agreement, unless directly
caused by its gross negligence or wilful misconduct.

 

		(b)	Each of the Parties (other than the COFACE Agent or Security Agent) agrees that it will not assert
or seek to assert against any officer, employee or other such agent of the COFACE Agent or the Security Agent (as the case may
be) any claim it might have against any of them in respect of the matters referred to in this Agreement and any officer, employee
or other such agent of the COFACE Agent or the Security Agent (as the case may be) may rely on this Clause 11.1 (Exclusion
of Liability by the Security Agent and COFACE Agent) subject to Clause 1.3(b) (Third Party Rights) and the provisions
of the Third Parties Act.

 

		(c)	The Security Agent or COFACE Agent (as the case may be) will not be liable for any delay (or any
related consequences) in crediting an account with an amount required under this Agreement to be paid by the Security Agent or
COFACE Agent (as the case may be) if the Security Agent or COFACE Agent (as the case may be) has taken all necessary steps as soon
as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Security Agent or COFACE Agent (as the case may be) for that purpose.

 

		11.2	Additional Security Agents and COFACE Agents

 

		(a)	The Security Agent and the COFACE Agent may at any time appoint (and subsequently remove) any person
to act as a separate Security Agent or as a co-Security Agent, or a separate COFACE Agent or co-COFACE Agent (as the case may be),
jointly with it:

 

		(i)	if it considers such appointment to be in the interests of the Finance Parties;

 

		(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Agent or COFACE Agent (as the case may be) deem to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Agent or COFACE
Agent (as the case may be) shall give prior notice to the Borrower and the COFACE Agent or the Security Agent (as the case may
be) of that appointment. The Security Agent or COFACE Agent shall not be bound to supervise, or be in any way responsible for any
loss incurred by reason of any misconduct or default on the part of any such separate Security Agent or co-Security Agent or separate
COFACE Agent or co-COFACE Agent (as the case may be) if, in each case, the Security Agent or COFACE Agent (as the case may be)
shall have exercised reasonable care in the selection of such person.

 

		(b)	Any person appointed under this Clause 11.2 (Additional Security Agents and COFACE Agents)
(and subject to the terms of this Agreement) shall have the rights, powers and discretions (not exceeding those conferred on the
Security Agent or COFACE Agent (as the case may be) by this Agreement or any other Finance Document) and the duties and obligations
that are conferred or imposed by the instrument of appointment. The remuneration that the Security Agent or COFACE Agent (as the
case may be) may pay to that person, and any costs and expenses incurred by that person in performing its functions pursuant to
that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent or
COFACE Agent (as the case may be), payable in accordance with clause 17 (Costs and Expenses) of the Facility Agreement.

 

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		(c)	If there ever shall be more than two (2) agents, acting in the capacity as Security Agent
or more than two (2) agents, acting in the capacity as COFACE Agent, having equal authority under this Agreement and the Facility
Agreement, the majority of such agents shall be competent to execute and exercise all the duties, powers, trusts, authorities and
discretions vested by this Agreement and the Facility Agreement in the Security Agent or COFACE Agent (as the case may be) generally;
provided that, if at any time there is an even number of agents acting as Security Agent or COFACE Agent (as the case may
be) and such agents are unable to arrive at a majority decision by reason of disagreement among themselves, the decision of the
person appointed as of the date hereof as Security Agent or COFACE Agent (as the case may be) (or that person’s successor)
shall prevail.

 

		(d)	References in this Agreement to the Security Agent or, as the case may be, the COFACE Agent will,
where the context so admits, include references to any separate or co-Security Agent or separate or co-COFACE Agent (as the case
may be) appointed under this Clause 11.2 (Additional Security Agents and COFACE Agents).

 

		11.3	Finance Documents

 

The Parties acknowledge that
the Security Agent and the COFACE Agent, when acting under this Agreement, shall be acting in accordance with and subject to the
terms of the Finance Documents.

 

		11.4	Discretions

 

Unless explicitly provided otherwise
in this Agreement, any liberty or power which may be exercised or any determination which may be made under this Agreement by the
Security Agent or the COFACE Agent may be exercised or made at its absolute and unfettered discretion without any obligation to
give reasons for doing so.

 

		12.	Further Assurances

 

		(a)	The Subordinated Creditor and the Borrower will, in the case of any Subordinated Liabilities which
are not evidenced by any instrument, upon the Security Agent’s request, ensure that such Subordinated Liabilities shall be
evidenced by an appropriate instrument or instruments.

 

		(b)	The Borrower and/or the Subordinated Creditor shall promptly upon the request of the Security Agent,
at its own cost, do all such acts or execute all such documents reasonably deemed necessary or desirable by the Security Agent
to confirm or establish the validity and enforceability of the subordination effected by, and the obligations of the Borrower and
the Subordinated Creditor under, this Agreement.

 

		13.	Change of Party

 

		13.1	No Transfers

 

		(a)	Neither the Borrower nor the Subordinated Creditor may assign any of its rights and benefits or
transfer any of its rights, benefits and obligations under this Agreement.

 

		(b)	The Subordinated Creditor may not assign any of its rights or transfer any of its rights or obligations
under, or declare or create any trust of any of its rights, title, interest or benefits under or in connection with any of the
Subordinated Liabilities to, or in favour of, any person without the prior written consent of the COFACE Agent.

 

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		13.2	The Security Agent and the COFACE Agent

 

		(a)	If the Security Agent or the COFACE Agent (as the case may be) resigns under and in accordance
with the terms of the Facility Agreement, its successor shall accede to the terms of this Agreement and it shall become a Party
on the date on which it is appointed as the successor to the Security Agent or (as the case may be) the COFACE Agent under the
Facility Agreement.

 

		(b)	Upon the appointment of a successor Security Agent or (as the case may be) COFACE Agent under paragraph (a)
above, then:

 

		(i)	other than in respect of any continuing or accrued obligation intended to survive any resignation,
the retiring Security Agent or COFACE Agent, (as the case may be) shall be discharged from any further obligation in respect of
this Agreement; and

 

		(ii)	its successor and each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original party to this Agreement.

 

		14.	Consents, Amendments and Override

 

		14.1	Amendments

 

Any term of this Agreement may
be amended only with the consent of the COFACE Agent, the Security Agent and the Borrower and the Subordinated Creditor, and any
such amendment will be binding on all Parties. The COFACE Agent may effect, on behalf of any Finance Party, any amendment permitted
by this Clause 14.1.

 

		14.2	Waiver

 

Any term of this Agreement may
be waived only with the consent of the COFACE Agent and any such waiver will be binding on all Finance Parties. The COFACE Agent
may effect, on behalf of any Finance Party, any waiver permitted by this Clause 14.2.

 

		14.3	Override

 

This Agreement overrides anything
in any agreement or instrument documenting any of the Subordinated Liabilities to the contrary. Without prejudice to the foregoing,
at no time until the Final Discharge Date will the Subordinated Creditor enforce any remedy against the Borrower by reason of failure
of the Borrower to comply with its obligations under such agreements or instruments to the extent that compliance with such obligations
violates or is a default under this Agreement.

 

		14.4	No Obligation to Consult

 

For the avoidance of doubt, the
COFACE Agent and the Finance Parties may grant any waiver or consent under the Finance Documents without being required to consult
with or inform the Subordinated Creditor.

 

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		15.	Notices

 

		15.1	Communications in Writing

 

Any communication to be made
under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter
(sent by mail or international courier).

 

		15.2	Addresses

 

The address and fax number (and
the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
document to be made or delivered under or in connection with this Agreement is that identified as follows:

 

	(a)	The address and fax number of the Borrower is:
	 	 	 
	 	Address:	Globalstar, Inc.
	 	 	300 Holiday Square
	 	 	Boulevard
	 	 	Covington
	 	 	LA 70433
	 	 	United States of America
	 	 	 
	 	Attention:	James Monroe III
	 	 	 
	 	Facsimile:	+001 (985) 335-1900
	 	 	 
	 	or such other address or number as the relevant party may notify to the other parties by not less than fifteen (15) days’ prior written notice.
	 	 	 
	(b)	The address and fax number of the Subordinated Creditor is:
	 	 	 
	 	Address:	Thermo Funding Company LLC
	 	 	1735 Nineteenth Street
	 	 	Denver
	 	 	Colorado 80202
	 	 	United States of America
	 	 	 
	 	Attention:	Mr. James Monroe III
	 	 	 
	 	Facsimile:	+1 303 294 0691
	 	 	 
	 	or such other address or number as the relevant party may notify to the other parties by not less than fifteen (15) days’ prior written notice.
	 	 	 
	(c)	The address and fax number of the Security Agent is:
	 	 	 
	 	Address:	BNP PARIBAS
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI:  CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigotte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / + 33 (0)1 43 16 81 76

 

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	 	Facsimile:	+ 33 (0)1 43 16 81 84
	 	 	 
	 	or such other address or number as the Security Agent may notify to the other parties by not less than fifteen (15) days’ prior written notice.
	 	 
			
	(d)	The address and fax number of the COFACE Agent is:
	 	 	 
	 	Address:	BNP PARIBAS
	 	 	Export Finance
	 	 	Commercial Support and Loan Implementation
	 	 	ACI:  CHC02C1
	 	 	37, Place du Marché Saint Honoré
	 	 	75031 Paris Cedex 01
	 	 	France
	 	 	 
	 	Attention:	Mrs Sylvie Caset-Carricaburru / Mrs Brigitte Quintard
	 	 	 
	 	Telephone:	+ 33(0)1 43 16 81 69 / + 33(0)1 43 16 81 76
	 	 	 
	 	Facsimile:	+ 33 (0)1 43 16 81 84
	 	 	 
	 	or such other address or number as the COFACE Agent may notify to the other parties by not less than fifteen (15) days’ prior written notice.

 

		15.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with this Agreement will only be effective:

 

		(i)	if by way of fax, when received in legible form with a confirmation of receipt; or

 

		(ii)	if by way of letter, when it has been delivered by express courier at the relevant address with
a written confirmation of receipt,

 

and, if a particular department
or officer is specified as part of its address details provided under Clause 15.2 (Addresses), if addressed to that
department or officer.

 

		(b)	Any communication or document to be made or delivered to the COFACE Agent or the Security Agent
will be effective only when actually received by that agent and then only if it is expressly marked for the attention of the department
or officer identified with that agent’s signature below (or any substitute department or officer as that agent shall specify
for this purpose).

 

		(c)	Proof of posting or dispatch of any communication to the Borrower or the Subordinated Creditor
shall be prima facie evidence of receipt:

 

		(i)	in the case of a letter, on the day on which it has been left at the address of the Borrower or
on the fifth Business Day after being deposited in the post postage prepaid in an envelope addressed to it at that address; and

 

		(ii)	in the case of a fax on the Business Day in the country of receipt immediately following the date
of its dispatch.

 

		(d)	All notices from or to the Borrower shall be sent through the COFACE Agent (except where the contrary
is expressly set out herein).

 

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		15.4	Notification of Address and Fax Number

 

Promptly upon receipt of notification
of an address, fax number, change of address or fax number pursuant to Clause 15.2 (Addresses) or changing its own
address, fax number, the COFACE Agent shall notify the other Parties.

 

		15.5	English Language

 

Any notice or other document
given under or in connection with this Agreement must be in English.

 

		16.	Preservation

 

		16.1	Partial Invalidity

 

If, at any time, any provision
of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any Applicable Law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such
provision under the Applicable Law of any other jurisdiction will in any way be affected or impaired.

 

		16.2	Remedies and Waivers

 

No failure to exercise, nor any
delay in exercising, on the part of the Borrower, the COFACE Agent or the Security Agent, any right or remedy under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other
exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative
and not exclusive of any rights or remedies provided by law.

 

		16.3	Priorities not affected

 

Except as otherwise provided
in this Agreement, the priorities referred to in Clause 2 (Subordination) will:

 

		(a)	not be affected by any reduction or increase in the amount of the Senior Liabilities or by any
intermediate reduction or increase in, amendment or variation to any of the Transaction Documents, or by any variation or satisfaction
of, any of the Senior Liabilities or any other circumstances; and

 

		(b)	apply regardless of the order in which or dates upon which the Transaction Documents and this Agreement
are executed or registered or notice of them is given to any person.

 

		16.4	Several Obligations

 

The obligations of the Borrower
and the Subordinated Creditor under this Agreement are several (and not joint) and each obligation of the Borrower and the Subordinated
Creditor shall be construed accordingly.

 

		16.5	No Discharge

 

The provisions of this Agreement
shall not be discharged, impaired or otherwise affected by:

 

		(a)	the incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any person;

 

		(b)	any amendment (however fundamental) to or waiver or consent under any of the Transaction Documents;

 

    	18

    	 

    

 

		(c)	any release or exchange of any Lien;

 

		(d)	any amendment to, or variation of, the constitutive documents of the Borrower or the Subordinated
Creditor;

 

		(e)	reason of any of the obligations of the Borrower or the Subordinated Creditor or any other person
under any Finance Document or any Lien created pursuant to any Security Document being or becoming illegal, invalid, unenforceable
or ineffective in any respect;

 

		(f)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, the Borrower or any non-presentation or non-observance of any
formality or other requirement in respect of any instrument or any failure to realise the full value of any Lien;

 

		(g)	any incapacity, illegality or lack of power, authority or legal personality of or dissolution or
change in any member or status of any person;

 

		(h)	any intermediate payment or discharge of any of the Senior Liabilities in whole or in part;

 

		(i)	the avoidability or unenforceability of this Agreement as regards the Subordinated Creditor;

 

		(j)	the bankruptcy, liquidation, winding-up, dissolution, administration or reorganisation of the Borrower
or the Subordinated Creditor or any other person or any change in its status, function, control or ownership; or

 

		(k)	any other act, event or omission which (but for this provision) might operate to impair or discharge
the obligations hereby created.

 

		16.6	Discharge Date

 

The obligations of the Borrower
and the Subordinated Creditor under this Agreement shall remain in full force and effect until the Final Discharge Date.

 

		16.7	Settlement Conditional

 

Any settlement or discharge given
by any Finance Party in respect of the obligations of the Borrower or any Subordinated Creditor under this Agreement or any other
agreement reached between such Finance Party and the Borrower or the Subordinated Creditor shall be, and be deemed always to have
been, void if any act on the faith of which such Finance Party gave the Borrower or the Subordinated Creditor that settlement or
discharge or entered into that agreement is subsequently avoided by or in pursuance of any provision of law.

 

		16.8	Exercise of Rights

 

No Finance Party shall be obliged
before exercising any of the rights, powers or remedies conferred upon it in respect of the Borrower or the Subordinated Creditor
by this Agreement or by law:

 

		(a)	except as provided herein, to make any demand of the Borrower, the Subordinated Creditor, or any
other person;

 

		(b)	to take any action or obtain judgment in any court against the Borrower, the Subordinated Creditor,
or any other person;

 

		(c)	to make or file any claim or proof in a winding-up or dissolution of the Borrower, the Subordinated
Creditor or any other person; or

 

    	19

    	 

    

 

		(d)	to enforce or seek to enforce any security taken in respect of any of the obligations of the Borrower.

 

		17.	Counterparts

 

This Agreement may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
Agreement.

 

		18.	Governing Law

 

This Agreement, and all non-contractual
obligations arising from or connected with it, are governed by English law.

 

		19.	Jurisdiction

 

The terms of clause 40 (Enforcement)
of the Facility Agreement are incorporated, mutatis mutandis, herein by reference.

 

This Agreement has been executed
as a deed by each Party on the date stated at the beginning of this Agreement.

 

    	20

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