Globalstar Inc (GSAT)

[rattlewatch]

The last post was incorrect as that was exhibit 10.1 of the 10K not the 10Q.

Todays CT order states exhibit 10.1 of the 10Q from May 8,2014. Exhibit 10.1 of the 10Q has to do with the employee compensation plan. Below is some of the wording and a link to the document.

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Exhibit 10.1

"Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Such portions are marked “

” in this document; they have been filed separately with the Commission."

GLOBALSTAR, INC.
ANNUAL KEY EMPLOYEE BONUS PLAN
(PLAN YEAR COINCIDING WITH 2014 FISCAL YEAR)

Section 1. Purposes of the Plan

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

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

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

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

Section 2. Bonus Pool; Amounts Payable

(a) The pool available for bonus distribution shall be determined based on the Company's Adjusted EBITDA performance during the authorized calendar year ("Plan Year"). The aggregate amount to be distributed under the Plan with respect to the 2014 Plan Year shall be $1,000,000 if the Company's Adjusted EBITDA for the Plan Year is

(the "Base EBITDA"). For each 1% of Adjusted EBITDA over the Base EBITDA, the bonus pool will be increased by 1% of the percentage increase in Base EBITDA.

For example, if Plan Year Adjusted EBITDA is

, the bonus pool will be $1,000,000, if Plan Year Adjusted EBITDA is

the bonus pool will be

, if Plan Year Adjusted EBITDA is

the bonus pool will be

, and so on.

For each 1% of Adjusted EBITDA below Base EBITDA, the bonus pool will be decreased by 2-1/2% of the percentage decrease in Base EBITDA until Adjusted EBITDA declines to less than 80% of Base EBITDA (i.e. less than

), after which no bonus will be payable.

For example, if Plan Year Adjusted EBITDA is

, the bonus pool will be

, and if Plan Year Adjusted EBITDA is

the bonus pool will be

. Below

of Adjusted EBITDA, no bonus will be payable.

http://www.sec.gov/Archives/edgar/data/1366868/000114420414028341/v376094_ex10-1.htm