Globalstar Inc (GSAT)

[E E Euthanasia]

SEC 8-K Filing: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements with Certain Officers.

EXCERPT:

On September 2, 2018, James Monroe III, Globalstar Inc.’s Chief Executive Officer, notified Globalstar Inc. (the “Company”) of his intent to retire as Chief Executive Officer, effective September 4, 2018. Mr. Monroe will assume the title of Executive Chairman of the Company’s Board of Directors.

On September 4, 2018, the Company announced the appointment of David Kagan as Chief Executive Officer effective September 4, 2018. Mr. Kagan, age 57, served as our President and Chief Operating Officer from January 2016 through March 2017 and reassumed the position in December 2017. Mr. Kagan previously served as Chief Operating Officer of SpeedCast International Limited from March 2017 through November 2017, President of ITC Global LLC, a global satellite services company, from August 2014 through its sale to Panasonic in September 2015, and President and Chief Executive Officer of Globe Wireless LLC from June 2011 through its sale to Inmarsat in August 2014. He also served as Senior Vice President - Business Development of Spacenet, Inc. from March 2010 to June 2011.

Mr. Kagan does not have any family relationship with any director or executive officer of the Company and has not been directly or indirectly involved in any related person transactions with the Company.

As Chief Executive Officer, Mr. Kagan will receive a salary of $450,000 per year. In connection with his appointment, Mr. Kagan will receive a restricted stock award grant of 2,000,000 shares that will vest as follows: (i) 750,000 shares will vest upon attainment the Company of $75 million of Core Satellite Company EBITDA (as defined in the grant documents); 750,000 shares will vest upon attainment of $100 million of Core Satellite Company EBITDA; and (iii) 500,000 shares will vest over a four-year period. In addition, Mr. Kagan currently holds incentive stock options to purchase a total of 1,000,000 shares. In connection with Mr. Kagan’s appointment, these options will be exchanged for shares of restricted stock subject to the same vesting and other performance conditions. Mr. Kagan also will be eligible for future stock option and restricted stock awards based on various conditions being met.

https://www.sec.gov/Archives/edgar/data/1366868/000136686818000056/0001366868-18-000056-index.htm