Globalstar Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
GSAT$85.78+1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 16. Form 10-K Summary
None.
EXHIBIT INDEX
| Exhibit Number | Description |
| 3.1 | Composite Certificate of Incorporation of Globalstar, Inc. |
| 3.2* | Fifth Amended and Restated Bylaws of Globalstar, Inc. (Exhibit 3.1 to Form 8-K filed on August 31, 2023) |
| 3.3* | Certificate of Designation filed November 15, 2022 (Exhibit 3.1 to Form 8-K filed on November 16, 2022) |
| 4.1 | Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 |
| 10.1* | Settlement Agreement dated December 14, 2018 (Exhibit 10.1 to form 8-K filed December 17, 2018) |
| 10.2* | Lease Agreement by and between Globalstar, Inc. and Thermo Covington, LLC dated February 1, 2019 (Exhibit 10.1 to Form 10-Q filed May 2, 2019) |
| 10.3*# | Form of Indemnification Agreement between Globalstar, Inc. and its Directors dated February 26, 2019 (Exhibit 10.50 to Form 10-K filed February 28, 2019) |
| 10.4*# | Third Amended and Restated Globalstar, Inc. 2006 Equity Incentive Plan (Appendix A to Definitive Proxy Statement filed April 16, 2019) |
|---|---|
| 10.5*# | Amended and Restated Employee Stock Purchase Plan (Appendix B to Definitive Proxy Statement filed April 16, 2019) |
| 10.6*# | Form of Restricted Stock Units Agreement for Non-U.S. Designated Executives under the Globalstar, Inc. 2006 Equity Incentive Plan (Exhibit 10.2 to Form 10-Q filed August 14, 2007) |
| 10.7*# | Form of Notice of Grant and Restricted Stock Agreement under the Globalstar, Inc. 2006 Equity Incentive Plan (Exhibit 10.29 to Form 10-K filed March 17, 2008) |
| 10.8*# | Form of Non-Qualified Stock Option Award Agreement for Members of the Board of Directors under the Globalstar, Inc. 2006 Equity Incentive Plan (Exhibit 10.1 to Form 8-K filed November 20, 2008) |
| 10.9*# | Form of Stock Option Award Agreement for use with executive officers (Exhibit 10.45 to Form 10-K filed March 31, 2011) |
| 10.11*††# | 2023 Key Employee Bonus Plan (Exhibit 10.5 to Form 10-Q filed May 5, 2023) |
| 10.12††# | 2024 Key Employee Bonus Plan |
| 10.13*†† | Satellite Procurement Agreement dated February 21, 2022 between Globalstar, Inc. and Macdonald, Dettwiler and Associates Corporation (Exhibit 10.1 to Form 10-Q filed May 5, 2022) |
| 10.14*†† | Exchange Agreement dated November 15, 2022 (Exhibit 10.1 to Form 8-K filed November 16, 2022) |
| 10.15* | Purchase Agreement, dated March 28, 2023, by and among Globalstar, Inc., the Subsidiary Guarantors party thereto and the Purchasers party thereto (Exhibit 10.1 to Form 8-K filed March 29, 2023) |
| 10.16* | Indenture (including form of Note) dated March 31, 2023, by and among Globalstar, Inc., the Subsidiary Guarantors party thereto and Wilmington Trust, National Association (Exhibit 10.1 to Form 8-K filed April 6, 2023) |
| 10.17*†† | Collateral Agreement dated April 6, 2023 by and among Globalstar, Inc. the grantors and guarantors party thereto and Customer (Exhibit 10.2 to Form 8-K filed April 6, 2023) |
| 10.18*†† | Amended and Restated Prepayment Agreement dated May 19, 2021 (Exhibit 10.1 to Form 10-Q filed August 5, 2021) |
| 10.19*†† | 2023 Prepayment Agreement (Exhibit 10.6 to Form 10-Q filed May 5, 2023) |
| 10.20†† | Amendment No. 2 to 2023 Prepayment Agreement by and between Globalstar, Inc. and Customer dated as of November 5, 2024 |
| 10.21†† | 2024 Prepayment Agreement by and between Globalstar, Inc. and Customer dated as of November 5, 2024 |
| 10.22*†† | Conformed Copy of Key Terms Agreement reflecting amendments through September 7, 2022 (Exhibit 10.1 to Form 8-K filed September 7, 2022) |
| 10.23*†† | Amendment No. 4 to the Key Terms Agreement (Exhibit 10.7 to Form 10-Q filed May 5, 2023) |
| 10.24†† | Amendment No. 5 to the Key Terms Agreement between Customer and Globalstar dated November 5, 2024 |
| 10.25†† | Statement of Work by and between Customer Parent and Globalstar, Inc. dated as of November 5, 2024 |
| 10.26*†† | Intellectual Property License Agreement between XCOM Labs, Inc. and Globalstar, Inc. dated August 29, 2023 (Exhibit 10.37 to Form S-1 filed September 8, 2023) |
| 10.27*†† | Support Services Agreement by and between XCOM Labs, Inc. and Globalstar, Inc. dated August 29, 2023 (Exhibit 10.38 to Form S-1 filed September 8, 2023) |
| 10.28*††# | Amended and Restated Employment Agreement dated January 24, 2024 by and between Globalstar, Inc. and Paul Jacobs (Exhibit 10.24 to Form 10-K filed February 29, 2024) |
| 10.29*†† | Guaranty dated as of December 7, 2023 made by Thermo Funding II, LLC (Exhibit 10.25 to Form 10-K filed February 29, 2024) |
| 10.30* | Common Stock Purchase Warrant between Thermo Funding II, LLC and Globalstar, Inc. dated December 7, 2023 (Exhibit 10.26 to Form 10-K filed February 29, 2024) |
| 10.31*†† | Second Forbearance Agreement among Globalstar, Inc., Macdonald, Dettwiler and Associates Corporation and Rocket Lab USA, Inc. dated January 31, 2023 (Exhibit 10.30 to Form 10-K filed March 1, 2023) |
| 10.32*†† | Conformed copy of Amendment to Support Services Agreement by and between Virewirx, Inc. and Globalstar, Inc. dated June 28, 2024 (Exhibit 10.1 to Form 10-Q filed August 8, 2024) |
| 10.33†† | Purchase Agreement by and among Globalstar, Inc., Globalstar Licensee LLC and Customer Parent dated as of October 29, 2024 |
| 10.34†† | Contribution Agreement by and among Globalstar, Inc., GCL Licensee LLC and Globalstar Licensee LLC dated as of November 5, 2024 |
| 10.35†† | Second Amended and Restated Limited Liability Company Agreement for Globalstar Licensee LLC by and among Globalstar, Inc. and Customer Parent dated as of November 5, 2024 |
| 10.36†† | First Amendment to Guarantee and Collateral Agreement by and among Globalstar, Inc., the other Guarantors signatory hereto, and Customer dated as of November 5, 2024 |
| 19.1 | Globalstar, Inc. Insider Trading Policy |
| 21.1 | Subsidiaries of Globalstar, Inc. |
| 23.1 | Consent of Ernst & Young LLP |
| 24.1 | Power of Attorney (included as part of page titled "Signatures") |
| 31.1 | Section 302 Certification of Principal Executive Officer of Globalstar, Inc. |
| 31.2 | Section 302 Certification of Principal Financial Officer of Globalstar, Inc. |
| 32.1 | Section 906 Certification of Principal Executive Officer of Globalstar, Inc. |
| 32.2 | Section 906 Certification of Principal Financial Officer of Globalstar, Inc. |
| 97.1 | Globalstar, Inc. Executive Compensation Clawback Policy |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| * | Incorporated by reference. |
| †† | Portions of the exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K. |
| # | Management contract or compensatory plan or arrangement. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| GLOBALSTAR, INC. | |||
| By: | /s/ Dr. Paul E. Jacobs | ||
| Date: | February 28, 2025 | Dr. Paul E. Jacobs | |
|---|---|---|---|
| Chief Executive Officer | |||
POWER OF ATTORNEY
KNOW BY ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dr. Paul E. Jacobs and Rebecca S. Clary, jointly and severally, his or her attorney-in-fact, with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February 28, 2025.
| Signature | Title |
| /s/ Dr. Paul E. Jacobs | Chief Executive Officer |
| Dr. Paul E. Jacobs | (Principal Executive Officer) |
| /s/ Rebecca S. Clary | Chief Financial Officer |
| Rebecca S. Clary | (Principal Financial and Accounting Officer) |
| /s/ James Monroe III | |
| James Monroe III | Director |
| /s/ William A. Hasler | |
| William A. Hasler | Director |
| /s/ James F. Lynch | |
| James F. Lynch | Director |
| /s/ Keith O. Cowan | |
| Keith O. Cowan | Director |
| /s/ Benjamin G. Wolff | |
| Benjamin G. Wolff | Director |
| /s/ Timothy E. Taylor | |
| Timothy E. Taylor | Director |
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