Globalstar, Inc 10-K for FY2022

Globalstar, Inc. (GSAT)

10-K 2023-03-01 For: 2022-12-31

Added on April 09, 2026

About this 10-K

Globalstar, Inc filed this 10-K on March 1, 2023, covering the fiscal year ended December 31, 2022 (FY2022).

Headline figures

Fiscal year ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $148.5M; up 19.5% from $124.3M a year earlier
Net loss: $256.92M; compared with a net loss of $112.63M a year earlier
Diluted EPS: -$0.14; compared with -$0.06 a year earlier

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Delaware						41-2116508
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


		Page
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	14
Item 1B.	Unresolved Staff Comments	28
Item 2.	Properties	28
Item 3.	Legal Proceedings	29
Item 4.	Mine Safety Disclosures	29
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
Item 6.	[Reserved]	29
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 8.	Financial Statements and Supplementary Data	43
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	91
Item 9A.	Controls and Procedures	91
Item 9B.	Other Information	92
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	92
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	92
Item 11.	Executive Compensation	92
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	92
Item 13.	Certain Relationships and Related Transactions, and Director Independence	92
Item 14.	Principal Accountant Fees and Services	92
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	93
Item 16.	Form 10-K Summary	94
Signatures		94


Facility Use						Location
Offices						Africa (Botswana)
						Brazil (Rio de Janeiro)
						Central America (Panama)
						Europe (Ireland)
						United States of America (California and Louisiana) (1)
Gateways						Africa (Botswana, Gabon and Rwanda)
						Argentina (Bosque Alegre)
						Asia (Japan, Singapore and South Korea)
						Australia (Dubbo, Meekatharra and Mount Isa)
						Brazil (Manaus, Petrolina and Presidente Prudente)
						Canada (Alberta and Ontario)
						Europe (Estonia, France, Greece and Spain) (2)
						Mexico (Jocotitlan)
						Oceania (New Zealand)
						South America (Venezuela)
						United States of America (Alaska, Florida, Hawaii, Puerto Rico and Texas) (3)


	Year Ended December 31, 2022				Year Ended December 31, 2021
	Revenue		% of Total Revenue		Revenue		% of Total Revenue
Service Revenue:
Subscriber services
Duplex	$	29,222	20	%	$	31,197	25	%
SPOT	45,670		31	%	46,040		37	%
Commercial IoT	19,516		13	%	17,951		14	%
Wholesale capacity services	34,913		24	%	8,945		7	%
Engineering and other services	2,747		1	%	2,331		2	%
Total Service Revenue	$	132,068	89	%	$	106,464	85	%


	Year Ended December 31, 2022				Year Ended December 31, 2021
	Revenue		% of Total Revenue		Revenue		% of Total Revenue
Equipment Revenue:
Duplex	$	319	—	%	$	1,011	1	%
SPOT	5,888		4	%	9,427		8	%
Commercial IoT	10,132		7	%	7,169		6	%
Other	97		—	%	226		—	%
Total Equipment Revenue	$	16,436	11	%	$	17,833	15	%


(Mark One)
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	December 31,
	2022		2021
Average number of subscribers for the year ended:
Duplex	40,913		45,789
SPOT	272,088		268,735
Commercial IoT	442,060		414,689
Other	13,330		26,864
Total	768,391		756,077

ARPU (monthly):
Duplex	$	59.52	$	56.78
SPOT	13.99		14.28
Commercial IoT	3.68		3.61


	Year Ended December 31,
Statements of Cash Flows	2022		2021		2020
Net cash provided by operating activities	$	63,800	$	131,881	$	22,215
Net cash used in investing activities	(39,952)		(45,186)		(14,536)
Net cash (used in) provided by financing activities	(6,048)		(140,282)		1,164
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(22)		(132)		52
Net increase (decrease) in cash, cash equivalents and restricted cash	$	17,778	$	(53,719)	$	8,895


			Page
Audited Consolidated Financial Statements of Globalstar, Inc.			44
Report of Ernst & Young LLP, independent registered public accounting firm (PCAOB ID 42)			44
Consolidated balance sheets at December 31, 2022 and 2021			47
Consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020			48
Consolidated statements of comprehensive (loss) income for the years ended December 31, 2022, 2021 and 2020			49
Consolidated statements of stockholders’ equity for the years ended December 31, 2022, 2021 and 2020			50
Consolidated statements of cash flows for the years ended December 31, 2022, 2021 and 2020			51
Notes to Consolidated Financial Statements			52


			Useful life of Space component assets
Description of the Matter			At December 31, 2022, the Company had $1.2 billion of Space component assets recorded as property and equipment. As discussed in Note 1 to the consolidated financial statements, the Company’s Space component assets are depreciated on a straight-line basis over their estimated useful life, which is currently estimated to be 15 years. Management’s estimate of the useful life of its Space component assets was based on estimated design life, information from the Company’s engineering department and overall Company strategy for the use of the assets.
			Auditing the Company’s estimate of the useful life of its Space component assets involved a high degree of subjectivity due to the application of management’s judgment when evaluating the available information to determine the estimated useful life. The resulting estimated useful life has a significant effect on the timing of recognition of depreciation expense given the magnitude of the carrying amount of the Space component assets.


How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's process to determine the estimated useful life of its Space component assets, including controls over management’s evaluation of the available information to determine the estimated useful life.
			Our testing of the Company's estimated useful life of the Space component assets included, among other procedures, evaluating the application of available information to determine the estimated useful life. We compared management’s useful life to the manufacturer’s estimated design life, publicly available information on the estimated useful life of similar assets, operation and performance of the assets per the Company’s engineering group, and the life of its first-generation satellite constellation. Additionally, we evaluated the effect of changes, if any, in the Company’s long-term strategy for use of the assets on the useful life estimate.


	Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Deficit		Total
	Shares	Amount		Shares	Amount
Balances – December 31, 2019	—	$	—	1,464,544	$	146	$	1,970,047	$	(3,449)	$	(1,559,401)	$	407,343
Net issuance of restricted stock awards and recognition of stock-based compensation	—	—		7,637	1		4,766		—		—		4,767
Contribution of services	—	—		—	—		232		—		—		232
Issuance and recognition of stock-based compensation of employee stock purchase plan	—	—		2,253	—		1,048		—		—		1,048
Common stock issued in connection with conversion of Loan Agreement with Thermo	—	—		200,140	20		120,441		—		—		120,461
Common stock issued in connection with conversion of 2013 8.00% Notes	—	—		95	—		32		—		—		32
Impact of adoption of Credit Loss Standard	—	—		—	—		—		—		(1,684)		(1,684)
Other comprehensive income	—	—		—	—		—		505		—		505
Net loss	—	—		—	—		—		—		(109,639)		(109,639)
Balances – December 31, 2020	—	$	—	1,674,669	$	167	$	2,096,566	$	(2,944)	$	(1,670,724)	$	423,065
Net issuance of restricted stock awards and employee stock options and recognition of stock-based compensation	—	—		4,937	1		5,543		—		—		5,544
Contribution of services	—	—			—		188		—		—		188
Issuance and recognition of stock-based compensation of employee stock purchase plan	—	—		1,887	—		747		—		—		747
Issuance of stock for warrant exercises	—	—		115,036	12		43,666		—		—		43,678
Other comprehensive income	—	—		—	—		—		4,834		—		4,834
Net loss	—	—		—	—		—		—		(112,625)		(112,625)
Balances – December 31, 2021	—	$	—	1,796,529	$	180	$	2,146,710	$	1,890	$	(1,783,349)	$	365,431
Net issuance of restricted stock awards and employee stock options and recognition of stock-based compensation	—	—		11,577	1		10,588		—		—		10,589
Contribution of services	—	—		—	—		188		—		—		188
Issuance and recognition of stock-based compensation of employee stock purchase plan	—	—		716	—		1,135		—		—		1,135
Common stock issued in connection with conversion of 2013 8.00% Notes	—	—		2,253	—		2,548		—		—		2,548
Fair value of Warrants granted to Partner	—	—		—	—		48,337		—		—		48,337
Issuance of Series A Preferred Stock	149	—		—	—		105,342		—		—		105,342
Gain on extinguishment of 2019 Facility Agreement with Thermo	—	—		—	—		30,764		—		—		30,764
Other comprehensive income	—	—		—	—		—		7,352		—		7,352
Net loss	—	—		—	—		—		—		(256,915)		(256,915)
Balances – December 31, 2022	149	$	—	1,811,075	$	181	$	2,345,612	$	9,242	$	(2,040,264)	$	314,771


	As of December 31,
	2022		2021
Accounts receivable, net of allowance for credit losses
Subscriber accounts receivable	$	14,850	$	12,825
Wholesale capacity accounts receivable	7,234		1,861
Agency agreement accounts receivable	4,245		6,496
Total accounts receivable, net of allowance for credit losses	$	26,329	$	21,182
Long-term wholesale capacity accounts receivable	111,026		—
Total accounts receivable (short-term and long-term), net of allowance for credit losses	$	137,355	$	21,182


	Operating Leases		Finance Leases

2023	$	4,913	$	25
2024	4,786		23
2025	4,814		23
2026	4,862		23
2027	4,740		15
Thereafter	17,823		—
Total lease payments	$	41,938	$	109
Imputed interest	(11,556)		(22)
Discounted lease liability	$	30,382	$	87


	December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	32,082	$	14,304
Accounts receivable, net of allowance for credit losses of $2,892 and $2,962, respectively	26,329		21,182
Inventory	9,264		13,829
Prepaid expenses and other current assets	13,569		19,558
Total current assets	81,244		68,873
Property and equipment, net	560,371		672,156
Operating lease right of use assets, net	30,859		32,041
Prepaid satellite construction costs and related customer receivable	122,496		—
Intangible and other assets, net of accumulated amortization of $10,908 and $11,189, respectively	38,425		41,036
Total assets	$	833,395	$	814,106
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,843	$	6,247
Vendor financing	59,822		—
Accrued expenses	58,446		28,947
Payables to affiliates	326		444
Deferred revenue	74,639		25,927
Total current liabilities	197,076		61,565
Long-term debt	132,115		237,932
Operating lease liabilities	27,635		29,237
Deferred revenue, net	157,803		112,054
Other non-current liabilities	3,995		7,887
Total non-current liabilities	321,548		387,110

Commitments and contingent liabilities (Note 9)

Stockholders’ equity:
Preferred Stock of $0.0001 par value; 99,700,000 and 100,000,000 shares authorized and none issued and outstanding at December 31, 2022 and 2021, respectively	—		—
Series A Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at December 31, 2022; no shares authorized and none issued and outstanding as of December 31, 2021	—		—
Voting Common Stock of $0.0001 par value; 2,150,000,000 shares authorized; 1,811,074,696 and 1,796,528,871 shares issued and outstanding at December 31, 2022 and 2021, respectively	181		180
Additional paid-in capital	2,345,612		2,146,710
Accumulated other comprehensive income	9,242		1,890
Retained deficit	(2,040,264)		(1,783,349)
Total stockholders’ equity	314,771		365,431
Total liabilities and stockholders’ equity	$	833,395	$	814,106


	Year Ended December 31,
	2022		2021		2020
Revenue:
Service revenue	$	132,068	$	106,464	$	113,191
Subscriber equipment sales	16,436		17,833		15,296
Total revenue	148,504		124,297		128,487
Operating expenses:
Cost of services (exclusive of depreciation, amortization and accretion shown separately below)	43,370		37,372		34,751
Cost of subscriber equipment sales	13,097		13,587		13,268
Cost of subscriber equipment sales - reduction in the value of inventory	8,553		1,004		662
Marketing, general and administrative	44,103		41,358		41,738
Reduction in the value of long-lived assets	166,526		242		416
Depreciation, amortization and accretion	93,884		96,237		96,815
Total operating expenses	369,533		189,800		187,650
Loss from operations	(221,029)		(65,503)		(59,163)
Other (expense) income:
Gain on extinguishment of debt	2,790		3,098		—
Interest income and expense, net of amounts capitalized	(30,168)		(43,536)		(48,429)
Derivative (loss) gain	(805)		(1,043)		2,897
Foreign currency loss	(6,592)		(6,308)		(727)
Pension settlement loss	(1,501)		—		(2,075)
Other	463		368		(1,480)
Total other expense	(35,813)		(47,421)		(49,814)
Loss before income taxes	(256,842)		(112,924)		(108,977)
Income tax expense (benefit)	73		(299)		662
Net loss	$	(256,915)	$	(112,625)	$	(109,639)

Net loss attributable to common shareholders (Note 14)	$	(258,252)	$	(112,625)	$	(109,639)
Net loss per common share:
Basic	$	(0.14)	$	(0.06)	$	(0.07)
Diluted	(0.14)		(0.06)		(0.07)
Weighted-average shares outstanding:
Basic	1,800,825		1,765,139		1,642,359
Diluted	1,800,825		1,765,139		1,642,359


	Year Ended December 31,
	2022		2021		2020
Balance at beginning of period	$	2,962	$	4,352	$	2,952
Impact of adoption of ASU 2016-13	—		—		1,684
Provision, net of recoveries	1,087		409		1,656
Write-offs and other adjustments	(1,157)		(1,799)		(1,940)
Balance at end of period	$	2,892	$	2,962	$	4,352


	Year Ended December 31,
	2022		2021		2020
Service revenue:
United States	$	99,735	$	75,053	$	82,765
Canada	17,421		17,913		18,217
Europe	6,428		7,300		7,040
Central and South America	7,961		5,447		4,242
Others	523		751		927
Total service revenue	132,068		106,464		113,191

Subscriber equipment sales:
United States	$	7,981	$	10,238	$	8,226
Canada	4,740		3,029		3,741
Europe	1,870		2,018		1,639
Central and South America	1,793		2,487		1,674
Others	52		61		16
Total subscriber equipment sales	16,436		17,833		15,296

Total revenue	$	148,504	$	124,297	$	128,487


	Three months ended September 30, 2022
Property and equipment, net
Ground component	$	154,144
Construction in progress: ground component	5,545
Equipment	202
Total property and equipment, net	$	159,891
Intangible and other assets, net	$	1,271
Total reduction in value of long-lived assets	$	161,162


	December 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible Assets Not Subject to Amortization	$	26,180	$	—	$	26,180	$	24,906	$	—	$	24,906

Intangible Assets Subject to Amortization:
Developed technology	$	9,113	$	(7,292)	$	1,821	$	11,865	$	(7,949)	$	3,916
Regulatory authorizations	3,722		(1,316)		2,406		3,104		(940)		2,164
	$	12,835	$	(8,608)	$	4,227	$	14,969	$	(8,889)	$	6,080

Total	$	39,015	$	(8,608)	$	30,407	$	39,875	$	(8,889)	$	30,986


	December 31, 2022						December 31, 2021
	Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value		Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value
2019 Facility Agreement	$	143,213	$	11,098	$	132,115	$	263,812	$	27,287	$	236,525
Vendor financing	59,822				59,822		—		—		—
8.00% Convertible Senior Notes Issued in 2013	—				—		1,407		—		1,407
Total debt and vendor financing	203,035		11,098		191,937		265,219		27,287		237,932
Less: current portion	59,822		—		59,822		—		—		—
Long-term debt and vendor financing	$	143,213	$	11,098	$	132,115	$	265,219	$	27,287	$	237,932


	Fair Value Measurements at December 31, 2022:
	(Level 1)		(Level 2)		(Level 3)		Total Balance
Liabilities:
Compound embedded derivative with the 2019 Facility Agreement	$	—	$	—	$	(122)	$	(122)
Total liabilities measured at fair value	$	—	$	—	$	(122)	$	(122)


	December 31, 2021:
	Stock Price Volatility	Risk-Free Interest Rate	Note Conversion Price	Discount Rate	Market Price of Common Stock
Compound embedded derivative with the 2013 8.00% Notes	120 - 139%	0.5%	$0.69	18%	$1.16


	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value

2013 8.00% Notes	$	—	$	—	$	1,407	$	1,265


	February 17, 2022
	Risk-Free Interest Rate		Note Conversion Price	Discount Rate		Market Price of Common Stock
Compound embedded derivative with the 2013 8.00% Notes	0.06	%	$0.69	18	%	$1.00


	March 9, 2022
	Risk-Free Interest Rate		Note Conversion Price	Discount Rate		Market Price of Common Stock
Compound embedded derivative with the 2013 8.00% Notes	0.18	%	$0.69	19	%	$1.21


Prepaid and other current assets
Prepaid licenses and royalties (1)	$	183
Intangible and other assets, net
Prepaid licenses and royalties (1)	4,514
Internally developed technology and software (2)	1,271
Spectrum intangible assets (3)	667
Property and equipment, net (2)	159,891
Grand Total	$	166,526


	December 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
United States equity securities	$	2,542	$	—	$	2,542	$	—
International equity securities	631		—		631		—
Fixed income securities	1,693		—		1,693		—
Other	896		—		896		—
Total	$	5,762	$	—	$	5,762	$	—


	Shares	Weighted Average Exercise Price
Outstanding at January 1, 2022	7,924,268	$	1.30
Granted	700,000	1.16
Exercised	(371,249)	0.61
Forfeited or expired	(153,134)	2.29
Outstanding at December 31, 2022	8,099,885	1.29

Exercisable at December 31, 2022	6,562,378	$	1.38


	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	10,697,527	$	1.01
Granted	8,231,875	1.73
Vested	(8,848,009)	1.16
Forfeited	(127,527)	1.09
Nonvested at December 31, 2022	9,953,866


	Tranche 1			Tranche 2
Number of Warrants (in millions)	24.6			24.6
Grant date	2/24/2020			5/28/2021
Exercise price	$	0.43		$	1.60
Expected term (years)	17.73			16.47
Risk-free interest rate	1.63		%	1.92		%
Volatility	97.29		%	97.29		%
Black-Scholes fair value per share	$	0.42		$	1.54
Total fair value	$	10,429,763		$	37,907,181


Report of Independent Registered Public Accounting Firm
Consolidated balance sheets at December 31, 2022 and 2021
Consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020
Consolidated statements of comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020
Consolidated statements of stockholders’ equity for the years ended December 31, 2022, 2021 and 2020
Consolidated statements of cash flows for the years ended December 31, 2022, 2021 and 2020
Notes to Consolidated Financial Statements


			GLOBALSTAR, INC.

		By:	/s/ David B. Kagan
Date:	March 1, 2023		David B. Kagan
			Chief Executive Officer


			Signature						Title

			/s/ David B. Kagan						Chief Executive Officer
			David B. Kagan						(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/ Michael J. Lovett
			Michael J. Lovett						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


Exhibit Number						Description

3.1*						Third Amended and Restated Certificate of Incorporation of Globalstar, Inc. (Appendix A to DEF 14A filed April 12, 2021)

3.2*						Fourth Amended and Restated Bylaws of Globalstar, Inc. (Exhibit 3.1 to Form 8-K filed on April 15, 2019)

3.3*						Certificate of Designation filed November 15, 2022 (Exhibit 3.1 to Form 8-K filed on November 16, 2022)

4.1*						Indenture between Globalstar, Inc. and U.S. Bank, National Association as Trustee dated as of April 15, 2008 (Exhibit 4.1 to Form 8-K filed April 16, 2008)

4.2*						Fourth Supplemental Indenture between Globalstar, Inc. and U.S. Bank, National Association as Trustee dated as of May 20, 2013, including Form of Global 8% Convertible Senior Note due 2028 (Exhibit 4.1 to Form 8-K filed May 20, 2013)

4.3						Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

10.1*						Amended and Restated Loan Agreement between Globalstar, Inc., and Thermo Funding Company LLC dated as of July 31, 2013 (Exhibit 10.4 to Form 8-K filed August 22, 2013)

10.2*						Settlement Agreement dated December 14, 2018 (Exhibit 10.1 to form 8-K filed December 17, 2018)

10.3*						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)

10.4*						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)

10.5*						Subordinated Loan Agreement Dated as of July 2, 2019 by and among Globalstar, Inc. and Other Lenders (Exhibit 10.1 to Form 10-Q filed August 9, 2019)

10.6*						Fourth Global Amendment and Restatement Agreement dated as of November 26, 2019 between Globalstar, Inc., Thermo Funding Company LLC, BNP Paribas and the other lenders thereto Amendment and Restatement Agreement dated as of November 26, 2019 between Globalstar, Inc., Thermo Funding Company LLC, BNP Paribas and the other lenders thereto (Exhibit 10.37 to Form 10-K filed February 28, 2020)

10.7*						Fourth Amended and Restated Facility Agreement dated as of November 26, 2019 between Globalstar, Inc., BNP Paribas and the other lenders party thereto (Exhibit 10.38 to Form 10-K filed February 28, 2020)

10.8*						Second Lien Facility Agreement dated as of November 26, 2019 between Globalstar, Inc., Global Loan Agency Services Limited, GLAS Trust Corporation Limited and other lenders thereto (Exhibit 10.39 to Form 10-K filed February 28, 2020)

10.9*						Form of Common Stock Purchase Warrant dated November 27, 2019 between Globalstar, Inc. and other lenders thereto (Exhibit 10.40 to Form 10-K filed February 28, 2020)

10.10*						Registration Rights Agreement dated November 26, 2019 between Globalstar, Inc. and other lenders thereto (Exhibit 10.41 to Form 10-K filed February 28, 2020)

10.11*						Intercreditor Agreement dated November 26, 2019 between BNP Paribas, Global Loan Agency Services Limited, The Senior Lenders, The Second Lien Lenders, Globalstar, Inc., BNP Paribas, GLAS Trust Corporation Limited and other lenders thereto (Exhibit 10.42 to Form 10-K filed February 28, 2020)


10.12*						Third Amended and Restated Globalstar, Inc. 2006 Equity Incentive Plan (Appendix A to Definitive Proxy Statement filed April 16, 2019)

10.13*						Amended and Restated Employee Stock Purchase Plan (Appendix B to Definitive Proxy Statement filed April 16, 2019)

10.14*						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)

10.15*						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)

10.16*						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)

10.17*						Form of Stock Option Award Agreement for use with executive officers (Exhibit 10.45 to Form 10-K filed March 31, 2011)


10.18*†						2019 Key Employee Bonus Plan (Exhibit 10.52 to Form 10-K Filed February 28, 2020)

10.19*††						2020 Key Employee Bonus Plan (Exhibit 10.1 to Form 10-Q filed November 5, 2020)

10.20*††						2021 Key Employee Bonus Plan (Exhibit 10.24 to Form 10-K Filed March 4, 2021)

10.21*††						2022 Key Employee Bonus Plan (Exhibit 10.21 to Form 1 0-K filed February 25, 2022)

10.22*						Letter Agreement with David Kagan dated November 27, 2017 (Exhibit 10.55 to Form 10-K filed February 23, 2018)

10.23*						Letter Agreement with David Kagan dated September 4, 2018 (Exhibit 10.59 to Form 10-K filed February 28, 2019)

10.24*††						Amended and Restated Prepayment Agreement dated May 19, 2021 (Exhibit 10.1 to Form 10-Q filed August 5, 2021)

10.25*††						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)

10.26*††						Conformed Copy of Key Terms Agreement reflecting amendments through September 7, 2022 (Exhibit 10.1 to Form 8-K filed September 7, 2022)

10.27*††						Exchange Agreement dated November 15, 2022 (Exhibit 1 0.1 to Form 8-K filed November 16, 2022)

10.28*††						Letter Agreement dated November 15, 2022 (Exhibit 10.2 to Form 8-K filed November 16, 2022)
10.29††						Forbearance Agreement between Globalstar, Inc. and Macdonald, Dettwiler and Associates Corporation dated October 28, 2022
10.30††						Second Forbearance Agreement among Globalstar, Inc., Macdonald, Dettwiler and Associates Corporation and Rocket Lab USA, Inc. dated January 31, 2023


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.

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 a request for confidential treatment filed with the Commission. The omitted portions have been filed with the Commission.

††						Portions of the exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K.