Controls and Procedures
−Removed: Evaluation of disclosure controls and procedures
+Added: (a) Evaluation of disclosure controls and procedures
Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 as of December 31, 2020, the end of the period covered by this Report.
3 unchanged sentences
We believe that the Consolidated Financial Statements included in this Report fairly present, in all material respects, our consolidated financial position and results of operations as of and for the year ended December 31, 2020.
−Removed: Changes in internal control over financial reporting
+Added: (b) Changes in internal control over financial reporting
As of December 31, 2020, our management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated our internal control over financial reporting.
−Removed: Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that no changes in our internal control over financial reporting occurred during the quarter ended December 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Although our employees have followed remote work arrangements caused by COVID-19, these circumstances have not adversely affected the Company's ability to maintain operations, including adequate financial reporting systems, internal control over financial reporting and disclosure controls and procedures.
+Added: Additionally, in April 2020, we implemented a new billing system which resulted in our subscribers migrating to the new system.
+Added: As a result of this migration, we planned and implemented changes to our internal control over financial reporting, none of which adversely affected the Company's internal control over financial reporting.
+Added: Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that no changes in our internal control over financial reporting occurred during the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Management's Annual Report on Internal Control over Financial Reporting
7 unchanged sentences
There are inherent limitations in the effectiveness of any system of internal control over financial reporting;
−Removed: however, based on the evaluation, management has concluded the Company's internal control over financial reporting was effective as of December 31, 2019 .
−Removed: The Company’s internal control over financial reporting as of December 31, 2019 has been audited by Crowe LLP, an independent registered public accounting firm, as stated in their report, which appears herein.
+Added: however, based on
+Added: the evaluation, management has concluded the Company's internal control over financial reporting was effective as of December 31, 2020.
+Added: The Company’s internal control over financial reporting as of December 31, 2020 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report, which appears herein.
Other Information
27 unchanged sentences
GLOBALSTAR, INC.
−Removed: February 28, 2020
+Added: March 4, 2021 David B.
Chief Executive Officer
3 unchanged sentences
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.
−Removed: 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, 2020 .
−Removed: Chief Executive Officer
−Removed: (Principal Executive Officer)
+Added: 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 March 4, 2021.
+Added: Signature Title
+Added: Kagan Chief Executive Officer
+Added: Kagan (Principal Executive Officer)
/s/ Rebecca S.
−Removed: Chief Financial Officer
−Removed: (Principal Financial and Accounting Officer)
+Added: Clary Chief Financial Officer
+Added: Clary (Principal Financial and Accounting Officer)
/s/ James Monroe III
−Removed: James Monroe III
+Added: James Monroe III Director
/s/ William A.
+Added: Hasler Director
+Added: Lynch Director
/s/ Michael J.
+Added: Lovett Director
+Added: Cowan Director
/s/ Benjamin G.
+Added: Wolff Director
/s/ Timothy E.
+Added: Taylor Director
EXHIBIT INDEX
+Added: Number Description
2.1* Agreement and Plan of Merger dated as of April 24, 2018 by and among Globalstar, Inc., GBS Acquisitions, Inc., Thermo Acquisitions, Inc., Stockholders of Thermo Acquisitions, Inc.
10 unchanged sentences
4.3 Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
−Removed: Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated May 1, 2008 (Exhibit 10.1 to Form 10-Q filed August 11, 2008)
−Removed: Amendment No.2 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC effective as of August 28, 2009 (Amendment No.
−Removed: 1 Superseded.) (Exhibit 10.2 to Form 10-Q filed November 6, 2009)
−Removed: Amendment No.3 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC effective as of September 21, 2009 (Exhibit 10.3 to Form 10-Q filed November 6, 2009)
−Removed: Amendment No.4 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of March 24, 2010 (Exhibit 10.2 to Form 10-Q filed May 7, 2010)
−Removed: Amendment No.5 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of April 5, 2011 (Exhibit 10.24 to Form 10-K filed March 13, 2012)
−Removed: Amendment No.6 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of November 4, 2011 (Exhibit 10.25 to Form 10-K/A filed June 25, 2012)
−Removed: Amendment No.
−Removed: 7 to Contract between Globalstar and Hughes Network Systems LLC dated as of February 1, 2012 (Exhibit 10.1 to Form 10-Q filed May 10, 2012)
−Removed: Letter Agreement dated March 30, 2012 between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC (Exhibit 10.2 to Form 10-Q filed May 10, 2012)
−Removed: Letter Agreement dated June 26, 2012 between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC (Exhibit 10.1 to Form 10-Q filed August 9, 2012)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated September 27, 2012 (Exhibit 10.2 to Form 10-Q filed November 14, 2012)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated December 20, 2012 (Exhibit 10.30 to Form 10-K filed March 15, 2013)
−Removed: Amendment No.
−Removed: 9 to Contract between Globalstar and Hughes Network Systems LLC dated as of January 13, 2013 (Exhibit 10.1 to Form 10-Q filed May 10, 2013)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated March 26, 2013 (Exhibit 10.4 to Form 10-Q filed May 10, 2013)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated June 28, 2013 (Exhibit 10.2 to Form 10-Q filed August 14, 2013)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated August 7, 2013 (Exhibit 10.8 to Form 10-Q filed November 14, 2013)
−Removed: Amendment No.
−Removed: 10 to Contract between Globalstar and Hughes Network Systems LLC dated as of August 7, 2013 (Exhibit 10.9 to Form 10-Q filed November 14, 2013)
−Removed: Amendment No.
−Removed: 11 to Contract between Globalstar and Hughes Network Systems LLC dated as of December 17, 2013 (Exhibit 10.37 to Form 10-K filed March 11, 2014)
−Removed: Letter Agreement by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of May 30, 2014 (Exhibit 10.1 to Form 10-Q filed August 11, 2014)
−Removed: Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of May 30, 2014 (Exhibit 10.2 to Form 10-Q filed August 11, 2014)
−Removed: Amendment No.12 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of October 16, 2014 (Exhibit 10.2 to Form 10-Q filed November 6, 2014)
−Removed: Amendment No.13 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of July 16, 2015 (Exhibit 10.1 to Form 10-Q filed August 10, 2015)
−Removed: Amendment No.14 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems LLC dated as of December 16, 2016 (Exhibit 10.22 to Form 10-K filed February 23, 2017)
−Removed: Amendment to Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of December 3, 2015 (Exhibit 10.22 to Form 10-K filed February 26, 2016)
−Removed: Amendment to Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of March 7, 2016 (Exhibit 10.1 to Form 10-Q filed May 5, 2016)
−Removed: Amendment to Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of June14, 2016 (Exhibit 10.1 to Form 10-Q filed August 4, 2016)
−Removed: Amendment to Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of September 21, 2016 (Exhibit 10.1 to Form 10-Q filed November 3, 2016)
−Removed: Amendment to Letter Agreement regarding equity payment by and between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of December 6, 2016 (Exhibit 10.27 to Form 10-K filed February 23, 2017)
−Removed: Amendment #15 to Contract between Globalstar, Inc.
−Removed: and Hughes Network Systems, LLC dated as of June 1, 2017 (Exhibit 10.1 to Form 10-Q filed August 3, 2017)
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)
5 unchanged sentences
10.6* Lease Agreement by and between Globalstar, Inc.
−Removed: and Thermo Covington, LLC dated February 1, 2019 (Exhibt 10.1 to Form 10-Q filed May 2, 2019)
+Added: and Thermo Covington, LLC dated February 1, 2019 (Exhib i t 10.1 to Form 10-Q filed May 2, 2019)
10.7* Form of Indemnification Agreement between Globalstar, Inc.
2 unchanged sentences
and Other Lenders (Exhibit 10.1 to Form 10-Q filed August 9, 2019)
−Removed: 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
−Removed: Fourth Amended and Restated Facility Agreement dated as of November 26, 2019 between Globalstar, Inc., BNP Paribas and the other lenders party thereto
−Removed: 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
+Added: 10.9* 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)
+Added: 10.10* 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)
+Added: 10.11* 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)
10.12* Form of Common Stock Purchase Warrant dated November 27, 2019 between Globalstar, Inc.
−Removed: and other lenders thereto
+Added: and other lenders thereto (Exhibit 10.40 to Form 10-K filed February 28, 2020)
10.13* Registration Rights Agreement dated November 26, 2019 between Globalstar, Inc.
−Removed: and other lenders thereto
−Removed: 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
−Removed: Executive Compensation Plans and Agreements
+Added: and other lenders thereto (Exhibit 10.41 to Form 10-K filed February 28, 2020)
+Added: 10.14* 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)
10.15* Third Amended and Restated Globalstar, Inc.
9 unchanged sentences
10.20* Form of Stock Option Award Agreement for use with executive officers (Exhibit 10.45 to Form 10-K filed March 31, 2011)
−Removed: 2016 Key Employee Cash Bonus Plan (Exhibit 10.53 to Form 10-K filed February 26, 2016)
−Removed: 2017 Key Employee Cash Bonus Plan (Exhibit 10.59 to Form 10-K filed February 23, 2017)
−Removed: 2018 Key Employee Cash Bonus Plan (Exhibit 10.54 to Form 10-K filed February 23, 2018)
−Removed: 2019 Key Employee Cash Bonus Plan
+Added: 10.21*† 2018 Key Employee Bonus Plan (Exhibit 10.54 to Form 10-K filed February 23, 2018)
+Added: 10.22*† 2019 Key Employee Bonus Plan (Exhibit 10.52 to Form 10-K Filed February 28, 2020)
+Added: 10.23*†† 2020 Key Employee Bonus Plan (Exhibit 10.1 to Form 10-Q filed November 5, 2020)
+Added: 10.24†† 2021 Key Employee Bonus Plan
10.25* Letter Agreement with David Kagan dated November 27, 2017 (Exhibit 10.55 to Form 10-K filed February 23, 2018)
10.26* Letter Agreement with David Kagan dated September 4, 2018 (Exhibit 10.59 to Form 10-K filed February 28, 2019)
+Added: 16.1* Letter from Letter from Crowe LLP addressed to the Securities and Exchange Commission (Exhibit 16.1 to Form 8-K Filed March 5, 2020) LLP addressed to the Securities and Exchange Commission (Exhibit 16.1 to Form 8-K Filed March 5, 2020)
21.1 Subsidiaries of Globalstar, Inc.
+Added: 23.1 Consent of Ernst & Young LLP
23.2 Consent of Crowe LLP
4 unchanged sentences
32.2 Section 906 Certification of Principal Financial Officer of Globalstar, Inc.
−Removed: XBRL Instance Document
−Removed: XBRL Taxonomy Extension Schema Document
−Removed: XBRL Taxonomy Extension Calculation Linkbase Document
−Removed: XBRL Taxonomy Extension Definition Linkbase Document
−Removed: XBRL Taxonomy Extension Presentation Linkbase Document
−Removed: XBRL Taxonomy Extension Label Linkbase Document
+Added: 101.INS XBRL Instance Document
+Added: 101.SCH XBRL Taxonomy Extension Schema Document
+Added: 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
+Added: 101.DEF XBRL Taxonomy Extension Definition Linkbase Document
+Added: 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
+Added: 101.LAB XBRL Taxonomy Extension Label Linkbase Document
* Incorporated by reference.
1 unchanged sentence
The omitted portions have been filed with the Commission.
+Added: †† † Portions of the exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.