Globalstar, Inc. — Director's Dealing 2010

Feb 17, 2010

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: Globalstar, Inc. (GSAT)
CIK: 0001366868
Period of Report: 2009-12-31

Reporting Person: Monroe James III (Director, Executive Chairman, 10% Owner)
Reporting Person: Thermo Funding CO LLC (10% Owner)
Reporting Person: Globalstar Holdings, LLC (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-12-15	8% Convertible Senior Unsecured Notes	$	J		Acquired		Voting Common Stock ()	Indirect
2009-12-18	Common Stock Warrants (right to buy)	$0.87	J	3360411	Acquired	2014-06-19	Voting Common Stock (3360411)	Indirect
2009-12-31	Common Stock Warrants (right to buy)	$0.87	J	2516990	Acquired	2014-12-31	Voting Common Stock (2516990)	Indirect

Footnotes

F1: The conversion price is based on a trailing 10-day weighted average market price and may decrease if the Issuer engages in certain equity issuances below the current base conversion rate.

F2: Represents scheduled payment-in-kind interest.

F3: The 8% Notes mature when the Issuer pays and discharges all of its obligations under its Facility Agreement and the lenders thereunder have no further obligations to make advances under the Facility Agreement.

F4: Thermo Funding Company and its affiliates may not own more than 70% of the voting power of the Issuer. The securities must be converted into Nonvoting Common Stock if the conversion would cause onwership to exceed the 70% limit.

F5: Warrants issued pursuant to anti-dilution terms of warrants issued June 19, 2009.