James Monroe III - Dec 31, 2021 Form 5 Insider Report for Globalstar, Inc. (GSAT)

Role: Director, 10%+ Owner
Signature: /s/ Arthur McMahon, III, attorney-in-fact for James Monroe III
Stock symbol: GSAT
Transactions as of: Dec 31, 2021
Transactions value $: $0
Form type: 5
Date filed: 2/14/2022, 06:44 PM
Previous filing: May 28, 2021
Next filing: Jan 6, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GSAT	Voting Common Stock	Exercise of in-the-money or at-the-money derivative security	$19M	+50M	+6.06%	$0.38	876M	Mar 29, 2021	Thermo Funding II LLC	F1
holding	GSAT	Voting Common Stock						545K	Dec 31, 2021	Direct
holding	GSAT	Voting Common Stock						641K	Dec 31, 2021	By FL Investment Holdings LLC
holding	GSAT	Voting Common Stock						619K	Dec 31, 2021	By Globalstar Satellite L.P.
holding	GSAT	Voting Common Stock						197M	Dec 31, 2021	Thermo Funding Company	F2
holding	GSAT	Voting Common Stock						3M	Dec 31, 2021	Monroe Irr. Educational Trust	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GSAT	Common Stock Warrant (Right to Buy)	Exercise of in-the-money or at-the-money derivative security	-$19M	-50M	-100%	$0.38	0	Mar 29, 2021	Voting Common Stock	50M	$0.38	Thermo Funding II LLC	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On March 29, 2021, Thermo Funding II LLC ("Thermo") exercised warrants to purchase 50,037,578 shares of the Company's Voting Common Stock at an exercise price of $0.38 per share. These warrants were a portion of the warrants to purchase 59,537,578 shares of the Company's Voting Common Stock issued to Thermo in connection with the Second Lien Term Loan Facility the Company entered into with Thermo and certain other lenders on November 26, 2019. The Second Lien Loan Term Loan Facility and certain related transactions are described more fully in the Company's Current Report on Form 8-K filed with the Commission on November 27, 2019. This exercise was previously disclosed in the Company's Preliminary Proxy on Schedule 14A, filed with the Commission on March 31, 2021, the Company's Definitive Proxy on Schedule 14A, filed with the Commission on April 12, 2021, and the Company's Quarterly Report on Form 10-Q, filed with the Commission on May 6, 2021.
F2	Mr. Monroe established a multigenerational educational trust, the Monroe Irr. Educational Trust (the "Trust"). Thermo Funding Company transferred 3,000,000 shares of Voting Common Stock of the Company (the "Shares") to the Trust. Mr. Monroe remains the beneficial owner of the Shares.

Content

On March 29, 2021, Thermo Funding II LLC ("Thermo") exercised warrants to purchase 50,037,578 shares of the Company's Voting Common Stock at an exercise price of $0.38 per share. These warrants were a portion of the warrants to purchase 59,537,578 shares of the Company's Voting Common Stock issued to Thermo in connection with the Second Lien Term Loan Facility the Company entered into with Thermo and certain other lenders on November 26, 2019. The Second Lien Loan Term Loan Facility and certain related transactions are described more fully in the Company's Current Report on Form 8-K filed with the Commission on November 27, 2019. This exercise was previously disclosed in the Company's Preliminary Proxy on Schedule 14A, filed with the Commission on March 31, 2021, the Company's Definitive Proxy on Schedule 14A, filed with the Commission on April 12, 2021, and the Company's Quarterly Report on Form 10-Q, filed with the Commission on May 6, 2021.

Mr. Monroe established a multigenerational educational trust, the Monroe Irr. Educational Trust (the "Trust"). Thermo Funding Company transferred 3,000,000 shares of Voting Common Stock of the Company (the "Shares") to the Trust. Mr. Monroe remains the beneficial owner of the Shares.