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GLOBALSTAR, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 15, 2014, Anthony J. Navarra, Globalstar's President, Space Operations, notified the company of his intent to retire effective October 2, 2014. The Company and Mr. Navarra have entered into a consultant agreement, effective as of the same date, whereby Mr. Navarra will serve as a part-time consultant (at approximately 20% of his time) to the company for one year. The principal terms of the agreement provide that: Mr. Navarra will be paid at his current salary through October 1, 2014; Mr. Navarra will be eligible for payment under the 2014 Executive Bonus Plan as if his employment had continued through December 31, 2014; Mr. Navarra will receive $6,000 per month, plus up to $850 per month for insurance premiums, during the consulting period; Mr. Navarra will be eligible for the 2015 Executive Bonus Plan equal to 20% of the level for senior executives; and all of Mr. Navarra's equity awards will continue to vest as scheduled during the consulting period. Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 Press Release dated August 21, 2014 -------------------------------------------------------------------------------- |