SEC Form 4 · accession 0001366868-18-000057
Globalstar, Inc. · GSAT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David B. Kagan
Officer — Chief Executive Officer
Period of report
Sep 4, 2018
Accepted (ET)
Sep 6, 2018 · 5:08 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001366868
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Voting Common StockF1 | Sep 4, 2018 | A | 750,000 | — | A | 1,607,974 | D | |
| Voting Common StockF2 | Sep 4, 2018 | A | 250,000 | — | A | 1,857,974 | D | |
| Voting Common StockF3 | Sep 4, 2018 | A | 500,000 | $0.00 | A | 2,357,974 | D | |
| Voting Common StockF4 | Sep 4, 2018 | A | 1,500,000 | $0.00 | A | 3,857,974 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right to Buy)F1,F3 | $1.36 | Sep 4, 2018 | D | 750,000 | D | — | Dec 6, 2027 | Voting Common Stock | 750,000 | 0 | D |
| Stock Option (Right to Buy)F2 | $1.21 | Sep 4, 2018 | D | 250,000 | D | Jan 13, 2017 | Jan 13, 2026 | Voting Common Stock | 250,000 | 0 | D |
Explanation of responses
- F1The reporting person agreed to cancellation of an option granted to him on December 6, 2017, in exchange for 750,000 restricted shares of the Issuer's Voting Common Stock.
- F2The reporting person agreed to cancellation of an option granted to him on January 13, 2016, in exchange for 250,000 restricted shares of the Issuer's Voting Common Stock.
- F3Award under 2006 Equity Incentive Plan. Award vests as to 10% after year 1, 15% after year 2 (25% cumulative), 25% after year 3 (50% cumulative) and the remaining 50% after year 4, or upon a change of control.
- F4Award of restricted stock which will vest on the following terms: (i) 750,000 shares will vest when the Company attains $75 million Core Satellite Company EBITDA (as defined in the grant documents) and (ii) 750,000 shares will vest when the Company attains $100 million Core Satellite Company EBITDA.