SEC Filing - Globalstar, Inc.

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SEC FORM 5 SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

Monroe James III

(Last)

(First)

(Middle)

461 SOUTH MILPITAS BLVD.

(Street)

MILPITAS

95035

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Globalstar, Inc. [ GSAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
Executive Chairman

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
8% Convertible Senior Unsecured Notes	⁽¹⁾	12/15/2009		J⁽²⁾	$445,866.67		12/15/2009	⁽³⁾	Voting Common Stock⁽⁴⁾	$445,866.67	⁽¹⁾	$445,866.67	I	By James Monroe III Trust
Common Stock Warrants (right to buy)	$0.87	12/18/2009		J⁽⁵⁾	3,360,411		12/18/2009	06/19/2014	Voting Common Stock⁽⁴⁾	3,360,411	$0.87	3,360,411	I	By James Monroe III Trust
Common Stock Warrants (right to buy)	$0.87	12/31/2009		J⁽⁵⁾	2,516,990		12/31/2009	12/31/2014	Voting Common Stock⁽⁴⁾	2,516,990	$0.87	2,516,990	I	By Thermo Funding Company LLC

1. Name and Address of Reporting Person^*

Monroe James III

(Last)

(First)

(Middle)

461 SOUTH MILPITAS BLVD.

(Street)

MILPITAS

95035

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Thermo Funding CO LLC

(Last)

(First)

(Middle)

1735 NINETEENTH STREET

(Street)

DENVER

80202

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Globalstar Holdings, LLC

(Last)

(First)

(Middle)

1735 NINETEENTH STREET

(Street)

DENVER

80202

(City)

(State)

(Zip)

Explanation of Responses:

1. 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.

2. Represents scheduled payment-in-kind interest.

3. 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.

4. 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.

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

	By Bridget C. Hoffman, attorney-in fact for James Monroe III	02/16/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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