UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 21, 2014 (August 15, 2014)
GLOBALSTAR, INC.
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
Delaware (State or Other Jurisdiction of Incorporation) | 001-33117 (Commission File Number) | 41-2116508 (IRS Employer Identification No.) |
300 Holiday Square Blvd. Covington, LA 70433
(Address of Principal Executive Offices) (Zip Code)
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (985) 335-1500
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GLOBALSTAR, INC.
/s/ James Monroe III
James Monroe III
Chairman and
Chief Executive Officer
Date: August 21, 2014
NEWS
For Immediate Release
Globalstar Announces the Retirement of Anthony J. (“Tony”) Navarra, President Space Operations
Covington, LA (August 21, 2014) – Globalstar, Inc. (NYSE MKT: GSAT), today announced that Tony Navarra will be retiring after more than 20 years with Globalstar. Tony’s retirement will become effective on October 2, 2014 and he will continue as a consultant for one year thereafter. His responsibilities and management duties will be divided between the current directors of satellite operations and satellite engineering, reporting to the CEO.
Tony has had a celebrated career in the satellite industry, including with the U.S. Army specializing in presidential satellite communications, in the satellite divisions of Magnavox, TRW, and beginning in 1986 with Loral, one of the founding partners of Globalstar. During his tenure, Tony has at various times managed the operating network, product design and development, government and international sales, installation of the ground stations and launching and operating Globalstar’s first and second generation constellations. He was one of the company’s first employees and has served in numerous capacities over his years with Globalstar.
“Tony has been a fixture at Globalstar. From the very beginning, he has been a part of the leadership team that made Globalstar a pioneer in the satellite industry; he and his colleagues defined the very architecture and implementation of our network. He led groups that recently completed Globalstar’s $1 billion second generation constellation, positioning the company to remain an industry leader for many years to come,” said Jay Monroe, Chairman and CEO. “We have relied on Tony for more than two decades. He has graciously agreed to stay through October 2 to transition his day-to-day responsibilities and, as importantly, will remain with us for the next year as a consultant. Tony has built an exceedingly strong team in satellite engineering and operations, and all of us at Globalstar wish him the very best in his retirement.”
“I am proud and feel privileged to have been part of the birth and rebirth of Globalstar, and I look forward to my new role and the company’s continued success,” Mr. Navarra said.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Globalstar customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Globalstar customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information and a list of dealers and retailers, visit www.globalstar.com.
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