Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Globalstar, Inc. entered into Thermo Guaranty with an affiliate of James Monroe, III, our Executive Chairman and controlling stockholder ("Thermo") valued at $252 million obligation (effective 2023-12-07).
- Action
- entry
- Agreement
- collaboration
- Counterparty
- an affiliate of James Monroe, III, our Executive Chairman and controlling stockholder ("Thermo")
- Value
- $252 million obligation
- Effective
- 2023-12-07
Exact text from the filing
the Thermo Guaranty became effective on December 7, 2023. As previously disclosed, on February 27, 2023, an affiliate of James Monroe, III, our Executive Chairman and controlling stockholder ("Thermo"), entered into a Secured Guaranty with the Company’s partner under its previously disclosed Partnership Agreements (the "Partner"), whereby Thermo agreed to guaranty certain obligations related to the Partnership Agreements and the related agreements, including the $252 million obligation under the previously disclosed prepayment agreement and satellite procurement agreement (collectively, the "Guaranteed Obligations"), and agreed that Thermo would guaranty (the "Thermo Guaranty") the same obligations directly in favor of the Company
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