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EXHIBIT 10.36
[GLOBALSTAR LOGO](TM)
CONFIDENTIAL INCENTIVE RETENTION AGREEMENT
This confidential Incentive Retention Agreement is entered into between
("Employee") and Globalstar L. P. ("Company") on February 23, 2001.
As you know, Globalstar's strategic partners are conducting an extensive review
of its Business Plan to provide sufficient time and resources to build a
xxxxxxxx xxxx of customers to achieve viability. We are optimistic that we will
succeed, and our progress is steady. Nevertheless, we do not underestimate the
challenge. We also recognize the concern of many of our key employees about
Globalstar's uncertain prospects. Globalstar wishes to recognize your past
contributions to Globalstar and your continued service during this critical
period. Accordingly, Globalstar is pleased to offer you a three-part incentive
retention payment of $100 to remain with the Company through the critical
restructuring period. This Incentive Retention payment will be paid as follows:
$20 on 03/30/01
$30 on 06/30/01
$50 on 12/31/01 or at the completion of the restructuring process,
whichever occurs first.
To be eligible to receive each incentive retention payment, you must be an
active Globalstar employee in good standing on the payment date and must have
worked a minimum of 75% of the available working hours during each specific
payment period.
This incentive bonus will not accrue on a pro rata basis therefore if you choose
to voluntarily terminate your employment prior to a payment date, you will not
be eligible for any portion of the incentive retention not yet paid. However, if
the Company terminates your employment for reasons other than job abandonment or
misconduct before a payment date, Globalstar will pay Employee the balance of
the Incentive Retention or the full incentive bonus if you have not yet received
any payment.
This Agreement is not a contract of employment for any fixed period of time and
is not intended to alter the employment agreement you signed at the outset of
employment with the Globalstar.
The Company reminds you of the obligation contained in your written employment
agreement to keep confidential all Company proprietary and trade secret
information both during your employment by Globalstar and after that employment
ends. This obligation precludes disclosure of proprietary trade secret
information to journalists, reporters and media organizations as well as
disclosure on the Internet via participation in "chat room" or message boards."
NOT ALL EMPLOYEES ARE INCLUDED IN THIS RETENTION PROGRAM; THEREFORE, THE COMPANY
REQUESTS THAT YOU KEEP YOUR PARTICIPATION CONFIDENTIAL.
If you have any questions, please contact Xxx Xxxxxx at (000) 000-0000. Please
accept the terms of this agreement by immediately signing it below and returning
it to Xxxx Xxxxxxx.
I look forward to working with you during this critical period.
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Xxxxxxx X. Xxxxxxx (Employee) Date
