Globalstar, Inc.
EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.2</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARE LENDING AGREEMENT</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of April&nbsp;10, 2008</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOBALSTAR, INC. (&#147;<b>Lender</b>&#148;),</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL LYNCH INTERNATIONAL (&#147;<b>Borrower</b>&#148;), through MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp;
SMITH INCORPORATED, as agent for Borrower (&#147;<b>Borrowing
Agent</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement sets forth the terms and conditions
under which Borrower may borrow from Lender shares of its Common Stock.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The parties hereto agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;1.&#160; Certain Definitions.&#160; </font></i><font size="2" style="font-size:10.0pt;">The following capitalized
terms shall have the following meanings:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148;
means a day, other than a Saturday or Sunday, on which (i)&nbsp;regular trading
occurs in the principal trading market for the Common Stock and (ii)&nbsp;the
Clearing Organization is open.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cash</b>&#148; means any
coin or currency of the United States as at the time shall be legal tender for
payment of public and private debts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Clearing Organization</b>&#148;
means The Depository Trust Company, or, if agreed to by Borrower and Lender, a
Securities Intermediary at which Borrower (or Borrowing Agent) and Lender both
maintain accounts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Closing Price</b>&#148;
on any day means, with respect to the Common Stock (i)&nbsp;if the Common Stock
is listed or admitted to trading on a U.S. securities exchange registered under
the Exchange Act or is included in the OTC Bulletin Board Service (operated by
the Financial Industry Regulatory Authority,&nbsp;Inc.), the last reported sale
price, regular way, in the principal trading session on such day on such market
on which the Common Stock is then listed, admitted to trading or included (or,
if the day of determination is not a Business Day, the last preceding Business
Day) and (ii)&nbsp;if the Common Stock is not so listed or admitted to trading
or if the last reported sale price is not obtainable (even if the Common Stock
is listed, admitted to trading or included on such market), the average of the
bid prices for the Common Stock obtained from as many dealers in the Common
Stock (which may include Borrower or its affiliates), but not exceeding three,
as shall furnish bid prices to Borrower.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Common Stock</b>&#148;
means shares of Common Stock, par value $0.0001 per share, of Lender, or any
other security into which the Common Stock shall be exchanged or converted as
the result of any merger, consolidation, other business combination,
reorganization, reclassification, recapitalization or other corporate action
(including, without limitation, a reorganization in bankruptcy).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Convertible Notes</b>&#148;
means the $135,000,000 aggregate principal amount of 5.75% Convertible Senior
Notes due 2028 issued by Lender, or up to $150,000,000 aggregate principal
amount to the extent the option to purchase additional Convertible Notes (the &#147;<b>Option</b>&#148;) is exercised in full as set forth in the
underwriting agreement relating to the Convertible Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Convertible Notes
Settlement Date</b>&#148; means April&nbsp;15, 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cutoff Time</b>&#148;
means 10:00&nbsp;a.m. in the jurisdiction of the Clearing Organization, or such
other time on a Business Day by which a transfer of Loaned Shares must be made
by Borrower or Lender to the other, as shall be determined in accordance with
market practice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Act</b>&#148;
means the Securities Exchange Act of 1934, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Guarantor</b>&#148;
means Merrill Lynch&nbsp;&amp; Co.,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indenture</b>&#148;
means the Indenture dated April&nbsp;15, 2008, between Lender and U.S. Bank,
National Association, as trustee, as supplemented by a First Supplemental
Indenture dated April&nbsp;15, 2008 pursuant to which the Convertible Notes are
to be issued, as such Indenture and supplement are in effect as of the
Convertible Notes Settlement Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Lender&#146;s Designated
Account</b>&#148; means the securities account of Lender maintained on the
books of Borrower, as Securities Intermediary, and designated &#147;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&#148;
(account number
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]),
established simultaneously with the execution of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Loan Availability Period</b>&#148;
means the period beginning on the date hereof and ending on the earlier of (i)&nbsp;the
date as of which the entire principal amount of Convertible Notes ceases to be
outstanding, whether at maturity or as a result of conversion, redemption,
repurchase, cancellation or otherwise and (ii)&nbsp;the date on which this
Agreement shall terminate in accordance with the terms of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Loaned Shares</b>&#148;
means shares of Common Stock initially transferred to Borrower in a Loan
hereunder until such Loan or portion thereof is terminated and a corresponding
number of Loaned Shares is transferred to Lender pursuant to this Agreement; <i>provided</i> that in respect of any such share of Common Stock
initially transferred to Borrower by Lender and subsequently transferred by
Borrower to another transferee, &#147;Loaned Shares&#148; means an equivalent number of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shares of identical Common Stock. If, as the
result of a stock dividend, stock split or reverse stock split, the number of
outstanding shares of Common Stock is increased or decreased, then the number
of Loaned Shares under outstanding Loans shall, effective as of the payment or
delivery date of any such event, be proportionately increased or decreased, as
the case may be.&#160; If any new or different
security (or two or more securities) or other property shall be exchanged for
the outstanding shares of Common Stock as the result of any reorganization,
merger, consolidation, reclassification, recapitalization or other corporate
action (including, without limitation, a reorganization in bankruptcy), such
new or different security (or such two or more securities collectively) or
other property shall, effective upon such exchange, be deemed to become a Loaned
Share in substitution for the former Loaned Share for which such exchange is
made, and in the same proportion for which such exchange is made.&#160; For purposes of return of Loaned Shares by
Borrower or purchase or sale of securities pursuant to Section&nbsp;4 or Section&nbsp;10,
such term shall mean securities of the same issuer, class and quantity as the
Loaned Shares as adjusted pursuant to the two preceding sentences.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Maximum Number of Shares</b>&#148;
means 36,144,570 shares of Common Stock, subject to the following adjustments:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If,
as the result of a stock dividend, stock split or reverse stock split, the
number of outstanding shares of Common Stock is increased or decreased, the
Maximum Number of Shares shall, effective as of the payment or delivery date of
any such event, be proportionally increased or decreased, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If,
pursuant to a merger, consolidation, other business combination,
reorganization, reclassification, recapitalization or other corporate action
(including, without limitation, a reorganization in bankruptcy), the Common
Stock is exchanged for, or converted into, cash, securities or other property
(the &#147;<b>Reference Property</b>&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
such Reference Property consists entirely of securities or property other than
cash (but including two or more securities or different types of property),
then, on the exchange or conversion date for any such event, the Maximum Number
of Shares shall be proportionally increased or decreased to reflect the amount
of securities or other property per share of Common Stock for which an exchange
or conversion was made (or, in the case of more than one type of security or
item of property, the Maximum Number of Shares shall be apportioned and
proportionally divided among each such type of security or property); and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
such Reference Property consists of a combination of cash and securities or
other property, then, on the exchange or conversion date for any such event,
the Maximum Number of Shares shall be adjusted as set forth under clause (i)&nbsp;above
as if such Reference Property did not include any cash, and Borrower shall pay
the cash amount as set forth in Section&nbsp;4(d)&nbsp;hereof.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
any Convertible Notes are tendered to Lender for conversion in accordance with
the terms of such Convertible Notes, the Maximum Number of Shares shall, upon
delivery to Borrower, within two Business Days of receipt by Lender of a
conversion notice, a notice setting forth the conversion settlement date of
such Convertible Notes, effective as of the final date Lender delivers cash
and/or shares of Common Stock in satisfaction of the related conversion
obligation, be reduced by a number of shares of Common Stock (rounded down to
the nearest whole share) equal to the product of the Maximum Number of Shares
immediately prior to such conversion and a fraction, the numerator of which is
the principal amount of Convertible Notes tendered for conversion and the
denominator of which is the principal amount of Convertible Notes outstanding as
of initial issuance (plus any amount of Convertible Notes issued pursuant to
the Option).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
the foregoing, if, at any time after the Convertible Notes Settlement Date, the
Maximum Number of Shares exceeds the product of (i)&nbsp;the aggregate
principal amount of Convertible Notes issued on such Convertible Notes
Settlement Date plus, as of any time prior to the expiration of the Option,
Convertible Notes issuable upon exercise of the Option, divided by $1,000, and (ii)&nbsp;the
Conversion Rate (as such term is used in the Indenture), then, effective at
such time, the Maximum Number of Shares shall be reduced by such excess.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Reference Property</b>&#148;
has the meaning set forth in the definition of &#147;Maximum Number of Shares&#148;
above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Act</b>&#148;
means the Securities Act of 1933, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Intermediary</b>&#148;
means a &#147;securities intermediary&#148; as defined by Section&nbsp;8-102(a)(14) of
the UCC.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>UCC</b>&#148; means the
Uniform Commercial Code, as in effect in the State of New York, as in effect
from time to time.&#160; Any reference to
particular sections of the UCC shall be deemed to embrace successor renumbered
provisions thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;2.&#160; Loans of Shares; Transfers of Loaned Shares.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to the terms and conditions of this Agreement, Lender hereby agrees to make
available for borrowing by Borrower, at any time and from time to time, during
the Loan Availability Period, shares of Common Stock up to, in the aggregate,
the Maximum Number of Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to the terms and conditions of this Agreement, Borrower may by written notice
to Lender during the Loan Availability Period (a &#147;<b>Borrowing
Notice</b>&#148;), seek to initiate a transaction in which Lender will lend
Loaned Shares to Borrower through the issuance by Lender of such Loaned Shares
to Borrower upon the terms, and subject to the conditions, set forth in this
Agreement (each such issuance and loan, a &#147;<b>Loan</b>&#148;).&#160; Each Loan shall be </font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">confirmed by a schedule and
receipt listing the Loaned Shares provided by Lender to Borrower (the &#147;<b>Confirmation</b>&#148;).&#160; Such
Confirmation shall constitute conclusive evidence with respect to the Loan,
including the number of shares of Common Stock that are the subject of the Loan
to which the Confirmation relates, unless a written objection to the
Confirmation specifying the reasons for the objection is received by Lender
from Borrower within five Business Days after the receipt of the Confirmation
to Borrower;<i> provided</i> that in no event shall the
delivery of the Confirmation or any such objection thereto delay the transfer
of Loaned Shares to which a Borrowing Notice relates pursuant to clause (d)&nbsp;below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything to the contrary in this Agreement, Borrower shall not be permitted to
borrow or have any right to take delivery of, or otherwise receive or be deemed
to have received, any shares of Common Stock hereunder to the extent (but only
to the extent) that after such receipt of such Common Stock (i)&nbsp;the &#147;beneficial
ownership&#148; (within the meaning of Section&nbsp;13</font><font size="1" style="font-size:1.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">(d) of the Exchange Act and
the rules&nbsp;and regulations promulgated thereunder) of Common Stock by
Borrower or any affiliate of Borrower subject to aggregation with Borrower
under such Section&nbsp;13(d)&nbsp;and such rules&nbsp;would exceed 9.9%, as
determined by Borrower in its sole discretion, or (ii)&nbsp;Borrower would be
subject to Section&nbsp;16(b)&nbsp;of the Exchange Act, as determined by
Borrower in its sole discretion, and any Loan hereunder shall be void and have
no effect to the extent (but only to the extent) that such &#147;beneficial
ownership&#148; would be in excess of 9.9% or Borrower would become subject to Section&nbsp;16(b)&nbsp;of
the Exchange Act.&#160; If any delivery owed
to Borrower hereunder is not made, in whole or in part, as a result of this
provision, Lender&#146;s obligation to make such delivery shall not be extinguished
and Lender shall make such delivery as promptly as practicable after, but in no
event later than one Business Day after, Borrower gives notice to Lender that
such delivery would not result in such &#147;beneficial ownership&#148; being in excess
of 9.9% or Borrower&#146;s becoming subject to Section&nbsp;16(b)&nbsp;of the
Exchange Act.&#160; If, notwithstanding the
foregoing, any delivery of Common Stock is erroneously made to Borrower or
Borrower otherwise receives or is deemed to have received Common Stock in
excess of the foregoing limitation contrary to the first sentence of this
clause (c), such Common Stock shall remain the property of Lender and Borrower
shall be deemed to hold the same as bailee of Lender and shall have no voting,
dispositive control or pecuniary interest with respect thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
shall transfer Loaned Shares to Borrower on or before the Cutoff Time on the
date specified in the Borrowing Notice for the commencement of a Loan, which
date shall not be earlier than the third Business Day following receipt by
Lender of the Borrowing Notice.&#160; Delivery
of the Loaned Shares to Borrower shall be made in the manner set forth under Section&nbsp;11
below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;3.&#160; Loan Fee.&#160;
</font></i><font size="2" style="font-size:10.0pt;">Borrower agrees to pay Lender a single loan fee per Loan (a &#147;<b>Loan Fee</b>&#148;) equal to $0.0001 per Loaned Share.&#160; The Loan Fee shall be paid by Borrower on or
before the time of transfer of the Loaned Shares pursuant to Section&nbsp;2</font><font size="1" style="font-size:1.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">(d) on a
delivery-versus-payment basis through the facilities </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Clearing Organization. Lender agrees that the
Loan Fee will constitute consideration for the issuance of the Loaned Shares to
be issued by Lender.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;4.&#160; Loan Terminations.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower
may terminate all or any portion of a Loan on any Business Day by giving
written notice thereof to Lender and transferring the corresponding number of
Loaned Shares to Lender, without any consideration being payable in respect
thereof by Lender to Borrower.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All
outstanding Loans, if any, shall terminate on the date this Agreement
terminates pursuant to Section&nbsp;13 (the &#147;<b>Facility
Termination Date</b>&#148;) and all Loaned Shares under outstanding Loans
shall be delivered by Borrower to Lender, without any consideration being
payable in respect thereof by Lender to Borrower, no later than the fifth
Business Day following the Facility Termination Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to Section&nbsp;4(d), if on any date, the aggregate number of Loaned Shares
under outstanding Loans exceeds the Maximum Number of Shares, the number of
Loaned Shares in excess of the Maximum Number of Shares shall be delivered by
Borrower to Lender, without any consideration being payable in respect thereof
by Lender to Borrower.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If,
pursuant to a merger, consolidation, other business combination,
reorganization, reclassification, recapitalization or other corporate action
(including, without limitation, a reorganization in bankruptcy), the Common
Stock is exchanged for, or converted into, Reference Property, then:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; if
such Reference Property consists entirely of cash, all outstanding Loans shall
terminate on the date of effectiveness of any such exchange or conversion and
Borrower shall, on or prior to the fifth Business Day following such effective
date, pay, in full satisfaction of any obligation to return Loaned Shares
hereunder, cash in an amount equal to the product of (A)&nbsp;the number of
Loaned Shares outstanding immediately prior to such effective date and (B)&nbsp;the
amount of cash per share of Common Stock received by holders of Common Stock in
such event; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160; if
such Reference Property consists of cash and securities or other property, (A)&nbsp;no
outstanding Loans shall terminate as a result of any such event, (B)&nbsp;the
amount of Loaned Shares and Maximum Number of Shares shall be adjusted as set
forth in their respective definitions, and (C)&nbsp;Borrower shall, on the
fifth Business Day following the effective date of any such exchange or
conversion, pay cash in an amount equal to the product of (1)&nbsp;the number
of Loaned Shares outstanding immediately prior to such effective date (without,
for the avoidance of doubt, giving effect to any adjustment) and (2)&nbsp;the
amount of cash per share of Common Stock received by holders of Common Stock in
such event.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If,
as a result of complying with this Section&nbsp;4 as promptly as reasonably
practicable (but subject to applicable law, regulation or policy), (i)&nbsp;the
&#147;beneficial ownership&#148; (within the meaning of Section&nbsp;13(d)&nbsp;of the
Exchange Act and the rules&nbsp;and regulations promulgated thereunder) of
Common Stock by Borrower or any affiliate of Borrower subject to aggregation
with Borrower under such Section&nbsp;13(d)&nbsp;and such rules&nbsp;would
exceed 9.9%, as determined by Borrower in its sole discretion, or (ii)&nbsp;Borrower
would be subject to Section&nbsp;16(b)&nbsp;of the Exchange Act, as determined
by Borrower in its sole discretion, then Borrower shall be permitted to extend
the date on which Loaned Shares are due under this Section&nbsp;4 for all or a
portion of the corresponding delivery obligation but in no event longer than
such time to allow Borrower to return such Loaned Shares, through one
transaction or a series of transactions, without causing such &#147;beneficial
ownership&#148; to be in excess of 9.9% or Borrower to become subject to Section&nbsp;16(b)&nbsp;of
the Exchange Act, as determined by Borrower in its sole discretion.&#160; In addition, if Borrower is unable to satisfy
its obligations to deliver any Common Stock under this Section&nbsp;4 due to
illiquidity in the market for Common Stock, Borrower shall, upon prior written
notice to Lender, deliver such Common Stock as promptly as reasonably
practicable thereafter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;5.&#160; Distributions.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
Lender pays a cash dividend or makes a cash distribution in respect of all of
its outstanding Common Stock, Borrower shall pay to Lender, within one Business
Day after the payment of such dividend or distribution, an amount in cash equal
to the product of (i)&nbsp;the amount per share of such dividend or
distribution and (ii)&nbsp;the aggregate number of Loaned Shares under
outstanding Loans as of the record date of such dividend or distribution.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
Lender makes a distribution in respect of all of its outstanding Common Stock
in property or securities, including any options, warrants, rights or
privileges in respect of securities (other than a distribution of Common Stock
as to which the number of Loaned Shares shall be adjusted pursuant to the
definition of &#147;Loaned Shares,&#148; but including any options, warrants, rights or
privileges exercisable for, convertible into or exchangeable for Common Stock)
(a &#147;<b>Non-Cash Distribution</b>&#148;), then (i)&nbsp;Non-Cash
Distributions shall be treated as additional Loans of such Non-Cash
Distribution in an amount equal to the product of (x)&nbsp;the amount per share
of Common Stock of such Non-Cash Distribution and (y)&nbsp;the aggregate number
of Loaned Shares under outstanding Loans as of the record date of such dividend
or distribution, and (ii)&nbsp;the definition of &#147;Loaned Share&#148; shall be deemed
to be modified to include the per share of Common Stock kind and amount of such
Non-Cash Distribution.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;6.&#160; Rights in Respect of Loaned Shares.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms of this Agreement, and except
as otherwise agreed by Borrower and Lender, Borrower, insofar as it is the
record owner of Loaned Shares, shall have all of the incidents of ownership in
respect of any such Loaned </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares until such Loaned Shares are required
to be delivered to Lender in accordance with the terms of this Agreement,
including the right to transfer the Loaned Shares to others. Borrower agrees
that it or any of its affiliates that are the record owner of any Loaned Shares
initially transferred to Borrower from Lender as a Loan hereunder, prior to any
sale thereof under a registration statement by Borrower, will not vote or
provide any consent or take any similar action with respect to such Loaned
Shares on any matter submitted to a vote of Lender&#146;s stockholders during the
term of the Loan; <i>provided, however </i>that, for the
avoidance of doubt, this sentence shall only apply to Loaned Shares transferred
to Borrower that have not been offered and sold in a registered public offering
in accordance with the terms of the Underwriting Agreement dated as of the date
hereof among Borrower, Lender and Borrowing Agent or returned to Lender in
accordance with the terms of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;7.&#160; Representations and Warranties.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
of Borrower and Lender represents and warrants to the other that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; it
has full power to execute and deliver this Agreement, to enter into the Loans
contemplated hereby and to perform its obligations hereunder;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160; it
has taken all necessary action to authorize such execution, delivery and
performance;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160; this
Agreement constitutes its legal, valid and binding obligation enforceable
against it in accordance with its terms;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160; the
execution, delivery and performance of this Agreement does not and will not
violate, contravene, or constitute a default under, (A)&nbsp;its certificate of
incorporation, bylaws or other governing documents, (B)&nbsp;any laws, rules&nbsp;or
regulations of any governmental authority to which it is subject, (C)&nbsp;any
contracts, agreements or instrument to which it is a party or (D)&nbsp;any
judgment, injunction, order or decree by which it is bound, except, in the case
of each of clauses (C)&nbsp;and (D), for any such violation, contravention or
default that would not reasonably be expected to have a material adverse effect
on the financial condition, business, properties or results of operations of
Lender and its subsidiaries, or Borrower and its affiliates, as applicable,
taken as a whole; <i>provided </i>that any violation,
contravention or default that would impact the performance of any party&#146;s
obligations under this Agreement shall be deemed to have a material adverse
effect on the financial condition, business, properties or results of
operations of such party and not qualify for the exception to clauses (C)&nbsp;and
(D)&nbsp;described above; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160; this
Agreement is not unsuitable for it in the light of such party&#146;s financial
situation, investment objectives and needs and&#160;
it is entering into this Agreement in reliance upon such tax,
accounting, regulatory, legal and financial advice as it deems necessary and
not upon any view expressed by the other or the Borrowing Agent.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
represents and warrants to Borrower, as of the date hereof, and as of the date
any Loaned Shares are transferred to Borrower in respect of any Loan hereunder,
that the Loaned Shares and all other outstanding shares of Common Stock of
Lender have been duly authorized and, upon the issuance and delivery of the
Loaned Shares to Borrower in accordance with the terms and conditions hereof,
and subject to the contemporaneous or prior receipt of the applicable Loan Fee
by Lender, the Loaned Shares will be duly authorized, validly issued, fully
paid non-assessable shares of Common Stock; and the stockholders of Lender have
no preemptive rights with respect to the Loaned Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
represents and warrants to Borrower, as of the date hereof, and as of the date
any Loaned Shares are transferred to Borrower in respect of any Loan hereunder,
that the outstanding shares of Common Stock are listed on The NASDAQ Global
Select Market (the &#147;<b>NASDAQ</b>&#148;) and
the Loaned Shares have been approved for listing on the NASDAQ, subject to
official notice of issuance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
represents and warrants to Borrower, as of the date hereof, and as of the date
any Loaned Shares are transferred to Borrower in respect of any Loan hereunder,
that Lender is not &#147;insolvent&#148; (as such term is defined under Section&nbsp;101</font><font size="1" style="font-size:1.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">(32) of Title 11 of the
United States Code (the &#147;<b>Bankruptcy Code</b>&#148;)
and any applicable state law) and Lender would be able to purchase the Maximum
Number of Shares in compliance with the laws of Lender&#146;s jurisdiction of
organization.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
representations and warranties of Borrower and Lender under this Section&nbsp;7
shall remain in full force and effect at all times during the term of this Agreement
and shall survive the termination of this Agreement for any reason.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;8.&#160; Covenants.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower
covenants and agrees with Lender that it will not transfer or dispose of any
Loaned Shares transferred to Borrower by Lender as a Loan hereunder of which it
is the record owner except pursuant to a registration statement that is
effective under the Securities Act;<i> provided</i> that
Borrower may transfer any such Loaned Shares to any of its affiliates without a
registration statement so long as such affiliate transferee does not transfer
or dispose of such Loaned Shares to any non-affiliated transferee except
pursuant to a registration statement that is effective under the Securities
Act.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
agrees and acknowledges that Borrower has represented to Lender that Borrower
is a &#147;financial institution&#148; within the meaning of Section&nbsp;101(22) of the
Bankruptcy Code.&#160; The parties hereto
further agree and acknowledge (A)&nbsp;that this Agreement is intended to
be&#160; a &#147;securities contract,&#148; as such term
is defined in Section&nbsp;741(7)&nbsp;of the Bankruptcy Code, with respect to
which each payment and delivery hereunder is a &#147;settlement payment,&#148; or &#147;margin
payment,&#148; as such terms are defined in Section&nbsp;741</font><font size="1" style="font-size:1.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">(8) and Section&nbsp;741(5)&nbsp;of
the Bankruptcy Code, and&#160; a &#147;swap
agreement,&#148; as such term is defined in Section&nbsp;101</font><font size="1" style="font-size:1.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">(53B) of the Bankruptcy
Code, with respect to which each payment and delivery hereunder is a &#147;transfer,&#148;
as such term is defined in Section&nbsp;101(54) of the Bankruptcy Code, and (B)&nbsp;that
Borrower is intended to be entitled to the protections afforded by, among other
sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
covenants and agrees that, on any day on which Lender effects any repurchase of
shares of Common Stock, Lender shall give Borrower a written notice of the
number of its outstanding shares of Common Stock (a &#147;<b>Repurchase
Notice</b>&#148;) if, following such repurchase, the number of outstanding
shares of Common Stock shall have decreased by more than 1.0% since the
immediately preceding Repurchase Notice (or, in the case of the first such
Repurchase Notice, the number of outstanding shares of Common Stock as of the
date hereof);<i> provided</i> that, as of any date,
for purposes of calculating the number of outstanding shares of Common Stock as
of the date of the immediately preceding Repurchase Notice, such number shall
be adjusted as set forth in clauses (a)&nbsp;and (b)&nbsp;of the definition of &#147;Maximum
Number of Shares&#148; above, to the same extent the number of shares of Common
Stock are adjusted therein, and only to the extent that any of the events
listed in such clauses (a)&nbsp;and (b)&nbsp;have occurred between the date of
the immediately preceding Repurchase Notice and such date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
covenants and agrees that, unless otherwise agreed to by Borrower in writing,
Lender shall not, nor shall cause any other person to, directly or indirectly,
purchase shares of Common Stock such that, after giving effect to such
purchase, the aggregate number of Loaned Shares under outstanding Loans shall
be in excess of 25% of the number of outstanding shares of Common Stock at such
time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender
covenants and agrees that, on the date hereof, Lender shall provide to Borrower
a properly executed Internal Revenue Service Form&nbsp;W-9.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;9.&#160; Events of Default.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All
Loans, and any further obligation to make Loans under this Agreement, may, at
the option of Lender by a written notice to Borrower (which option shall be
deemed exercised, even if no notice is given, immediately upon the occurrence
of an event specified in either Section&nbsp;9(a)(iii)&nbsp;or Section&nbsp;9(a)(iv)&nbsp;below),
be terminated (i)&nbsp;immediately upon the occurrence of any of the events </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">set forth in Section&nbsp;9(a)(iii)&nbsp;or
Section&nbsp;9(a)(iv)&nbsp;below and (ii)&nbsp;two Business Days following such
notice upon the occurrence of any of the other events set forth below, (each, a
&#147;<b>Borrower Default</b>&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; Borrower
fails to deliver Loaned Shares to Lender as required by Section&nbsp;4;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; Borrower
fails to deliver or pay to Lender when due any cash, securities or other
property as required by Section&nbsp;5;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160; the
filing by or on behalf of Borrower of a voluntary petition or an answer seeking
reorganization, arrangement, readjustment of its debts or for any other relief
under any bankruptcy, reorganization, compromise, arrangement, insolvency,
readjustment of debt, dissolution, winding-up or liquidation or similar act or
law, of any state, federal or other applicable foreign jurisdictions, now or
hereafter existing (&#147;<b>Bankruptcy Law</b>&#148;),
or any action by Borrower for, or consent or acquiescence to, the appointment
of a receiver trustee, custodian or similar official of Borrower, or of all or
a substantial part of its property; or the making by Borrower of a general
assignment for the benefit of creditors; or the admission by Borrower in
writing of its inability to pay its debts as they become due;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160; the
filing of any involuntary petition against Borrower in bankruptcy or seeking
reorganization, arrangement, readjustment of its debts or for any other relief
under any Bankruptcy Law and an order for relief by a court having jurisdiction
in the premises shall have been issued or entered therein; or any other similar
relief shall be granted under any applicable federal or state law or law of any
other applicable foreign jurisdictions; or a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator,
sequestrator, trustee or other officer having similar powers over Borrower or
over all or a part of its property shall have been entered; or the involuntary
appointment of an interim receiver, trustee or other custodian of Borrower or
of all or a substantial part of its property; or the issuance of a warrant of
attachment, execution or similar process against any substantial part of the
property of Borrower; and continuance of any such event for 15 consecutive
calendar days unless dismissed, bonded to the satisfaction of the court having
jurisdiction in the premises or discharged;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160; Borrower
fails to provide any indemnity as required by Section&nbsp;12;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160; Borrower
notifies Lender of its inability to or intention not to perform Borrower&#146;s
obligations hereunder or otherwise disaffirms, rejects or repudiates any of its
obligations hereunder; or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160; any
representation made by Borrower under this Agreement in connection with any
Loan or Loans hereunder shall be incorrect or untrue in any material respect
during the term of any Loan hereunder or Borrower fails to comply in any
material respect with any of its covenants under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All Loans, and any further obligation to make Loans under
this Agreement, may, at the option of Borrower by a written notice to Lender,
be terminated two Business Days following such notice by Borrower upon the
occurrence of any of the events set forth below (each, a &#147;<b>Lender
Default,</b>&#148; and any Lender Default or Borrower Default, a &#147;<b>Default</b>&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; the filing by or on behalf
of Lender of a voluntary petition or an answer seeking reorganization,
arrangement, readjustment of its debts or for any other relief under any
Bankruptcy Law, or any action by Lender for, or consent or acquiescence to, the
appointment of a receiver, trustee, custodian or similar official of Lender, or
of all or a substantial part of its property; or the making by Lender of a
general assignment for the benefit of creditors; or the admission by Lender in
writing of its inability to pay its debts as they become due; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:51.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; the
filing of any involuntary petition against Lender in bankruptcy or seeking
reorganization, arrangement, readjustment of its debts or for any other relief
under any Bankruptcy Law and an order for relief by a court having jurisdiction
in the premises shall have been issued or entered therein; or any other similar
relief shall be granted under any applicable federal or state law or law of any
other applicable foreign jurisdictions; or a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator,
sequestrator, trustee or other officer having similar powers over Lender or
over all or a part of its property shall have been entered; or the involuntary
appointment of an interim receiver, trustee or other custodian of Lender or of
all or a substantial part of its property; or the issuance of a warrant of
attachment, execution or similar process against any substantial part of the
property of Lender; and continuance of any such event for 45 consecutive
calendar days unless dismissed, bonded to the satisfaction of the court having
jurisdiction in the premises or discharged.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;10.&#160; Lender&#146;s Remedies.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything to the contrary herein, if Borrower
is required to return Loaned Shares pursuant to Section&nbsp;4 and, on the date
on which Borrower is required to return Loaned Shares pursuant to Section&nbsp;4,
the purchase of Common Stock by Borrower in an amount equal to all or any
portion of the number of Loaned Shares to be delivered to Lender shall (1)&nbsp;be
prohibited by any law, rules&nbsp;or regulation of any governmental authority
to which it is or would be subject, (2)&nbsp;violate, or would upon such
purchase likely violate, any order or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prohibition of any court, tribunal or other governmental authority, (3)
require the prior consent of any court, tribunal or governmental authority
prior to any such repurchase or (4) subject Borrower, in the commercially
reasonable judgment of Borrower, to any liability or potential liability under
any applicable federal securities laws (other than Section 11 and Section 16(b)
of the Exchange Act or illiquidity in the market for Common Stock, in which
events Section 4(e) hereof shall govern) (each of (i), (ii), (iii) and (iv), a
&#147;<b>Legal Obstacle</b>&#148;), then, in each case,
Borrower shall immediately notify Lender of the Legal Obstacle and the basis
therefor, whereupon Borrower&#146;s obligation to deliver Loaned Shares to Lender
shall be suspended until such time as no Legal Obstacle with respect to such
obligations shall exist (a &#147;<b>Repayment Suspension</b>&#148;).&#160; Following the occurrence of and during the
continuation of any Repayment Suspension, Borrower shall use its reasonable
best efforts to remove or cure the Legal Obstacle as soon as practicable; <i>provided</i> that, Lender shall promptly reimburse all costs and
expenses (including legal counsel to Borrower) incurred or, at Borrower&#146;s
election, provide reasonably adequate surety or guarantee for any such costs
and expenses that may be incurred by Borrower, in each case in removing or
curing such Legal Obstacle.&#160; If Borrower
is unable to remove or cure the Legal Obstacle within a reasonable period of
time under the circumstances, Borrower shall pay to Lender, in lieu of the
delivery of Loaned Shares otherwise required to be delivered, an amount in
immediately available funds (the &#147;<b>Replacement Cash</b>&#148;)
equal to the product of the Closing Price as of the Business Day immediately
preceding the date Borrower makes such payment and the number of Loaned Shares
otherwise required to be delivered.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Borrower shall fail to deliver Loaned Shares to Lender on
the due date when any Loan is terminated under Section&nbsp;4 or Borrower shall
fail to pay the Replacement Cash to Lender in accordance with Section&nbsp;10(a)&nbsp;above
(to the extent Borrower is permitted and elects to pay Replacement Cash), then,
in either case, in addition to any other remedies available to Lender under
this Agreement or under applicable law, Lender shall have the right (without
further notice to Borrower) to purchase a like number of shares of Common Stock
(and, Non-Cash Distributions, if applicable pursuant to Section&nbsp;5(b)) (&#147;<b>Replacement Shares</b>&#148;) in the principal market for such
securities in a commercially reasonable manner (and Lender shall promptly
notify Borrower of the aggregate purchase price of the Replacement Shares upon
the exercise of such right);<i> provided</i> that
Lender shall not be permitted to exercise its right to purchase Replacement
Shares if Borrower is delivering Loaned Shares to Lender in accordance with Section&nbsp;4(e),
and <i>provided further</i> that if any Repayment
Suspension or failure to deliver shall exist and be continuing, Lender shall
not be permitted to exercise its right to purchase Replacement Shares unless
Borrower shall fail to deliver the Loaned Shares or pay the Replacement Cash to
Lender in accordance with Section&nbsp;10(a)&nbsp;above.&#160; To the extent Lender shall exercise such
right, Borrower&#146;s obligation to return a like amount of Loaned Shares or to pay
the Replacement Cash, as applicable, shall terminate and Borrower shall be
liable to Lender for the purchase price of such Replacement Shares (plus all
other amounts, if any, due to Lender hereunder).&#160; </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purchase price of
Replacement Shares purchased under this Section&nbsp;10 shall include broker&#146;s
fees and commissions and all other reasonable costs, fees and expenses related
to such purchase and sale.&#160; If Lender
exercises its rights under this Section&nbsp;10, Lender may elect in its sole
discretion, in lieu of purchasing all or a portion of the Replacement Shares,
to be deemed to have made such purchase of Replacement Shares for an amount
equal to the Closing Price of the Common Stock on the date Lender elects to
exercise this remedy.&#160; The parties hereby
agree that repurchase of the Replacement Shares in a manner intended to allow
Lender to avail itself of the safe harbor provided by Rule&nbsp;10b-18 under
the Exchange Act shall be considered commercially reasonable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;11.&#160; Transfers.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All transfers of Loaned Shares to Borrower hereunder shall be
made by the crediting by a Clearing Organization of such financial assets to
Borrower&#146;s &#147;securities account&#148; (within the meaning of Section&nbsp;8-501 of
the UCC) maintained with such Clearing Organization.&#160; All transfers of Loaned Shares to Lender
hereunder shall be made by the crediting of such Loaned Shares to Lender&#146;s
Designated Account (whereupon, for the avoidance of doubt, such Loaned Shares
credited to Lender&#146;s Designated Account shall become the property of Lender,
and Borrower shall have no voting, dispositive control or pecuniary interest
with respect thereto).&#160; In every transfer
of &#147;financial assets&#148; (within the meaning of Section&nbsp;8-102(a)(9)&nbsp;of
the UCC) hereunder, the transferor shall take all steps necessary (i)&nbsp;to
effect a delivery of such financial assets to the transferee under Section&nbsp;8-301
of the UCC, or to cause the creation of a security entitlement in favor of the
transferee in such financial assets under Section&nbsp;8-501 of the UCC, (ii)&nbsp;to
enable the transferee to obtain &#147;control&#148; (within the meaning of Section&nbsp;8-106
of the UCC), and (iii)&nbsp;to provide the transferee with comparable rights
under any similar law or regulation of any other jurisdiction that is
applicable to such transfer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided herein, all transfers of cash
hereunder to Borrower or Lender shall be by wire transfer in immediately
available, freely transferable funds.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; A transfer of securities or cash may be effected under this Section&nbsp;11
on any Business Day except (i)&nbsp;a Business Day on which the transferee is
closed for business at its address set forth in Section&nbsp;16 or (ii)&nbsp;a
Business Day on which a Clearing Organization or wire transfer system is
closed, if the facilities of such Clearing Organization or wire transfer system
are required to effect such transfer.&#160;
Any transfer not effected because of this clause (c)&nbsp;shall be made
on the next following Business Day on which such transfer may be made.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;12.&#160; Indemnities.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lender hereby agrees to indemnify and hold harmless Borrower
and its affiliates and its former, present and future directors, officers,
employees and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other agents and
representatives from and against any and all liabilities, judgments, claims,
settlements, losses, damages, fees, liens, taxes, penalties, obligations and
expenses (including, without limitation, any losses relating to Borrower&#146;s
market activities as a consequence of becoming, or of the risk of becoming,
subject to Section&nbsp;16(b)&nbsp;of the Exchange Act, including, without
limitation, any forbearance from market activities or cessation of market
activities and any losses in connection therewith) incurred or suffered by any
such person or entity directly or indirectly arising from, by reason of, or in
connection with, (i)&nbsp;any breach by Lender of any of its representations or
warranties contained in Section&nbsp;7 or (ii)&nbsp;any breach by Lender of any
of its covenants or agreements in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower hereby agrees to indemnify and hold harmless Lender
and its affiliates and its former, present and future directors, officers,
employees and other agents and representatives from and against any and all
liabilities, judgments, claims, settlements, losses, damages, fees, liens,
taxes, penalties, obligations and expenses incurred or suffered by any such
person or entity directly or indirectly arising from, by reason of, or in
connection with (i)&nbsp;any breach by Borrower of any of its representations
or warranties contained in Section&nbsp;7 or (ii)&nbsp;any breach by Borrower
of any of its covenants or agreements in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In case any claim or litigation which might give rise to any
obligation of a party under this Section&nbsp;12 (each an &#147;<b>Indemnifying
Party</b>&#148;) shall come to the attention of the party seeking
indemnification hereunder (the &#147;<b>Indemnified Party</b>&#148;),
the Indemnified Party shall promptly notify the Indemnifying Party in writing
of the existence and amount thereof;<i> provided</i> that
the failure of the Indemnified Party to give such notice shall not adversely
affect the right of the Indemnified Party to indemnification under this
Agreement, except to the extent the Indemnifying Party is materially prejudiced
thereby.&#160; The Indemnifying Party shall
promptly notify the Indemnified Party in writing if it accepts such claim or litigation
as being within its indemnification obligations under this Section&nbsp;12.&#160; Such response shall be delivered no later
than 30 days after the initial notification from the Indemnified Party;<i> provided</i> that, if the Indemnifying Party reasonably cannot respond
to such notice within 30 days, the Indemnifying Party shall respond to the
Indemnified Party as soon thereafter as reasonably possible.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An Indemnifying Party shall be entitled to participate in
and, if (i)&nbsp;in the judgment of the Indemnified Party such claim can
properly be resolved by money damages alone and the Indemnifying Party has the
financial resources to pay such damages and (ii)&nbsp;the Indemnifying Party
admits that this indemnity fully covers the claim or litigation, the
Indemnifying Party shall be entitled to direct the defense of any claim at its
expense, but such defense shall be conducted by legal counsel reasonably
satisfactory to the Indemnified Party.&#160;
An Indemnified Party shall not make any settlement of any claim or
litigation under this Section&nbsp;12 without the written consent of the
Indemnifying Party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;13.&#160; Termination of Agreement.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall terminate upon the earliest of (i)&nbsp;the
date as of which Lender has notified Borrower in writing of its intention to
terminate this Agreement at any time after the entire principal amount of
Convertible Notes ceases to be outstanding and Lender has settled all payments
or deliveries in respect of such Convertible Notes (as such settlement may be
extended pursuant to market disruption events or otherwise pursuant to the
Indenture), whether as a result of conversion, redemption, repurchase, cancellation,
at maturity or otherwise, (ii)&nbsp;the written agreement of Lender and Borrower
to so terminate, (iii)&nbsp;the termination of the underwriting agreement
relating to the Convertible Notes without issuance of the Convertible Notes or
the failure of the initial offering of the Convertible Notes to close, in each
case pursuant to the terms of such underwriting agreement and the Indenture, (iv)&nbsp;the
occurrence of a Borrower Default, at the option of Lender, as set forth in Section&nbsp;9(a)&nbsp;and
(v)&nbsp;the occurrence of a Lender Default, at the option of Borrower, as set
forth in Section&nbsp;9(b).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise agreed in writing by Borrower and Lender,
the provisions of Section&nbsp;12 shall survive the termination of this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;14.&#160; Delegation.</font></i></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither party shall delegate its obligations under this Agreement
without the prior written consent of the other party, and any attempt to
delegate obligations arising under this Agreement without such consent shall be
void;<i> provided</i> that notwithstanding the
foregoing and anything to the contrary herein, Borrower may designate any
person to deliver Loaned Shares to Lender when due in accordance with this
Agreement and to otherwise perform Borrower&#146;s obligations in respect of this
Agreement and any such designee may assume such obligations.&#160; Borrower shall only be discharged of its
obligations to Lender to the extent of any such delivery or performance.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;15.&#160; Transfer and Assignment.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither party shall transfer or assign its rights or
obligations under this Agreement without the prior written consent of the other
party, and any attempt to transfer or assign any rights or obligations arising
under this Agreement without such consent shall be void;<i> provided</i>
that notwithstanding the foregoing and anything to the contrary herein,
Borrower shall have the right to assign its rights and obligations under this
Agreement to any of its affiliates and be released from all of its obligations
under this Agreement so long as the guarantee executed and delivered by
Guarantor in accordance with Section&nbsp;19 (or a replacement guarantee in
substantially the same form) shall remain in full force and effect.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;16.&#160; Notices.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given when received.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All such notices and other communications shall be directed
to the following address:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 102.0pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If to Borrower
or Borrowing Agent to:<br>
<br>
Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated<br>
4 World Financial Center<br>
New York, NY 10080</font></p>

<p style="margin:0in 0in .0001pt 102.0pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 102.0pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If to
Securities Intermediary to:<br>
<br>
Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated<br>
4 World Financial Center<br>
New York, NY 10080</font></p>

<p style="margin:0in 0in .0001pt 102.0pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 102.25pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Globalstar,&nbsp;Inc.<br>
461 South Milpitas Blvd.<br>
Milpitas, California 95035<br>
Attention:&#160; Chief Financial Officer<br>
Facsimile:&#160; 408-933-4949</font></p>

<p style="margin:0in 0in .0001pt 102.25pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of any party, at such other address as may be
designated by written notice to the other parties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;17.&#160; Governing Law; Submission To Jurisdiction;
Severability.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, but excluding any choice of
law provisions that would require the application of the laws of a jurisdiction
other than New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY (A)&nbsp;SUBMITS
TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK
STATE COURT SITTING IN NEW YORK CITY, AND ANY APPELLATE COURT FROM ANY SUCH
COURT, SOLELY FOR THE PURPOSE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT TO
ENFORCE ITS OBLIGATIONS HEREUNDER OR RELATING IN ANY WAY TO THIS AGREEMENT OR
ANY LOAN HEREUNDER AND (B)&nbsp;WAIVES, TO THE FULLEST EXTENT IT MAY&nbsp;EFFECTIVELY
DO SO, ANY DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS
PLACE OF RESIDENCE OR DOMICILE.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT
MAY&nbsp;HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent permitted by law, the unenforceability or
invalidity of any provision or provisions of this Agreement shall not render
any other provision or provisions herein contained unenforceable or invalid.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;18.&#160; Counterparts.&#160;
</font></i><font size="2" style="font-size:10.0pt;">This Agreement may be executed in any number of counterparts, and all
such counterparts taken together shall be deemed to constitute one and the same
agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;19.&#160; Parent Guarantee.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or prior to the date of the transfer of Loaned
Shares to Borrower in a Loan pursuant to this Agreement, Merrill Lynch&nbsp;&amp;
Co.,&nbsp;Inc., a Delaware corporation, will execute a parent guarantee in
favor of Lender substantially in the form of Annex A hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;20.&#160; Amendments.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No amendment or modification in respect of this
Agreement shall be effective unless it shall be in writing and signed by the
parties hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;21.&#160; Capacity of Borrowing Agent.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowing Agent is acting in connection with this
Agreement solely in its capacity as Borrowing Agent for Lender and Borrower
pursuant to instructions from Borrower and Lender.&#160; Borrowing Agent shall have no responsibility
or personal liability to Lender or Borrower arising from any failure by Lender
or Borrower to pay or perform any obligations hereunder, or to monitor or
enforce compliance by Lender or Borrower with any obligation hereunder.&#160; Each of Lender and Borrower agrees to proceed
solely against the other to collect or recover any securities or monies owing
to it in connection with or as a result of this Agreement.&#160; Borrowing Agent shall otherwise have no
liability in respect of this Agreement, except for its gross negligence or
willful misconduct in performing its duties as Borrowing Agent.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have executed
this Share Lending Agreement as of the date and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="367" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:275.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOBALSTAR, INC.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Lender</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL LYNCH<br>
  INTERNATIONAL<br>
  as Borrower</font></p>
  </td>
 </tr>
 <tr>
  <td width="367" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:275.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="367" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:275.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="343" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:257.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ FUAD AHMAD</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="309" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:231.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ RAJEEV PATEL</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="border:none;padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="299" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fuad Ahmad</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="top" style="border:none;padding:0in 5.75pt 0in 0in;width:33.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="264" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.75in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rajeev Patel</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President and </font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="264" valign="top" style="padding:0in 0in 0in 0in;width:2.75in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="264" valign="top" style="padding:0in 0in 0in 0in;width:2.75in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="264" valign="top" style="padding:0in 0in 0in 0in;width:2.75in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL LYNCH, PIERCE,</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FENNER&nbsp;&amp; SMITH </font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATED</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="335" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:251.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Borrowing Agent</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="309" colspan="3" valign="top" style="padding:0in 5.75pt 0in 0in;width:231.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="309" colspan="3" valign="top" style="padding:0in 5.75pt 0in 0in;width:231.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="309" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 0in;width:231.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ROBERT GENKINGER</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="border:none;padding:0in 5.75pt 0in 0in;width:32.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="265" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:198.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Genkinger</font></p>
  </td>
 </tr>
 <tr>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:33.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="299" valign="top" style="padding:0in 0in 0in 0in;width:224.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="top" style="padding:0in 0in 0in 0in;width:13.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="top" style="padding:0in 5.75pt 0in 0in;width:32.85pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="265" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:198.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="299" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="264" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX A</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;of Parent&#146;s Guarantee</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUARANTEE OF MERRILL LYNCH&nbsp;&amp; CO., INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, receipt of which is hereby
acknowledged, MERRILL LYNCH&nbsp;&amp; CO., INC., a corporation duly organized
and existing under the laws of the State of Delaware (&#147;ML&nbsp;&amp; Co.&#148;),
hereby unconditionally guarantees to Globalstar,&nbsp;Inc. (the &#147;Company&#148;), the
due and punctual payment of any and all amounts payable by Merrill Lynch
International, a company organized under the laws of England and Wales&#160; (&#147;ML&#148;), under the terms of the Share Lending
Agreement between the Company, as Lender, ML, as Borrower, and Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith Incorporated, as Borrowing Agent, dated as of April&nbsp;15,
2008 (the &#147;Share Lending Agreement&#148;), including, in case of default, interest
on any amount due, when and as the same shall become due and payable, whether
on the scheduled payment dates, at maturity, upon declaration of termination or
otherwise, according to the terms thereof.&#160;
In case of the failure of ML punctually to make any such payment, ML &nbsp;&amp;
Co. hereby agrees to make such payment, or cause such payment to be made,
promptly upon demand made by the Company to ML&nbsp;&amp; Co.; provided,
however that delay by the Company in giving such demand shall in no event
affect ML&nbsp;&amp; Co.&#146;s obligations under this Guarantee.&#160; This Guarantee shall remain in full force and
effect or shall be reinstated (as the case may be) if at any time any payment
guaranteed hereunder, in whole or in part, is rescinded or must otherwise be
returned by the Company upon the insolvency, bankruptcy or reorganization of ML
or otherwise, all as though such payment had not been made.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ML&nbsp;&amp; Co. hereby agrees that its obligations
hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Share Lending Agreement; the absence of any action to
enforce the same; any waiver or consent by the Company concerning any provisions
thereof; the rendering of any judgment against ML or any action to enforce the
same; or any other circumstances that might otherwise constitute a legal or
equitable discharge of a guarantor or a defense of a guarantor.&#160; ML&nbsp;&amp; Co. covenants that this guarantee
will not be discharged except by complete payment of the amounts payable under
the Share Lending Agreement.&#160; This
Guarantee shall continue to be effective if ML merges or consolidates with or
into another entity, loses its separate legal identity or ceases to exist.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ML&nbsp;&amp; Co. hereby waives diligence;
presentment; protest; notice of protest, acceleration, and dishonor; filing of
claims with a court in the event of insolvency or bankruptcy of ML; all demands
whatsoever, except as noted in the first paragraph hereof; and any right to
require a proceeding first against ML.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ML&nbsp;&amp; Co. hereby certifies and warrants that
this Guarantee constitutes the valid obligation of ML&nbsp;&amp; Co.&#160; and complies with all applicable laws.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Guarantee shall be governed by, and construed
in accordance with, the laws of the State of New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Guarantee becomes effective concurrent with the
effectiveness of the Share Lending Agreement, according to its terms.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN
WITNESS WHEREOF, ML&nbsp;&amp; Co. has caused this Guarantee to be executed in
its corporate name by its duly authorized representative.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL
  LYNCH&nbsp;&amp; CO., INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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