Exhibit 10.3

 

AMENDMENT NO. 2 TO
SIXTH EXTENSION AGREEMENT

 

AMENDMENT NO. 2, dated April 25, 2014 (this “Amendment”), to SIXTH EXTENSION
AGREEMENT, dated as of April 3, 2014 (as amended from time to time, the
“Agreement”), by and among The Karlsson Group, Inc., an Arizona corporation
(“Karlsson”), on the one hand, and Prospect Global Resources, Inc., a Delaware
corporation (“Prospect DE”), Prospect Global Resources, Inc., a Nevada
corporation (“Parent”), Apache County Land & Ranch, LLC, a Nevada limited
liability (“Apache”) and American West Potash, LLC, a Delaware limited liability
company (“AWP” and collectively with Prospect DE, Parent and Apache the
“Prospect Parties” and each a “Prospect Party”) on the other hand, is made with
reference to the following facts:.

 

RECITALS

 

A.            The Prospect Parties and Karlsson are parties to the Agreement.

 

B.            The Prospect Parties have requested that Karlsson amend the
deadline for making payment of the Karlsson Legal Expenses (as defined in the
Agreement) pursuant to Section 7 of the Agreement by four days until April 29,
2014.

 

The parties hereby amend the Agreement as follows:

 

1.             Amendments.

 

a.             Section 7 of the Agreement is hereby amended to change the
reference therein to “April 25 , 2014” to read instead “April 29, 2014.”

 

b.             Section 5(a) of the Agreement is hereby amended to change the
reference therein to “April 23, 2014” to read instead “April 29, 2014”.

 

2.             Miscellaneous.

 

a.             No Other Amendment. Except as expressly amended in this
Amendment, all provisions of the Agreement shall remain in full force and
effect, and the parties thereto and hereto shall continue to have all their
rights and remedies under the Agreement. In the event of a conflict between the
terms and provisions of this Amendment and the terms and provisions of the
Agreement, the provisions of this Amendment shall govern.

 

b.             Relation to Agreement. This Amendment constitutes an integral
part of the Agreement. Capitalized terms not otherwise defined herein shall have
the respective meanings given them in the Agreement. Upon the effectiveness of
this Amendment, each reference in the Agreement to “this Agreement,”
“hereunder,” “hereof,” or words of like import referring to the Agreement, shall
mean and be a reference to the Agreement, as amended hereby.

 

--------------------------------------------------------------------------------

 

c.             Successors and Assigns. This Amendment shall be binding on and
shall inure to the benefit of the parties hereto and their respective successors
and assigns except as otherwise provided herein.

 

d.             Counterparts. This Amendment may be executed by the parties
hereto on any number of separate counterparts, any of which may be executed and
transmitted by facsimile, and each of which shall be deemed an original and all
of which, taken together, shall be deemed to constitute one and the same
instrument.

 

e.             Governing Law. This Amendment shall be governed by, and construed
in accordance with, the laws of the State of Arizona, without regard to its
principles of conflicts of law.

 

[Signature Page Follows]

 

2

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered as of the date first above written.

 

 

KARLSSON:

 

 

 

The Karlsson Group, Inc.

 

an Arizona corporation

 

 

 

 

 

By:

/s/ Michael Stone

 

Name:

Michael Stone

 

Its:

CFO/Treasurer

 

 

 

 

 

PROSPECT DE:

 

 

 

Prospect Global Resources, Inc.,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ Damon Barber

 

Name:

Damon Barber

 

Its:

President, CEO and Secretary

 

 

 

 

 

PARENT:

 

 

 

Prospect Global Resources, Inc.,

 

a Nevada corporation

 

 

 

 

 

By:

/s/ Damon Barber

 

Name:

Damon Barber

 

Its:

President, CEO and Secretary

 

3

--------------------------------------------------------------------------------

 

 

AWP:

 

 

 

American West Potash, LLC

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Damon Barber

 

Name:

Damon Barber

 

Its:

President, CEO and Secretary

 

 

 

 

 

APACHE:

 

 

 

Apache County Land & Ranch, LLC

 

a Nevada limited liability company

 

 

 

 

 

By:

/s/ Damon Barber

 

Name:

Damon Barber

 

Its:

President, CEO and Secretary

 

4

--------------------------------------------------------------------------------