Exhibit 10.2


 


FORM OF INVESTMENT MANAGEMENT TRUST
AGREEMENT


 


THIS INVESTMENT MANAGEMENT TRUST AGREEMENT
(this “Agreement”) is made as of the [•] day of October, 2013, by and between Global Defense & National
Security Systems, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company,
LLC (the “Trustee”).


 


WHEREAS, the Company’s Registration
Statement on Form S-1, File No. 333-191195 (the “Registration Statement”) for its initial public offering of
securities (the “IPO”) has been declared effective as of the date hereof (the “Effective Date”)
by the Securities and Exchange Commission;


 


WHEREAS, Cowen and Company, LLC (“Cowen”),
Maxim Group LLC and I-Bankers Securities, Inc. are acting as underwriters in the IPO (collectively, the “Underwriters”);


 


WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, (i) approximately $56,850,000
(approximately $65,580,000 if the Underwriters’ over-allotment option is exercised in full) to be received by the Company
in connection with the IPO, plus (ii) $5,850,000 to be received by the Company in connection with the sale of the Company’s
common stock in a private placement (the “Private Placement”) that will occur simultaneously with the consummation
of the IPO pursuant to a subscription agreement, dated as of October [•], 2013, by and between the Company and Global Defense
& National Security Holdings LLC, a Delaware limited liability company and the sponsor of the Company (the “Sponsor”),
will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and all of the Company’s
stockholders (other than with respect to the 2,003,225 shares of the Company’s common stock purchased by the Sponsor on July
19, 2013 and the 585,000 shares of the Company’s common stock purchased by the Sponsor in the Private Placement). The amount
to be delivered to the Trustee will be referred to herein as the “Property,” the stockholders for whose benefit
the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders
and the Company will be referred to together as the “Beneficiaries”;


 


WHEREAS, the Property is being held by the
Trustee for the benefit of the Public Stockholders in the event that the Company fails to close a Business Combination (as such
term is defined in the Amended and Restated Certificate of Incorporation of the Company);


 


WHEREAS, pursuant to the Underwriting Agreement,
dated as of October [•], 2013, by and between the Company and the Underwriters, a portion of the Property equal to $1,650,000
(or $1,897,500 if the Underwriters’ over-allotment option is exercised in full) is attributable to the Underwriters’
fees, which amounts the Underwriters have agreed to deposit in the Trust Account (defined below) and which will be paid from the
Trust Account to the Underwriters upon the closing of a Business Combination; and


 


WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.


  




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IT IS AGREED:


 


1.           Agreements
and Covenants Of Trustee. The Trustee hereby agrees and covenants to:


 


(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (the “Trust
Account”) in the United States established by the Trustee at Wells Fargo Bank, N.A.;


 


(b)          Supervise
and administer the Trust Account subject to the terms and conditions set forth herein;


 


(c)          In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in any United States government
treasury bills having a maturity of one hundred eighty (180) days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act of 1940 (the “1940 Act”) and that invest solely
in U.S. treasuries. The Trustee shall bear no responsibility for any loss or penalty which may result from any investment or sale
of investment made pursuant to the Company’s instruction. The parties acknowledge that the Trustee is not providing investment
supervision, recommendations or advice;


 


(d)          Collect
and receive, when due, all principal and income arising from the Property, which income, net of taxes and subject to Section 1(i),
shall become part of the “Property,” as such term is used herein;


 


(e)          Promptly
notify the Company and Cowen of all communications received by it with respect to the Property;


 


(f)          Promptly
supply any information or documents as may be requested by the Company in connection with the Company’s preparation of tax
returns for the Trust Account or otherwise;


 


(g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;


 


(h)          Render
to the Company, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts
in the Trust Account reflecting all receipts and disbursements of the Trust Account;


 


(i)          Upon
written instructions from the Company, deliver to the Company or to such governmental entity or taxing authority as the Company
shall direct, on a quarterly basis, solely from the interest earned on the Property in the Trust Account, an amount equal to or
lesser than the taxes payable by the Company, if any, relating to any franchise and income taxes payable by the Company, to the
extent they may be paid from interest earned on the Trust Account;


 


(j)          Commence
liquidation of the Trust Account promptly after receipt of and only in accordance with the terms of a letter (the “Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf
of the Company by its Chief Executive Officer, and, in the case of a Termination Letter in a form substantially similar to that
attached hereto as Exhibit A, acknowledged and agreed to by Cowen, and complete the liquidation of the Trust Account and distribute
the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided,
however, that in the event that a Termination Letter has not been received by July [•], 2015, the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B to the stockholders of
record on the record date, which record date shall be fixed by the Board of Directors of the Company; provided, further,
that the record date shall be within ten (10) days of July [•], 2015, or as soon thereafter as is practicable.


 




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(k)          No
distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j) hereof.


 


2.           Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:


 


(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer;


 


(b)          Hold
the Trustee harmless, defend and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees
and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the
Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement,
the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses
and losses resulting from the Trustee’s gross negligence, willful misconduct or breach of this Agreement. Promptly after
the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which
the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”). The Company shall conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee may voluntarily participate in such action at its own cost with its own counsel;


 


(c)          Pay
the Trustee an initial acceptance fee of $8,000 (it being expressly understood that the Property shall not be used to pay such
fee). The Company shall pay the Trustee the initial acceptance fee at the consummation of the IPO. The Company shall not be responsible
for any other fees or charges of the Trustee except as may be provided in paragraph 2(b) hereof (it being expressly understood
that the Property shall not be used to make any payments to the Trustee under such paragraph). The Trustee shall refund to the
Company the fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund; and


 


(d)          In
connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes verifying the
vote of the Company’s stockholders regarding such Business Combination.


 


(e)          Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment
expires, provide the Trustee with a notice in writing of the total amount of the deferred Underwriters’ fees,
which shall in no event be less than $1,650,000.


 


(f)          In
addition to the specific requirements of Section 1(j), and in all cases, the Company shall provide Cowen with a copy of any Termination
Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account
promptly after such issuance.


 


(g)          Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement.


 




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3.           Limitations
of Liability. The Trustee shall have no responsibility or liability to:


 


(a)          Take
any action with respect to the Property, other than as directed in paragraph 1 hereof, and the Trustee shall have no liability
to any party under this Agreement except for liability arising out of its own gross negligence, willful misconduct or breach of
contract;


 


(b)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;


 


(c)          Change
the investment of any Property, other than in compliance with paragraph 1(c);


 


(d)          Refund
any depreciation in principal of any Property invested in accordance with Section 1(c);


 


(e)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;


 


(f)          The
other parties hereto or anyone else for any action taken or omitted by it in compliance with this Agreement, or any action suffered
by it to be taken or omitted in compliance with this Agreement made in good faith and in the exercise of its best judgment, except
for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report
or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine
and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless
it shall give its prior written consent thereto;


 


(g)          Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; or


 


(h)          Look
to any other agreement for the determination of its duties as Trustee.


 


4.           Termination.
This Agreement shall terminate as follows:


 


(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed
by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the
Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating
to the Trust Account, whereupon this Agreement shall terminate, except that the provisions of Section 2(b) shall survive termination;
provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of
the resignation notice from the Trustee, the Trustee may, upon written notice to the Company, submit an application to have the
Property deposited with the United States District Court for the Southern District of New York and, upon such deposit, the Trustee
shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit;
or


 




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(b)          At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(l)
hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 2(b).


 


5.           Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and
its assets outside the Trust Account and not against the Property or any monies in the Trust Account.


 


6.           Miscellaneous.


 


(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized
Individual at an Authorized Telephone Number listed on the attached Exhibit C. The Company and the Trustee will each restrict access
to confidential information relating to such security procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained access to such information and of any change in
its authorized personnel.


 


(b)          This
Agreement may be executed by facsimile and in several counterparts, which together shall constitute but one instrument.


 


(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This
Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided
that such action shall not materially adversely affect the interests of the Public Stockholders. Any change, waiver, amendment
or modification to this Agreement that materially adversely affects the interests of the Public Stockholders shall be subject to
approval by each of the Public Stockholders materially adversely affected thereby. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury.


 


(d)          This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed
in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations
Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York, and the parties hereto irrevocably submit to such jurisdiction,
which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum.


 




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(e)          Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by certified or registered mail, by private national courier service (return receipt requested, postage prepaid),
by personal delivery or by facsimile transmission. Such notice or communication shall be deemed given (a) if mailed, two days after
the date of mailing, (b) if sent by national courier service, one business day after being sent, (c) if delivered personally, when
so delivered, or (d) if sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each
case as follows:


 


If to the Trustee, to:


 


American Stock Transfer & Trust Company, LLC


6201 15th Avenue


Brooklyn, New York 11219


Attn: John Baker


Fax: (718) 765-8792


 


If to the Company, to:


 


Global Defense & National Security Systems, Inc.


11921 Freedom Drive,
Suite 550

Two Fountain Square


Reston, Virginia 20190


Attn: Dale R. Davis


Fax:


 


In either case with a copy to:


 


Skadden, Arps, Slate, Meagher & Flom LLP


525 University Avenue, Suite 1400


Palo Alto, California 94301


Attn: Gregg A. Noel, Esq.


Fax: (650) 470-4570


and


 


Cowen and Company, LLC


599 Lexington Avenue


New York, New York 10022


Attn: Head of Equity Capital Markets


Fax: (646)562-1249


 


and


 


McDermott Will & Emery LLP


340 Madison Avenue


New York, New York 10173


Attn: Robert H. Cohen, Esq., Joel L. Rubinstein, Esq.


Fax: (212) 547-5444


 


(f)          This
Agreement may not be assigned by the Trustee without the prior written consent of the Company.


 


(g)          The
obligations and rights contained in Section 2(b) herein will survive the termination of this Agreement.


 




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(h)          Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against, and waives any and all right, title, interest or claim of any kind in or to any distribution
of the Trust Account, including by way of set-off, and shall not be entitled to any funds in, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any claim against, the Trust Account under any circumstance.


 


(i)          The
Trustee hereby consents to the inclusion of “American Stock Transfer & Trust Company, as Trustee” in the Registration
Statement and other materials relating to the IPO.


 


(j)          Each
of the Company and the Trustee hereby acknowledge that Cowen is a third party beneficiary of this Agreement. The Public Stockholders
shall also be third party beneficiaries of this Agreement.


 


(k)          Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.


 


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IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.


 


	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, AS TRUSTEE
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  


[Trust Agreement]




 




    	 



    	 



    

 


EXHIBIT A


 


[LETTERHEAD
OF THE COMPANY]


 


 


[DATE]


 


American Stock Transfer & Trust Company, LLC


6201 15th Avenue


Brooklyn, New York 11219


Attn: John Baker


 


Re:         Trust
Account No. [ ] Termination Letter


 


Gentlemen:


 


Pursuant to paragraph 1(j) of the Investment
Management Trust Agreement between Global Defense & National Security Systems, Inc. (the “Company”) and
American Stock Transfer & Trust Company, LLC (the “Trustee”), dated as of October [•], 2013 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement (the “Business Agreement”)
with ____________________ (the “Target”) to close a business combination with the Target (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance of the
actual date of the closing of the Business Combination (the “Closing Date”). Defined terms used but not otherwise
defined herein shall have the meaning ascribed to such term in the Trust Agreement.


 


Pursuant to Section 2(d) of the Trust Agreement,
we are providing you with [an affidavit] [a certificate] of ____________________, which verifies the vote of the Company’s
stockholders in connection with the Business Combination. In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account to the effect that, on the Closing Date, all of the funds held in the Trust Account
will be immediately available for transfer to the account or accounts that the Company and Cowen and Company, LLC shall direct
in writing on the Closing Date.


 


On the Closing Date (i) counsel for the
Company (“Company Counsel”) shall deliver to you written notification that the Business Combination has been
closed and (ii) the Company shall deliver to you written instructions (the “Instruction Letter”) with respect
to the transfer of the funds held in the Trust Account, including, but not limited to, (a) funds to be delivered to any Public
Stockholder that has properly exercised its conversion rights or sold its shares to the Company (as described in the Registration
Statement), (b) the portion of the Property attributable to the deferred Underwriters’ fees in an amount equal to $1,650,000
(or $1,897,500 if the Underwriters’ over-allotment option is exercised in full) and (c) the portion of the Property to be
released to the Company in connection with the closing of the Business Combination.


 


You are hereby directed and authorized to
transfer the funds held in the Trust Account immediately upon your receipt of Company Counsel’s notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may
not be liquidated by the Closing Date without penalty, you will notify the Company of the same and the Company shall direct you
as to whether such funds should remain in the Trust Account and be distributed after the Closing Date to the Company. With respect
to the deferred Underwriters’ fees, such funds should be distributed on the Closing Date to Cowen and Company, LLC (on behalf
of the several underwriters) promptly after receipt of the Instruction Letter. Upon the distribution of all the funds in the Trust
Account pursuant to the terms hereof, the Trust Agreement shall be terminated.


 




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In the event that the Business Combination
is not closed on the Closing Date described in the notice thereof and we have not notified you on or before the original Closing
Date of a new Closing Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on
the business day immediately following the Closing Date as set forth in the notice.


 


	 	Very truly yours,
	 	 
	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 
	 	By:	 
	 		Name:      Dale R. Davis
	 		Title:        Chief Executive Officer


 


	AGREED TO AND ACKNOWLEDGED BY	 
	 	 
	COWEN AND COMPANY, LLC	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 


 




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EXHIBIT B


 


[LETTERHEAD
OF THE COMPANY]


 


[DATE]


 


American Stock Transfer & Trust Company, LLC


6201 15th Avenue


Brooklyn, New York 11219


Attn: John Baker


 


Re:        Trust
Account No. [ ] Termination Letter


 


Gentlemen:


 


Pursuant to paragraph 1(j) of the Investment
Management Trust Agreement between Global Defense & National Security Systems, Inc. (the “Company”) and
American Stock Transfer & Trust Company, LLC (the “Trustee”), dated as of October [•], 2013 (the “Trust
Agreement”), this is to advise you that the Company is to be liquidated in accordance with the terms of the Company’s
Amended and Restated Certificate of Incorporation.


 


In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence liquidation of the Trust Account. In connection with this liquidation, you are hereby
authorized to establish a record date for the purposes of determining the stockholders of record entitled to receive their per
share portion of the Trust Account. The record date shall be within ten (10) days of the liquidation date, or as soon thereafter
as is practicable. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for
immediate transfer (the “Transfer Date”) in accordance with the terms of the Trust Agreement and the Amended
and Restated Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the
terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company and you shall oversee the
distribution of the funds. Upon the payment of all the funds in the Trust Account, the Trust Agreement shall be terminated.


 


	 	Very truly yours,
	 	 
	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 
	 	By:	 
	 	 	Name:      Dale R. Davis
	 	 	Title:        Chief Executive Officer


 


cc: Cowen and Company, LLC


 




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EXHIBIT C


 


	AUTHORIZED INDIVIDUAL(S)	 	AUTHORIZED
	FOR TELEPHONE CALL BACK	 	TELEPHONE NUMBER(S)
	 	 	 
	 	 	 
	 	 	 
	COMPANY:	 	 
	 	 	 
	Global Defense & National Security Systems, Inc.	 	(202) 800-4333
	11921 Freedom Drive, Suite 550	 	 
	Two Fountain Square	 	 
	Reston, Virginia 20190	 	 
	Attn:    Dale R. Davis 	 	 
	            Chief Executive Officer	 	 
	 	 	 
	TRUSTEE:	 	 
	 	 	 
	American Stock Transfer & Trust Company, LLC	 	(718) 921-8200
	6201 15th Avenue	 	 
	Brooklyn, New York 11219	 	 
	Attn: John Baker	 	 


 




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