Document:

Exhibit 10.2

 

 

[Form of Independent Director Letter]

 

 

March 12, 2015

   

[NAME] 

[ADDRESS]

   

Dear [____],

   

On behalf of Global Defense & National Security Systems,
Inc., a Delaware corporation (the “Company”), I am pleased to confirm that as a member of the Company’s Board
of Directors (the “Board”), you will be entitled to receive the compensation described below on the terms set forth
herein.

 

Subject to the consummation of the Company’s initial “Business
Combination” (as defined in the Company’s amended and restated certificate of incorporation), post Business Combination
you will be entitled to receive an initial one-time $[33,750-86,250] cash retainer. There will thereafter be an annual cash retainer
of $60,000; and an annual cash retainer of $5,000 for your service on each committee of the Board on which you serve. These annual
retainers will be available for as long as you continue to serve on the Board and will be subject to adjustment by the Board from
time to time.

 

[If you are appointed as Chairman of the Board, your annual
cash retainer will be adjusted to $80,000, which shall be inclusive of any committee retainers.]

 

In addition, subject to consummation of the Company’s
initial Business Combination and approval of a Stock Incentive Plan by the Company’s stockholders, you will be granted options
under the Company’s Stock Incentive Plan to purchase a number of shares equal to $60,000 [(or equal to a total of $80,000
if you are appointed Chairman of the Board)], at a price per share equal to the Company’s stock price on the grant date,
which is expected to be 2 business days following the closing of the Company’s initial Business Combination. The options
will vest as follows: (i) 20% of the options will vest 30 days following award, (ii) 40% of the options will vest 6 months following
award, subject to your continued service on the Board at such time and (iii) 40% of the options will vest 12 months following the
award, subject to your continued service on the Board at such time.

  

Because of the personal nature of the services to be rendered
by you, this agreement may not be assigned by you without the prior written consent of the Company.

  

This agreement expresses the entire understanding with respect
to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter
hereof.  All questions with respect to the construction and/or enforcement of this agreement, the rights and obligations of
the parties hereunder, and your responsibilities as a Director of the Company, shall be determined in accordance with the
laws of the State of Delaware.  This agreement may be amended only with the written consent of the parties hereto.  This
agreement may be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute
one and the same agreement.  This agreement may be executed by electronic or facsimile signature, which shall be considered
enforceable for all purposes.

  

    	 

    	 

    

 

If the foregoing terms are agreeable, please indicate your acceptance
by signing this letter in the space provided below and returning it to the Company.

 

 

Sincerely,

 

 

	Global Defense & National Security Systems, Inc.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:  	 	 	 
	 	Name:	 	 
	 	Title:	 	 

  

 

 

	Accepted by:	 	 
	 	 	 	 
	 	 	 	 
	Signature: 	 	 	 
	 	Name:	 	 

 

	Date:EX-4.1

 Exhibit 4.1 

FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of May     , 2015, by and
among WMI Holdings Corp., a corporation duly organized and existing under the laws of the State of Washington (the “Issuer”), WMIH Corp., a corporation duly organized and existing under the laws of the State of Delaware
(“DE WMI”), and Law Debenture Trust Company of New York, as trustee (the “Trustee”) under the Senior Second Lien Notes Indenture, dated as of March 19, 2012 (as amended, supplemented or otherwise
modified from time to time, the “Indenture”), by and between the Issuer and the Trustee. 
 W I T N E S S E T H :

 WHEREAS, the Issuer desires to reincorporate from a Washington corporation to a Delaware corporation (the
“Reincorporation”), such Reincorporation to be effectuated by the merger (the “Merger”) of the Issuer with and into DE WMI, a direct wholly owned subsidiary of the Issuer, with DE WMI to be the
surviving corporation of such merger; 
 WHEREAS, after the Merger is consummated, DE WMI will become the Successor Company (as defined in
the Indenture) and WM Mortgage Reinsurance Company, Inc. will continue to be a direct, wholly-owned subsidiary of the Successor Company. 

WHEREAS, Section 6.01 of the Indenture provides that under certain circumstances the Issuer may consolidate or merge with or into or wind
up into a Successor Company provided the Successor Company assumes the Issuer’s Notes Obligations; 
 WHEREAS, the Issuer desires that
DE WMI assume the Issuer’s Notes Obligations, and DE WMI desires to assume the Issuer’s Notes Obligations; 
 WHEREAS,
Section 10.01(c) of the Indenture provides that the Issuer and the Trustee may amend or supplement the Indenture without the consent of any Holder to comply with Section 6.01 of the Indenture; 

WHEREAS, Section 7.4 of the Security Agreement provides that the Security Agreement shall be binding upon the successors and assigns of
the Issuer. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Issuer, DE WMI, and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Defined Terms. Capitalized terms used herein without definitions shall have the meanings assigned to them in the Indenture. All
definitions in the Indenture shall be read in a manner consistent with this First Supplemental Indenture. 
 2. Assumption of Notes
Obligations. DE WMI, as the Successor Company, hereby assumes, subject to and effective upon the effective time of the Merger, all of the Issuer’s Notes Obligations (subject to any non-recourse provisions contained in the Indenture), and
agrees to the terms of the waivers by the Issuer contained in the Indenture. In accordance with Section 6.02 of 

 
the Indenture, DE WMI shall, subject to and effective upon the effective time of the Merger, succeed to, and be substituted for, the Issuer (so that from and after the effective time of the
Merger, the provisions of the Indenture, the Notes and the Security Documents referring to the Issuer shall refer instead to DE WMI and not to the Issuer), and may exercise every right and power of the Issuer under the Indenture, the Notes and the
Security Documents with the same effect as if DE WMI had been named as the issuer therein. Further, the Trustee hereby consents to the assignment, transfer and delegation of the Issuer’s rights and obligations under the Security Agreement to DE
WMI as contemplated hereby in accordance with Section 7.4 of the Security Agreement. 
 3. Notices. Any notice or demand which
by any provision of the Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes to or on the Issuer shall be given as provided in Section 13.02 of the Indenture provided that (i) “WMI
Holdings Corp” shall be substituted with “WMIH Corp” and (ii) the copy to Weil Gotshal & Managers LLP shall be substituted with Lane Powell PC, 601 SW Second Avenue, Suite 2100, Portland, OR 97204-3158. 

4. Effect of this Supplemental Indenture. 

(a) Except as expressly supplemented and amended hereby, each of the Indenture, the Notes and the Security Agreement is in all respects
ratified and confirmed and all the terms, conditions and each provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of the Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. In the event of a conflict between the terms and conditions of the Indenture and the terms and conditions of this Supplemental Indenture, then the terms and conditions of this Supplemental
Indenture shall prevail. 
 (b) To the extent that the Notes and the Security Documents are impacted by this Supplemental Indenture, the
Notes and Security Documents shall be deemed supplemented or amended as applicable. 
 (c) The provisions of this Supplemental Indenture
shall become effective as of the effective time of the Merger. DE WMI shall give notice to the Trustee promptly upon the effectiveness of the Merger. 

5. Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 6. Counterpart Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. 
 7. Liability of Trustee. The Trustee shall not be
responsible for, and shall have no liability for, the validity or sufficiency of the Indenture or this Supplemental Indenture, or for the recitals contained herein, all of which are made solely by the Issuer and by DE WMI. 

  
 2 

 8. Notice to Holders. Upon receipt from DE WMI that the Merger has become effective, the
Trustee shall give notice to all Holders of Notes of the amendment of the Indenture in accordance with the terms of this Supplemental Indenture, which notice shall be substantially in the form of Exhibit A hereto. 

9. Effect of Headings. The section headings herein have been inserted for convenience of reference only, are not to be considered a
part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signature Page Follows]

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	WMI HOLDINGS CORP., as Issuer
		
	By:		 /s/ Charles Edward Smith

	Name:		Charles Edward Smith
	Title:		Interim CEO & Secretary
	
	WMIH CORP., as Successor Company
		
	By:		 /s/ Charles Edward Smith

	Name:		Charles Edward Smith
	Title:		President
	
	 LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee

		
	By:		  

	Name:		
	Title		

  

  
 [First Supplemental
Indenture]

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