Document:

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.

 

[Remainder of page intentionally left blank]

 

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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.

 

    	A-1

    	 

    

 

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	 	 

 

    	C-1Exhibit
10.3

 

FORM OF
STOCK ESCROW AGREEMENT

 

THIS
STOCK ESCROW AGREEMENT, dated as of , 2013 (this “Agreement”), by and among Global Defense & National
Security Systems, Inc., a Delaware corporation (the “Company”), Global Defense & National Security Holdings
LLC (the “Sponsor”), and American Stock Transfer & Trust Company (the “Escrow Agent”).

 

WHEREAS,
the Sponsor has agreed to deposit its  2,003,225 shares of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), purchased on July 19, 2013 (the “Sponsor’s Shares”) in escrow as
hereinafter provided;

 

WHEREAS,
the Company and the Sponsor desire that the Escrow Agent accept the Sponsor’s Shares, in escrow, to be held and disbursed
as hereinafter provided.

 

IT IS AGREED:

 

1.Appointment of Escrow
Agent. The Company and the Sponsor hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this
Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2.Deposit
of Sponsor’s Shares. On or about the effective date of the Company’s Registration Statement on Form S-1
(File No. 333-) filed under the Securities Act of 1933, as amended (the “Registration Statement”), the Sponsor
shall deliver to the Escrow Agent the certificate representing the Sponsor’s Shares, which certificate shall remain in the
name of the Sponsor, to be held and disbursed subject to the terms and conditions of this Agreement. The Sponsor acknowledges that
the certificate representing the Sponsor’s Shares bears a legend to reflect the deposit of the Sponsor’s Shares under
this Agreement.

 

 

3.Disbursement
of the Sponsor’s Shares. Of the total Sponsor’s Shares, fifty percent (50%) of such shares will be
released from escrow six months after the consummation of a Business Combination (as defined in the Registration Statement), and
the remaining fifty percent (50%) of the Sponsor’s Shares will be released from escrow one year after the consummation of
a Business Combination (the “Escrow Period”); provided, however, that if the over-allotment option (as
described in the Registration Statement) is not exercised in full prior to the expiration of the over-allotment option, then the
Escrow Agent shall release to the Company such number of Sponsor’s Shares as directed in writing by the Company. The Company
shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon the completion of the Escrow
Period, the Escrow Agent shall automatically disburse the Sponsor’s Shares to the Sponsor upon receipt of written request
therefor from the Company; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.6
hereof that the Company has been liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy
the certificates representing the Sponsor’s Shares. The Escrow Agent shall have no further duties hereunder with respect
to the Sponsor’s Shares after the disbursement or destruction of the Sponsor’s Shares in accordance with this Section
3.

 

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4.Rights of Sponsor in
Sponsor’s Shares.

 

		4.1.	Rights as a Security Holder. Subject to the
terms of its Insider Letter as described in Section 4.4 hereof and except as herein provided, the Sponsor shall retain all of
its rights as a stockholder of the Company during the Escrow Period, including without limitation, the right to vote Common Stock.
The Escrow Agent shall have no responsibility to determine or verify the contents or limitations of the Insider Letter and shall
be bound only by the terms of this Agreement.

		4.2.	Dividends and other Distributions in Respect of
the Sponsor’s Shares. During the Escrow Period, all dividends payable in cash with respect to the Sponsor’s Shares
shall be paid to the Sponsor, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the terms “Sponsor’s
Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

		4.3.	Restrictions on Transfer and Redemption. During
the Escrow Period, no sale, transfer or other disposition (a “Transfer”) may be made of any or all of the Sponsor’s
Shares by the Sponsor except (i) to the Company’s officers, directors and employees, to the Sponsor’s affiliates or
its members upon its liquidation, (ii) by gift to a member of the Sponsor’s immediate family for estate planning purposes
or to a trust, the beneficiary of which is the Sponsor or a member of the Sponsor’s immediate family, (iii) if the Sponsor
is not a natural person, by gift to a member of the immediate family of the Sponsor’s controlling person for estate planning
purposes or to a trust, the beneficiary of which is the Sponsor’s controlling person or a member of the immediate family
of the Sponsor’s controlling person, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to
a qualified domestic relations order, (vi) by certain pledges to secure obligations incurred in connection with purchases of our
securities or (vii) by private sales made at or prior to the consummation of our initial business combination at prices no greater
than the price at which the shares were originally purchased (each such transferee, a “Permitted Transferee”);
provided, however, that such permitted Transfers may be implemented only upon the respective Permitted Transferee’s
written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Sponsor transferring
the Sponsor’s Shares and such other documents as the Company may reasonably require. During the Escrow Period, the Sponsor
shall not pledge or grant a security interest in the Sponsor’s Shares or grant a security interest in the Sponsor’s
rights under this Agreement.

 

		4.4.	Insider Letter.
The Sponsor has executed a letter agreement with the Company, which has been filed as an exhibit to the Registration Statement
(the “Insider Letter”), with respect to the rights and obligations of the Sponsor
in certain events, including but not limited to the liquidation of the Company.

 

 

5.Concerning the Escrow
Agent.

		5.1.	Good Faith Reliance. The Escrow Agent shall
be protected and shall not be liable for any action taken or omitted by it in good faith and in the exercise of its best judgment
(unless negligent), and may rely conclusively and may act upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other document which is believed by the Escrow
Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any
notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered
to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

 

		5.2.	Indemnification. The Escrow Agent shall be
indemnified and held harmless by the Company from and against any expenses, including reasonable counsel fees and disbursements,
or losses suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any
way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Sponsor’s
Shares held by it hereunder, other than expenses or losses arising from the negligence or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent,
in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or
disposition of the Sponsor’s Shares or it may deposit the Sponsor’s Shares with the clerk of any appropriate court
or it may retain the Sponsor’s Shares pending receipt of a final, non-appealable order of a court having jurisdiction over
all of the parties hereto directing to whom and under what circumstances the Sponsor’s Shares are to be disbursed and delivered.
The provisions of Sections 5.2 and 5.7 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections
5.5 or 5.6 below and in the event of termination under 6.10 below.

 

    	2

    	 

    

 

		5.3.	Compensation. The Escrow Agent shall be entitled
to compensation from the Company in accordance with Schedule I hereto for all services rendered by it hereunder.

 

		5.4.	Further Assurances. From time to time on and
after the date hereof, the Company and the Sponsor shall deliver or cause to be delivered to the Escrow Agent such further documents
and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more
effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected
in acting hereunder.

 

 

		5.5.	Resignation. The Escrow Agent may resign at
any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice, and
such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed
by the Company the Sponsor’s Shares held hereunder. If no successor escrow agent is so appointed within the sixty (60) day
period following the giving of such notice of resignation, the Escrow Agent may submit an application to deposit the Sponsor’s
Shares with the United States District Court for the Southern District of New York, provided the Escrow Agent provides
notice of such deposit to the Company and the Sponsor in accordance with Section 6.6 hereof.

 

		5.6.	Discharge of Escrow Agent. The Escrow Agent
shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties
hereto, jointly; provided, however, that such resignation shall become effective only upon acceptance of appointment by
a successor escrow agent as provided in Section 5.5. Upon such discharge, all obligations under this Agreement to the Escrow Agent
shall terminate.

		5.7.	Liability. Notwithstanding anything herein
to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own negligence or willful misconduct.

 

 

		5.8.	Waiver. The Escrow Agent hereby waives any
and all right, title, interest or claim of any kind (each, a “Claim”) in or to any distribution of the Trust
Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company
and the Escrow Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the Trust Account for any reason whatsoever.

 

    	3

    	 

    

 

		5.9.	Standard of Care. The Escrow Agent shall be
obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial
in nature, and the Escrow Agent shall under no circumstances be deemed to be a fiduciary to any party hereto or any other person.
The parties hereto agree that the Escrow Agent shall not assume any responsibility for the failure of the parties hereto to perform
in accordance with this Escrow Agreement or any other agreement or document. This Escrow Agreement sets forth all matters pertinent
to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred from the terms of this
Escrow Agreement or any other agreement or document. In no event shall the escrow agent
be liable, directly or indirectly, for any damages or expenses arising out of the services provided hereunder, other than damages
which result from the escrow agent’s negligence or willful misconduct.

 

6.Miscellaneous.

		6.1.	Governing Law and Consent to Jurisdiction.
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. 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.

 

		6.2.	Waiver of Trial by Jury. Each party hereto
hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding
(whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the parties in the negotiation, administration, performance or enforcement hereof.

 

		6.3.	Entire Agreement. This Agreement and the Insider
Letter as referenced herein contain the entire agreement of the Company and the Sponsor with respect to the subject matter hereof,
and this Agreement contains the entire agreement as it pertains to the Escrow Agent and the other parties hereto and, except as
expressly provided herein, may not be changed or modified except by an instrument in writing signed by all parties to this Agreement.
This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original,
and together shall constitute but one instrument.

 

 

		6.4.	Headings. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation hereof.

 

		6.5.	Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and permitted assigns.
Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or
to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially
as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which
the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed
to the rights, powers, duties, obligations, immunities and privileges of the Escrow Agent, without the execution or filing of
any instrument or paper or the performance of any further act.

 

		6.6.	Notices. Any notice or other communication
required or which may be given hereunder shall be in writing and shall be sent by certified 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:

 

    	4

    	 

    

 

If to the Company, to:

 

		Global Defense & National Security Systems, Inc.

	 	11921 Freedom Drive, Suite 55

                                                       Two Fountain Square
 Reston, Virginia 20190
 Attn: Dale R. Davis

	 	Fax:

 

If to the Sponsor, to:

 

	
	Global Defense & National Security Holdings LLC

	 	11921 Freedom Drive, Suite
550
 Two Fountain Square

                                                            Reston, Virginia 20190
 Attn: Frederic Cassis

	 	Fax:

 

If to the Escrow Agent, to:

 

		American Stock Transfer & Trust Company

	 	6201 15th Avenue

Brooklyn, New York 11219

Attn: John Baker

	 	Fax:

 

A copy of any notice sent hereunder
shall be sent to:

 

		Skadden, Arps, Slate, Meagher & Flom LLP

		525 University Avenue

		Suite 1100

		Palo Alto, California 94301

	 	Attn:Gregg A. Noel, Esq.

		Fax:

 

The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice
to any such change in the manner provided herein for giving notice.

 

		6.7.	Liquidation of the Company. The Company shall
give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails
to consummate a Business Combination within the time period specified in the Registration Statement.

 

		6.8.	Disputes. If any disagreement or dispute arises
among the Company and the Sponsor concerning the meaning or validity of any provision hereunder or concerning any other matter
relating to this Escrow Agreement, the Escrow Agent shall be under no obligation to act, except (i) with joint written instruction
of the Company and the Sponsor, or (ii) under process or order of court, and shall sustain no liability for its failure to act
pending such process or court order.

 

    	5

    	 

    

 

		6.9.	Authorized Signatures. Concurrent with the
execution of this Agreement, the Company will provide a completed certificate of parties authorized to sign on its behalf, in
the form attached hereto as Schedule II.

 

		6.10.	Termination. This Agreement shall terminate
on the final distribution or destruction of all of the Sponsor’s Shares in accordance with the terms of this Agreement.

    	6

    	 

    

 

IN WITNESS
WHEREOF, the parties have duly executed this Stock Escrow Agreement as of the date first written above.

 

 

	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 
	 	By: 	
	 	 	Name:
Title:

 

	 	SPONSOR:
	 	
	 	GLOBAL DEFENSE &
NATIONAL SECURITY HOLDINGS LLC
	 	By: 	
	 	 	Name:
Title:

 

    	 

    	 

    

 

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY,

                    AS ESCROW AGENT

	 	 
	 	By: 	
	 	 	Name:
Title:

  

 

    	 

    	 

    

 

Schedule I – Escrow
Agent Fees For Escrow Services

 

, to be paid
by the Company to the Escrow Agent upon the consummation of the Company’s initial public offering of securities.

 

    	9

    	 

    

 

Schedule II – Authorized
Signatories

	Individual’s Name	
         

        Title
	
         

        Signature

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