Document:

Exhibit 10.3

 

FIRST AMENDMENT TO 8% CONVERTIBLE REDEEMABLE
NOTE

 

This First Amendment (“Amendment”)
to 8% Convertible Redeemable Note Dated December 8, 2014 (“Note”) is made and entered into this 4th day
of February, 2015, but is effective as of December 8, 2014, by and between Global Digital Solutions, Inc. (the “Company”)
and David A. Loppert, his authorized successors and permitted assigns ("Holder").

 

WHEREAS, as of December
8, 2014, the Company and the Holder entered into the Note and a Securities Purchase Agreement. The Note provided that the Holder
of the Note is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face amount of
the Note then outstanding into shares of the Company's common stock (the "Common Stock") at a conversion rate
equal to 70% of the lowest closing bid price of the Common Stock as reported on the OTCQB marketplace which
the Company’s shares are traded or any market upon which the Common Stock may be traded in the future ("Exchange"),
for the twelve prior trading days including the day upon which a Notice of Conversion is received
by the Company; and

 

WHEREAS, the Company
and the Holder wish to amend the conversion terms of the note effective as of December 8, 2014.

 

NOW, THEREFORE, in consideration of the
foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and the Holder hereby covenant and agree as follows:

 

1.             Modification of the Note. The Note is modified as follows:

 

(a)           Section
4. (a) of the Note is deleted and replaced with the following:

 

“4. (a)
The Holder of this Note is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") with a restrictive
legend, at a price ("Conversion Price") for each share of Common Stock equal to $0.09. If the shares have not
been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company
delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion.
Once the Holder has received such shares of Common Stock, the Holder shall surrender this Note to the Company, executed by the
Holder evidencing such Holder's intention to convert this Note or a specified portion hereof, and accompanied by proper assignment
hereof in blank. Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. In the
event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased to $0.078 instead
of $0.09 while that “Chill” is in effect.”

 

2.             Ratification of Note and Security Purchase Agreement. All of the terms, provisions, covenants, representations and
warranties contained in the Note and the Securities Purchase Agreement are ratified and affirmed by the Company and the Holder
in all respects and will remain in full force and effect as modified by this Amendment. In the event there is a conflict between
any of the terms of any other document and the terms of this Amendment, then the terms of this Amendment shall be controlling.

 

3.             General. The Note, the Securities Purchase Agreement, and this Amendment contain the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof and may not be amended, modified or discharged, nor any of their
terms waived, except by an instrument signed in writing by the party to be bound thereby.

 

[Signature page follows]

 

    	1

    	 

    

 

IN WITNESS WHEREOF,
the Company and the Holder have executed this Amendment as of the date first written above.

  

	COMPANY:	 	HOLDER:
	GLOBAL DIGITAL SOLUTIONS, INC.	 	DAVID A. LOPPERT
	 	 	 	 	 
	BY:	/s/ Richard J. Sullivan	 	BY:	/s/ David A. Loppert
	 		 	 	
	NAME:	Richard J. Sullivan	 	NAME:	David A. Loppert
	TITLE	Chief Executive Officer	 	 	 

  

 

2EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO

 SEPARATION AGREEMENT 

This AMENDMENT NO. 1 (this “Amendment”), dated as of February 6, 2015, to the Separation Agreement (the
“Separation Agreement”), dated as of June 25, 2014, is by and between Nabors Industries Ltd., a Bermuda exempted company (“Navy”) and Nabors Red Lion Limited, a Bermuda exempted company and currently a
wholly owned Subsidiary of Navy (“Red Lion”). 
 WHEREAS, the parties have heretofore entered into the Separation
Agreement, which provides for, among other things, the separation of the Red Lion Business from the other businesses of Navy, upon the terms and conditions set forth therein; 

WHEREAS, the Separation Agreement contemplates the issuance of certain intercompany notes in connection with the separation of the Red Lion
Business from the other businesses of Navy, to be repaid at Closing, which notes have been issued prior to the date hereof; and 
 WHEREAS,
the parties desire to amend certain provisions of the Separation Agreement and Section 5.6 of the Separation Agreement provides for the amendment of the Separation Agreement from time to time. 

NOW, THEREFORE, in consideration of the mutual agreements set forth in the Separation Agreement and this Amendment, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Navy and Red Lion hereby agree as follows: 
 1.
Definitions. Terms used herein and not defined shall have the meanings ascribed thereto in the Separation Agreement. 
 2. Note
Amounts. Clause six in the recitals to the Separation Agreement is hereby amended and restated as follows: 
 6. Navy
and Red Lion contemplate that, concurrently with or immediately following the Red Lion Restructuring as further described herein, USHC will incur indebtedness (as defined in the Merger Agreement, the “Red Lion Financing”), and will
enter into definitive agreements with respect thereto (the “Debt Financing Agreements”), to be used to fund the repayment of the portion of certain intercompany notes (collectively, the “Notes”), issued on or around
October 1, 2014, with an aggregate face amount of $880,820,225 to be issued to Nabors Industries Inc., a Delaware corporation (“Indigo”) and/or one or more other Navy Subsidiaries, and $57,250,000 to be issued to Nabors
Drilling Canada Limited, an Alberta Corporation (“Alberta”), not previously repaid or contributed to Red Lion pursuant to Section 1.12 of this Agreement, which portion shall equal $688,070,225 (the “Note
Repayment,” and the Red Lion Financing, and the entry into the Debt Financing Agreements, together with the Red Lion Share Issuance, collectively, the “Recapitalization”); 

 3. Note Contribution. Article I of the Separation Agreement is hereby amended by adding
the following sentence as the first sentence of Section 1.12: 
 Prior to the Closing, Navy shall contribute or cause
to be contributed to Red Lion a portion of the Notes such that the remaining balance owed to NII and NDCL under the Notes following such contribution will be $688,070,225, and following such contribution, Red Lion shall contribute, or cause to be
contributed, each Note contributed to Red Lion to the obligor of such Note. In the event that, prior to the contribution of the Notes to Red Lion, Navy pays any portion of the Notes, such payment shall only be made using cash generated by the Red
Lion Business, operating in compliance with Section 5.2 of the Merger Agreement, including in compliance with the requirements in Section 5.2(a) of the Merger Agreement to operate the Red Lion Business in the ordinary course of business
consistent with past practice. 
 4. Schedules. 

(a) The second diagram of Schedule 1.1 to the Separation Agreement is hereby amended by replacing the reference to “$829,820,225”
and “$108,250,000” with a footnote that reads “The aggregate amounts owing to NII and NDCL immediately before repayment will equal $688,070,225”. 

(b) The third diagram of Schedule 1.1 to the Separation Agreement is hereby amended by replacing the reference to “$938,070,225”
with “$688,070,225” and to delete the reference to “$108,250,000 Note”. 
 5. References. Each reference in the
Separation Agreement to “this Agreement,” “hereof,” “hereunder” or words of like import referring to the Separation Agreement, and all references in the Merger Agreement to “the Separation Agreement,” shall
mean and be a reference to the Separation Agreement as amended by this Amendment. All references in the Separation Agreement to “the date hereof” or “the date of this Agreement” shall refer to June 25, 2014. 

6. Effect of Amendment. This Amendment shall not constitute an amendment or waiver of any provision of the Separation Agreement not
expressly amended and or waived herein and shall not be construed as an amendment, waiver or consent to any action that would require an amendment, waiver or consent except as expressly stated herein. The Separation Agreement, as amended by this
Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed hereby. 
 7. Counterparts;
Effectiveness. This Amendment may be executed in multiple counterparts (any one of which need not contain the signatures of more than one Party), each of which will be deemed to be an original but all of which taken together will constitute one
and the same agreement. This Amendment, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, will be treated in all manner and respects as an original agreement and will be considered to have the same
binding legal effects as if it were 

  
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the original signed version thereof delivered in person. At the request of a Party, the other Party will re-execute original forms thereof and deliver them to the requesting Party. No Party will
raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature was transmitted or communicated through the use of facsimile machine or other electronic means as a defense to the formation of a
Contract and each such Party forever waives any such defense. 
 8. Other Miscellaneous Terms. The provisions of Article V
(Miscellaneous) of the Separation Agreement shall apply mutatis mutandis to this Amendment, and to the Separation Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms as modified hereby. 

[SIGNATURE PAGES FOLLOW] 

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

			
	NABORS INDUSTRIES LTD.
		
	By:		 /s/ Mark D. Andrews

			Name: Mark D. Andrews
			Title: Corporate Secretary
	
	NABORS RED LION LIMITED
		
	By:		 /s/ Mark D. Andrews

			Name: Mark D. Andrews
			Title: Director

  

			
	In satisfaction of the consent of C&J Energy Services, Inc. required by Section 5.6(a) of the Separation Agreement:
	
	C&J ENERGY SERVICES, INC.
		
	By:		 /s/ Josh Comstock

			Name: Josh Comstock
			Title: Chief Executive Officer, Chairman

 [Signature Page to Amendment No. 1 to the Separation Agreement]

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