Document:

Exhibit 10.6

 

Global
Defense & National Security Systems, Inc.

 

AMENDED
AND RESTATED Subscription Agreement

 

This
AMENDED AND RESTATED Subscription Agreement (this “Agreement”) is made as of
the 19th day of July, 2013, by and between Global Defense & National Security Systems, Inc., a
Delaware corporation (the “Company”), and Global Defense & National Security Holdings LLC, a
Delaware limited liability company (“Purchaser”).

 

Whereas,
the Company and Purchaser desire to amend and restate in its entirety their agreement to sell and purchase shares of the Company;

 

Whereas,
the Company desires to issue and sell, and Purchaser desires to purchase and acquire, shares of common stock of the Company, par
value $0.0001 per share (the “Common Stock”), on the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, for and in consideration
of the promises and mutual covenants set forth herein, it is agreed between the parties as follows:

 

1. Purchase
of Sponsor’s Shares. Purchaser hereby subscribes for and purchases from the Company, and the Company hereby issues
and sells to Purchaser, 2,003,225  shares of Common Stock (the “Sponsor’s Shares”) at a purchase price of
approximately $0.012479876 per share of Common Stock for an aggregate purchase price of
$25,000.00. 

 

2. Payment of Purchase Price. The
purchase price for the Sponsor’s Shares shall be tendered in full on the date hereof.

 

3. Redemption
of Sponsor’s Shares. If the underwriters (the “Underwriters”) in the Company’s initial public
offering (the “IPO”) do not exercise in full their over-allotment option to be granted by the Company pursuant
to an underwriting agreement by and among the Underwriters and the Company, then the Company shall redeem from Purchaser, at
a redemption price equal to approximately $0.012479876 per share of Common Stock, a number of shares of Common Stock equal to
261,290  multiplied by the percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

 

4. Limitations on Transfer. Purchaser
shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Sponsor’s Shares during the “Escrow
Period” for the “Sponsor’s Shares” (as such terms are defined in a securities escrow agreement substantially
in the form attached hereto as Exhibit A (the “Securities Escrow Agreement”), dated on or about the effective date
of the IPO to be entered into by and between the Company and an escrow agent to be determined by the Company), except (i) as otherwise
permitted by the Securities Escrow Agreement and (ii) in compliance with applicable securities laws.

 

5. Restrictive Legends. All certificates
representing the Sponsor’s Shares (and any underlying securities thereof) shall have endorsed thereon legends in substantially
the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

 

(a) “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES
UNDER SAID ACT OR UNLESS SUCH REGISTRATION IS NOT REQUIRED IN THE OPINION OF COUNSEL FOR THE COMPANY.”

 

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(b) “THE SECURITIES REPRESENTED BY
THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE
WITH THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED ____________, 2013, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION UPON REQUEST
TO THE SECRETARY OF THE COMPANY.”

 

6. No Right or Interest to the Trust
Account. Purchaser agrees not to convert any of the Sponsor’s Shares in connection with a stockholder vote to approve
a proposed initial business combination (a “Business Combination”) or in connection with a tender offer setting forth
the details of a proposed Business Combination. In the event of a liquidation prior to a Business Combination, Purchaser agrees
that the Sponsor’s Shares will not be entitled to receive funds from the trust account established by the Company (the “Trust
Account”). Under no circumstances shall the Sponsor have any right or interest of any kind in or to the Trust Account.

 

7. Investment Representations. In
connection with the purchase of the Sponsor’s Shares, Purchaser represents to the Company the following:

 

(a) Purchaser has been furnished with all
materials relating to the Company’s business affairs and financial condition and materials related to the offer and sale
of the Sponsor’s Shares that have been requested by Purchaser and has acquired sufficient information about the Company to
reach an informed and knowledgeable decision to acquire the Sponsor’s Shares. Purchaser has been afforded the opportunity
to ask questions of the executive officer and director of the Company. Purchaser understands that its investment in the Sponsor’s
Shares involves a high degree of risk. Purchaser has sought such accounting, legal and tax advice as Purchaser has considered necessary
to make an informed investment decision with respect to Purchaser’s acquisition of the Sponsor’s Shares. Purchaser
has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments
generally and particularly investments in the securities of companies in the development stage such as the Company, is capable
of evaluating the merits and risks of an investment in the Sponsor’s Shares, and is able to bear the economic risk of an
investment in the Sponsor’s Shares in the amount contemplated hereunder. Purchaser has adequate means of providing for its
current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized
by the investment in the Sponsor’s Shares. Purchaser can afford a complete loss of its investment in the Sponsor’s
Shares. Purchaser is purchasing the Sponsor’s Shares for investment for Purchaser’s own account only and not with a
view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933,
as amended (the “Act”). Purchaser understands that the Company is a blank check development stage company recently
formed for the purpose of consummating a Business Combination and understands that there is no assurance as to the future performance
of the Company and that the Company may never effectuate a Business Combination.

 

(b) Purchaser understands that the Sponsor’s
Shares have not been registered under the Act or any state securities law by reason of a specific exemption therefrom, and that
the Company is relying on the truth and accuracy of, and Purchaser’s compliance with, the representations and warranties
and agreements of Purchaser set forth herein to determine the availability of such exemptions and the eligibility of Purchaser
to acquire such Sponsor’s Shares, including, but not limited to, the bona fide nature of Purchaser’s investment intent
as expressed herein.

 

(c) Purchaser further acknowledges and understands
that the Sponsor’s Shares must be held indefinitely unless the Sponsor’s Shares are subsequently registered under the
Act or an exemption from such registration is available. Purchaser understands that the certificate evidencing the Sponsor’s
Shares will be imprinted with a legend which prohibits the transfer of the Sponsor’s Shares unless the Sponsor’s Shares
are registered or such registration is not required in the opinion of counsel for the Company.

 

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(d) Purchaser is familiar with the provisions
of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of
such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Sponsor’s
Shares under the Act, the Sponsor’s Shares may be resold by Purchaser only in certain limited circumstances subject to the
provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company
and (ii) the resale occurring following the required holding period under Rule 144 after Purchaser has purchased, and made full
payment of (within the meaning of Rule 144), the securities to be sold.

 

(e) Purchaser further understands that at
the time Purchaser wishes to sell the Sponsor’s Shares there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of
Rule 144, and that, in such event, Purchaser would be precluded from selling the Sponsor’s Shares under Rule 144 even if
the minimum holding period requirement had been satisfied. Purchaser further acknowledges that because the Company is a shell company,
Rule 144 will not be available to the Purchaser for the resale of the Sponsor’s Shares until one year following the consummation
of a Business Combination and the filing of the “Form 10 information” (as defined in Rule 144) with the Securities
and Exchange Commission (the “Commission”), despite the release or waiver of any contractual transfer restrictions.

 

(f) Purchaser represents that Purchaser
is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the Commission under
the Act.

 

(g) Purchaser has all necessary limited
liability company power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All
limited liability company action necessary to be taken by Purchaser to authorize the execution, delivery and performance of this
Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby
has been duly and validly taken, and this Agreement has been duly executed and delivered by Purchaser. Subject to the terms and
conditions of this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of Purchaser, enforceable
in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies
of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity);
and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification
provisions of this Agreement. The purchase by Purchaser of the Sponsor’s Shares does not conflict with the organizational
documents of Purchaser or with any material contract by which Purchaser or its property is bound, or any laws or regulations or
decree, ruling or judgment of any court applicable to Purchaser or its property. The principal place of business of Purchaser is
as set forth on the signature page hereto.

 

(h) Purchaser did not decide to enter into
this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Securities
Act.

 

(i) Purchaser understands that no United States
federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement
of the Sponsor’s Shares or the fairness or suitability of the investment in the Sponsor’s Shares, nor have such authorities
passed upon or endorsed the merits of the offering of the Sponsor’s Shares.

 

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8. Company Representations and Warranties.
The Company hereby represents and warrants to Purchaser that the Company has all necessary corporate power and authority to enter
into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company
to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the
Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly
executed and delivered by the Company. Subject to the terms and conditions of this Agreement, this Agreement constitutes the valid,
binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application
now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws
and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the
Sponsor’s Shares does not conflict with the certificate of incorporation or by-laws of the Company or any material contract
by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any
United States or state court applicable to the Company or its property.

 

9.  Indemnification. Purchaser hereby
agrees to indemnify and hold harmless the Company and the Company’s officers, directors, stockholders, employees, agents,
and attorneys against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses
incurred by each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting
in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor
and indemnified party or between the indemnified party and any third party) to which any such indemnified party may become subject,
insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact made by Purchaser and contained herein, or (b) arise out of or are based upon any material
breach by Purchaser of any representation, warranty or agreement made by Purchaser contained herein.

 

10. Miscellaneous.

 

(a) Notices. All notices required
or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal
business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by certified mail,
return receipt requested, postage prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto
at such party’s address at 11921 Freedom Drive, Suite 550, Two Fountain Square, Reston, Virginia 20190 (the “Business
Address”), or at such other address as such party may designate by ten days advance written notice to the other party hereto.

 

(b) Successors and Assigns. This
Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer
herein set forth, shall be binding upon Purchaser and Purchaser’s successors and assigns.

 

(c) Attorneys’ Fees; Specific Performance.
Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its
rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’ fees.

 

(d) Governing Law; Venue. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts
of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement
shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state
or federal court for the district encompassing New York, New York.

 

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(e) Further Execution. The parties
agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable,
and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance
of the securities that are the subject of this Agreement.

 

(f) Independent Counsel. Purchaser
acknowledges that this Agreement has been prepared on behalf of the Company by Skadden, Arps, Slate, Meagher & Flom LLP, counsel
to the Company and that Skadden, Arps, Slate, Meagher & Flom LLP does not represent, and is not acting on behalf of, Purchaser.
Purchaser has been provided with an opportunity to consult with Purchaser’s own counsel with respect to this Agreement.

 

(g) Entire Agreement; Amendment. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges
all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole
or in part, except by an agreement in writing signed by each of the parties hereto.

 

(h) Severability. If one or more
provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision
in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision,
then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such
provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(i) Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed
facsimile or electronic mail copy shall be treated as an original.

 

(j) Survival. The representations
and warranties contained herein will survive the delivery of, and the payment for, the Sponsor’s Shares.

 

(k) Waiver of Jury Trial. 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 Purchaser in the negotiation, administration, performance or enforcement hereof.

 

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In
Witness Whereof, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	COMPANY:

 

		GLOBAL Defense & National
    Security Systems, Inc.

 

 

		By: /s/ Craig Dawson

	 	Name: Craig Dawson

	 	Title: Director

 

	 	Address:

	 	Business Address

 

 

 

	 	PURCHASER:

 

		GLOBAL DEFENSE & NATIONAL
    SECURITY HOLDINGS LLC

 

 

		By: /s/ Frederic Cassis 

	 	Name: Frederic Cassis

	 	Title: Director

 

	 	Address:

	 	Business Address

 

 

    	 

    	 

    

 

Exhibit A

 

Form of Securities Escrow AgreementExhibit 10.7

 

 

 

GLOBAL DEFENSE & NATIONAL SECURITY
SYSTEMS, INC.

 

[●], 2013   

 

Global Defense & National Security Holdings LLC

11921 Freedom Drive, Suite 550

Two Fountain Square

Reston, Virginia 20190

 

              Re:
Administrative Services Agreement

 

Gentlemen:

 

This letter will confirm
our agreement that, commencing on the effective date of the Registration Statement on Form S-1 and prospectus filed with the Securities
and Exchange Commission (the “Registration Statement”) by Global Defense & National Security Systems, Inc.
(the “Company”) (such date, the “Commencement Date”), and continuing until the earlier of
the consummation by the Company of an initial business combination or the distribution of the Trust Account (as defined below)
to the Company’s public stockholders (in each case as described in the Registration Statement) (such earlier date hereinafter
referred to as the “Termination Date”), Global Defense & National Security Holdings LLC (the “Sponsor”)
shall arrange for or make available to the Company, at a number of premises, including 11921 Freedom Drive, Suite 550, Two Fountain
Square, Reston, Virginia 20190 (or any successor location of the Sponsor), certain office space, utilities, and general office,
receptionist and secretarial support as may be reasonably required by the Company.  In exchange therefor, the Company
shall pay the Sponsor the sum of $10,000 per month on the Commencement Date and continuing monthly thereafter until the Termination
Date.

 

The Sponsor hereby irrevocably
waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to,
and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public
shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering will
be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result
of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account
or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction
of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement
constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

     

This letter agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

     

No party hereto may
assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval
of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee.

     

This letter agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to its choice of laws principles.

 

 

[Signature page follows]

 

 

    	 

    	 

    

 

Exhibit 10.7

 

 

 

 

 

	 	Very truly yours,
	 	 	 
	 	Global Defense & National Security Systems, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	AGREED TO AND ACCEPTED BY:
	 	 	 
	 	GLOBAL DEFENSE & NATIONAL SECURITY HOLDINGS LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Administrative Services Agreement]

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