Document:

EX 10.6 Board Resolution for 2015 Board of Directors Compensation and Expense Reimbursement Policy

Exhibit 10.6

FEDERAL HOME LOAN BANK OF SAN FRANCISCO

RESOLUTION

September 26, 2014

RESOLVED, that the Board of Directors of the Federal Home Loan Bank of San Francisco hereby approves the 2015 Director Compensation and Expense Reimbursement Policy, as set forth in Exhibit H.

	
	
	I certify that this is a true and correct copy of a resolution adopted by the Board of Directors of the Federal Home Loan Bank of San Francisco at its meeting on September 26, 2014.

	 

	/s/ Suzanne Titus-Johnson

	Suzanne Titus-Johnson, Senior Vice President and 
General Counsel-Corporate Secretary

Exhibit H

FEDERAL HOME LOAN BANK OF SAN FRANCISCO

Board of Directors
Compensation and Expense Reimbursement Policy
2015

The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense Reimbursement Policy for 2015.

Compensation

To provide the Directors with reasonable compensation for the performance of their duties as members of the Board of Directors and the amount of time spent on official Bank business, the Bank will pay service and meeting fees to each member of the Board of Directors in accordance with the applicable position held by the Director as set forth below. 

	
				
	Position
	Maximum Annual Service Fee
	Maximum Annual Meeting Fees
	Total Maximum Annual Compensation

	Chair
	$55,000
	$45,000
	$100,000

	Vice Chair
	$50,000
	$45,000
	$95,000

	Committee Chair
	$45,000
	$45,000
	$90,000

	Directors on Audit Committee
	$35,000
	$45,000
	$80,000

	Other Directors
	$30,000
	$45,000
	$75,000

Total Maximum Annual Compensation amounts for 2015 are the same as 2014. In determining Total Maximum Annual Compensation, the Board considered compensation levels and practices at other Federal Home Loan Banks, the Directors Compensation Analysis—June 2013 report prepared by McLagan, and trends in the financial services market generally.

Service Fees

Service fees for the above positions compensate Directors for their continuous service as Bank directors, including for their time attending special Board and Committee meetings held during the year as needed, preparing for Board and Committee meetings, reviewing materials sent periodically between meetings, attending Director training and educational briefings, and all other activities outside the regularly scheduled two-day Board and Committee meetings, which may include attending Affordable Housing Advisory Council and Federal Home Loan Bank System meetings. Directors are expected to attend all Board meetings and meetings of the Committees on which they serve, and to remain engaged and actively participate in all meetings.

The maximum annual service fee will be pro-rated and paid with the meeting fee, if applicable, at the conclusion of each two-month service period on the Board of Directors (i.e., month-end February, April, June, August, October and December). A Director will not be paid the final two-month service fee for the year if the Director has not attended (in person or by telephone) at least 75% of all regular and special meetings of the Board and the Committees on which the Director served during the year (adjusted as needed for partial year service), or if the 

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Board, in its discretion, determines at any time that the Director has consistently demonstrated a lack of engagement and participation in meetings attended.

If a director holds more than one position on the Board, during any applicable payment period, the director’s service fee for that period will be calculated based on the position that pays the highest service fee, and will be pro-rated for the number of days the director held that position during the applicable payment period. Any Director who joins or leaves the Board between service fee payments will receive a pro rata service fee for the number of days the Director was on the Board during the service period. 

Meeting Fees

Each Director will receive a meeting fee of $9,000 for attending any portion of five of the six regularly scheduled two-day Board and Committee meetings, so long as the Director’s attendance includes the Board meeting and at least one Committee on which the Director serves. A Director may receive a meeting fee for participation in one regularly-scheduled Board and Committee meeting by telephone. 

No meeting fee will be paid for participation in special meetings of the Board or Committees (in person or by telephone) or for participation in other Bank or Federal Home Loan Bank System activities. 

The President of the Bank is authorized to interpret this Policy, as necessary, according to applicable statutory, regulatory and policy limits. 

Expense Reimbursement

The Bank will reimburse Directors for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties, which may include participation in meetings or activities for which no fee is paid.

For expense reimbursement purposes, Directors’ “official duties” include: 

		
	1)
	Meetings of the Board and Board committees

		
	2)
	Meetings requested by the Federal Housing Finance Agency and Federal Home Loan Bank System committees

3)    Meetings of the Council of Federal Home Loan Banks and its committees
		
	4)
	Meetings of the Bank's Affordable Housing Advisory Council

		
	5)
	Events attended on behalf of the Bank when requested by the President in consultation with the Chair

		
	6)
	Other events attended on behalf of the Bank with the prior approval of the Chair

		
	7)
	Director education events attended with the prior approval of the Chair.

Each Director is responsible for making his or her own travel arrangements to attend meetings and other events for which expenses may be reimbursed.

Expenses reimbursable for Directors are the same as the expenses reimbursable for senior officers under the Bank’s Reimbursement and Travel Expense Policy, except that Directors may not be reimbursed for gift or entertainment expenses.

To be reimbursed for allowable expenses, a Director must complete a Director Statement of Expenses form, itemizing the expenses within 30 days of completion of any covered trip or activity. The statement must be submitted to the Bank’s Assistant Corporate Secretary and must include the following information:

		
	1)
	Meeting(s) or event(s) attended, with dates and locations

		
	2)
	Itemization of reimbursable expenses, with supporting receipts for any expense exceeding $50.00

		
	3)
	Ticket receipt or e-ticket confirmation for airline travel

4)    To whom reimbursement should be made payable.

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Records

The Bank will maintain records of (i) Directors’ attendance at meetings of the Board and Board committees; (ii) total compensation paid; and (iii) expenses reimbursed. The Bank will report this information to the Federal Housing Finance Agency as required.

3Exhibit 10.1

 

NOTE PURCHASE AGREEMENT

 

This Note Purchase Agreement
(the "Agreement”) is made as of March 8, 2015 by and between Global Digital Solutions, Inc. a New Jersey corporation
with principal offices at 777 South Flagler Drive, Suite 800 West, West Palm Beach, FL 33401 (the "Company") and
Tangiers Investment Group, LLC, a Delaware LLC with principal offices at 501 West Broadway, Suite 800, San Diego, CA 92101 (the
"Purchaser"). As used herein, the term “Parties” shall be used to refer to the Company and Purchaser
jointly.

 

WHEREAS:

 

		A.	The Parties jointly warrant and represent that they have a pre-existing
relationship prior to the date of this Agreement.

 

		B.	Purchaser warrants and represents that it is sophisticated and experienced
in acquiring the debt instruments issued by small early-stage companies that have not achieve profitability, positive cash flow
or both.

 

		C.	Purchaser warrants and represents that it is an “accredited investor,”
as that term is defined in Rule 501 of the Securities Act of 1933, as amended (the “1933 Act”).

 

		D.	Purchaser warrants and represents that prior to entering into this Agreement
that it has received and completed its review of the Company’s corporate and financial statements as included in the filings
and disclosures as listed for the Company with the Securities and Exchange Commission which has allowed Purchaser to make an informed
investment decision with respect to purchase of that certain Convertible Promissory Note in the stated original principal amount
of $220,000 (the “Note”) attached in Exhibit A and dated March 8, 2015.

 

		E.	The Purchaser acknowledges and agrees that it is acquiring the Note for
investment purposes only and not with a view to a distribution.

 

		F.	The Purchaser acknowledges and agrees that: (i) the Note is a “restricted
security,” as that term is defined in the 1933 Act and (ii) no registration rights have been granted to Purchaser to register
the Note.

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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NOW THEREFORE THE PARTIES AGREE
AS FOLLOWS:

 

Section 1. SALE AND ISSUANCE OF THE
NOTE. In consideration of the Company’s receipt of the initial sum of $82,500 at Closing (as defined in Section 2.1),
the Company shall sell to the Purchaser, and the Purchaser shall purchase from the Company (the “Issuance”)
the Note upon the terms set forth in this Agreement. In addition, a copy of that certain Action of the Board of Directors, dated
March 6, 2015 (the “Action of the Board of Directors”) is attached hereto as Exhibit A.

 

Section
2. THE CLOSING.

 

2.1. PLACE OF CLOSING
AND PROCEDURE AT CLOSING. The closing of the issuance of the Note to the Purchaser (the "Closing") shall take
place simultaneously with and upon the satisfaction of the following conditions:

 

(1)the Company’s
execution and delivery to the Purchaser of the following: (a) an executed copy of this Agreement; (b) an executed copy of the Note;
(c) a signed copy of the Irrevocable Instructions to the Transfer Agent; and (d) the signed Action of the Board of Directors.

 

(2)the Purchaser’s
execution of a wire transfer to the Company no later than 2 business days following the Closing as follows: the sum of $67,500
in cash shall be remitted and delivered to the Company, $7,500 shall be remitted to Carter Terry & Co. on behalf of the Company
as a finders fee and $7,500 in cash shall be retained by the Purchaser through an original issue discount for due diligence and
legal bills related to this transaction.

 

(3)the Purchaser reserves
the right to pay additional consideration at any time and in any amount it desires, up to the total face value of the Note, at
its sole discretion.

 

Section
3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company hereby represents and warrants to
the Purchaser as follows:

 

3.1. ORGANIZATION. The Company is duly organized,
validly existing and in good standing under the laws of the State of New Jersey and is qualified to conduct its business as a foreign
corporation in each jurisdiction where the failure to be so qualified would have a material adverse effect on the Company.

 

3.2. AUTHORIZATION
OF AGREEMENT, ETC. The execution, delivery and performance by the Company of this Agreement, the Note, and each other document
or instrument contemplated hereby or thereby (collectively, the "Financing Documents") have been duly authorized
by all requisite corporate action by the Company and delivered by the Company. Each of the Financing Documents, when executed and
delivered by the Company, constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar
laws affecting creditors' rights and remedies generally, and subject as to enforceability to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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Section 4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

 

The Purchaser hereby represents and warrants
to the Company as follows:

 

4.1. AUTHORIZATION
OF THE DOCUMENTS. Purchaser has all requisite power and authority (corporate or otherwise) to execute, deliver and perform the
Financing Documents to which it is a party and the transactions contemplated thereby, and the execution, delivery and performance
by such Purchaser of the Financing Documents to which it is a party have been duly authorized by all requisite action by such Purchaser
and each such Financing Document, when executed and delivered by the Purchaser, constitutes a valid and binding obligation of such
Purchaser, enforceable against such Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject, as to
enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

4.2. INVESTMENT REPRESENTATIONS. The
Purchaser warrants and represents that:

 

		(a)	the Purchaser is an accredited investor (as that term is defined in Rule 501(a)(1) of Regulation
D of the 1933 Act;

 

		(b)	the Purchaser is sophisticated and experienced in acquiring the securities of small public companies;

 

		(c)	the Purchaser has reviewed the Company’s Annual and Quarterly Reports together with the audited
financial statements contained therein;

 

		(d)	the Purchaser has had sufficient opportunity to review and evaluate the risks and uncertainties
associated with the purchase of the Company’s securities;

 

		(e)	the Purchaser is acquiring the Note from the Company for investment purposes only and not with
a view to a distribution.

 

4.3 RESTRICTED SECURITY. Purchaser
understands and acknowledges that the Note has not been, and when issued will not be, registered with the Securities and Exchange
Commission. Purchaser warrants and represents that it has fully reviewed the restricted securities legend and the terms thereof
with its financial, legal, investment, and business advisors and that it has not relied upon the Company or any other person for
any advice in connection with the purchase of the Note, this Agreement, or both of them.

 

4.4 LEGAL COUNSEL.Purchaser has consulted with its own independent
legal, tax, investment, and other advisors of its own choosing prior to entering into this Agreement.

 

4.5 ABSENCE OF REGISTRATION RIGHTS. Purchaser
understands and agrees that it is not acquiring and has not been granted any registration rights with respect to the Note. The
Note is a restricted security and the Purchaser understands that there is no trading market for the Note and no such market will
likely ever develop.

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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Section 5. BROKERS AND FINDERS.

 

The Company shall not be obligated, unless
previously detailed in Section 2.1(2), to pay any commission, brokerage fee or finder's fee based on any alleged agreement or understanding
between the Purchaser and a third person in respect of the transactions contemplated hereby. The Purchaser hereby agrees to indemnify
the Company against any claim by any third person for any commission, brokerage or finder's fee or other payment with respect to
this Agreement or the transactions contemplated hereby based on any alleged agreement or understanding between the Purchaser and
such third person, whether express or implied from the actions of the Purchaser.

 

Section 6. SUCCESSORS AND ASSIGNS.

 

This Agreement shall bind and inure to the benefit of the Company,
the Purchaser and their respective successors and assigns.

 

Section 7. ENTIRE AGREEMENT.

 

This Agreement and the other writings and agreements
referred to in this Agreement or delivered pursuant to this Agreement contain the entire understanding of the parties with respect
to the subject matter hereof and supersede all prior agreements and understandings among the parties with respect thereto.

 

Section 8. NOTICES.

 

All notices, demands and requests of any kind
to be delivered to any party in connection with this Agreement shall be personally served, sent via facsimile or e-mail, or sent
in writing via an internationally recognized overnight courier or by registered or certified mail, return receipt requested and
postage prepaid to the address of each party listed on the first page of this Agreement or to such other address as the party to
whom notice is to be given may have furnished to the other parties to this Agreement in writing in accordance with the provisions
of this Section 8. Any such notice or communication shall be deemed to have been received (i) in the case of personal delivery,
on the date of such delivery, (ii) in the case of facsimile or e-mail, immediately (iii) in the case of an internationally-recognized
overnight courier, on the next business day after the date when sent and (iv) in the case of mailing, on the third business day
following that on which the piece of mail containing such communication is posted.

 

Section 9. AMENDMENTS.

 

This Agreement may not be modified or amended, or any of the provisions
of this Agreement waived, except by written agreement of the Company and the Purchaser.

 

Section 10. ATTORNEYS’ FEES.

 

In the event of a dispute between the parties concerning the enforcement
or interpretation of this Agreement, the prevailing party in such dispute, whether by legal proceedings or otherwise, shall be
reimbursed immediately for the reasonably incurred attorneys' fees and other costs and expenses by the other parties to the dispute.

 

Section 11. GOVERNING LAW AND ARBITRATION.

 

(A)All questions concerning the construction,
interpretation and validity of this Agreement shall be governed by and construed and enforced in accordance with the domestic laws
of the State of California without giving effect to any choice or conflict of law provision or rule (whether in the State of California
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California.
In furtherance of the foregoing, the internal law of the State of California will control the interpretation and construction of
this Agreement, even if under such jurisdiction's choice of law or conflict of law analysis, the substantive law of some other
jurisdiction would ordinarily or necessarily apply.

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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Section 12. CAPTIONS AND EXHIBIT A.

 

The captions by which the sections and subsections
of this Agreement are identified are for convenience only, and shall have no effect whatsoever upon its interpretation. Exhibit
A is attached hereto and each of the attachments listed in Exhibit A are each with Exhibit A incorporated by reference herein.

 

Section 13. SEVERANCE.

 

If any provision of this Agreement is held
to be illegal or invalid by a court of competent jurisdiction, such provision shall be deemed to be severed and deleted; and neither
such provision, nor its severance and deletion, shall affect the validity of the remaining provisions.

 

Section 14. COUNTERPARTS.

 

This Agreement may be executed in any number
of counterparts, and each such counterpart of this Agreement shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement. Facsimile counterpart signatures to this Agreement shall be acceptable and binding.

  

 

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Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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IN WITNESS WHEREOF,
each of the undersigned has duly executed this Note Purchase Agreement as of the date first written above.

 

	 	FOR THE COMPANY:
	 	 	 
	 	Global Digital Solutions, Inc.
	 	 	 
	 	By: 	/s/ David A. Loppert
	 		 
	 	Name:	David A. Loppert
	 	 	 
	 	Its:  	Chief Financial Officer
	 	 	 
	 	FOR THE PURCHASER:
	 	 	 
	 	Tangiers Investment Group, LLC
	 	 	 
	 	By:	/s/ Michael Sobeck
	 		 
	 	Name:	Michael Sobeck
	 	 	 
	 	Its:  	Managing Member

 

 

[SIGNATURE PAGE TO NOTE
PURCHASE AGREEMENT]

 

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blank.]

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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EXHIBIT A

 

(Copy of Convertible Promissory Note, Board
Resolution, and Irrevocable Instructions to Stock Transfer Agent, are each attached hereto.)

 

1.Copy of Convertible Promissory Note

 

2.Copy of the Board Resolution of the Borrower

 

3.Copy of Irrevocable Instructions to Stock Transfer Agent

 

 

[The remainder of this page has been left intentionally
blank.]

 

 

Global Digital Solutions, Inc.

$220,000 Note Purchase Agreement

March 8, 2015

 

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