Document:

Exhibit 10.10

 

SECOND AMENDED AND RESTATED RIGHT OF
FIRST REFUSAL AND

CORPORATE OPPORTUNITIES AGREEMENT

 

THIS SECOND AMENDED AND RESTATED RIGHT OF
FIRST REFUSAL AND CORPORATE OPPORTUNITIES AGREEMENT (this “Agreement”) is made as of October 23, 2015 by and
among Global Defense & National Security Systems, Inc., a Delaware corporation (the “Company”), and Global
Integrated Security (USA) Inc., a Delaware corporation (“GIS”), in connection with the Company’s proposed
public offering of shares of common stock, par value $0.0001 per share (the “Shares”), pursuant to a registration
statement on Form S-1, filed by the Company with the Securities and Exchange Commission (as amended, the “Registration
Statement”).

 

RECITALS

 

WHEREAS, GIS is an affiliate of the Company’s
sponsor; and

 

WHEREAS, the Company will be attempting to
consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination
with one or more businesses or assets involving the Company (a “Business Transaction”); and

 

WHEREAS, GIS may also be seeking investment
opportunities which may be a part of, in connection with or deemed a Business Transaction; and

 

WHEREAS, the Company, Sponsor and Escrow
Agent are party to that certain right of first refusal and corporate opportunities agreement, dated October 23, 2013, as amended
and restated on June 21, 2015 (the “Current Agreement”) to clarify any potential Business Transaction and investment
opportunities for which each party shall have the right of first refusal;

 

WHEREAS, the requisite number of stockholders
of the Company have approved an amendment to the Company’s amended and restated certificate of incorporation to, among other
things, extend the date before which the Company must complete a business combination from October, 2015 (the “Current
Termination Date”) to November 24, 2015 (the “Extended Termination Date”); and

 

WHEREAS, the parties to the Current Agreement
desire to amend and restate the Current Agreement to provide, among other things, that any references to the Current Termination
Date shall be replaced with the Extended Termination Date.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.      Right
of First Refusal.

 

For the term specified in Section 2
of this Agreement and subject to subsections (b), (c) and (d) of this Section 1, GIS hereby grants to the Company a right
of first refusal as follows:

 

(a)         GIS
shall not enter into any agreement to purchase or invest in a business in the U.S. defense and national security sectors with an
acquisition cost of $40 million or greater without first presenting such suitable opportunity to the Company’s directors,
and will not enter into any such agreement until the Company’s directors determine, within the time frame and in the manner
specified below, not to pursue such Business Transaction opportunity.

 

(b)         Notwithstanding
anything to the contrary in this Agreement, the Company agrees that any such business entity in which GIS currently invests or
with respect to which GIS has initiated any contacts or entered into any discussions or negotiations, formal or informal, regarding
their respective acquisition of, or investment in, such business prior to the completion of the Company’s initial public
offering, as set forth in the Registration Statement, will not be a potential acquisition target for the Company, unless GIS declines
to pursue such respective business opportunity and notifies the Company of the same in writing.

 

     

     

    

 

(c)         After
review of any potential Business Transaction or investment opportunity, the Company may release the right of first refusal set
forth in this Section 1(a) with respect to such Business Transaction or suitable opportunity.  Decisions by the Company
to release GIS to pursue such suitable opportunity will be made by a majority of the Company’s directors.

 

(d)         GIS
shall provide written notice to the Company of any such suitable opportunity brought to its attention by its current directors
and officers within ten (10) business days of its identification of such suitable opportunity. Any right of first refusal granted
shall expire only pursuant to Section 1(c).

 

2.      Term.
This Agreement shall become effective on its execution and shall remain in effect for a period to expire upon the earlier of: (i) the
consummation by the Company of a Business Transaction or (ii) 25 months from the closing of the Company's initial public offering.

 

3.      Notices.
All notices or communications hereunder shall be addressed as follows:

 

To the Company:

 

Global Defense & National Security Systems, Inc.

11921 Freedom Drive, Suite 550

Two Fountain Square

Reston, Virginia 20190

Attn:  Dale R. Davis

 

with copies to (which shall not constitute notice):

 

Morrison & Foerster LLP

1650 Tysons Blvd., Suite 400

McLean, Virginia 22102

Attn: Lawrence T. Yanowitch, Esq., Lawrence R. Bard, Esq.

 

If to GIS:

 

Global Integrated Security (USA), Inc.

1775 Wiehle Avenue, Suite 103

Reston, Virginia 20190

Attn: Mike Roberts

 

All notices, statements or other documents which are required
or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class mail or overnight courier
service to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other
address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address
most recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

4.      Severability.
If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity
or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement
shall be valid and enforced to the fullest extent permitted by law.

 

     

     

    

 

5.      Entire
Agreement.  This Agreement, as the same may be amended from time to time in accordance with the terms hereof, contains
the entire agreement among the parties hereto relating to the subject matter hereof and supersedes in all respects any prior or
other agreement or understanding concerning the subject matter hereof between the Company and GIS.

 

6.      Waiver. 
The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or
construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof
or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement.  No waiver of
any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in
a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

7.      Amendment.
This Agreement may only be amended by written agreement of the parties hereto.

 

8.      Survival.
The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary
to the intended preservation of such rights and obligations. The provisions of this Section 8 are in addition to the
survivorship provisions of any other section of this Agreement.

 

9.      Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument.  Delivery of a signed counterpart of this Agreement by facsimile
or electronic transmission shall constitute valid and sufficient delivery thereof.

 

10.      Headings.  The
headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

 

11.      Mutual
Drafting.  This Agreement is the joint product of the Company and GIS and each provision hereof has been subject
to the consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

12.      Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed and enforced in accordance with
the laws of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction.  The parties hereby (i) 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 first in the U.S. District Court for the Southern District
of New York, then to such other federal or state courts located in the State of New York, and irrevocably submits to such jurisdiction
in New York, which jurisdiction shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.  THE PARTIES HERETO, TO THE FULLEST EXTENT PERMITTED BY LAW, WAIVE ANY RIGHT THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT.

 

13.      Trust
Waiver. Notwithstanding anything herein to the contrary, GIS hereby waives any and all right, title, interest or claim of any
kind, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (“Claim”)
in or to any distribution from the trust account in which the proceeds of the Company’s initial public offering will be deposited
and held for the benefit of the public shareholders (the “Trust Account”) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Second Amended and Restated Right of First Refusal and Corporate Opportunities Agreement as of the date first specified
above.

 

	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 
	 	By:	 /s/ Frederic Cassis
	 	 	Name: Frederic Cassis
	 	 	Title: Director and Secretary
	 	 	 
	 	GLOBAL INTEGRATED SECURITY (USA) INC.
	 	 	 
	 	By:	  /s/ Dale R. Davis
	 	 	Name: Dale R. Davis
	 	 	Title: DirectorExhibit 10.11

 

PROMISSORY NOTE

 

		Borrower:	Global Defense & National Security Systems, Inc.

			11921 Freedom Drive, Suite 550

			Two Fountain Square

			Reston, Virginia
	 	 	 
	 	Lender:	Global Defense & National Security
Holdings LLC
	 	 	 
	 	Principal Amount:	$ 53,995.18
	 	 	 

 

		1.	FOR VALUE RECEIVED, Global Defense & National Security Systems, Inc. (the “Company”)
promises to pay to Global Defense & National Security Holdings LLC (the “Lender”), at such address as may
be provided in writing to the Company, the principal sum of fifty three thousand nine hundred ninety five dollars and eighteen
cents ($53,995.18) USD, on a non-interest bearing basis.

 

		2.	This promissory note (the “Note”) will be repaid in full on the earlier of
(1) November 24, 2015, or (2) immediately following the consummation of the Company’s initial Business Combination (as defined
in the Company’s Amended and Restated Certificate of Incorporation) (the “Business Combination Trigger”).

 

		3.	Lender has read the final prospectus of the Company dated
October 24, 2013 (File No. 333-191195) (the “Prospectus”) and understands that the Company has established
a trust fund (the “Trust Fund”) containing the proceeds of the Company’s initial public offering (the
“IPO”) initially in the amount of at least Seventy-Two Million Seven Hundred Ninety-Five Thousand Dollars ($72,795,000)
for the benefit of the Company’s public stockholders and certain other parties (including the underwriters of the IPO) and
that the Company may disburse monies from the Trust Fund, including any proceeds therefrom, only as provided in the Prospectus.
Lender agrees that, notwithstanding any provisions contained in this Note, Lender does not now have, and shall not at any time
prior to the closing of a Business Combination, have, any claim to, or make any claim against, the Trust Fund or any asset contained
therein, as a result of, in connection with or relating in any way to, this Note, and regardless of whether such claim arises
based on contract, tort, equity or any other theory of legal liability. The Lender (for itself and on behalf of its affiliates
and direct and indirect subsidiaries and stockholders, and its and their respective successors and assigns, and any person or
entity claiming by or through the Lender) hereby irrevocably waives any and all rights, titles, interests and claims of any kind
that the Lender may have, now or in the future (in each case, however, prior to the consummation of a Business Combination) as
a result of, in connection with or relating in any way to, this Note, and shall not take any action or suit, make any claim or
demand or seek recovery of any liability or recourse against, the Trust Fund for any reason whatsoever in respect thereof. The
Lender agrees and acknowledges that such irrevocable waiver is material to this Note and specifically relied upon by the Company
to induce it to enter into this Note. The Lender further intends and understands such waiver to be valid, binding and enforceable
under applicable law. To the extent that Lender commences any action or proceeding based upon, as a result of, in connection with
or relating in any way to, this Note, which proceeding seeks, in whole or in part, monetary relief against the Company, Lender
hereby acknowledges and agrees that its sole remedy prior to the consummation of a Business Combination shall be against the Company’s
funds held outside of the Trust Fund and that such claim shall not permit Lender (or any party claiming on Lender’s behalf
or in lieu of Lender) to have any claim against the Trust Fund or any amounts contained therein.

 

     

     

    

  

		4.	No part of this Note may be paid prior to maturity without
written consent of the Lender.

 

		5.	This Note will be construed in accordance with and governed by the laws of the State of Delaware.

 

		6.	If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction
to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the
extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of
this Note will in no way be affected, impaired or invalidated as a result.

 

		10.	Any term of this Note may be amended and the observance
of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and the Lender.

 

		11.	All costs, expenses and expenditures including, and without
limitation, the reasonable legal costs incurred by the Lender in enforcing this Note as a result of any default by the Company,
will be added to the principal then outstanding and will immediately be paid by the Company.

 

		12.	This Note will inure to the benefit of and be binding
upon the respective heirs, executors, administrators, successors and assigns of the Company and the Lender. The Company waives
presentment for payment, notice of non-payment, protest and notice of protest.

 

    	 	2	 

     

    

 

 

IN WITNESS WHEREOF, the
Company has duly affixed its signature by a duly authorized officer under seal on this 23rd day of October, 2015.

 

SIGNED, SEALED, AND DELIVERED

this 23rd day of October, 2015

 

	 	GLOBAL DEFENSE & NATIONAL SECURITY 

SYSTEMS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	
	 	 	Name:  Dale R. Davis	 
	 	 	Title:    Chief Executive Officer	 

  

    	 	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]