Amendment to Warrant Terms Agreement between Prospect Global Resources Inc., Very Hungry LLC, and Scott Reiman 1991 Trust
This agreement amends the terms of certain warrants held by Very Hungry LLC and the Scott Reiman 1991 Trust in connection with a $5,000,000 loan provided to Prospect Global Resources Inc. The amendment lowers the exercise price of the warrants to $0.25 and extends their expiration date to August 1, 2016. The changes are made as consideration for the loan, and the specific warrants affected are listed in an attached exhibit.
Exhibit 10.3
May 2, 2013
Very Hungry LLC
Scott Reiman 1991 Trust
730 17th Street
Suite 800
Denver, CO 80202
Attention: Conway J. Schatz
Re: Prospect Global Resources Inc. (the “Company”) — Amendment to Warrant Terms
Dear Conway:
Please be advised that with respect to the warrants set forth on Exhibit I hereto (the “Warrants”), in consideration of Very Hungry LLC and Scott Reiman Trust loaning the Company an aggregate of $5,000,000 on the date hereof pursuant to the terms of the Subordinated Promissory Notes dated the date hereof in the aggregate principal amount of $5,550,000, the Warrant Price (as defined in the Warrants) is hereby amended to be $0.25 and the Termination Date (as defined in the Warrants) is hereby amended to be August 1, 2016.
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| Very truly yours, | |
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| By: | /s/ Damon G. Barber |
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| Damon G. Barber |
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| President and Chief Executive Officer |
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| Accepted and Agreed to: |
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| Very Hungry LLC |
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| /s/ Brian Fleishmann |
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| by: |
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| title: |
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1
Exhibit I
| Holder |
| Number of Warrants |
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| Very Hungry LLC |
| 1,860,530 |
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| 479,228 |
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| 1,797,103 |
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| 704,747 |
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| Scott Reiman 1991 Trust |
| 727,705 |
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| 187,439 |
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| 702,897 |
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| 275,646 |
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2
