Exhibit 10.14


 


AMENDED & RESTATED EMPLOYMENT
AGREEMENT


 


THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is by and between GWG Holdings, Inc., a Delaware corporation (together with its
subsidiaries including Life Epigenetics Inc. (“LEGX”), the “Company”), and Brian Chen
(“Employee”), and entered into effective as of August 20, 2017 (the “Effective Date”) and replaces all
previous agreements, whether written or oral between the Company and the Employee.


 


INTRODUCTION


 


The
Company, through its wholly owned subsidiary, LEGX, is a life science technology company committed to finding and applying
epigenetic and related science and technology to transforming the life insurance and health and wellness industries (the
“Business”). Employee desires to serve the Company in such role and provide the Company with such covenants.
Accordingly, the parties wish to enter into this Agreement setting forth their respective rights and obligations.


 


AMENDED AND RESTATED AGREEMENT


 


NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, and for other
good and new valuable consideration set forth in Section 3.1 below in the form of the Phantom Equity Rights, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


1.  Certain
Definitions.


 


1.1  “Code”
means the Internal Revenue Code of 1986, as amended, including and succeeding provisions of law and any regulations promulgated by the
United States Treasury Department thereunder.


 


1.2  “Employment
Period” means the employment term as defined under Section 7 this Agreement.


 


1.3
“Good Cause” means any one or more of the following: (a) the commission by Employee of an act relating to
Employee’s duties constituting a misdemeanor or a felony under the laws of the United States or any state or political
subdivision thereof or any other jurisdiction; (b) the commission by Employee of an act constituting a breach of fiduciary duty or
willful misconduct; (c) conduct by Employee that is detrimental to the Business or the reputation, character or standing of the
Company or any of its affiliates; (d) the commission by Employee of an act of fraud, dishonesty or misrepresentation related to
Employee’s duties that is detrimental to the Business or the reputation, character or standing of the Company or any of its
affiliates; (e) Employee’s engagement in self-dealing, or his involvement in a transaction involving a conflict of interest
without the prior written approval of the Board; (f) the failure of the Employee to perform the functions required by the Company at
a level satisfactory to the Employee’s direct supervisor; or (g) a breach by Employee of his obligations under this
Agreement.


 






     


     


    

 





1.4  “Good
Reason” means a resignation by Employee of his employment hereunder upon the occurrence of any of the following events taking place
without Employee’s prior written approval: (a) a material reduction, either from one year to the next, or within the current year,
in the Employee’s base salary or bonus; (b) a failure by the Company to provide adequate resources to develop Technology; (c) decision
by the Company to stop developing, contracting, or funding the development of Technology; or (d) a material breach by the Company of any
of its obligations contained in this Agreement that to the extent an act or omission giving rise to cause to the material breach is not
reasonably susceptible to cure, the Company shall be given a reasonable opportunity, not to exceed thirty (30) days, after written notice
by the Employee to the Company to cure such act or omission.


 


1.5  “Technology”
means the commercialization of epigenetic methylation technology in general.


 


 2. Employment and Duties.




 


2.1  The
Company agrees to continue to employ Employee for the Employment Period, and Employee agrees to remain in the employ of the Company for
the Employment Period. The term of this Agreement shall continue as described in, and until such time as the employment of Employee is
terminated pursuant to, Section 7 below.


 


2.2  The
Company is employing Employee hereunder as for the position of Chief Science Officer described in Exhibit A and is expected to perform
and fulfill job functions commonly associated with such positions on behalf of the Company. In this regard, Employee agrees to perform
such duties and responsibilities, in good faith and for the exclusive benefit of the Company, as are prescribed for him under this Agreement,
the Company’s corporate bylaws, and as otherwise directed by the Employee’s direct supervisory report, or their superior officer
within the Company. Without limiting the foregoing, Employee’s duties shall in any event include overseeing the development of Company
Technology as set forth in Exhibit A.


 


2.3  Employee
shall reasonably allocate his business time, attention, energies and skills shall to the Company and the Business; provided, however,
that Employee shall be entitled to participate in social, civic or professional associations or engage in passive outside investment activities
which may require a limited portion of time and effort to manage (consistent at all times with Company’s policies and procedures),
so long as such activities do not interfere with the performance of Employee’s duties nor compete, in any way, with the products
or services offered by or through Company.


 


3.  Compensation.
For services rendered by Employee during the Employment Period, the Company shall provide the Employee with the elements of compensation
as set forth in Exhibit A.


 


3.1
Simultaneous to the execution of this Agreement, shall be execution and delivery of a Phantom Equity Rights Agreement in the form
attached hereto as Exhibit B (such incentive, the “Phantom Equity”), the purpose and intent of which is to enable
Employee to participate in the economic growth of value of the Business during the Initial Term of this Agreement.


 






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3.2  Employee
shall be entitled during the Employment Period to participate in all current human resource benefit programs made available from time
to time to other management-level employees of the Company and its subsidiaries.


 


3.3  Employee
and Employee’s qualified family members, as the case may be, shall be eligible to participate in, and shall receive all benefits
under, the human resource benefit programs made available from time to time to other management-level employees of the Company and its
subsidiaries.


 


3.4  Employee
shall be entitled to receive reimbursement for all reasonable expenses incurred by Employee in connection with the Business of the Company
in accordance with the applicable policies, practices and procedures of the Company and its affiliates.


 


 4. Inventions.




 


4.1  Employee
agrees that any Invention, as defined below, shall be the sole and exclusive property of the Company, and further agrees to: (a) promptly
and fully inform the Company in writing of any such Inventions; (b) assign to the Company all of Employee’s rights in and to such
Inventions, and to applications for patents and copyright registrations and to patents and copyright registrations granted upon such Inventions
in the United States or in any foreign country; and (c) promptly acknowledge and deliver to the Company, without charge to the Company
but at the Company’s expense, such written instruments and perform such other acts as may be necessary, in the reasonable opinion
of the Company, to obtain and maintain patents and copyright registrations and to vest the entire rights, interest in and title thereto
in the Company.


 


4.2  Employee
and the Company understand that the provisions of this Agreement requiring assignment of Inventions to the Company will not apply to any
particular Invention that meets each and all of the following criteria: (a) Employee develops entirely on his own time, completely outside
of Employee’s normal working hours; (b) Employee develops related to the work detailed in Exhibit A without using Company equipment,
supplies, facilities or trade secret or Confidential Information, as defined below; (c) does not result from any work performed by Employee
for the Company; and (d) does not, either at the time of conception or at the time of reduction to practice, directly relate to the Company’s
Business, as then conducted or planned to be conducted at the time of conception or at the time of reduction to practice. Any such Invention
meeting all of the criteria set forth in clauses (a) through (d) above will be owned entirely by Employee, even if developed by Employee
during the Employment Period or otherwise during the time period of his employment or association with the Company. Finally, Employee
agrees and covenants that he will not individually file any patent applications relating to Inventions without first obtaining an express
release from a duly authorized Company representative, except for those related to the work detailed in Exhibit A according to the limitations
specified in (b) above.


 


4.3 For purposes of this
Agreement, the term “Inventions” means all discoveries, improvements, inventions, ideas and works of authorship, whether
patentable or copyrightable, conceived or made by Employee either solely or jointly with others, and relating to any consultation,
work or services performed by Employee with, for on behalf of or in conjunction with the Company or based on or derived from
Confidential Information.


 


 5. Confidential Information.




 


5.1  Employee
will hold all Confidential Information, as defined below, in the strictest confidence and never use, disclose or publish any Confidential
Information without the prior express written permission obtained from a representative duly authorized by the CEO. Employee agrees to
maintain control over any Confidential Information obtained prior to or during the term of this Agreement, and restrict access thereto
to the Company’s employees, agents or other associated parties who have a need to use such Confidential Information for its intended
purpose.


 






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5.2  Promptly
upon the Company’s written request (but in any event within ten days), all records and any compositions, articles, devices and other
items which disclose or embody Confidential Information in Employee’s possession, including all copies or specimens thereof, regardless
of whether prepared or made by Employee or by others, will be destroyed by Employee and Employee will certify in writing to the Company
that he has destroyed all Confidential Information and embodiments thereof as required under this Agreement.


 


5.3  For
purposes of this Agreement, the term “Confidential Information” shall mean all information developed by Employee as a result
of his work with, for, on behalf of, or in conjunction with, the Company and any information relating to the Company’s processes
and services, including information relating to research, know-how, formulae, product or service ideas, inventions, trade secrets, patents,
patent applications, systems, products, programs and techniques and any secret, proprietary or confidential information, knowledge or
data of the Company, except such information that was developed by Employee prior to his employment by the Company. All information disclosed
to Employee or to which Employee obtains access, whether originated by Employee or by others, and which is treated by the Company as “Confidential
Information” or which Employee has a reasonable basis to believe is “Confidential Information,” will be presumed to
be “Confidential Information” for purposes of this Agreement. Notwithstanding the foregoing, the term “Confidential
Information” will not apply to information which (i) Employee can establish by documentation was known to Employee prior to its
receipt by Employee from the Company, (ii) is lawfully disclosed to Employee by a third party not deriving such information from the Company,
(iii) is presently in the public domain or becomes a part of the public domain through no fault of Employee, or (iv) is required to be
disclosed pursuant to applicable law, rule, regulation, or court or administrative order; provided, however, that Employee shall take
reasonable steps to obtain confidential treatment for such items and shall promptly advise the Company of Employee’s notice of any
such requirement in order to permit the Company to obtain such confidential treatment on its own behalf.


 


6. No Solicitation
of Customers or Employees; Restrictive Covenant. Employee acknowledges that the Company has invested and will continue to invest
substantial time, effort and expense in acquiring and compiling its confidential, proprietary and trade secret information and in
assembling its present staff of personnel. In order to protect the business value of the Company’s confidential, proprietary
and trade secret information, during Employee’s employment with the Company and for twelve (12) months immediately following
the termination of that employment with the Company, Employee agrees: (a) that all information regarding actual or prospective (i)
partners of the Company (including but not limited to financiers, reinsurance companies, insurance companies, digital start-ups and
insurance testing companies) relating to Technology or (ii) customers of the Company relating to Technology, of which Employee
learns during his employment with the Company, constitutes “Confidential Information” of the Company; (b) not to,
directly or indirectly, induce or solicit any employees of the Company or its affiliates to leave their employment with the Company
or any of its affiliates without the unanimous prior written consent of the Chief Executive Officer of the Company. Each of the
restrictive covenants set forth above are separate and severable covenants under this Section 6.


 


7.  Termination.
The initial term of this Agreement will begin on the date first written above and shall continue until the five-year anniversary of such
date (“Initial Term”) and shall automatically renew for one year terms thereafter (“Renewal Terms”) (collectively
the Initial Term and Renewal Terms referred to herein as “Employment Period”). Nevertheless, Employee’s employment under
this Agreement may be earlier terminated in any of the followings ways: (a) by the Company or Employee by providing written notice no
less than thirty (30) days prior to the completion of the Initial Term or a Renewal Term; (b) immediately and automatically upon Employee’s
death; (c) by the Company, upon not less than 14 days prior written notice to Employee, as a result of Employee’s incapacity due
to physical or mental illness or injury resulting in Employee’s absence from his full-time duties hereunder for four consecutive
weeks, subject to Employee’s right to cure during the 14-day period; (d) by the Company immediately for Good Cause; (e) by the Company
upon not less than 14 days prior written notice to Employee for any reason or no reason; (f) by Employee immediately for Good Reason;
or (g) by Employee upon not less than 90 days prior written notice to the Company for any reason or no reason.


 


8.  Effects
of Termination. Following any termination of Employee’s employment under this Agreement, all compensation and benefits provided
to Employee under this Agreement shall cease to accrue as of the date of such termination, except as set forth in the paragraphs below.


 






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8.1  In
the case of a termination arising under Section 7(b) from Employee’s death or under Section 7(c) from Employee’s incapacity,
the Company shall, for a period of one month following such death, pay to the estate of Employee an amount equal to Employee’s monthly
payment of the then current Base Salary, including any earned but unpaid annual compensation and continue the welfare benefit programs
contemplated under Section 3.5 above, including paying all premiums for coverage for Employee’s dependent family members under all
health, hospitalization, disability, dental, life and other insurance plans that the Company maintained at the time of Employee’s
death.


 


8.2 In the case of a
termination arising under Section 7(e) from the Company’s termination without Good Cause, or under Section 7(f) from
Employee’s termination with Good Reason, then, subject in all cases to Employee’s execution and delivery to the Company
of a general release and waiver of claims (including claims under contracts, claims under torts, claims as an employee, of the
Company or any of its affiliates, if applicable; it being understood that there will not be a release of any rights under the
Phantom Equity Agreement or any subsequent equity agreements, as specified in those agreements) in a customary and negotiated form
reasonably acceptable to the parties.


 


8.3  In
the case of a termination arising under Section 7(d) from the Company’s termination with Good Cause or under Section 7(g) from the
resignation of the Employee, then (a) no severance or continued benefits shall be due to Employee.


 


9.  Return
of Company Property. All correspondence, reports, records, charts, advertising materials, designs, patents, business plans, financial
statements, manuals, memoranda, lists, and other personal property of the Company or its affiliates and in the possession of Employee
shall be and remain the property of the Company and its affiliates, as applicable. Any such documentation, information or property that
is in the possession of Employee shall be delivered promptly to the Company upon termination of Employee’s employment.


 


 10. Non-Competition.




 


10.1  In
consideration of the various benefits provided by the Company to Employee under this Agreement, Employee agrees to be bound by the restrictive
covenant set forth in this Section. Employee recognizes and acknowledges the competitive and proprietary nature of the Business. Accordingly,
Employee agrees that, during the applicable Restricted Period, as defined below, Employee shall not, without the prior written consent
of the Company (which the Company shall not unreasonably withhold or condition), for himself or on behalf of any other person or entity,
directly or indirectly, either as principal, agent, stockholder, lender, consultant, officer, director, employee, agent, representative
or in any other capacity, own, manage, operate or control, or be concerned, connected or employed by, or otherwise associate in any manner
with, or engage in or have any financial interest in, any enterprise engaging in the Restricted Business, as defined below, anywhere in
the Restricted Territory, as defined below.


 


10.2  Nothing
contained in this Agreement shall preclude Employee from purchasing or owning common stock or equity in any company engaging in the Restricted
Business if such stock is publicly traded and Employee’s holdings therein do not exceed one percent of the total number of issued
and outstanding shares of capital stock of such company.


 


10.3  For
purposes of this Agreement: (a) “Restricted Period” means the period commencing on the date of this Agreement and ending on
the one year anniversary of the expiration or termination of this Agreement if Employee’s employment is terminated with Good Cause
or if he resigns without Good Reason. (b) “Restricted Business” means the Technology of the Company (including any portion
of the Technology conducted through affiliates or subsidiaries of the Company) as conducted as of the date of expiration or termination
of this Agreement (and as previously conducted within the two years prior to the date of such expiration or termination ), including any
substantially similar business that is competitive with the Technology; and (c) “Restricted Territory” means anywhere in the
United States where the Company or any of its affiliates, directly or indirectly, conducts the Technology as of the date of expiration
or termination of this Agreement.


 






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10.4 If any part of this
Section 10 (or any of the restrictive covenants set forth in Section 6 above) should be determined by an arbitrator or court of
competent jurisdiction to be unreasonable in duration, geographic area, or scope, then this Section 10 (and Section 6 above, if
applicable) is intended to and shall extend only for such period of time, in such geographic area and with respect to such activity
as is determined by such arbitrator or court to be reasonable.


 


11.  Indemnification.
If Employee is made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than (i) an action directly by the Company against Employee, and other than (ii) such a threatened, pending or
completed suit or proceeding brought against Employee and/or the Company by a third- party and which obligates Employee to provide the
Company indemnity under Section 13 below), by reason of or in connection with the fact that Employee is or was performing services for
the Company under this Agreement, then the Company shall indemnify Employee against all expenses (including reasonable attorneys’
fees), judgments, fines and amounts paid in settlement, as actually and reasonably incurred by Employee in connection therewith to the
maximum extent permitted by applicable law. In the event that both Employee and the Company are made a party to the same third-party action,
complaint, suit or proceeding, the Company agrees to engage competent legal representation, and Employee agrees to use the same representation,
provided that if counsel selected by the Company shall have a conflict of interest preventing such counsel from representing Employee,
Employee may engage separate counsel of his choosing and the Company shall pay all reasonable attorneys’ fees of such separate counsel.
To the maximum extent permitted by law, Employee shall not be entitled to indemnification or expense advances under this Agreement in
any case where he has exhibited gross negligence or willful misconduct, or performed criminal or fraudulent acts, or engaged in violations
of federal securities laws; and the Company may withhold expense advances if it reasonably determines that Employee is not entitled to
indemnification hereunder because of gross negligence, willful misconduct, the performance of criminal or fraudulent acts or the violation
of federal securities laws.


 


12. Parachute
Payments. If any payment or benefit (any “Payment”) Employee would receive from the Company pursuant to or in
connection with a “Change in Control” as defined in the Treasury Regulations promulgated under Code §280G would (i)
constitute a “parachute payment” within the meaning of Code §280G, and (ii) but for this sentence, be subject to
the excise tax imposed by Code §4999 (the “Excise Tax”), then such Payment shall be adjusted to equal to the
Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment (prior to adjustment) that
would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment (prior to
adjustment), which, after taking into account all applicable federal, state and local employment taxes, income taxes and the Excise
Tax (all computed at the highest applicable marginal rate), results in Employee’s receipt, on an after-tax basis, of the
greater amount of the Payment (than that calculated under clause (x) above) notwithstanding that all or some portion of the Payment
may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary
so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless Employee elects, in writing, a
different order (provided, however, that such election shall be subject to the Company’s approval if made on or after the
effective date of the event that triggers the Payment): reduction of cash payments; cancellation of accelerated vesting of stock
options, if any; and reduction of employee benefits. In the event that acceleration of vesting of the stock options is to be
reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Employee’s stock options
(i.e., the earliest granted stock option will be cancelled last) unless Employee elects, in writing, a different order for
cancellation.


 


13.  No
Conflicting Agreements. Employee represents and warrants to the Company that the execution of this Agreement by Employee and
Employee’s employment by the Company, and the performance of Employee’s duties hereunder, will not violate or breach any agreement
with any former or existing employer, client, or any other person, firm or entity, to which agreement Employee is a party or by which
agreement Employee is bound. Employee also represents and warrants that he is not affiliated in any manner (whether as a stockholder,
member, partner, manager, director, officer, employee or otherwise) with any person or entity that has any business relationship with
the Company. Furthermore, Employee agrees to indemnify the Company from and against any and all losses, liabilities, damages and claims,
including but not limited to reasonable attorneys’ fees and costs and expenses of investigation, arising from any third-party claim
made against the Company and based upon or arising out of any non-competition or confidentiality agreement between or among Employee and
any such third party.


 






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14.  Assignment;
Binding Effect. Employee understands that the Company is employing him on the basis of his personal qualifications, experience and
skills. Therefore, Employee agrees that he cannot delegate any portion of his obligations of performance under this Agreement. However,
Employee can employ, as appropriate, a staff to assist him in carrying out his responsibilities; provided that such assistance may be
limited by budgetary constraints and the failure of such staff cannot serve as a reason for inadequate job performance by the Employee.
Employee may also not assign any of his rights under this Agreement without the prior written consent of the Company, which consent may
be conditioned or withheld in the sole and complete discretion of the Company. Subject to the preceding two sentences, this Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective heirs, legal representatives, and
permitted successors and assigns.


 


15.  Complete
Agreement. This Agreement is not a promise of future employment. Except as specifically provided herein, Employee has received no
oral representations, and has no other understandings or agreements with the Company (oral or written) or any of its officers, directors
or representatives covering the same subject matter as this Agreement. This written Agreement, together with its exhibits and schedules,
is the final, complete and exclusive statement and expression of the agreement between the Company and Employee pertaining to Employee’s
employment. This written Agreement may not be later modified except in a writing signed by a duly authorized officer of the Company and
Employee, and no term of this Agreement may be waived except by a writing signed by the party waiving the benefit of such term. This Agreement
hereby supersedes any other employment agreements or understandings, written or oral, between the Company and Employee.


 


16.  Notices.
Whenever any notice is required hereunder, it shall be given in writing addressed as follows:


 


If to the Company:


 


With a copy to:


 


If to Employee:


 


Notice shall be deemed to be delivered four days after
it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight
courier service. Either party may change the address for notice by notifying the other party of such change in accordance with this Section.


 


17.  Severability;
Blue Pencil Doctrine. In the event that any one or more of the provisions of this Agreement or any application thereof, shall
be found to be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions and
any application thereof, shall not in any way be affected or impaired thereby. To the extent any provision of this Agreement is determined
by an arbitrator or court of competent jurisdiction to be unenforceable, the arbitrator or court of competent jurisdiction shall reform
any such provision to make it enforceable. The provisions of this Agreement shall, where possible, be interpreted so as to sustain their
legality and enforceability.


 


 18. Dispute Resolution.




 


18.1  To
the greatest extent possible, the parties will endeavor to resolve any disputes relating to the Agreement through amicable negotiations.
Failing an amicable settlement, any controversy, claim or dispute arising under or relating to this Agreement, including the existence,
validity, interpretation, performance, termination or breach of this Agreement, will finally be settled by binding arbitration before
a three person arbitrator (the “Arbitration Tribunal”) which will be jointly appointed by the parties. The Arbitration Tribunal
shall self-administer the arbitration proceedings utilizing the Commercial Rules of the American Arbitration Association (“AAA”);
provided, however, the AAA shall not be involved in administration of the arbitration. The Arbitration Tribunal must consist of one retired
judge of a state or federal court of the United States or a licensed lawyer with at least 15 years of corporate or commercial law experience.


 






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18.2 The arbitration will
be held in Minneapolis, Minnesota. Each party will have discovery rights as provided by the Federal Rules of Civil Procedure within
the limits imposed by the arbitrators. It is the intent of the parties that any arbitration will be concluded as quickly as
reasonably practicable. Once commenced, the hearing on the disputed matters will be held four days a week until concluded, with each
hearing date to begin at 9:00 a.m. and to conclude at 5:00 p.m. The arbitrators will use all reasonable efforts to issue the final
written report containing award or awards within a period of five business days after closure of the proceedings. Failure of the
arbitrators to meet the time limits of this Section will not be a basis for challenging the award. The Arbitration Tribunal will not
have the authority to award punitive damages to either party. Each party will bear its own expenses, but the parties will share
equally the expenses of the Arbitration Tribunal. The Arbitration Tribunal shall award attorneys’ fees and other related costs
payable by the losing party to the successful party as it deems equitable. This Agreement will be enforceable, and any arbitration
award will be final and non-appealable, and judgment thereon may be entered in any court of competent jurisdiction. Notwithstanding
the foregoing, claims for injunctive relief for breaches of Sections 4, 5, 6, 9 and 10, and claims to enforce arbitration awards,
may be brought in a state or federal court in the state court in Minnesota.


 


19.  Equitable
Relief. Employee acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting from the
breach or threatened breach of the covenants contained in Sections 4, 5, 6, 9 and 10 of this Agreement, and that any such breach may cause
the Company irreparable harm. Accordingly, the Company will be entitled to seek injunctive relief, including but not limited to temporary
restraining orders, preliminary injunctions and permanent injunctions, to enforce the terms thereof, without the need to demonstrate irreparable
harm or, to the extent permitted by applicable law, the need to post any bond. This right to injunctive relief will not, however, diminish
any of the Company’s other legal rights under this Agreement or at law.


 


20.  Governing
Law; Jurisdiction and Venue. This Agreement shall in all respects be construed according to the laws of the State of Minnesota, notwithstanding
the conflicts-of-law provisions of such state. Subject to the provisions of Section 18 above, any claims for injunctive relief arising
under this Agreement, and any claims to enforce an earlier issued arbitration award, shall be exclusively decided by a state or federal
court in the State of Minnesota. Employee hereby irrevocably waives his right, if any, to have any disputes between him and the Company
arising out of or related to this Agreement decided in any jurisdiction or venue other than a state or federal court in the State of Minnesota.
Furthermore, Employee hereby irrevocably (a) waives any objection that he might have now or hereafter to the foregoing jurisdiction and
venue of any such proceeding, (b) submits to the exclusive jurisdiction of any such court set forth above in any such proceeding, and
(c) waives any claim or defense of inconvenient forum.


 


21.  Further
Assurances. Each party shall, without further consideration, execute such additional documents as may be reasonably required in order
to carry out the purposes and intents of this Agreement.


 


22.  Interpretation.
Employee has had a meaningful opportunity to work with legal counsel of his choosing and has either availed himself of such opportunity
to his satisfaction or has independently determined not to seek such counsel. Furthermore, Employee has a meaningful opportunity to review
and negotiate the terms and conditions of this Agreement. Since both parties have participated in the negotiation, drafting and finalization
of their business relationship and documented such relationship in this Agreement, this Agreement will not be interpreted as though it
has been drafted solely by the Company.


 


23. Waivers. No
term or condition of this Agreement will be deemed to have been waived nor shall there be any estoppel to enforce any provision
hereof, except by a written instrument executed by the party charged with waiver or estoppel. A party’s delay, waiver or
failure to enforce any of the terms of this Agreement or any similar agreement in one instance shall not constitute a waiver of its
rights hereunder with respect to other violations of this or any other agreement.


 


24.  Counterparts
and Delivery. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together
shall constitute but one and the same instrument. Counterpart signatures delivered by facsimile or other means of electronic transmission
shall be valid and binding to the same as the delivery of original ink signatures.


 






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IN WITNESS WHEREOF, the parties have
executed this Employment Agreement as of the date first above written.


 


	COMPANY:	 	EMPLOYEE:
	 	 	 	 
	GWG HOLDINGS, INC.	 	Brian Chen
	 	 	 	 
	By:	/s/ Jon Sabes	 	/s/ Brian Chen
	Name: 	Jon Sabes 	 	Name: 	 Brian Chen
	Title:	CEO	 	 



 


Signature Page]


 






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Exhibit A


 


Employment Activities


 


Title:
Chief Science Officer (“CSO”)


 


The Chief Science Officer will
be responsible for leading the development of commercializing epigenetic predictive technology.


 


The scientific efforts will involve
a variety of challenging endeavors as Life Epigenetics seeks to commercialize epigenetic technology initially for the life insurance industry,
but even more broadly for the health and wellness industries.


 


Job Description:


 


The Chief Science Officer will
oversee the scientific development of epigenetic biomarkers that are predictive as to individual health and wellness. In addition, the
CSO will work to understand the integration of individual health and wellness measurements into insurance underwriting.


 


The area of responsibility for
this role encompasses both scientific and analytic expertise. The CSO is required to have and maintain expertise in the biology and epidemiology
of human health, biomarkers, functional testing, and mortality risk factors. In addition, the CSO must have the experience in developing
analytical pipelines for “big data” and stay on the cutting edge of human health research in order to identify new measures
of life expectancy.


 


Responsibilities/Goals:


 


		1.	Design epigenetic signatures that mirror established measures
of health and wellness.



 


		2.	Create a panel of epigenetic signatures capable of replacing
the need for paramedical testing of blood/urine used in life insurance underwriting.



 


		3.	Work to create an intellectual property strategy that protects
the epigenetic signatures developed, as well as maintain the freedom to operate around any outstanding intellectual property.



 


		4.	Actively participate (and manage where appropriate) on organizational
decision making on the operational activities and corporate direction in support of strategic goals.



 


Compensation:


 


Base Salary: $175,000


 


Incentive Compensation:


 


		●	Cash compensation, under development and to be proposed and
approved by the CEO, that shall be based upon the attainment of specific operational benchmarks supporting the development of epigenetic
signatures capable of replacing life insurance paramedical underwriting.



 





		●	Phantom Equity Rights (“PERs”) representing 3%
of the Valuation Amount created in the business of Life Epigenetics, Inc. (“LEGX”). PERs shall vest pro-rata over a 5 year
term, beginning on the original start date of February 6, 2017.



 


	Benefits:	Standard Benefits Health, dental, and vision insurance. 401K.



 


	Vacation:	Standard Benefits



 


	Others:	Tele-work and travel and registration for business meetings, conferences, workshops, and trainings related
to health biomarkers, analytics, and aging, as required.



 






    B-10


     


    

 


Exhibit B


 


Form of Phantom Equity Rights Agreement


 


 


B-11