Document:

EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 
 AMENDED AND
RESTATED 
 EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), effective as of December 28,
2018 (the “Effective Date”), is by and between Tidewater Inc. (“Tidewater” and, together with its subsidiaries, the “Company”) and Samuel Rubio
(“Executive”). 
 WHEREAS, Executive served as the Senior Vice President and Chief Financial Officer
of GulfMark Offshore, Inc. (“GulfMark”) until November 15, 2018, when the corporate existence of GulfMark ceased as a result of the previously-announced business combination between Tidewater and GulfMark (the
“Business Combination”), which was effected through a two-step reverse merger pursuant to which (i) Gorgon Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of
Tidewater merged in with and into GulfMark, with GulfMark continuing as the surviving corporation and a wholly-owned subsidiary of Tidewater and then, immediately afterwards, (ii) GulfMark merged with and into Gorgon NewCo, LLC, a wholly-owned
subsidiary of Tidewater (“Gorgon”), with Gorgon continuing as the surviving entity and a wholly-owned subsidiary of Tidewater; 

WHEREAS, the Tidewater and the Executive have agreed that, effective as of the Effective Date, the Executive will become Vice
President, Chief Accounting Officer, and Controller of Tidewater; and 
 WHEREAS, GulfMark and Executive were parties to that certain
Employment Agreement, dated April 19, 2018 (the “GLF Agreement”), which governed the Executive’s employment with GulfMark and its successors immediately prior to the Effective Date, and Tidewater and the Executive
desire to amend and restate the GLF Agreement in order to memorialize in writing the terms and conditions of their understandings and agreements regarding the Executive’s employment with the Company as of the Effective Date. 

NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, Tidewater hereby agrees to
continue to employ Executive and Executive hereby accepts such continued employment upon the terms and conditions set forth in this Agreement: 

1. Employment Period. 

(a) Subject to Section 4, Tidewater hereby agrees to employ Executive, and Executive hereby agrees to be employed by Tidewater, in
accordance with the terms and provisions of this Agreement, for the period commencing as of the Effective Date and ending on the third anniversary of the Effective Date or such later date as mutually agreed by the parties in writing (such period, as
it may be extended or truncated under the terms of this Agreement, the “Employment Period”). Following the termination of this Agreement, the Employee may remain
employed-at-will with the Company. 
 (b) During the
Employment Period, Executive shall serve as the Vice President, Chief Accounting Officer, and Controller of Tidewater and, in so doing, shall report to the Chief Financial Officer of Tidewater (the “CFO”). Executive shall
have such powers and duties (including, but not limited to, holding officer positions with Tidewater and one or more of its subsidiaries) as may from time to time be prescribed by the CFO. 

(c) During the Employment Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to
devote substantially all of his business time to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to Executive hereunder or by the CFO hereafter, to use Executive’s reasonable best
efforts to perform faithfully, effectively and efficiently such responsibilities. During the Employment Period, it shall not be a violation of this Agreement for Executive to (i) serve on corporate, civic or charitable boards or committees,
provided that service on any corporate board or committee shall be subject to the prior approval of the board of directors of Tidewater (the “Board”), (ii) deliver lectures or fulfill speaking engagements, and
(iii) manage personal investments, so long as such activities do not materially interfere with the performance of Executive’s responsibilities hereunder. 

  
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 (d) The parties expressly acknowledge that any performance of Executive’s
responsibilities hereunder shall necessitate, and the Company shall provide, access to or the disclosure of Confidential Information (as defined in Section 6(a) below) to Executive, and that Executive’s responsibilities shall include the
development of the Company’s goodwill through Executive’s contacts with the Company’s customers and suppliers. 
 2.
Compensation. 
 (a) Base Salary. Tidewater shall pay Executive an annual base salary (“Base
Salary”) at the rate of $230,000 during the Employment Period. The Board may at its discretion elect to increase Executive’s Base Salary at any time if it deems an increase is warranted. Subject to Section 4(c)(ii) hereof,
during the Employment Period, the Board may not decrease Executive’s annual Base Salary without his prior written approval. Base Salary shall be payable in accordance with the ordinary payroll practices of the Company, but in no event shall the
Base Salary be paid to Executive less frequently than monthly. The term “Base Salary” as used in this Agreement shall refer to the Base Salary as it may be so adjusted from time to time. 

(b) Annual Bonus. With respect to each calendar year during the Employment Period, beginning with 2019, Executive shall be eligible to
earn an annual bonus (the “Annual Bonus”) in an amount to be determined by the Compensation Committee of the Board (“Committee”) based on performance goals established by the Committee, with Executive
being eligible to earn a target bonus equal to no less than 70% of his Base Salary. Any Annual Bonus earned with regard to a particular calendar year shall be paid to Executive no later than March 15 of the following calendar year, subject to
Executive’s continued employment with the Company on the actual date of payment. 
 (c) Additional Consideration. In
consideration of Executive entering into this Agreement and as an inducement to join the Company, Tidewater agrees to provide the following additional compensation and benefits (together, the “Additional Consideration”): 

(i) The parties agree and acknowledge that, as of the Effective Date, the Executive holds 10,431 unvested time-based restricted
stock units (the “Converted RSUs”), each of which represents the right to receive one share of Tidewater common stock, par value $0.001 per share (the “Common Stock”). The Converted RSUs, originally
granted to Executive by GulfMark, were converted and assumed by Tidewater in the Business Combination and are subject to the terms and conditions of the Legacy GLF Management Incentive Plan (as adopted by Tidewater following the Business
Combination, the “Legacy GLF Plan”) and the applicable award agreement. In consideration of Executive entering into this Agreement, all Converted RSUs shall accelerate and vest in full automatically on the Effective Date.

 (ii) On the Effective Date, the Committee shall grant to the Executive two equity grants: (1) a grant of 10,000
time-based restricted stock units (the “First Grant”) and (2) a grant of time-based restricted stock units with a grant date fair value of $360,950, with the number of restricted stock units granted determined by
dividing by the closing price of a share of Common Stock on the Effective Date, rounded up to the next whole share (the “Second Grant” and, together with the First Grant, the “LTI Grants”). Both LTI
Grants shall be granted under the Legacy GLF Plan and the Company’s standard form of award agreement, and each LTI Grant shall vest in three equal installments on the first three anniversaries of the Effective Date, subject to the
Executive’s continued employment through the applicable vesting date (except as provided in the award agreement or Section 4). 

(iii) The Company shall pay the Executive a lump sum cash signing bonus of $68,750 (the “Signing
Bonus”) within ten (10) days following the Effective Date. 
 3. Employee Benefits. 

(a) During the Employment Period, the Company shall provide Executive with coverage under all employee pension and welfare benefit programs,
plans and practices, which Tidewater makes available to its officers (including, but not limited to, participation in health, dental, group life, disability, retirement and all other plans and fringe benefits to the extent generally provided to such
officers), commensurate with his position in the Company, to the extent permitted under the employee benefit plan or program, and in accordance with the terms of the program and/or plan. 

  
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 (b) Executive shall be entitled to vacation time in accordance with the Company’s
vacation policy, as in effect from time to time. 
 (c) Executive is authorized to incur reasonable expenses in carrying out his duties and
responsibilities under this Agreement and promoting the business of the Company, including, but not limited to, reasonable expenses for travel, lodgings, entertainment and similar items related to such duties and responsibilities, in each case in
accordance with applicable Company policies. The Company will promptly reimburse Executive for all such expenses upon presentation by Executive of appropriately itemized and approved accounts of such expenditures, in accordance with the
Company’s expense reimbursement policy; provided, however, that in no event shall the expense reimbursement be made after the last day of the taxable year following the year in which the expense was incurred by Executive, although in the event
that the reimbursement would constitute taxable income to Executive, such reimbursements will be paid no later than March 15th of the calendar year following the calendar year in which the expense was incurred. No reimbursement or expenses eligible
for reimbursement in any taxable year shall affect the expenses eligible for reimbursement in any other taxable year, nor may the right to receive a reimbursement of expenses be subject to liquidation or exchanged for another benefit. 

4. Termination of Employment. 

(a) Accrued Obligations. Unless otherwise specified in a separate provision of this Section 4, either party may terminate this
Agreement and Executive’s employment for any reason during the Employment Period after providing thirty (30) days written notice to the non-terminating party. Upon termination of the Executive’s
employment for any reason during the Employment Period, then, in addition to any amounts due to Executive pursuant to another subsection of this Section 4 and any other amounts or benefits to which Executive may be entitled under a separate
plan, policy or program maintained by the Company, Tidewater shall pay Executive, within ten (10) business days after the Date of Termination (as defined below), (i) all accrued but unpaid Base Salary, (ii) a prorated amount of
Executive’s Base Salary for accrued but unused vacation days, and (iii) yet unpaid reimbursements for any reasonable and necessary business expenses incurred by Executive prior to the Date of Termination in connection with his duties
hereunder (such amounts collectively, the “Accrued Obligations”). 
 (b) Termination by Company. During the
Employment Period, Tidewater may terminate this Agreement and Executive’s employment with or without Cause (as defined below). Upon such termination, Executive shall be entitled to receive the (1) Accrued Obligations, which amount shall be
paid within ten (10) business days after the Date of Termination and (2) any other amounts or benefits to which Executive may be entitled under a separate plan, policy or program maintained by the Company. In addition to the foregoing, if
such termination was without Cause, any outstanding but unvested portion of the Second Grant shall vest immediately as of the Date of Termination. For purposes of this Agreement, “Cause” means any of the following: 

(i) Executive’s commission of theft, embezzlement, any other act of dishonesty relating to his employment or service, or
any willful violation of any law, rules or regulation applicable to the Company, including, but not limited to, those laws, rules or regulations established by the Securities and Exchange Commission, or any self-regulatory organization having
jurisdiction or authority over Executive or the Company; or 
 (ii) Executive’s conviction of, or Executive’s plea
of guilty or nolo contendere to, any felony or of any other crime involving fraud, dishonesty or moral turpitude; or 

(iii) A determination by the Board that Executive has materially breached this Agreement (other than during any period of
Disability, as defined below) where such breach is not remedied within ten (10) business days after written demand by the Board for substantial performance is received by Executive which identifies the manner in which the Board believes
Executive has so breached this Agreement; or 
 (iv) Executive’s willful failure to perform the reasonable and customary
duties of his position with the Company, which failure is not remedied within ten (10) business days after written demand by the Board for substantial performance is received by Executive which specifically identifies the nature of such
failure. 

  
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 EXECUTION VERSION 
  

 (c) Termination by Executive. During the Employment Period, the Executive may
terminate this Agreement and his employment with or without Good Reason (as defined below). Upon such termination, Executive shall be entitled to receive the (1) Accrued Obligations, which amount shall be paid within ten (10) business days
after the Date of Termination and (2) any other amounts or benefits to which Executive may be entitled under a separate plan, policy or program maintained by the Company. In addition to the foregoing, if such termination was with Good Reason,
any outstanding but unvested portion of the Second Grant shall vest immediately as of the Date of Termination. For purposes of this Agreement, “Good Reason” means any of the following that occurs without Executive’s
consent: 
 (i) Any reduction in Executive’s Base Salary, other than an across the board reduction of less than 10% of
Executive’s Base Salary; or 
 (ii) Relocation of Executive’s principal place of business to a location fifty
(50) or more miles from its location as of the Effective Date; or 
 (iii) A material breach by Tidewater of this
Agreement, which materially and adversely affects Executive; or 
 (iv) Tidewater’s failure to make any material payment
to Executive required to be made under the terms of this Agreement; 
 provided, however, that Executive’s termination shall not be considered
to be with Good Reason unless (y) Executive provides at least thirty (30) days’ written notice to Tidewater of the condition constituting Good Reason (which notice must be given within ninety (90) days after the occurrence of
such condition and describe condition in reasonable detail) and (z) such condition is not cured by the Company within thirty (30) days after Tidewater receives such written notice. 

(d) Termination due to Disability. Tidewater may terminate this Agreement at any time if Executive shall be deemed in the reasonable
judgment of the Board to have sustained a Disability. Executive shall be deemed to have sustained a “Disability” if he shall have been unable to substantially perform his duties as an employee of Tidewater as a result of
sickness or injury, and shall have remained unable to perform any such duties for a period of more than one-hundred eighty (180) consecutive days in any twelve (12) month period. Upon termination of
this Agreement for Disability, Executive shall only be entitled to (i) Accrued Obligations, which amount shall be paid within ten (10) business days after the Date of Termination, (ii) accelerated vesting, as of the Date of
Termination, of any outstanding but unvested portion of the LTI Grants, and (iii) any other amounts or benefits to which Executive may be entitled under a separate plan, policy or program maintained by the Company. 

(e) Termination by Death. This Agreement will terminate automatically upon Executive’s death. Upon termination of this Agreement
due to Executive’s death, Tidewater shall pay or provide Executive’s estate with the following: (i) Accrued Obligations, which amount shall be paid within ten (10) business days after the Date of Termination,
(ii) accelerated vesting, as of the Date of Termination, of any outstanding but unvested portion of the LTI Grants, and (iii) any other amounts or benefits to which Executive may be entitled under a separate plan, policy or program
maintained by the Company. 
 (f) Date of Termination. As used in this Agreement, “Date of Termination” means
(i) if Executive’s employment is terminated by his death, the date of his death; (ii) if Executive’s employment is terminated as a result of a Disability or by Tidewater for Cause or without Cause, then the date specified in a
notice delivered to Executive by Tidewater of such termination, (iii) if Executive’s employment is terminated by Executive for Good Reason, then the date specified in the notice of such termination delivered to Tidewater by Executive, and
(iv) if Executive’s employment is terminated for any other reason, the date specified therefore in the notice of such termination. The Employment Period will terminate upon any termination of Executive’s employment pursuant to this
Section 4. 

  
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 EXECUTION VERSION 
  

 5. Release and Continued Compliance. 

Notwithstanding any other provision in this Agreement to the contrary, as a condition precedent to receiving any payments or benefits under
this Agreement (other than the Accrued Obligations), including, without limitation, any accelerated vesting of the LTI Grants in connection with any applicable termination scenario, Executive agrees to execute a separation and release agreement in a
form specified by Tidewater, containing a waiver of all claims against the Company (the “Release”), within the forty-five (45) day period immediately following the Date of Termination, and subsequently not revoke the
Release during any period for revocation contained therein. All revocation rights and timing restrictions shall be set forth in such Release. If Executive fails to execute and deliver the Release, or revokes the Release, Executive agrees that he
shall not be entitled to receive any payments or benefits under this Agreement (other than the Accrued Obligations), including, without limitation, any accelerated vesting of the LTI Grants in connection with any applicable termination scenario. For
purposes of this Agreement, the Release shall be considered to have been executed by Executive if it is signed by his legal representative in the case of legal incompetence or on behalf of Executive’s estate in the case of his death.
Executive’s receipt of any payments or benefits under this Agreement (other than the Accrued Obligations), including, without limitation, any accelerated vesting of the LTI Grants in connection with any applicable termination scenario, will
also be subject to Executive’s continued compliance with Sections 6, 7 and 12 hereof. 
 6. Nondisclosure. 

(a) It is understood that Executive during his tenure with the Company has received and will continue to receive access to some or all of the
Company’s various trade secrets and confidential or proprietary information, including, but not limited to, information he has not received before, consisting of, but not limited to, information relating to (i) business operations and
methods, (ii) existing and proposed investments and investment strategies, (iii) financial performance, (iv) compensation arrangements and amounts (whether relating to the Company or to any of its employees), (v) contractual
relationships, (vi) business partners and relationships, and (vii) marketing strategies (all of the forgoing, “Confidential Information”). Confidential Information shall not include information that (A) becomes
generally available to the public by means other than Executive’s breach of this Section 6 (for example, not as a result of Executive’s unauthorized release of marketing materials), (B) is in Executive’s possession, or becomes
available to Executive, on a non-confidential basis, from a source other than the Company or (C) Executive is required by law, regulation, court order or discovery demand to disclose; provided, however,
that in the case of this clause (C), Executive gives the Company, to the extent permitted by law, reasonable notice prior to the disclosure of the Confidential Information and the reasons and circumstances surrounding such disclosure to provide the
Company an opportunity to seek a protective order or other appropriate request for confidential treatment of the applicable Confidential Information. 

(b) Executive agrees that all Confidential Information, whether prepared by Executive or otherwise coming into his possession, shall remain the
exclusive property of the Company during and after Executive’s employment with the Company. Executive further agrees that Executive shall not, except for the benefit of the Company pursuant to the proper exercise of his duties in accordance
with this Agreement or with the prior written consent of the Board, use or disclose to any third party any of the Confidential Information described herein, directly or indirectly, either during Executive’s employment with the Company or at any
time following the termination of Executive’s employment with the Company. 
 (c) Upon termination of this Agreement, Executive agrees
that all Confidential Information and other files, documents, materials, records, notebooks, customer lists, business proposals, contracts, agreements and other repositories containing information concerning the Company or the business of the
Company (together with all copies thereof in any physical or electronic medium) in Executive’s possession, custody or control, whether prepared by Executive or others, shall remain with or be returned to the Company as soon as practicable after
the Date of Termination. Executive agrees to provide the Company with access to Executive’s personally-owned computer, server, e-mail system, mobile phone, portable electronic and other electronic devices
for the purpose of verifying that Executive has complied with this Section 6(c). 

  
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 EXECUTION VERSION 
  

 (d) Nothing in this Agreement will preclude, prohibit or restrict Executive from
(i) communicating with, any federal, state or local administrative or regulatory agency or authority, including, but not limited to, the Securities and Exchange Commission (the “SEC”); (ii) participating or cooperating
in any investigation conducted by any governmental agency or authority; or (iii) filing a charge of discrimination with the United States Equal Employment Opportunity Commission or any other federal state or local administrative agency or
regulatory authority. Nothing in this Agreement, or any other agreement between the parties, prohibits or is intended in any manner to prohibit, Executive from (A) reporting a possible violation of federal or other applicable law or regulation
to any governmental agency or entity, including, but not limited to, the Department of Justice, the SEC, the U.S. Congress, and any governmental agency Inspector General, or (B) making other disclosures that are protected under whistleblower
provisions of federal law or regulation. This Agreement does not limit Executive’s right to receive an award (including, without limitation, a monetary reward) for information provided to the SEC. Executive does not need the prior authorization
of anyone at the Company to make any such reports or disclosures, and Executive is not required to notify the Company that Executive has made such reports or disclosures. Nothing in this Agreement or any other agreement or policy of the Company is
intended to interfere with or restrain the immunity provided under 18 U.S.C. §1833(b). Executive cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made
(i) (A) in confidence to federal, state or local government officials, directly or indirectly, or to an attorney, and (B) for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other
document filed in a lawsuit or other proceeding, if filed under seal; or (iii) in connection with a lawsuit alleging retaliation for reporting a suspected violation of law, if filed under seal and does not disclose the trade secret, except
pursuant to a court order. The foregoing provisions regarding protected disclosures are intended to comply with all applicable laws. If any laws are adopted, amended or repealed after the execution of this Agreement, this Section 6(d) shall be
deemed to be amended to reflect the same. 
 7. Non-Competition, Non-solicitation, Non-Disparagement. 
 (a) As part of the
consideration for the compensation and benefits to be paid to Executive hereunder, to protect Confidential Information of the Company and its customers and clients that have been and will be entrusted to Executive, the business goodwill of the
Company and its subsidiaries that will be developed in and through Executive and the business opportunities that will be disclosed or entrusted to Executive by the Company and its subsidiaries, and as an additional incentive for the Company to enter
into this Agreement, from the date hereof through the first anniversary of the Date of Termination (the “Restricted Period”), Executive will not (other than for the benefit of the Company pursuant to the proper exercise of
his duties in accordance with this Agreement), directly or indirectly: 
 (i) engage in, or carry on or assist, individually
or as a principal, owner, officer, director, employee, shareholder, consultant, contractor, partner, member, joint venturer, agent, equity owner or in any other capacity whatsoever, any (A) business competitive with any business in which the
Company is engaged from time to time (a “Competing Business”) or (B) Business Enterprise (as defined below) that is otherwise competitive with the Company within the states in which the Company conducts business; 

(ii) perform for any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business
association or entity (a “Business Enterprise”) engaged in any Competing Business any duty Executive has performed for the Company that involved Executive’s access to, or knowledge or application of, Confidential
Information; 
 (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company
to cease doing business with the Company or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company; or 

(iv) solicit with the purpose of hiring or retaining, or hire or retain, any person who is or, within one hundred eighty
(180) days after such person ceased to be an employee, consultant or independent contractor of the Company, was an employee, consultant or independent contractor of the Company. 

  
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 (b) Notwithstanding the foregoing restrictions of this Section 7, nothing in this
Section 7 shall prohibit any investment by Executive, directly or indirectly, in publicly-traded securities which are issued by a Business Enterprise involved in or conducting a Competing Business, provided that Executive (i) in the
aggregate directly and indirectly, does not own more than five percent (5%) of the outstanding equity or voting securities of such Business Enterprise and (ii) does not have the right through the ownership of a voting interest or otherwise, to
direct the activities of or associated with the business of such Business Enterprise. 
 (c) Executive acknowledges that each of the
covenants contained in Sections 6 and 7(a) are in addition to, and shall not be construed as a limitation upon, any other covenant provided in Section 7(a). Executive agrees that the geographic boundaries, scope of prohibited activities, and
time duration of each of the covenants set forth in Sections 6 and 7(a) are reasonable in nature and are no broader than are necessary to maintain the confidentiality and the goodwill of the Company’s proprietary information and Confidential
Information, and its plans and services, and to protect the other legitimate business interests of the Company, including without limitation the goodwill developed by Executive with the Company’s customers, suppliers, licensees and business
relations. 
 (d) If, during any portion of the Restricted Period, Executive is not in compliance with the terms of Section 7(a), the
Company shall be entitled to, among other remedies (and not in limitation of any other such remedies), compliance by Executive with the terms of Section 7(a) for an additional period of time (i.e., in addition to the Restricted Period)
that shall equal the period(s) over which such noncompliance occurred. 
 (e) The parties hereto intend that the covenants contained in
Section 7(a) be construed as a series of separate covenants, one for each defined province in each geographic area in which Executive on behalf of the Company conducts business. Except for geographic coverage, each such separate covenant shall
be deemed identical in terms to the applicable covenant contained in Section 7(a). Furthermore, each of the covenants in Section 7 shall be deemed a separate and independent covenant, each being enforceable irrespective of the
enforceability (with or without reformation) of the other covenants contained in Section 7(a). 
 (f) Further, at no time during or
after the Employment Period will Executive utter, issue or circulate publicly any false or disparaging statements, remarks or rumors about Tidewater, any of its subsidiaries, and/or any of Tidewater’s or any of its subsidiaries’ respective
businesses, or any of their respective officers, employees or directors. Nothing in this Section 7(f) shall prohibit Executive from providing truthful and accurate facts where he is required to do so by law. 

8. Notices. 
 All
notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery
service to the parties at the following addresses or at such other addresses as shall be specified by the parties by like notice, in order of preference of the recipient: 
  

			
	 To Tidewater or the Company:
  

Board of Directors
 Tidewater Inc.

6002 Rogerdale Road
 Suite 600

Houston, TX 7702477072
	  	 To Executive:
  

At the most recent address on file with the Company

 Notice so given shall, in the case of mail, be deemed to be given and received on the fifth calendar day after posting, and in
the case overnight delivery service, on the date of actual delivery. 
 9. Severability and Reformation. 

If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if
any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent
necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

  
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 10. Assignment. 

This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and
successors of Tidewater, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive without the express written consent of Tidewater (except in the case of death by will
or by operation of the laws of intestate succession) or by Tidewater, except that Tidewater may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially all of the stock assets or businesses of
Tidewater. 
 11. Amendment. 

This Agreement may be amended only by writing signed by both Executive and by a duly authorized representative of Tidewater (other than
Executive). 
 12. Assistance in Litigation. 

Executive shall reasonably cooperate with the Company and its agents in the defense or prosecution of any claims or actions now in existence or
that may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Executive was employed by the Company or with respect to which Executive has any knowledge. Executive’s cooperation
in connection with such claims or actions shall include, but not be limited to, being reasonably available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company. Executive also shall cooperate fully
with the Company in connection with any investigation or review by any Federal, state, or local regulatory authority as any such investigation or review relates, to events or occurrences that transpired while Executive was employed by the Company or
with respect to which Executive has any knowledge. 
 13. Beneficiaries; References. 

Executive shall be entitled to select (and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive
any compensation or benefit payable hereunder following Executive’s death, and may change such election, in either case by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of his
incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. Any reference to the masculine gender in this Agreement shall include, where appropriate,
the feminine. 
 14. Use of Name, Likeness and Biography. 

The Company shall have the right (but not the obligation) to use, publish and broadcast, and to authorize others to do so, the name, likeness
and biographical material of Executive to advertise, publicize and promote the business of the Company and its affiliates. This right shall terminate upon the termination of this Agreement. A “likeness” and “biographical
material” shall be, respectively, any photograph or other depiction of Executive, or any biographical information or life story concerning the professional career of Executive. 

15. Governing Law. 

THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT REFERENCE TO RULES
RELATING TO CONFLICTS OF LAW. 
 16. Entire Agreement. 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all
respects any prior or other agreement (including, but not limited to, the Prior Agreement) or understanding, written or oral, between the Executive and any of GulfMark, its successors, the Company or any affiliate of the foregoing with respect to
such subject matter. Without limiting the foregoing, Executive (a) acknowledges and agrees that 

  
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GulfMark and/or the Company have satisfied all obligations that they have owed, and that they ever could have owed, under the Prior Agreement and (b) represents and warrants that, except as
specifically referenced in this Agreement, the Executive has no further rights or claims under the Prior Agreement or any other employment-related agreements with GulfMark, its successors, the Company, or any affiliate of the foregoing including,
but not limited to, any claims of having been constructively terminated or having cause to terminate employment for “Good Reason” and receive additional compensation. Each subsidiary of Tidewater is an intended third-party beneficiary of
this Agreement and may enforce its rights hereunder as though it were a party hereto. 
 17. Withholding. 

The Company shall be entitled to withhold from payment to Executive of any amount of withholding required by law. 

18. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which will be deemed an original. 

19. Remedies. 
 The
parties recognize and affirm that in the event of a breach of Sections 6 or 7, money damages would be inadequate and Tidewater would not have an adequate remedy at law. Accordingly, the parties agree that in the event of a breach or a threatened
breach of Sections 6 or 7, Tidewater may, in addition and supplementary to other rights and remedies existing in its favor, obtain from any court of law or equity of competent jurisdiction specific performance and/or injunctive or other relief in
order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). In addition, Executive agrees that in the event a court of competent jurisdiction or an arbitrator finds that Executive violated
Section 6 or 7, the time periods set forth in those Sections shall be tolled until such breach or violation has been cured. Executive further agrees that Tidewater shall have the right to offset the amount of any damages resulting from a breach
by Executive of Section 6 or 7 against any payments due to Executive under this Agreement (or otherwise from the Company). The parties agree that if one of the parties is found to have breached this Agreement by a court of competent
jurisdiction or arbitrator, the breaching party will be required to pay the non-breaching party’s attorneys’ fees reasonably incurred in prosecuting the
non-breaching party’s claim of breach. 
 20.
Non-Waiver. 
 The failure by either party to insist upon the performance of any one or
more terms, covenants or conditions of this Agreement shall not be construed as a waiver or relinquishment of any right granted hereunder or of any future performance of any such term, covenant or condition, and the obligation of either party with
respect hereto shall continue in full force and effect, unless such waiver shall be in writing signed by Tidewater (other than Executive) and Executive. 

21. Announcement. 

The Company shall have the right to make public announcements concerning the execution of this Agreement and the terms contained herein, and to
publicly disclose this Agreement and its terms, at the Company’s discretion. 
 22. Construction. 

The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting
this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. Unless otherwise specified, all references to a
“Section” shall be deemed to refer to a Section of this Agreement. 

  
 9 

 EXECUTION VERSION 
  

 23. Right to Insure. 

The Company shall have the right to secure, in its own name or otherwise, and at its own expense, life, health, accident or other insurance
covering Executive, and Executive shall have no right, title or interest in and to such insurance. Executive shall assist the Company in procuring such insurance by submitting to examinations and by signing such applications and other instruments as
may be required by the insurance carriers to which application is made for any such insurance. 
 24. No Inconsistent
Obligations. 
 Executive represents and warrants that he has no obligations, legal, in contract, or otherwise, inconsistent with the
terms of this Agreement or with his undertaking or continuing employment with the Company to perform the duties described herein. Executive will not disclose to the Company, or use, or induce the Company to use, any confidential, proprietary, or
trade secret information of others. Executive represents and warrants that he has returned all property and confidential information belonging to all prior employers, if he is obligated to do so. 

25. Binding Agreement. 

This Agreement shall inure to the benefit of and be binding upon Executive, his heirs and personal representatives, and the Company, its
successors and assigns. 
 26. Voluntary Agreement. 

Each party to this Agreement has read and fully understands the terms and provisions hereof, has had an opportunity to review this Agreement
with legal counsel, has executed this Agreement based upon such party’s own judgment and advice of counsel (if any), and knowingly, voluntarily, and without duress, agrees to all of the terms set forth in this Agreement. The parties have
participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will
arise favoring or disfavoring any party because of authorship of any provision of this Agreement. Except as expressly set forth in this Agreement, neither the parties nor their affiliates, advisors and/or their attorneys have made any representation
or warranty, express or implied, at law or in equity with respect of the subject matter contained herein. Without limiting the generality of the previous sentence, the Companies, their affiliates, advisors, and/or attorneys have made no
representation or warranty to Executive concerning any tax consequences (including, but not limited to, state or Federal tax consequences) to Executive regarding the transactions contemplated by this Agreement. 

27. Section 409A of the Code. 

This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and the Treasury regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”), or to be treated as exempt therefrom, and shall
be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as any
other compensation that is otherwise exempt from Section 409A shall be excluded from Section 409A to the maximum extent possible. Any payments to be made under this Agreement upon a termination of Executive’s employment that are
deemed to constitute non-qualified deferred compensation subject to Section 409A shall only be made if such termination of employment constitutes a “separation from service” under
Section 409A. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A if Executive’s receipt of such payment
or benefit is not delayed until the earlier of (i) the date of Executive’s death or (ii) the date that is six (6) months after the Date of Termination of Executive’s employment hereunder (such applicable date, the
“Section 409A Payment Date”), then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable) until the Section 409A Payment Date. Each payment
under this Agreement is intended to be a “separate payment” and not one of a series of payments for purposes of Section 409A. Notwithstanding the foregoing, the Company does not guarantee any particular tax effect, and Executive shall
be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of Executive in connection with the Agreement (including, but not limited to, any taxes, penalties and interest
under Section 409A), and neither the Company, nor any of its affiliates, shall have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all taxes, penalties or interest. 

  
 10 

 EXECUTION VERSION 
  

 28. Excise Tax. (a) Notwithstanding any other provisions in this
Agreement, in the event that any payment or benefit received or to be received by Executive (including, but not limited to, any payment or benefit received in connection with a change in control of Tidewater or the termination of Executive’s
employment, whether pursuant to the terms of this Agreement or any other plan, program, arrangement or agreement) (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part), to any
excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the
Code in such other plan, program, arrangement or agreement, the Company will reduce the Total Payments to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero); provided,
however, that the Total Payments will only be reduced if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income taxes on such reduced Total Payments and after
taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state, municipal and local income taxes on such Total Payments and the amount of Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of
itemized deductions and personal exemptions attributable to such unreduced Total Payments). 
 (b) In the case of a reduction in the Total
Payments, the Total Payments will be reduced in the following order: (i) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will
be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due in respect of any equity valued at full value under Treasury Regulation
Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24)
will next be reduced; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last
reduced first, will next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest
values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; and (v) all other non-cash
benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata. Any reductions made pursuant to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash payment and payments and benefits due in respect of any equity not subject to Section 409A, and second, a pro-rata reduction of cash payments
and payments and benefits due in respect of any equity subject to Section 409A as deferred compensation. 
 (c) For purposes of
determining whether and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to
constitute a “payment” within the meaning of Section 280G(b) of the Code will be taken into account; (ii) no portion of the Total Payments will be taken into account which, in the opinion of tax counsel (“Tax
Counsel”) reasonably acceptable to Executive and selected by the accounting firm which was, immediately prior to the change in control, the Company’s independent auditor (the “Auditor”), does not constitute
a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including, but no limited to, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will
be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in
Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments will
be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. All determinations required by this Section 28 will be at the expense of the Company. 

29. Indemnification. 

Tidewater will defend and indemnify Executive as required by Tidewater’s Bylaws and Certificate of Incorporation, to the maximum extent
permitted by applicable law. During the Employment Period and thereafter (with respect to events occurring during the Employment Period), Tidewater will maintain and provide Executive with coverage under its directors’ and officers’
liability policy to the same extent that it provides such coverage to its other officers and directors generally. 

  
 11 

 EXECUTION VERSION 
  

 30. Survival. 

The provisions and obligations of this Agreement which, by their nature, require or contemplate full or partial performance after the
termination or expiration of this Agreement or Executive’s employment with the Company (including, without limitation, Sections 4-7, 12, 19, 29 and 31) shall survive termination of Executive’s
employment or this Agreement. 
 31. Clawback. 

Notwithstanding any other provisions in this Agreement to the contrary, any compensation paid to Executive pursuant to this Agreement or any
other agreement or arrangement with the Company, which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such
law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). In no event will any such deduction or clawback be deemed
to constitute or contribute to Good Reason. 
 (Signature Page to Follow) 

  
 12 

 EXECUTION VERSION 
  

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the respective
dates below, effective as of the Effective Date. 
  

			
	TIDEWATER INC.

 
			
		
	By:	 	 /s/ John T. Rynd

	John T. Rynd

 
			
	President, Chief Executive Officer and Director
	
	Date: December 28, 2018
	
	EXECUTIVE
	
	 /s/ Samuel Rubio

	Samuel Rubio
	
	Date: December 28, 2018

  
 13Exhibit 10.1

 

REGISTRATION RIGHTS
AGREEMENT

(COMMON STOCK)

 

THIS REGISTRATION RIGHTS
AGREEMENT, dated as of December 27, 2018 (this “Agreement”), is made and entered into by and among GWG
Holdings, Inc., a Delaware corporation (the “Company”) and each of the EXCHANGE TRUSTS set out on Schedule
I (together with such additional Exchange Trusts that become a party hereto by joinder prior to the Second Closing (as such
term is defined in the Master Exchange Agreement (as defined below)), each a “Seller Trust” and collectively
the “Seller Trusts”), and as agreed to and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust
advisors to the Seller Trusts (the “Trust Advisors”) and any Holder Transferee.

 

RECITALS

 

WHEREAS, the
Company and The Beneficient Company Group, L.P., a Delaware limited partnership (“Beneficient”) have
entered into that certain Master Exchange Agreement (as amended, the “Master Exchange Agreement”), as
amended and restated with effect as of January 12, 2018, by and among the Company, GWG Life, LLC, a Delaware limited liability
company and wholly owned subsidiary of the Company, Beneficient, MHT Financial SPV, LLC, a Delaware limited liability company and
wholly owned subsidiary of MHT Financial, L.L.C., and each of the Exchange Trusts set out on Schedule I thereto, and as
agreed and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors, pursuant to which the Seller Trusts has acquired
shares of common stock, par value $0.001, of the Company (the “Common Stock” or the “Securities”);

 

WHEREAS, the
Company and the Seller Trusts, in accordance with Section 7.6(b) of the Master Exchange Agreement, desire to enter into this Agreement,
pursuant to which the Company grants the Seller Trusts certain registration rights with respect to certain securities of the Company,
as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

ARTICLE I

DEFINITIONS

 

1.1. Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set
forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Board of Directors of the Company, after consultation with counsel to the Company, (i) would be required to be
made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in
the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) would, in the
good faith judgment of the Board of Directors of the Company, have a material adverse effect on the Company or on any pending negotiation
or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or other similar
transaction that is material to the Company.

 

“Aggregate
Offering Price” means the aggregate offering price of Registrable Securities in any offering, calculated based upon
the Fair Market Value of the Registrable Securities, in the case of a Minimum Amount, as of the date that the applicable Demand
Registration request is delivered, and in the case of an Underwritten Shelf Takedown, as of the date that the applicable Underwritten
Shelf Takedown Notice is delivered.

 

    

     

    

 

“Agreement” shall
mean this Registration Rights Agreement, as amended, modified or supplemented from time to time, in accordance with the terms hereof,
together with any exhibits, schedules or other attachments hereto.

 

“Beneficient” shall have
the meaning given in the Recitals.

 

“Commission” shall mean
the Securities and Exchange Commission.

 

“Common Stock” shall have the meaning given in the Recitals.

 

“Company” shall have the meaning given in the Preamble.

 

“Covered Person” shall
have the meaning given in subsection 4.1.1.

 

“Demand Registration” shall have the meaning given in subsection
2.2.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time, and the rules and regulations thereunder.

 

“Excluded Registration Statement”
shall mean a registration statement on Form S-4 or Form S-8 or any successor forms promulgated for the same purposes.

 

“Fair Market Value”
means, with respect to any shares of Common Stock, the average closing sales price, calculated for the five (5) trading days immediately
preceding the date of a determination.

 

“Form S-1” shall have
the meaning given in subsection 2.2.1.

 

“Form S-3” shall have the meaning given in subsection 2.3.

 

“Holder” means
a Seller Trust and any Holder Transferee that has become a party to this Agreement by executing and delivering a counterpart to
this Agreement in the form attached hereto as Exhibit A, in each case to the extent such Person is a holder or beneficial owner
of Registrable Securities.

 

“Holder Transferee”
means a transferee of such Holder that has become a party to this Agreement as provided in Section 5.2.4.

 

“Initiating Holder(s)”
means the Holder(s) requesting an Underwritten Shelf Takedown pursuant to Section 2.2.6 or a Demand Registration pursuant to Section
2.2.1.

 

“Master Exchange Agreement”
shall have the meaning given in the Recitals hereto.

 

“Maximum Number of Securities” shall have the meaning
given in subsection 2.1.2(a).

 

“Minimum Amount”
means an amount of Registrable Securities that is reasonably expected to have an Aggregate Offering Price of at least $50 million.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Participating Holder”
means any Holder participating in an Underwritten Shelf Takedown or Demand Registration that such Holder did not initiate.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.1.1.

 

    2

     

    

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (i) any shares of Common Stock held or beneficially owned by a Holder from time to time, (ii)
any shares of Common Stock or other securities issued or issuable to a Holder upon the conversion, exercise or exchange, as applicable,
of any shares of Common Stock held or beneficially owned by a Holder and (iii) any shares of Common Stock issued or issuable to
a Holder with respect to any shares of Common Stock described in clauses (i) and (ii) above by way of a dividend or split or in
exchange for or upon conversion of such units or otherwise in connection with a combination of units, unit subdivision, distribution,
recapitalization, merger, consolidation, other reorganization or other similar event (it being understood that, for purposes of
this Agreement, a person shall be deemed to hold Registrable Securities whenever such person in its sole discretion has the right
to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected);
provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities
when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities
Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; or (D) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all Commission
and other registration and filing fees (including fees with respect to filings required to be made with the Financial Industry
Regulatory Authority) and any fees and expenses associated with filings to be made with, or the listing of any Registrable Securities
on, any securities exchange or over-the-counter trading market on which the Registrable Securities are to be listed or quoted

 

(B) fees and expenses
of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in
connection with blue sky qualifications of Registrable Securities);

 

(C) printing, messenger,
telephone and delivery expenses (including the cost of distributing Prospectuses in preliminary and final form as well as any supplements
thereto);

 

(D) all fees and
disbursements of counsel for the Company;

 

(E) all fees and disbursements
of all independent registered public accountants of the Company incurred specifically in connection with such Registration.

 

(F) all fees and expenses incurred in connection with any “road show” for underwritten offerings, including all
costs of travel, lodging and meals;

 

(G) all transfer
agent’s and registrar’s fees; and

 

(H) the reasonable
fees and expenses of counsel to the Holders (not to exceed $7,500 in connection with any single registration or offering.

 

For the avoidance of
doubt, Registration Expenses shall not include the fees or expenses of any underwriters’ counsel.

 

    3

     

    

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Securities” shall have
the meaning given in the Recitals.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission
thereunder.

 

“Shelf Registration” shall
have the meaning given in subsection 2.2.6.

 

“Shelf Registration Statement”
shall have the meaning given in subsection 2.2.6.

 

“Shelf Takedown” shall have
the meaning given in subsection 2.2.6.

 

“Seller Trusts” shall have
the meaning given in the Preamble.

 

“Trust Advisors” shall have
the meaning given in the Preamble.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities
of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Underwritten Shelf Takedown”
shall have the meaning given in subsection 2.2.7.

 

“Underwritten Shelf Takedown Notice” shall have the
meaning given in subsection 2.2.7.

 

ARTICLE II

REGISTRATIONS

 

2.1. Piggyback
Registration.

 

2.1.1 Piggyback
Rights. If, at any time, the Company proposes to file a Registration Statement in connection with any public offering of the
Company’s Common Stock under the Securities Act whether for its own account or for the account of one or more holders of
such securities (other than an Excluded Registration Statement), then the Company shall give written notice of such proposed filing
to the Holders as soon as practicable but not less than twenty (20) days before the anticipated filing date of such Registration
Statement, which notice shall (A) describe the amount of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to the
Holders the opportunity to register the sale of such number of Registrable Securities of the same class as the Holders may request
in writing within fifteen (15) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use
its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this subsection 2.1.1 to be included in a Piggyback Registration on the same terms
and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition
of such Registrable Securities in accordance with the intended method(s) of distribution thereof. Should the Holders propose to
participate in an Underwritten Offering under this subsection 2.1.1, then the Holders shall enter into an underwriting agreement
in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

    4

     

    

 

2.1.2 Reduction of Piggyback Registration. If the managing Underwriter or
Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the
Holders in writing that the number of shares of Common Stock that the Company desires to sell, taken together with (i) the shares
of Common Stock , if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with
persons or entities other than the Holders hereunder and (ii) the Registrable Securities as to which registration has been requested
pursuant Section 2.1 hereof, exceeds the Maximum Number of Securities (as defined below), then:

 

(a)  
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A)
first, the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum number of such
securities, the “Maximum Number of Securities”); (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of the Holders exercising their rights
to register their Registrable Securities pursuant to subsection 2.1.1 hereof, allocated, in the case of this clause (B), pro rata
among such Holders on the basis of the number of Registrable Securities initially proposed to be included by each such Holder in
such offering, up to the number of Registrable Securities, if any, which can be sold without exceeding the Maximum Number of Securities;
and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
the shares of Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration
rights of other persons, which can be sold without exceeding the Maximum Number of Securities;

 

(b)  
If the Registration is pursuant to a request by persons or entities other than the Holders, then the Company shall include
in any such Registration (A) first, the shares of Common Stock of such requesting persons or entities, other than the Holders,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.1.1, allocated, in the case of this clause (B), pro rata among such Holders on the basis of the number
of Registrable Securities initially proposed to be included by each such Holder in such offering, up to the number of Registrable
Securities, if any, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock that the Company
desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock for the account
of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with
such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

2.1.3 Piggyback Registration
Withdrawal. A Holder shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written
notification to the Company and the Underwriter or Underwriters (if any) of such Holder’s intention to withdraw from such
Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such
Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by
persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in
connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection
with the Piggyback Registration prior to its withdrawal under this subsection 2.1.3.

 

    5

     

    

 

2.2. Demand
Registration.

 

2.2.1 Request
for Registration. Subject to the provisions of subsection 2.2.4 and Section 2.3 hereof, a Holder may make a written
demand for the Registration of all or a portion of its then outstanding Registrable Securities which written demand shall
describe the amount of securities to be included in such Registration and the intended method(s) of distribution thereof
(such written demand a “Demand Registration”). Upon receipt by the Company of any such written
notification from a Holder to the Company, the Holder shall be entitled to have its Common
Stock or other equity securities included in a Registration pursuant to a Demand Registration and the Company shall effect,
as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of
the Demand Registration, the Registration of all Registrable Securities requested by such Holder pursuant to such Demand
Registration and, subject to subsection 2.1.1, with respect to which the Company has received a written request for inclusion
in the Demand Registration from a Holder no later than fifteen (15) days after the date on which notice was given to Holders
of the Demand Registration request. The Company shall use its reasonable best efforts to cause the Registration Statement
filed pursuant to this subsection 2.2.1 to be declared effective by the Commission or otherwise become effective under the
Securities Act as promptly as practicable after the filing thereof. A Demand Registration shall be effected by way of a
Registration Statement on Form S-3 or a registration statement on any other appropriate form that the Company is permitted to
use. The Company shall not be required to effect a Demand Registration unless the Demand Registration includes Registrable
Securities in an amount not less than the Minimum Amount. Under no circumstances shall the Company be obligated to effect
more than one (1) Registration pursuant to a Demand Registration under this subsection 2.2.1 in any 12-month period with
respect to any or all Registrable Securities.

 

2.2.2 Effective
Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement, a Registration
pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with
the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission
and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration
pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or
state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not
to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii) the Holders included in the Registration Statement thereafter affirmatively elect to continue with such Registration
and accordingly notifies the Company in writing, but in no event later than five (5) days, of such election; provided, further,
that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that
has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently
terminated.

 

2.2.3 Underwritten
Offering. Should the Company propose to distribute its Common Stock or other equity securities through an Underwritten Offering,
then the Holders shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by the Company subject to the approval of the Holders, such approval not to be unreasonably withheld, conditioned or delayed.
If a Demand Registration is an underwritten offering, the Initiating Holder(s) shall have the right to select the investment banking
firm(s) to act as the managing underwriter(s) in connection with such offering (including which such managing underwriters will
serve as lead or co-lead), subject to the approval of the Company (which approval shall not be unreasonably withheld, conditioned
or delayed).

 

2.2.4 Reduction of
Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company and the Holders in writing that the number of Registrable Securities that
the Holders desire to sell, taken together with all other shares of Common Stock or other equity securities that the Company
desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested pursuant to separate
written contractual piggy-back registration rights held by any other Persons who desire to sell, exceeds the Maximum Number
of Securities, then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable
Securities of the Initiating Holders allocated, in the case of this clause (i), pro rata among such Initiating Holders on the
basis of the number of Registrable Securities initially proposed to be included by each such Initiating Holders in such
offering, up to the number of Registrable Securities, if any, that can be sold without exceeding the Maximum Number of
Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the shares of Common Stock proposed to be sold by the Participating Holders, pro rata, that can be sold without
exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other equity securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock
of other persons or entities that the Company is obligated to register in a Registration pursuant to separate
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.
If more than one Participating Holder is participating in such Demand Registration and the managing underwriters of such
offering determine that a limited number of Registrable Securities may be included in such offering without reasonably being
expected to adversely affect the success of the offering (including the price, timing or distribution of the securities to be
sold in such offering), then the Registrable Securities that are included in such offering shall be allocated pro rata among
the Participating Holders on the basis of the number of Registrable Securities initially requested to be sold by each such
Participating Holders in such offering.

 

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2.2.5 Demand Registration
Withdrawal. A Holder shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no
reason whatsoever upon written notification to the Company of such Holder’s intention to withdraw from such Registration
prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of its Registrable
Securities pursuant to such Demand Registration. Upon receipt of notices from all applicable Holders to such effect, or if such
withdrawal shall reduce the Aggregate Offering Price for the offering of the Registrable Securities to be registered in connection
with such Demand Registration below the Minimum Amount, the Company shall cease all efforts to seek effectiveness of the applicable
Registration Statement, unless the Company intends to effect a primary offering of securities pursuant to such Registration Statement.
In the event that all applicable Holders withdraw their Registrable Securities from a Demand Registration, the Demand Registration
request shall not count against the limitation on the number of Demand Registrations set forth in subsection 2.2.1. In such event
(unless the withdrawal is made following commencement of a suspension period under Section 3.4), the Holder(s) shall be responsible
for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal
under this subsection 2.2.5.

 

2.2.6Shelf Registration.
As promptly as practicable after the date hereof, the Company shall (i) prepare and file with the Commission a Registration
Statement on Form S-3 or the then appropriate form for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act or any successor rule thereto that permits registration of all Registrable Securities then
outstanding (a “Shelf Registration”), (ii) amend an existing registration statement so that it is
usable for Shelf Registration and an offering on a delayed or continuous basis of Registrable Securities, or (iii) file a
prospectus supplement that shall be deemed to be a part of an existing registration statement in accordance with Rule 430B
under the Securities Act that is usable for Shelf Registration and an offering on a delayed or continuous basis of
Registrable Securities (as applicable, a “Shelf Registration Statement”). If permitted under the
Securities Act, such Shelf Registration Statement shall be an “automatic shelf registration statement” as defined
in Rule 405 under the Securities Act. The Company shall use its best efforts to (i) cause the Shelf Registration Statement to
be declared effective by the Commission or otherwise become effective under the Securities Act as promptly as practicable
after the filing thereof and (ii) keep such Shelf Registration Statement continuously effective and in compliance with the
Securities Act and useable for the resale of Registrable Securities until such time as there are no Registrable Securities
remaining, this Agreement is terminated in accordance with its terms, or the Company is no longer eligible to maintain a
Shelf Registration Statement, including by filing successive replacement or renewal Shelf Registration Statements upon the
expiration of such Shelf Registration Statement. At any time and from time to time that a Shelf Registration Statement is
effective, if the Holders request the registration under the Securities Act of additional Registrable Securities pursuant to
such Shelf Registration Statement, the Company shall as promptly as practicable amend or supplement the Shelf
Registration Statement to cover such additional Registrable Securities. Each Holder shall be entitled, at any time and from
time to time when a Shelf Registration Statement is effective, to sell any or all of the Registrable Securities covered by
such Shelf Registration Statement (a “Shelf Takedown”). Each Holder shall give the Company prompt
written notice of the consummation of a Shelf Takedown.

 

2.2.7Each Holder shall be
entitled to request, by written notice to the Company (an “Underwritten Shelf Takedown Notice”),
that a Shelf Takedown be an underwritten offering (an “Underwritten Shelf Takedown”). The
Underwritten Shelf Takedown Notice shall specify the number of Registrable Securities intended to be offered and sold by such
Holder pursuant to the Underwritten Shelf Takedown and the intended method of distribution. The Company shall not be required
to facilitate an Underwritten Shelf Takedown unless the amount of such offering is expected to be at least the Minimum
Amount. If a Holder proposes an Underwritten Shelf Takedown, then such Holder shall enter into an underwriting agreement in
customary form with the Underwriter(s) selected for such Underwritten Shelf Takedown by the Holders subject to the approval
of the Company, such approval not to be unreasonably withheld or delayed.

 

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2.3.Restrictions
on Registration Rights. If the Seller Trusts have requested an Underwritten Registration and the Company and the Seller
Trusts are unable to obtain the commitment (which may be subject to the execution of an underwriting agreement at the time of
the pricing of the offering) of one or more underwriters to firmly underwrite the offering, the Company may defer its
obligation to file a Registration Statement until the one or more underwriters have so committed.

 

ARTICLE III

COMPANY PROCEDURES

 

3.1.General Procedures. If at
any time the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of
distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities,
make all required filings required in connection therewith (if the Registration Statement is not automatically effective upon
filing) and use its reasonable best efforts to cause such Registration Statement to become effective as promptly as
practicable and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

 

3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations
or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder
to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in
accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3 prior to filing
a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if
any, and the Holders, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
included in such Registration or the legal counsel for such Holders may request, give such Underwriters such Holders an opportunity
to comment on such documents, not file any Registration Statement or Prospectus or amendments or supplements thereto to which the
Underwriters or such Holders shall reasonably object and keep the Underwriters and such Holders reasonably informed as to the registration
process;

 

3.1.4 respond as promptly
as reasonably practicable to any comments received from the Commission with respect to each Registration Statement or any amendment
thereto, and upon notification by the Commission that a Registration Statement will not be reviewed or is no longer subject to
further review and comments, the Company shall request acceleration of such Registration Statement within five (5) trading days
after receipt of such notice;

 

3.1.5 prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the
United States as the Holders (in light of the Holders’ intended plan of distribution) may request and (ii) take such
action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities, including the Financial Industry Regulatory Authority Inc., as may be necessary by
virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or
advisable to enable the Holders to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify or take any action to which it would be subject to general service of process or
taxation in any such jurisdiction where it is not then otherwise so subject;

 

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3.1.6cause all such Registrable Securities to be
listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then
listed;

 

3.1.7provide a transfer agent and registrar for all such
Registrable Securities no later than the effective date of such Registration Statement;

 

3.1.8advise the Holders promptly (i) each
time when a Registration Statement, any pre- effective amendment thereto, the Prospectus or any Prospectus supplement or any
post-effective amendment to a Registration Statement has been filed and, with respect to the Registration Statement or any
post-effective amendment thereto, when the same has become effective; (ii) of any oral or written comments by the Commission
or of any request by the Commission or any other federal or state governmental authority for amendments or supplements to the
Registration Statement or the Prospectus or for any additional information regarding the Holders; (iii) of the issuance by
the Commission of any stop order suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceedings for any such purpose and promptly use its reasonable best efforts to obtain the withdrawal of any such
stop order; and (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of
any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction;

 

3.1.9at least five (5) days prior to the
filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or
Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus (but
excluding any filing of a Current Report on Form 8-K), furnish a copy thereof to the Holders or their counsel;

 

3.1.10 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of
the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and, as promptly as practicable, prepare, file with the Commission and furnish to the Underwriters and to the Holders
a reasonable number of copies of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading in light of the circumstances under which they were made;

 

3.1.11 permit a representative
of the Holders, the Underwriters, if any, and one attorney or accountant retained by the Holders or such Underwriter to participate,
at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant
in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality
agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.12 on the date the
Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing
the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the
Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given
as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions,
and reasonably satisfactory to the Holders;

 

3.1.13 in the event of
any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form,
with the managing Underwriter of such offering;

 

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3.1.14 make
available for inspection by the Holders, upon reasonable notice at reasonable times and for reasonable periods, any
Underwriter participating in any Underwritten Offering and any attorney, accountant or other agent retained by the Holders or
Underwriter, all corporate documents, financial and other records relating to the Company and its business reasonably
requested by the Holders or Underwriter, cause the Company’s officers, directors, employees and independent accountants
to supply all information reasonably requested by the Holders, Underwriter, attorney, accountant or agent in connection with
such registration or offering and make senior management of the Company and the Company’s independent accountants
available for customary due diligence and drafting sessions; provided, that any person gaining access to information
or personnel of the Company shall (i) reasonably cooperate with the Company to limit any resulting disruption to the
Company’s business and (ii) protect the confidentiality of any information regarding the Company which the Company
determines in good faith to be confidential and of which determination such person is notified, pursuant to customary
confidentiality agreements reasonably acceptable to the Company;

 

3.1.15 in the case of
an Underwritten Offering of Registrable Securities, furnish to each Underwriter participating in an offering of Registrable Securities
(i) (A) all legal opinions of outside counsel to the Company required to be included in the Registration Statement and (B) a written
legal opinion of outside counsel to the Company, dated the closing date of the offering, in form and substance as is customarily
given in opinions of outside counsel to the Company to Underwriters in Underwritten Offerings; and (ii) use reasonable best efforts
(A) to obtain all consents of independent public accountants required to be included in the Registration Statement and (B) on the
date of the execution of the applicable underwriting agreement and at the closing of the offering, dated the respective dates of
delivery thereof, a “comfort letter” signed by the Company’s independent public accountants in form and substance
as is customarily given in accountants’ letters to Underwriters in Underwritten Offerings;

  

3.1.16 in the case of
an Underwritten Offering of Registrable Securities, make senior management of the Company available, to the extent reasonably requested
by the managing Underwriter(s), to assist in the marketing of the Registrable Securities to be sold in such Underwritten Offering,
including the participation of such members of senior management of the Company in “road show” presentations and other
customary marketing activities, including “one-on-one” meetings with prospective purchasers of the Registrable Securities
to be sold in such underwritten offering (with an understanding that these shall be scheduled in a collaborative manner so as not
to unreasonably interfere with the conduct of business of the Company), and otherwise facilitate, cooperate with, and participate
in such Underwritten Offering and customary selling efforts related thereto, in each case to the same extent as if the Company
were engaged in a primary Underwritten Offering of its Common Stock; and

 

3.1.17 in good faith,
cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such
Registration.

 

3.2.Registration
Expenses. Except as set forth in subsection 2.2.5, the Company shall pay directly or promptly reimburse all costs, fees
and expenses incident to the Company’s performance of or compliance with this Agreement in connection with the
registration of Registrable Securities. It is acknowledged by the Holders that the Holders shall bear all incremental selling
expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage
fees, Underwriter marketing costs and all reasonable fees and expenses of one legal counsel representing the Holders.

 

3.3.Requirements for Participation
in Underwritten Offerings. A Holder may not participate in any Underwritten Offering pursuant to a Registration initiated
by the Company hereunder unless the Holder (i) agrees to sell its Registrable Securities on the basis provided in any
underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of
attorney, indemnities, underwriting agreements and other customary documents as may be reasonably required under the terms of
such underwriting arrangements.

 

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3.4.Suspension of Sales; Adverse
Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each Holder shall forthwith discontinue disposition of Registrable Securities until it has received copies of a
supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued
use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
Disclosure or would require the inclusion (which, for purposes of this Agreement, shall include information incorporated by
reference) in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing
or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, determined in
good faith by the Company to be necessary for such purpose; provided, that (except where the reason for any such circumstance
is due to the failure of Beneficient to provide financial statements that are required to be included in the Company’s
filings with the Commission pursuant to the rules and regulations of the Commission, unless the Company shall have received a
waiver from the Commission for including such financial statements) the Company shall not be entitled to exercise such right
(i) more than two times during any 12-month period, (ii) for a period exceeding sixty (60) days on any one occasion, or (iii)
for a period exceeding one hundred and twenty (120) days during any 12-month period. If the Company delays or suspends a
Demand Registration, a Holder shall be entitled to withdraw its Demand Registration request and, if it does so, such Demand
Registration Request shall not count against the limitation on the number of such Demand Registrations set forth in
subsection 2.2.1. In the event the Company exercises its rights under the preceding sentence, each Holder agrees to
suspend, immediately upon its receipt of the notice referred to above, its use of the Prospectus relating to any Registration
in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the
expiration of any period during which it exercised its rights under this Section 3.4.

 

3.5.Reporting Obligations. As
long as a Holder owns Registrable Securities, the Company, at all times while it shall be reporting under the Exchange Act,
covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The
Company further covenants that it shall take such further action as the Holders may reasonably request, all to the extent
required from time to time to enable the Holders to sell their shares of Common Stock by them without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including
providing any reasonable and customary legal opinions. Upon the request of a Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

  

ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION

 

4.1.Indemnification.

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder, its officers, directors, employees and agents and
each person who controls such Holder within the meaning of the Securities Act or the Exchange Act (each, a
“Covered Person”), against all losses, claims, damages, liabilities and expenses to which such
Covered Person may become subject under the Securities Act, the Exchange Act, any state blue sky securities laws, any
equivalent non-U.S. securities laws or otherwise, insofar as such losses, claims, damages, liabilities or expenses arise out
of or are based upon (a) any untrue or alleged untrue statement of material fact contained or incorporated by reference in
any Registration Statement, Prospectus or preliminary Prospectus, free writing prospectus (in each case prepared by or with
participation by the Company) or any amendment thereof or supplement thereto or any document incorporated by reference
therein or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, and the Company shall reimburse each Covered Person for any legal or other expenses
reasonably incurred by such Covered Person in connection with investigating, defending or settling any such loss, claim,
action, damage or liability (whether or not such Covered Person is a party thereto), except insofar as the same are caused by
or contained in any information furnished in writing to the Company by such Holder expressly for use therein, or (b) any
violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law, or any rule or
regulation thereunder, in connection with the performance of its obligations under this Agreement. The Company shall agree in
any Underwriting Agreement entered into in accordance with this Agreement to indemnify the Underwriters, their officers
and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as
provided in the foregoing with respect to the indemnification of the Covered Persons.

 

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4.1.2 In
connection with any Registration Statement in which a Holder is participating, such Holder shall furnish to the Company in
writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and
agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such Holder expressly for use therein. A Participating Holder shall agree
in any Underwriting Agreement to which it is a party for the sale of its Registrable Securities as provided herein to
indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of
the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3Any person entitled to
indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim or action with respect to
which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim or action, permit such indemnifying party to assume the defense of such claim or action
with counsel reasonably satisfactory to the indemnified party; provided, that any indemnified party shall continue to be
entitled to participate in the defense of such claim or action, with counsel of its own choice, but the indemnifying party
shall not be obligated to reimburse the indemnified party for any fees, costs and expenses subsequently incurred by the
indemnified party in connection with such defense unless (A) the indemnifying party has agreed in writing to pay such fees,
costs and expenses, (B) the indemnifying party has failed to assume the defense of such claim or action within a reasonable
time after receipt of notice of such claim or action, (C) having assumed the defense of such claim or action, the
indemnifying party fails to employ counsel reasonably acceptable to the indemnified party, (D) in the reasonable judgment of
any such indemnified party, based upon advice of its counsel, a conflict of interest exists or may potentially exist between
such indemnified party and the indemnifying party with respect to such claims or (E) the indemnified party has reasonably
concluded that there may be one or more legal or equitable defenses available to it and/or other any other indemnified party
which are different from or additional to those available to the indemnifying party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not
to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties
with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement (i) which includes any admission of wrongdoing or injunctive or equitable relief
binding on any indemnified party or (ii) which settlement does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of
securities. The Company and each such Holder also agrees to make such provisions as are reasonably requested by any indemnified
party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for
any reason.

 

4.1.5If the indemnification
provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party
in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of
indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such
losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by,
or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of a Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds
received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the
losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections
4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to
this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account
of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5
from any person who was not guilty of such fraudulent misrepresentation.

 

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ARTICLE V

MISCELLANEOUS

 

5.1.Notices. Any notice or
communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the
party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or
by courier service providing evidence of delivery, or (iii) electronic transmission with evidence of delivery. Each notice or
communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given,
served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, or electronic transmission, at such time as it is
delivered to the addressee (with the delivery receipt or the affidavit of the courier) or at such time as delivery is refused
by the addressee upon presentation. Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such
notice as provided in this Section 5.1.

 

5.2.Assignment;
Third Party Beneficiaries. 

 

5.2.1 The
Company may not assign its rights or obligations hereunder without the prior written consent of the Holders. Subject to
compliance with subsection 5.2.4 hereof, the rights of a Holder hereunder, including the right to have the Company register
Registrable Securities pursuant to this Agreement, may be assigned by a Holder to transferees or assignees of all or any
portion of the Registrable Securities.

 

5.2.2 This Agreement
and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and their respective successors
and permitted assigns.

 

5.2.3 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement, Section 4.1 and Section 5.2 hereof.

 

5.2.4 No assignment by any
party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless
and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the
written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of
this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement in the form attached hereto
as Exhibit A). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3.Counterparts. This
Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4. Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO
AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT
OF LAW PROVISIONS OF SUCH JURISDICTION.

 

    13

     

    

 

5.5. Amendments
and Modifications. Upon the written consent of the Company and the Holders, compliance with any of the provisions,
covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be
amended or modified. No course of dealing between the Holders or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a
waiver of any rights or remedies of a Holder or the Company. No single or partial exercise of any rights or remedies under
this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or
thereunder by such party.

 

5.6. Other
Registration Rights. The Company represents and warrants that no person, other than the Holders, has any right to require
the Company to register any Common Stock of the Company for sale or to include such securities of the Company in any
Registration filed by the Company for the sale of securities for its own account or for the account of any other person.
Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or
agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this
Agreement, the terms of this Agreement shall prevail. The Company agrees that it will not enter into any agreement with
respect to its securities that violates or subordinates or is otherwise inconsistent with the rights granted to the Holders
under this Agreement. If the Company enters into any agreement after the date hereof granting any person registration rights
with respect to any Common Stock of the Company which agreement contains any material provisions more favorable to such
person than those set forth in this Agreement, the Company will notify the Holders and will agree to such amendments to this
Agreement as may be necessary to provide these rights to the Holders.

 

5.7. Term.
This Agreement shall terminate upon the earlier of (i) the date that the Holders are permitted to sell all
Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of
securities sold or the manner of sale) and (ii) the date as of which all of the Registrable Securities have been sold
pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(3) of the
Securities Act and Rule 174 thereunder).

 

5.8 Specific
Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not
performed in accordance with its specific terms or otherwise breached. Accordingly, the parties shall be entitled to specific
performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement or to enforce
specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled
at law or in equity. Each of the parties hereby further waives (i) any defense in any action for specific performance that a
remedy at law would be adequate and (ii) any requirement under law to post security or a bond as a prerequisite to obtaining
equitable relief.

 

5.9. Seller
Trusts and Trust Advisors. It is expressly understood and agreed that (a) this document is executed and delivered by
Delaware Trust Company, not individually or personally, but solely as Trustee, pursuant to direction from the Trust Advisors
and in the exercise of the powers and authority conferred and vested in Delaware Trust Company as Trustee pursuant to the
Trust Agreements of the Seller Trusts (the “Trust Agreements”) and the Trustee is governed by and subject to the
Trust Agreements and entitled to the protections, rights and benefits contained therein, (b) each of the representations,
undertakings and agreements herein made on the part of the Seller Trusts and Trust Advisors is made and intended not as
personal representations, undertakings and agreements by Delaware Trust Company but is made and intended for the purpose for
binding only the Seller Trusts and respective trust estates (the “Seller Trust Assets”), (c) nothing herein
contained shall be construed as creating any liability on Delaware Trust Company, individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Delaware
Trust Company be personally liable for the payment of any indebtedness or expenses of the Seller Trusts or Trust Advisors or
be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Seller
Trusts or Trust Advisors under this Agreement or any other related documents, and (e) under no circumstances shall the Trust
Advisors be personally liable for the payment of any indebtedness or expenses or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken under this Agreement, all such recourse being strictly to
the Seller Trust Assets.

 

[SIGNATURE PAGES FOLLOW]

    14

     

    

  

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

  

	 	THE COMPANY:
	 	 
	 	GWG HOLDINGS, INC.
	 	a Delaware corporation
	 	 	 
	 	By:	/s/
    Jon R. Sabes
	 	 	Name: Jon R. Sabes
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	THE LT-1 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President
	 	 	 
	 	THE LT-2 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-3 EXCHANGE TRUST,
	 	 
	 	By:
    DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	 By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-4 EXCHANGE TRUST,
	 	 
	 	By:
        DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee

        

	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
      Vice President

 

	 	THE LT-5 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

 

[Signature
Page to Stock Registration Rights Agreement]

    15

     

      

	 	THE LT-6 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President
	 	 	 
	 	THE LT-7 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-8 EXCHANGE TRUST,
	 	 
	 	By:
    DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-9 EXCHANGE TRUST,
	 	 
	 	By:
        DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee

        

	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
      Vice President

 

	 	THE LT-12 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

	 	THE LT-13 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

    16

     

    

 

	 	THE LT-14 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President
	 	 	 
	 	THE LT-15 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-16 EXCHANGE TRUST,
	 	 
	 	By:
    DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:   Vice
    President
	 	 	 
	 	THE
    LT-17 EXCHANGE TRUST,
	 	 
	 	By:
        DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee

        

	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
      Vice President

 

    17

     

    

 

	 	THE LT-18 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

	 	THE LT-19 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

	 	THE LT-20 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

	 	THE LT-21 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

    18

     

    

 

	 	THE LT-22 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

	 	THE LT-23 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

  

	 	THE LT-24 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

	 	THE LT-25 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

    19

     

    

 

		THE LT-26 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/
    Alan R. Halpern
	 	 	Name: Alan R. Halpern
	 	 	Title:   Vice President

 

ACCEPTED AND AGREED 

THIS      
DAY OF DECEMBER, 2018:

 

	/s/
    MURRAY T. HOLLAND	 	 
	MURRAY T. HOLLAND, as Trust Advisor	 	 
	 	 	 
	/s/
    JEFFREY S. HINKLE	 	 
	JEFFREY S. HINKLE, as Trust Advisor	 	 

   

 

[Signature
Page to Stock Registration Rights Agreement]

    20

     

    

 

SCHEDULE
I

 

LIST
OF SELLER EXCHANGE TRUSTS

  

THE
LT-1 EXCHANGE TRUST

 

THE
LT-2 EXCHANGE TRUST

 

THE
LT-3 EXCHANGE TRUST

 

THE
LT-4 EXCHANGE TRUST

 

THE
LT-5 EXCHANGE TRUST

 

THE
LT-6 EXCHANGE TRUST

 

THE
LT-7 EXCHANGE TRUST

 

THE
LT-8 EXCHANGE TRUST

 

THE
LT-9 EXCHANGE TRUST

 

THE
LT-12 EXCHANGE TRUST

 

THE
LT-13 EXCHANGE TRUST

 

THE
LT-14 EXCHANGE TRUST

 

THE
LT-15 EXCHANGE TRUST

 

THE
LT-16 EXCHANGE TRUST

 

THE
LT-17 EXCHANGE TRUST

 

THE
LT-18 EXCHANGE TRUST

 

THE
LT-19 EXCHANGE TRUST

 

THE
LT-20 EXCHANGE TRUST

 

THE
LT-21 EXCHANGE TRUST

 

THE
LT-22 EXCHANGE TRUST

 

THE
LT-23 EXCHANGE TRUST

 

THE
LT-24 EXCHANGE TRUST

 

THE
LT-25 EXCHANGE TRUST

 

THE
LT-26 EXCHANGE TRUST

 

    21

     

    

  

 EXHIBIT
A

 

FORM
OF JOINDER

 

The
undersigned is executing and delivering this Joinder Agreement pursuant to that certain Registration Rights Agreement, dated as
of December 27, 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “GWG
Registration Rights Agreement”), by and among GWG Holdings, Inc., each of the Exchange Trusts parties thereto, and as agreed
to and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors to the Seller Trusts, and any other person or entity
that becomes a party to the GWG Registration Rights Agreement in accordance with the terms thereof. Capitalized terms used but
not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the GWG Registration Rights
Agreement.

 

By
executing and delivering this Joinder Agreement to the GWG Registration Rights Agreement, the undersigned hereby agrees, effective
commencing on the date hereof, to become a party to, and to be bound by and comply with the provisions of, the GWG Registration
Rights Agreement applicable to it as a holder of Registrable Securities, in the same manner as if the undersigned were an original
signatory to the GWG Registration Rights Agreement.

 

The
undersigned acknowledges and agrees that Section 5.1 through Section 5.8 of the GWG Registration Rights Agreement
are incorporated herein by reference, mutatis mutandis.

 

 

 

[Remainder
of page intentionally left blank; signature appears on next page]

    22

     

    

 

Accordingly,
the undersigned have executed and delivered this Joinder Agreement as of the       day of
                        ,
        .

 

	 	Name:	[HOLDER/TRANSFEREE]
	 	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 
	 	Notice
    Information
	 	 	 
	 	Address:	 
	 	Telephone:	 
	 	Facsimile:	 
	 	Email:	 

  

AGREED
AND ACCEPTED

as
of the      day of

 

GWG
HOLDINGS, INC.

  

	 By:	 	 
	 	Name:	 
	 	Title:	 

 

[TRANSFEROR
(if applicable)]

 

	 By:	 	 
	 	Name:	 
	 	Title:	 

  

 

    23

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