Document:

Exhibit 10.2

 

AMENDMENT TO AND TERMINATION OF STOCKHOLDERS
AGREEMENT

 

THIS AMENDMENT TO AND
TERMINATION OF STOCKHOLDERS AGREEMENT (this “Termination”), is made and entered into as of April 26, 2019, by
and among GWG Holdings, Inc., a Delaware corporation (the “Company”), and each of the EXCHANGE TRUSTS set out
on Schedule I (each a “Seller Trust” and collectively the “Seller Trusts”), as agreed
to and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors to the Seller Trusts (the “Trust Advisors”).

 

RECITALS

 

WHEREAS, the
Company and the Seller Trusts  are parties to that certain
Stockholders Agreement dated as of December 27, 2018, which was agreed to and accepted by the Trust Advisors (the
“Stockholders Agreement”);

 

WHEREAS, on April 15,
2019, Jon R. Sabes and Steven F. Sabes entered into a Purchase and Contribution Agreement with The Beneficient Company Group, L.P.,
Beneficient Company Holdings, L.P. (“BEN Holdings”), and AltiVerse Capital Markets, L.L.C. (“Altiverse”),
among others (the “Purchase Agreement”), pursuant to which, among other things, Messrs. Jon and Steven Sabes
have agreed to transfer all of the shares of the Corporation’s common stock held directly or indirectly by them to BEN Holdings
and AltiVerse;

 

WHEREAS, the termination
of the Stockholders Agreement is a condition to the closing (the “Closing”) of the transactions contemplated
by the Purchase Agreement (the “Transaction”);

 

WHEREAS, a special
committee of the Company’s board of directors comprised of all of its independent directors was appointed to act on behalf
of the Company in connection with the transactions contemplated by the Purchase Agreement, which committee has approved the Transaction
and the actions required to be taken by the Company as conditions to the Closing, including without limitation terminating the
Stockholders Agreement;

 

WHEREAS, Section 6(g)
of the Stockholders Agreement provides that the Stockholders Agreement may be amended or modified in any manner, whether by course
of conduct or otherwise, if such amendment or modification is in writing, is specifically identified as amendment to the Stockholders
Agreement and is signed by the Company and the other parties to the Stockholders Agreement; and

 

WHEREAS, the Company
and the Seller Trusts desire to amend Section 6(l) to permit termination of the Stockholders Agreement by mutual consent and subsequently
to terminate the Stockholders Agreement pursuant to this Termination, and the Trust Advisors desire to agree to and accept
such amendment and termination;

 

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:

 

1. Section
6(l) of the Stockholders Agreement is hereby amended and restated in its entirety as follows:

 

(l) Term
and Termination. This Agreement will be effective as of the date hereof and shall be terminated (A) by written consent or agreement
of all parties hereto or (B) concurrently upon the termination of the Orderly Marketing Agreement (“Termination Date”);
provided that, if this Agreement is terminated other than pursuant to clause (A) hereof, then (i) Section 2 and 3 shall
terminate as provided in Section 2 and (ii) Section 4(a) shall terminate as provided in such subsection, and (iii) Section 4(b)
shall terminate when the Seller Trusts own Voting Securities representing less than 5.0% of the Total Voting Power.

 

     

     

    

 

2. The Company
and the Seller Trusts hereby mutually agree, in accordance with Section 6(l)(A) of the Stockholders Agreement, as
amended hereby, that the Stockholders Agreement, and all rights and obligations under the Stockholders Agreement of the
parties thereto, shall be terminated and have no further force or effect; provided, however, that such
termination shall be effective immediately prior to the Closing and shall be contingent upon the occurrence thereof,
including without limitation the execution and delivery by the Seller Trusts of the release of claims contemplated by Section
7.2(f) of the Purchase Agreement.

 

3. The
Trust Advisors hereby agree to and accept the termination of the Stockholders Agreement pursuant to Section 2 hereof.

 

4. Each
party to this Termination shall cooperate and take such action as may be reasonably requested by another party to this Termination
in order to carry out the provisions and purposes of this Termination and the transactions contemplated hereby.

 

5. Until
the effective time of the Closing, this Termination may be revoked by a party hereto by delivering to the other party or parties
written notice of such revocation in accordance with the Section 6(b) of the Stockholders Agreement.

 

6. 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, (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 Termination 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.

 

7. This
Termination may be executed in one or more counterparts, each of which together be deemed an original, but all of which together
shall constitute one and the same instrument.

 

8. 
This Termination embodies the entire agreement and understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, representations, warranties, covenants, or undertakings, other than those expressly
set forth or referred to herein. This Termination supersedes all prior agreements and the understandings between the parties with
respect to such subject matter.

 

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

 

    2

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Termination to be duly executed as of the date and year first above written.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    William Acheson
	 	 	Name:
    	William
    Acheson
	 	 	Title:
    	Chief
    Financial 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 Amendment and Termination of Stockholders Agreement]

 

     

     

    

 

	 	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

 

[Signature Page to Amendment and Termination of Stockholders Agreement]

 

     

     

    

 

	 	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
	 	 	 	 
	 	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

 

[Signature Page to Amendment and Termination of Stockholders Agreement]

 

     

     

    

 

	 	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

 

	 	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

 

	 	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

 

[Signature Page to Amendment and Termination of Stockholders Agreement]

 

     

     

    

 

	
        ACCEPTED AND AGREED
	 
	THIS 26TH DAY OF APRIL, 2019:	 
	 	 
	/s/ Murray T. Holland	 
	MURRAY T. HOLLAND, as Trust Advisor	 
	 	 
	/s/ Jeffrey S. Hinkle	 
	JEFFREY S. HINKLE, as Trust Advisor	 

 

[Signature Page to Amendment and Termination of Stockholders Agreement]

 

     

     

    

 

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

 

S-1Exhibit 10.3

 

CONSENT
AND JOINDER

 TO

AMENDED
AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

This
Consent and Joinder to Amended and Restated Pledge and Security Agreement (this
“Consent and Joinder”) is entered into as of April 26, 2019 (the “Effective Date”), by and
among Jon R. Sabes and Steven F. Sabes (collectively, the “Individual Grantors”), Beneficient Capital Company,
L.L.C., a Delaware limited liability company (“BCC”), AltiVerse Capital Markets, L.L.C., a Delaware limited
liability company (“AltiVerse”), and Bank of Utah, solely in its capacities as indenture trustee under
the Indenture (as defined below) and collateral trustee under the Security Agreement (as defined below) (the “Trustee”),
for the benefit of the holders of L Bonds issued by GWG Holdings, Inc., a Delaware corporation (“Holdings”)
under the Indenture and guaranteed by GWG Life, LLC, a Delaware limited liability company (“GWG Life,” and
referred to collectively with Holdings as the “Entity Grantors”).

 

I N T R O D U C T I O N

 

A.
The Entity Grantors and the Trustee are parties to that certain Amended and Restated Indenture, dated as of October 23, 2017,
subsequently amended on March 27, 2018 and supplemented by a Supplemental Indenture dated as of August 10, 2018 (as so amended
and supplemented, and as it may be amended or supplemented from time to time hereafter, the “Indenture”). The
Indenture contemplates and permits the grant of collateral security for certain debt securities of Holdings that may from time
to time be issued thereunder and, as of the date hereof, the only classes of debt securities issued under the Indenture are denominated
as “L Bonds” and “Seller Trust L Bonds.” The grant of such collateral security was accomplished pursuant
to the Indenture and an Amended and Restated Pledge and Security Agreement by and among the parties, dated as of October 23, 2017,
(as so amended, the “Security Agreement”). Capitalized terms not otherwise defined herein shall have the meanings
ascribed to such terms in the Security Agreement.

 

B.
To date, the L Bonds have been publicly offered and sold under several registration statements declared effective by the U.S.
Securities and Exchange Commission. Holdings may in the future file additional registration statements to continue publicly offering
and selling L Bonds, and to renew then-outstanding L Bonds.

 

C.
The Trustee serves as indenture trustee under the Indenture and as collateral trustee under the Security Agreement for the benefit
of the holders of L Bonds issued under the Indenture.

 

D.
On the date hereof, the Individual Grantors, collectively, beneficially own 3,952,155 shares of common stock of the Holdings (such
shares, the “Individual Grantor Shares”), which Individual Grantor Shares serve as Equity Collateral and Pledged
Securities under the Security Agreement.

 

E.
On April 15, 2019, the Individual Grantors entered into a Purchase and Contribution Agreement with Beneficient, AltiVerse and
Sabes AV Holdings, LLC, a Delaware limited liability company (“Sabes AV”), among others (the “Purchase
Agreement”), pursuant to which, among other things, (i) the Individual Grantors have agreed to contribute all of the
Individual Grantor Shares to Sabes AV, (ii) Sabes AV has agreed to sell, assign, convey, transfer and deliver (A) 2,500,000 of
the Individual Grantor Shares to BCC, and (B) 1,452,155 of the Individual Grantor Shares to AltiVerse. Collectively, the contributions,
sales and transfers of Individual Grantor Shares contemplated by the Purchase Agreement are referred to herein as the “Equity
Collateral Transfers.”

 

F.
Pursuant to the terms and conditions of the Security Agreement, including Section 5.1.5 thereof, the Individual Grantors are prohibited
from selling or otherwise disposing of the Equity Collateral outside the ordinary course of business unless consented to by the
Trustee, with such consent not to be unreasonably withheld.

 

G.
The Trustee is willing to consent to the Equity Collateral Transfers; provided that, inter alia, that the Individual Grantors
assign their rights and delegate their obligations under the Security Agreement to BCC and AltiVerse (together, the “Joining
Grantors”), and that the Joining Grantors assume such delegated obligations and become substitute Individual Grantors
under the Security Agreement, pursuant to this Consent and Joinder.

 

     

     

    

 

A G R E E M E N T

 

Now
Therefore, the Joining Grantors, the Trustee
and the other parties to this Consent and Joinder hereby agree as follows: 

 

1.
Consent to Equity Collateral Transfers. The Individual Grantors hereby represent and warrant to the Trustee that the Individual
Grantors, among others, have entered into the Purchase Agreement. The Individual Grantors further represent and warrant to the
Trustee that a true and complete copy of the Purchase Agreement is attached to this Consent and Joinder as Exhibit “A.”
The Trustee hereby consents (a) to the Equity Collateral Transfers, and (b) to the delegation to the Joining Grantors of the Individual
Grantors’ obligations under the Security Agreement (as contemplated by Section 2(e) below), in each case provided that each
of the Conditions Precedent to Effectiveness set forth in Section 4 hereof shall be satisfied, all as determined by the Trustee
in its sole reasonable discretion.

 

2.
Joinder; Pledge. Effective as of the Effective Date, the Joining Grantors each hereby:

 

(a)
acknowledges that it has received and reviewed copies of the Indenture and the Security Agreement and the other Loan Documents;

 

(b)
irrevocably, absolutely and unconditionally joins and becomes a party to the Security Agreement as an “Individual Grantor”
thereunder and agrees to be bound by all the terms, conditions, covenants, obligations, liabilities and undertakings of the Individual
Grantors therein or to which the Individual Grantors are subject thereunder, all with the same force and effect as if such Joining
Grantor were a signatory to the Security Agreement;

 

(c)
agrees to be bound by all representations, warranties, covenants, agreements, liabilities and acknowledgments of an Individual
Grantor under the Security Agreement, with the same force and effect as if it was a signatory to the Security Agreement and was
expressly named as an Individual Grantor;

 

(d)
pledges the Equity Collateral to the Trustee, on behalf of and for the benefit of the Holders, to secure the prompt and complete
payment and performance of the Secured Obligations;

 

(e)
assumes and agrees to perform all applicable duties and obligations as an Individual Grantor under the Security Agreement, and
the Trustee consents to the delegation of such obligations to, and the assumption of such obligations by, such Joining Grantor;
and

 

(f)
irrevocably authorizes the Trustee at any time and from time to time to take action deemed by the Trustee to be necessary or appropriate
for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by it hereunder in
the Pledged Securities.

 

3.
Additional Representations of Joining Grantors. In addition to the representations and warranties of the Individual Grantors
under the Security Agreement, each Joining Grantor also represents and warrants to the Trustee that (a) it has the power and authority,
and the legal right, to make, deliver and perform this Consent and Joinder and has taken all necessary action to authorize the
execution, delivery and performance of this Consent and Joinder, (b) no consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority or any other Person that has not been obtained, made or completed is
required in connection with the execution, delivery and performance, validity or enforceability of this Consent and Joinder, (c)
this Consent and Joinder has been duly executed and delivered on behalf of the Joining Grantor, and (d) this Consent and Joinder
constitutes a legal, valid and binding obligation of the Joining Grantor enforceable against such Joining Grantor in accordance
with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding
in equity or at law) and an implied covenant of good faith and fair dealing.

 

    2

     

    

 

4.
Conditions Precedent to Effectiveness. This Consent and Joinder shall not be effective until each of the following conditions
precedent has been fulfilled:

 

(a)
This Consent and Joinder shall have been duly executed and delivered by the respective parties hereto, and shall be in full force
and effect and shall be in form and substance satisfactory to the Trustee;

 

(b)
All action on the part of the Joining Grantors necessary for the valid execution, delivery and performance by the Joining Grantors
of this Consent and Joinder shall have been duly and effectively taken and evidence thereof satisfactory to the Trustee shall
have been provided to the Trustee; and

 

(c)
The Trustee shall have received a certificate, executed by the Individual Grantors and the Joining Grantors, certifying that the
Equity Collateral Transfers shall have been consummated in accordance with the provisions of the Purchase Agreement.

 

5.
Additional Documents. Each Individual Grantor and Joining Grantor agrees without additional consideration to execute and
deliver to the Trustee any and all additional forms of assignment and other instruments and documents that may be necessary or
desirable to transfer or evidence the assignment and delegation of rights and obligations under the Security Agreement, and the
assumption of such obligations by, the Joining Grantors.

 

6.
Severability. Any provision in this Consent and Joinder that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end
the provisions of this Consent and Joinder are declared to be severable.

 

7.
Counterparts. This Consent and Joinder may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page to this Consent and Joinder by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Consent and Joinder.

 

8.
Delivery. Each Joining Grantor hereby irrevocably waives notice of acceptance of this Consent and Joinder and acknowledges
that the Secured Obligations are incurred, and credit extensions under the Indenture made and maintained, in reliance on this
Consent and Joinder and the Joining Grantor’s joinder as a party to the Security Agreement as herein provided.

 

9.
Governing Law; Venue; Waiver of Jury Trial. This Consent and Waiver and any claim, controversy, dispute or cause of action
(whether in contract or tort or otherwise) based upon, arising out of or relating to this Consent and Waiverand the transactions
contemplated hereby shall be governed by and construed in accordance with the laws of Delaware without regard to its conflicts-of-law
provisions. The provisions of Section 10.14 of the Security Agreement are hereby incorporated by reference as if fully set forth
herein.

 

 

*
* * * * * *

 

    3

     

    

 

In
Witness Whereof, each of the Grantors and the
Trustee have executed this Amended and Restated Pledge and Security Agreement as of the date first above written. 

 

	INDIVIDUAL
    GRANTORS:	/s/
    Jon R. Sabes
	 	Jon
R. Sabes

	 	 
	 	/s/
    Steven S. Sabes
	 	Steven
    S. Sabes
	 	 
	JOINING
    GRANTORS:	Beneficient
Capital Company, L.L.C.

	 	 
	 	By: 	/s/ Jeffrey S. Hinkle  
	 	Name: 	Jeffrey S. Hinkle
	 	Title: 	Chief Administrative Officer
	 	 
	 	AltiVerse
Capital Markets, L.L.C.

                                                                      

        Hicks
        Holdings Operating LLC, its Manager

	 	 
	 	By: 	/s/ Britton
Brown  
	 	Name: 	Britton Brown
	 	Title: 	Executive Vice President
	 	 
	TRUSTEE:	Bank
of Utah, Solely in its Capacity as Trustee 

	 	 
	 	By:	/s/
    John Thomas
	 	Name: 	John Thomas
	 	Title: 	Vice President
	 	 
	ACKNOWLEDGED
    BY	 
	THE
    ENTITY GRANTORS:	GWG
    Holdings, Inc.
	 	 
	 	By:	/s/
    William Acheson  
	 	Name: 	William Acheson
	 	Title: 	Chief Financial Officer
	 	 
	 	GWG
Life, LLC

	 	 
	 	By:	/s/
William Acheson  
	 	Name:	William
    Acheson
	 	Title: 	Chief Financial Officer

 

Signature Page – Consent and Joinder to 

Amended and Restated Pledge and Security
Agreement 

 

 

4

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