Document:

Exhibit 4.1

 

SUPPLEMENTAL INDENTURE

dated as of December 31, 2020

 

to

 

AMENDED AND RESTATED INDENTURE

dated as of October 23, 2017, as amended

 

by and among

GWG HOLDINGS, INC.,

GWG LIFE, LLC,

and

BANK OF UTAH, as trustee

 

__________________

 

Liquidity Bonds

__________________

 

THIS SUPPLEMENTAL INDENTURE,
dated as of December 31, 2020, is by and among GWG Holdings, Inc., a Delaware corporation (the “GWG Holdings”),
GWG Life, LLC, a Delaware limited liability company (the “GWG Life”), and Bank of Utah, as trustee (the “Trustee”).

 

WHEREAS, GWG Holdings,
GWG Life and Trustee have executed and delivered an Amended and Restated Indenture dated as of October 23, 2017 (as amended, the “Indenture”)
providing for the issuance of debt securities (referred to in the Indenture as the “Securities”) in unlimited
amount, of different types and in separate classes or series;

 

WHEREAS, Section 9.1(c)
and Section 9.6 of the Indenture provide, among other things, that GWG Holdings and the Trustee may, without the consent of the
Holders, enter into indentures supplemental to the Indenture to provide for specific terms applicable to any different type, class
or series of Securities, and to add to the covenants for the benefit of the Holders of each type, class or series of Securities;

 

WHEREAS, GWG Holdings
and GWG Life are entering into this Supplemental Indenture with the Trustee to supplement certain provisions of the Indenture as
shall be necessary to provide for or facilitate the administration of the trusts thereunder, and reflect the terms and conditions
of “Liquidity Bonds” (as such term is defined below), which are the Securities to be issued from time to time to in
connection with private offering of products by GWG Holdings and The Beneficient Company Group, L.P., a consolidated subsidiary
of GWG Holdings (“Ben”); and

 

WHEREAS, all things
necessary to make the Liquidity Bonds, when the same shall have been executed by GWG Life, authenticated and delivered by the Trustee,
and issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture against payment therefor, the
valid, binding and legal obligations of GWG Life, and to make this Supplemental Indenture a valid, binding and legal agreement
of GWG Holdings and GWG Life, have been done.

  

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NOW, THEREFORE, in
consideration of the above premises, the parties hereby agree as follows:

 

ARTICLE 1

APPLICATION AND EFFECT

OF SUPPLEMENTAL INDENTURE

 

Section 1.1 Application
of this Supplemental Indenture

 

Notwithstanding any
other provision of this Supplemental Indenture, the provisions of this Supplemental Indenture are expressly and solely for the
benefit of, and solely apply to, the Liquidity Bonds.

 

Section 1.2 Effect
of this Supplemental Indenture

 

With respect to the
Liquidity Bonds only, the Indenture shall be supplemented pursuant to Article 9 thereof to establish the terms of the Liquidity
Bonds as set forth in this Supplemental Indenture, including as follows:

 

		(a)	The definitions set forth in Article 1 of the Indenture shall be modified to the extent provided
in Article 2 of this Supplemental Indenture;

 

		(b)	The form and terms of the securities representing the Liquidity Bonds required to be established
pursuant to the Indenture shall be established in accordance with Sections 1.3 through Article 3 of this Supplemental Indenture;

 

		(c)	The Liquidity Bonds will not entitle their Holders to make “Repurchase Requests” under
the Indenture. Accordingly, Section 2.1(j) and Section 3.2 of the Indenture are not applicable to the Liquidity Bonds;

 

		(d)	The Liquidity Bonds shall not be subject to the automatic extension provisions of the Indenture.
Accordingly, Section 2.1(f), (g) and (h) are not applicable to the Private Bonds.

 

		(e)	The Liquidity Bonds will be issued pursuant to one or more exemptions from the registration requirements
of the Securities Act. Accordingly, Section 2.2(b) of the Indenture is not applicable to the Liquidity Bonds.

 

		(f)	The Liquidity Bonds will be issued by GWG Life in two series, Series A Liquidity Bonds and Series
B Liquidity Bonds. GWG Life shall be deemed to be the “Company” under the Indenture solely for purposes of the Liquidity
Bonds.

 

		(g)	The payment of principal and interest and, in the case of Series A Liquidity Bonds, contingent
payments on the Liquidity Bonds will be fully and unconditionally guaranteed by GWG Holdings, and GWG Holdings shall be the “Guarantor”
under the Indenture solely for purposes of the Liquidity Bonds.

 

Section 1.3 Designation
and Amount of Liquidity Bonds

 

The Liquidity Bonds
shall be known and designated as the “Liquidity Bonds” and shall be issued in units of $1,000 per unit and shall be
issued in two series: Series A Liquidity Bonds and Series B Liquidity Bonds. The initial maximum aggregate principal amount of
the Liquidity Bonds that may be authenticated and delivered under this Supplemental Indenture shall not exceed $1,000,000,000;
provided that GWG Holdings may determine to permit the issuance of additional units of Liquidity Bonds in its sole discretion.

 

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Section 1.4 Terms;
Form of Security

 

		(a)	The Liquidity Bonds shall constitute a new class of “Security” for purposes of the
Indenture and this Supplemental Indenture. The Liquidity Bonds shall initially be in book-entry form pursuant to Section 2.13 of
the Indenture, and the Liquidity Bonds shall be in substantially the form of Exhibit A-3 and Exhibit A-4 attached
hereto. The terms and provisions contained in the form of Liquidity Bonds attached as Exhibit A-3 and Exhibit A-4
hereto shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and GWG Life, by its execution and
delivery of this Supplemental Indenture, expressly agrees to such terms and provisions and to be bound thereto. The Liquidity Bonds
may be issued in minimum denominations of $1,000; provided, that GWG Holdings may consent in writing to different minimum denominations.

 

		(b)	Any of the Liquidity Bonds may have such letters, numbers or other marks of identification and
such notations, legends and endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence
of such approval) and are not inconsistent with the provisions of the Indenture or this Supplemental Indenture (and which do not
affect the rights, duties or immunities of the Trustee), or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Liquidity
Bonds may be listed for trading, or of any Depositary, or agreements to which GWG Holdings or GWG Life is subject or reasonably
required by usage. Any portion of the text of any Liquidity Bonds may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Liquidity Bonds.

 

Section 1.5 Payment
of Principal, Interest AND CONTINGENT PAYMENTS

 

		(a)	The “Maturity Date” for a Liquidity Bond shall be as specified in a binding
term sheet for such Liquidity Bond (each a “Term Sheet”).

 

		(b)	Each Liquidity Bond shall bear simple fixed or contingent interest at the rate per annum
specified in the Term Sheet for such Liquidity Bond from and including their Issue Date, or from the most recent Payment Date on
which interest has been paid or provided for until the principal thereof becomes due and payable, unless otherwise provided for
in the Term Sheet for a Liquidity Bond. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day
months. Interest on the Liquidity Bonds shall be payable monthly in arrears in U.S. Dollars, unless otherwise provided for in the
Term Sheet for a Liquidity Bond. Payments of interest shall be made to the Person in whose name a Liquidity Bond is registered
at the close of business on the Regular Record Date immediately preceding a Payment Date.

 

		(c)	Upon the Maturity Date, the Liquidity Bonds are payable in U.S. Dollars; provided that the Liquidity
Bonds may be paid at maturity (in GWG Life’s sole discretion) in GWG Common Stock (at the Exchange Price) or Subsidiary Common
Securities if they are publicly traded on a national U.S. securities exchange (at the Subsidiary Common Security Exchange Price),
or a combination of cash and GWG Common Stock or Subsidiary Common Securities, in full satisfaction of the Liquidity Bonds. The
number of shares of GWG Common Stock to be issued shall be determined by dividing the aggregate principal amount of, and accrued
but unpaid interest on, the portion of the Liquidity Bonds to be paid in GWG Common Stock on such Maturity Date by the then applicable
Exchange Price. The number of Subsidiary Common Securities to be issued shall be determined by dividing the aggregate principal
amount of, and accrued but unpaid interest on, the portion of the Liquidity Bonds to be paid in Subsidiary Common Securities on
such Maturity Date by the then applicable Subsidiary Common Securities Exchange Price. No fractions of shares of GWG Common Stock
or Subsidiary Common Securities will be issued. Any fractions shall be rounded to the nearest whole number.

 

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		(d)	Holders of Series A Liquidity Bonds will be entitled to receive an annual, contingent payment (each
a “Participation Payment”) in U.S. Dollars of up to 1.5% of the principal amount of such Holder’s Series
A Liquidity Bond subject to GWG Life having net taxable income of at least such amount in a given fiscal year, as determined by
GWG Life, prorated for the portion of such fiscal year that the Holder owned the Series A Liquidity Bonds as reflected on the records
of the Registrar, unless otherwise provided for in the Term Sheet for a Liquidity Bond. The payment shall be made within thirty
(30) Business Days following the issuance of GWG Holdings’ audited consolidated financial statements for such year. To the
extent that the net taxable income of GWG Life is insufficient to provide Holders of Series A Liquidity Bonds with the full Participation
Payment for any fiscal year, such shortfall will carry forward and be payable from net taxable income earned by GWG Life in subsequent
years. Participation Payments shall be subordinated to Senior Debt to the same extent as other Securities issued under the Indenture.
The right of a Holder of Series A Liquidity Bonds to receive a Participation Payment shall terminate upon the Exchange Date or
Maturity Date for such Series A Liquidity Bond.

 

		(e)	Notwithstanding any other provision of this Supplemental Indenture, the Indenture or the Liquidity
Bonds, in the event the Board of Directors were to adopt and implement a plan of liquidation and dissolution, all interest and
principal payments under the Liquidity Bonds and any Participation Payments under the Series A Liquidity Bonds thereafter will
become due and payable (subject to the net taxable income limitation contained in Section 1.5(d) herein) on the earlier of (a)
the filing of the certificate of dissolution with the Secretary of State of the State of Delaware, and (b) a notice that GWG Holdings
has abandoned its plan of liquidation and dissolution (the “Deferral Period”); provided, that, so long as GWG
Holdings has not provided notice that it has abandoned its plan of liquidation and dissolution, GWG Holdings will use commercially
reasonable efforts to complete the liquidation and file the certificate of dissolution by the eighteen (18) month anniversary of
the initial effective date of the plan of liquidation and dissolution. Interest will continue to accrue on the Liquidity Bonds
during the Deferral Period.

 

The deferral
of interest and principal payments and any Participation Payments during the Deferral Period shall not constitute a Default or
an Event of Default under the Indenture. Simple interest shall continue to accrue on the Liquidity Bonds during the Deferral Period.

 

		(f)	All payments of principal and interest and Participation Payments shall be made by GWG Life or
a Paying Agent by wire transfer of immediately available funds in U.S. Dollars or delivery of the other property specified herein
to the accounts of the registered Holders thereof in accordance with the provisions of this Section 1.5 of this Supplemental Indenture
and Section 2.3 of the Indenture and other relevant provisions of the Indenture. GWG Holdings shall be the initial Paying Agent
for the Liquidity Bonds.

 

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		(g)	Prior to each Payment Date on any Liquidity Bond (which, for purposes of the Liquidity Bonds, shall
include the date upon which any Participation Payment is due), GWG Life shall deposit with the Paying Agent sufficient funds or
other authorized property to pay principal and interest and Participation Payments then so becoming due and payable. GWG Life shall
require each Paying Agent other than GWG Holdings or the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money or other property held by the Paying Agent for the payment of principal or interest
or Participation Payments on the Liquidity Bonds, and will notify the Trustee promptly in writing of any default by GWG Life in
making any such payment. While any such default continues, the Trustee shall require a Paying Agent (if other than GWG Holdings)
to pay all money or other property held by it to the Trustee. GWG Life at any time may require a Paying Agent to pay all money
or other property held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than GWG Holdings) shall
have no further liability for the money or other property delivered to the Trustee. If GWG Holdings acts as Paying Agent, then
GWG Holdings shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.
GWG Life shall notify the Trustee in writing at least five days before the Payment Date of the name and address of the Paying Agent
if a Person other than the Trustee (or GWG Holdings) is named Paying Agent at any time or from time to time.

 

Section 1.6 EXCHANGE RIGHT

 

		(a)	Exchange Right. Subject to compliance with this Section 1.6, beginning six (6) months after
the initial issuance date of a Liquidity Bond, the Holder may exchange the entire principal amount of, and all accrued but unpaid
interest on, such Liquidity Bond to, but excluding, the Exchange Date (the “Aggregate Exchange Amount”) for,
at GWG Holdings’ election in its sole discretion, either (i) that number of shares of GWG Common Stock determined by dividing
the Aggregate Exchange Amount by the then applicable Exchange Price for such Liquidity Bond, or (ii) the number of Subsidiary Common
Securities determined by dividing the Aggregate Exchange Amount by the then applicable Subsidiary Common Securities Exchange Price
for such Liquidity Bond (the “Exchange Consideration”).

 

		(b)	Exercise of Exchange Right. To exercise the right to exchange a Liquidity Bond pursuant
to this Section 1.6, the Holder must provide GWG Holdings with not less than 30 days’ prior written notice (the “Exchange
Notice Period”) in the form attached as an exhibit to the certificate for such Liquidity Bond (the “Exchange
Notice”). Holders may not deliver an Exchange Notice if the Maturity Date of the Liquidity Bond would be on or prior
to the Exchange Date. The Exchange Notice must be completed and manually signed, with the required signature guarantee. The Exchange
Notice shall be irrevocable. The Holder must also furnish appropriate endorsements and transfer documents if required by GWG Holdings,
and pay all transfer or similar taxes if required pursuant to Section 1.6(h) or interest payments if required pursuant to Section
1.6(f).

 

		(c)	Issuance of Exchange Consideration. So long as the Holder has complied with the requirements
of this Section 1.6, GWG Holdings shall issue or cause to be issued the Exchange Consideration on the first Business Day of the
first month following the expiration of the Exchange Notice Period (the “Exchange Date”). Unless GWG Holdings
otherwise consents in writing, the Exchange Consideration shall be represented by physical certificates with the following legend
(and any other legends GWG Holdings reasonably determines to be necessary or appropriate):

 

THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS SECURITY UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT.

 

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		(d)	Status as Holder. Liquidity Bonds surrendered for exchange shall be deemed exchanged at
the close of business on the applicable Exchange Date, and the Person in whose name the Exchange Consideration shall be issued
upon such exchange shall become the holder of record of such Exchange Consideration as of the close of business on such Exchange
Date. Prior to such time, a Holder shall not be entitled to any rights relating to such Exchange Consideration, including, among
other things, the right to vote, tender in a tender offer and receive dividends and notices of shareholder meetings. On and after
the close of business on the applicable Exchange Date with respect to an exchange of a Liquidity Bond pursuant hereto, all rights
of the Holder of such Liquidity Bond shall terminate, other than the right to receive the Exchange Consideration.

 

		(e)	Accrued Interest. Except as provided in this Section 1.6, no payment or other adjustment
will be made for accrued interest on any Liquidity Bonds that have been exchanged, and accrued interest, if any, will be deemed
to be paid by the Exchange Consideration paid to the Holder upon exchange. Such accrued interest, if any, shall be deemed to be
paid in full rather than cancelled, extinguished or forfeited.

 

		(f)	Exchanges between Regular Record Date and Payment Date. If any Holder surrenders a Liquidity
Bond for an exchange that will occur after the close of business on a Regular Record Date for such Liquidity Bond and prior to
the open of business on the corresponding Payment Date, the Holder of such Liquidity Bond as of the close of business on such record
date will receive the full amount of interest payable on such Liquidity Bond on the corresponding Payment Date notwithstanding
the exchange. Liquidity Bonds surrendered for exchange during the period from the close of business on any Regular Record Date
to the open of business on the immediately following Payment Date must be accompanied by funds equal to the amount of interest
payable on such Payment Date on the Liquidity Bonds so exchanged.

 

		(g)	No Fractional Shares or Securities. No fractions of shares of GWG Common Stock or Subsidiary
Common Securities will be issued. Any fractions shall be rounded to the nearest whole number.

 

		(h)	Taxes and Duties. The issuance of certificates for the Exchange Consideration shall be made
without charge to any Holder of Liquidity Bonds for any documentary stamp or similar taxes that may be payable in respect of the
issue or delivery of such certificates, provided that GWG Holdings shall not be required to pay any tax that may be payable in
respect of any transfer involved in the issuance and delivery of any such certificate upon exchange in a name other than that of
the Holders of such Liquidity Bonds and GWG Holdings shall not be required to issue or deliver or cause to be issued and delivered
such certificates unless or until the Holder requesting the issuance thereof shall have paid to GWG Holdings the amount of such
tax or shall have established to the satisfaction of GWG Holdings that such tax has been paid. The Company shall pay all transfer
agent fees required for processing of any exchange.

 

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		(i)	Status of Exchange Consideration; Listing. All Exchange Consideration issued upon exchange
of the Liquidity Bonds shall be validly issued, fully paid and non-assessable and shall be free of preemptive or similar rights.
The Company shall list or cause to be listed the Exchange Consideration on each national securities exchange or automated quotation
system on which the shares of GWG Common Stock or Subsidiary Common Securities are listed on the applicable Exchange Date.

 

		(j)	Adjustments to Exchange Prices. If GWG Holdings shall at any time or from time to time after
a Holder’s Measurement Date effect a subdivision of the outstanding GWG Common Stock, the Exchange Price for such Holder’s
corresponding Liquidity Bonds in effect immediately before that subdivision shall be proportionately decreased so that the number
of shares of GWG Common Stock issuable on exchange or at maturity shall be increased in proportion to such increase in the aggregate
number of shares of GWG Common Stock outstanding. If GWG Holdings shall at any time or from time to after a Holder’s Measurement
Date combine the outstanding shares of GWG Common Stock, the Exchange Price for such Holder’s corresponding Liquidity Bonds
in effect immediately before the combination shall be proportionately increased so that the number of shares of GWG Common Stock
issuable on exchange shall be decreased in proportion to such decrease in the aggregate number of shares of GWG Common Stock outstanding.
Any such adjustment shall become effective at the close of business on the date the subdivision or combination becomes effective.
Comparable adjustments will be made for any such actions with respect to the Subsidiary Common Securities after the fixing of the
Subsidiary Common Securities Exchange Price.

 

		(k)	Adjustments for Certain Events. In the event of:

 

		(i)	any reclassification of the GWG Common Stock (which, for the avoidance of doubt, shall not include
any redemption by GWG Holdings of Capital Stock);

 

		(ii)	a consolidation, merger, combination or binding share exchange involving GWG Holdings; or

 

		(iii)	a sale or conveyance to another person of all or substantially all of GWG’s property and
assets,

 

in each case, in which holders
of GWG Common Stock are entitled to receive cash, securities or other property for their shares of GWG Common Stock (“Reference
Property”), Holders of Liquidity Bonds will be entitled thereafter to exchange their Liquidity Bonds into the type and
amount of Reference Property equal to what such Holder would have owned or been entitled to receive upon such transaction if such
Holder had exchanged its Liquidity Bonds immediately prior to such transaction.

 

For purposes of the foregoing,
the type and amount of consideration that holders of GWG Common Stock are entitled to in the case of any reclassification, consolidation,
merger, combination, binding share exchange, sale or transfer of assets or other transaction that causes GWG Common Stock to be
converted into the right to receive more than a single type of consideration, because the holders of GWG Common Stock have the
right to elect the type of consideration they receive, will be deemed to be the weighted average of the types and amounts of consideration
received by the holders of GWG Common Stock that affirmatively make such an election.

 

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		(l)	Irrevocable Proxy. Upon issuance of any GWG Common Stock upon exchange of a Liquidity Bond,
the Holder will be required to provide GWG Holdings with an irrevocable proxy to vote the shares of GWG Common Stock so issued
in connection with any extraordinary transaction that occurs within two years of the original issuance of such Liquidity Bond,
in the form attached as part of the Exchange Notice.

 

Section 1.7 NO INVOLUNTARY PROCEEDINGS

 

Neither any Holder
of a Liquidity Bond nor the Trustee on behalf of or at the direction of any such Holder shall institute against GWG Holdings or
GWG Life, or join in any institution against GWG Holdings or GWG Life of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings, under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Liquidity Bonds or the Indenture.

 

Section
1.8 Ranking

 

The Liquidity Bonds
shall be senior secured obligations of GWG Life, ranking junior to all Senior Debt of GWG Holdings or GWG Life, pari passu
in right of payment and in respect of collateral with all “L Bonds” of GWG Holdings, and senior in right of payment
to all subordinated indebtedness of GWG Holdings or GWG Life.

 

Section 1.9 ISSUANCE

 

The Liquidity Bonds
shall not be validly issued to a Person until the following shall have occurred: (i) such Person has delivered to GWG Holdings
or a duly authorized Agent all documentation required to be delivered under the Term Sheet for the Liquidity Bonds, and otherwise
required to establish the ability of GWG Life to issue the Securities in conformity with the Securities Act and other applicable
securities law; and (ii) an Account is established by the Registrar in the name of such Person as the Holder of such Security in
the Securities Register.

 

Section 1.10 Transferability

 

The Liquidity Bonds
shall constitute Restricted Indenture Securities under the Indenture and may be transferred solely in accordance with the terms
of Section 2.6(b) of the Indenture; provided, however, that the restrictions in Section 2.6(b) shall not apply to a resale of the
Liquidity Bonds that shall have been registered for resale pursuant to an effective registration statement under the Securities
Act. Notwithstanding the foregoing, GWG Life shall have the right to prohibit any transfer of Series A Liquidity Bonds if GWG Life,
in its sole discretion, determines that transfer could cause GWG Life to be taxable as a “publicly-traded partnership”
within the meaning of Section 7704 of the Internal Revenue Code of 1986, as amended, and any successor provision (the “Code”).

 

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Article
2

Definitions
and Incorporation by Reference

 

Section 2.1 Definitions

 

		(a)	All capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed
thereto in the Indenture.

 

		(b)	The following are definitions used and not otherwise defined in this Supplemental Indenture and
to the extent that a term is defined both herein and in the Indenture, the definition in this Supplemental Indenture shall govern
with respect to the Liquidity Bonds.

 

“GWG Common
Stock” means the common stock, par value $0.001 per share, of GWG Holdings.

 

“Exchange
Price” will be specified in the Term Sheet for a Holder and shall be a premium to the closing price of the GWG Common
Stock on the Nasdaq Stock Market on the Measurement Date.

 

“Liquidity
Bonds” are the Securities authorized for issuance under this Supplemental Indenture, as described in Section 1.3 above.

 

“Measurement
Date” means the date specified in a Holder’s Term Sheet as the closing price of the GWG Common Stock on the Nasdaq
Stock Market on the last trading day prior to the execution and delivery by Ben, GWG Holdings and GWG Life of a counterpart to
such Holder’s Term Sheet.

 

“Subsidiary
Common Securities” means common securities of a Subsidiary of GWG Holdings the class of which is listed for trading on
a national U.S. securities exchange.

 

“Subsidiary
Common Securities Exchange Price” shall be the Exchange Price multiplied by the exchange ratio of GWG Common Stock to
the Subsidiary Common Securities issued in connection with any transaction in which GWG Common Stock is converted into, or exchanged
for, Subsidiary Common Securities, or if there is no conversion or exchange, the Subsidiary Common Securities Exchange Price will
be determined by the Board of Directors in good faith taking into account differences in capital structure and related matters
between GWG Holdings and the issuer of such Subsidiary Common Securities.

 

Section 2.2 Incorporation
by Reference of Trust Indenture Act

 

The Indenture is subject
to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of the Indenture.
The following Trust Indenture Act terms have the following meanings:

 

“indenture
securities” means the Liquidity Bonds.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Supplemental Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means GWG Life and any other obligor on the indenture securities.

 

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All other Trust Indenture
Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rule have the meanings assigned to them by such definitions.

 

Article
3

Miscellaneous

 

Section 3.1 Trust
Indenture Act Controls

 

If any provision of
this Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in
this Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control.

 

Section 3.2 Rules
by Trustee, Paying Agent and Registrar

 

The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent or co-registrar may make reasonable
rules for their functions.

 

Section 3.3 Payment
on Business Days

 

If a payment date is
not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the
intervening period. If a Regular Record Date is not a Business Day, the Regular Record Date shall not be affected.

 

Section 3.4 Governing
Law

 

THIS SUPPLEMENTAL INDENTURE
AND THE LIQUIDITY BONDS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF DELAWARE, AND WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

 

Section  3.5 No
Personal Liability of Directors, etc.

 

None of GWG Holdings’
or GWG Life’s directors, officers, employees, incorporators, stockholders, managers or members, as such, shall have any liability
for any of GWG Life’s obligations under the Liquidity Bonds, the Indenture, or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder of Liquidity Bonds by accepting a Liquidity Bond waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Liquidity Bonds.

 

Section 3.6 Successors

 

All agreements of GWG
Holdings and GWG Life in the Indenture and the Liquidity Bonds shall bind its successors. All agreements of the Trustee in the
Indenture shall bind its successors.

 

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Section 3.7 Counterparts

 

The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Supplemental Indenture.

 

Section 3.8 Headings

 

The headings of the
Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not intended to
be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section 3.9 SEVERABILITY

 

In case any provision
in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 3.10 Trustee
Not Responsible for Recitals; TRUSTEE’S CAPACITY

 

The recitals contained
herein shall be taken as statements of GWG Holdings and GWG Life, and the Trustee does not assume any responsibility for their
correctness. The Trustee is executing this Supplemental Indenture solely in its capacity as Trustee and not in its individual capacity
(except as expressly stated herein). The Trustee makes no representations as to the validity or sufficiency of this Supplemental
Indenture, except that the Trustee represents that it is duly authorized to execute and deliver this Supplemental Indenture and
perform its obligations hereunder. Furthermore, the Trustee shall not be liable for, or on account of, any of the covenants or
obligations of the Trustee under this Supplemental Indenture except to the extent of its own gross negligence or willful misconduct.

 

Section 3.11 Adoption,
Ratification and Confirmation

 

The Indenture, as supplemented
and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

* * * * * * *

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

 

	 	OBLIGOR:
	 	 	 	 
	 	GWG LIFE, LLC
	 	 	 	 
	 	By:  	/s/ Murray T. Holland       
	 	 	Murray T. Holland
	 	 	President and Chief Executive Officer
	 	 	 	 
	 	GUARANTOR:
	 	 	 	 
	 	GWG HOLDINGS, INC.
	 	 	 	 
	 	By:  	/s/ Murray T. Holland
	 	 	Murray T. Holland
	 	 	President and Chief Executive Officer
	 	 	 	 
	 	TRUSTEE:
	 	 	 	 
	 	BANK OF UTAH
	 	(solely as Trustee, and not in its individual capacity)
	 	 	 	 
	 	By:  	/s/ Kade Baird
	 	 	Name: 	Kade Baird
	 	 	Title:	Assistant Vice President

 

Signature Page – Supplemental Indenture

 

    12

     

    

 

EXHIBIT A-3

 

FORM OF SERIES A LIQUIDITY BONDS

 

THIS SERIES A LIQUIDITY BOND (THE “BOND”)
OF GWG LIFE, LLC (“GWG LIFE”) IS SUBJECT TO THE TERMS OF THE INDENTURE, WHICH AMONG OTHER PROVISIONS, CONTAINS REQUIREMENTS
RELATING TO ANY TRANSFER OF THIS BOND BY THE HOLDER. GWG LIFE MAY REDEEM THIS BOND, IN WHOLE OR IN PART, IN ACCORDANCE WITH THE
TERMS OF THE INDENTURE.

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

 

GWG LIFE, LLC

formed under the Laws of Delaware

 

SERIES A LIQUIDITY BOND

  

GWG Life, LLC, a limited
liability company created under the laws of the State of Delaware (“GWG Life,” which term includes any successor corporation
or entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to ______________________, or
registered assigns, (i) the principal sum of ________________ Dollars ($_________) on the Maturity Date and to pay accrued
and unpaid interest hereon from the Issue Date, or from the most recent Payment Date to which interest has been paid or duly provided
for, beginning on the first Payment Date after the Issue Date (the “Initial Payment Date”) and on each subsequent Payment
Date thereafter at the Interest Rate set forth in such Holder’s Term Sheet, and Participation Payments on the applicable
Payment Date, until the principal hereof is paid or made available for payment, all subject to the terms of the Indenture; provided,
that (i) GWG Life may pay principal in GWG Common Stock or Subsidiary Common Securities in accordance with the terms of the Indenture,
and (ii) GWG Life may defer the payment of principal, interest and Participation Payments under certain circumstances in accordance
with the terms of the Indenture. Simple interest shall accrue on the principal amount for the period from the later of the Issue
Date of this Bond or the last Payment Date upon which an interest payment was made until and including the day before the following
Payment Date. Capitalized terms used but not defined herein shall have the respective meanings given such terms in the Indenture.
For purposes hereof, that certain Amended and Restated Indenture dated as of October 23, 2017, as amended on March 27, 2018 and
December 31, 2019, and as supplemented by that certain Supplemental Indenture dated as of August 10, 2018 and that certain Supplemental
Indenture dated as of December 31, 2020, and as the same may be amended or supplemented from time to time in the future in accordance
with its terms, is referred to as the “Indenture.”

 

The principal hereof
is subject to optional redemption by GWG Life, as provided in the Indenture, and if not so redeemed, shall be due and payable in
full on the Payment Date immediately following the Maturity Date, as more fully described in the Indenture, subject to the right
to defer principal, interest and Participation Payments in accordance with the terms of the Indenture. The principal, interest
and Participation Payments so payable and punctually paid or duly provided for on any Payment Date, as provided in the Indenture,
will be paid to the Person in whose name this Bond is registered (the “Holder”) at the close of business on the Regular
Record Date (or Maturity Record Date, as applicable) for such Payment Date. Payment of the principal of and interest and Participation
Payments on this Bond will be made at the office of the Paying Agent, or in such other office as may be selected in accordance
with the Indenture, in such currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts or other property, or GWG Common Stock or Subsidiary Common Securities, as provided in the Indenture, provided,
however, that at the option of GWG Holdings payment of interest may be made in United States dollars by wire or by check mailed
to the address of the Person entitled thereto as such address shall appear in the Register.

 

    13

     

    

 

 Each holder of this Bond agrees, by
the acceptance thereof, to treat this Bond as a partnership interest in GWG Life and agrees not to take any position inconsistent
with such treatment for any federal, state, local, foreign or other tax purpose. 

 

Reference is hereby
made to the further provisions of this Bond set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the Certificate
of Authentication hereon has been executed by or on behalf of the Trustee referred to on the reverse hereof by manual signature,
this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

No recourse shall be
had for the payment of the principal or interest of this Bond against any incorporator, stockholder, officer, director, employee,
member, manager or agent of GWG Life or GWG Holdings by virtue of any statute or by enforcement of any assessment or otherwise;
and any and all liability of incorporators, stockholders, directors, officers, employees, members, managers and agents of GWG Life
and GWG Holdings being released hereby.

 

IN WITNESS WHEREOF,
GWG Life has caused this Series A Liquidity Bond to be signed in its name by the manual or electronic signature of its Chief Executive
Officer and attested to by the manual or electronic signature of its Secretary.

 

	GWG LIFE, LLC	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:  	 	 	Date:  ____________________, 2020
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	Date:  ____________________, 2020
	Secretary	 	 

 

    14

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This Bond is one of the Liquidity Bonds
referred to in the within-mentioned Indenture. 

 

	BANK OF UTAH, Trustee	 
	 	 
	By:	 	 
	Name:	 	 
	Title:  	 	Date:  ____________________, 2020

 

    15

     

    

 

[ REVERSE SIDE OF BOND ]

 

This Bond is one of
a duly authorized issue of debt securities of GWG Life formally designated as its Series A Liquidity Bonds (the “Bonds”)
to be issued under an Amended and Restated Indenture dated as of October 23, 2017, as amended on March 27, 2018 and December 31,
2019, as supplemented by that certain Supplemental Indenture dated as of August 10, 2018 and that certain Supplemental Indenture
dated as of December 31, 2020, and as the same may be amended or supplemented from time to time in the future in accordance with
its terms (the “Indenture”), by and among GWG Holdings, GWG Life, LLC, and Bank of Utah, as Trustee (the “Trustee,”
which term includes any successor Trustee under the Indenture). Reference is hereby made to the Indenture for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of GWG Life, GWG Holdings, the Trustee and the Holders,
and for a statement of the terms upon which the Bonds are, and are to be, authenticated and delivered. Capitalized and certain
other terms used herein and not otherwise defined have the meanings set forth in the Indenture.

 

The Bonds are general
and secured obligations of GWG Life. The payment of the principal of and interest and Participation Payments on this Bond is expressly
subordinated, as provided in the Indenture, to the payment of all Senior Debt and, by the acceptance of this Bond, the Holder hereof
agrees, expressly for the benefit of the present and future holders of Senior Debt, to be bound by the provisions of the Indenture
relating to such subordination and authorizes and appoints as such Holder’s attorney-in-fact, the Trustee, to take such action
on such Holder’s behalf as may be necessary or appropriate to effectuate such subordination.

 

GWG Life may, at its
option, at any time redeem this Bond either in whole or from time to time in part prior to the Maturity Date by providing at least
30 days written notice to the Holder. If this Bond shall be redeemed by call for redemption and payment be duly provided therefor
as specified in the Indenture, interest shall cease to accrue on this Bond.

 

This Bond may be transferred
and exchanged only as provided in the Indenture, which provides for GWG Holdings’ right to demand and receive an opinion
of Holder’s legal counsel (which counsel shall be reasonably acceptable to GWG Holdings) that the transfer does not violate
any applicable securities laws. GWG Holdings may also require a signature guarantee.

 

If an Event of Default
shall occur and be continuing, the outstanding principal of this Bond may be declared due and payable in the manner and with the
effect provided in the Indenture. The Indenture permits GWG Life to defer payment of principal and interest and Participation Payments
on the Bonds under the circumstances provided for in the Indenture which would not be a Default or Event of Default. GWG Life shall
pay all costs of collection, whether or not judicial proceedings are instituted, in the manner provided in the Indenture. The Indenture
provides that such declaration and its consequences may, in certain events, be waived by the Holders of a majority in principal
amount of the Securities outstanding under the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of GWG Holdings
and GWG Life and the rights of the Holders under the Indenture at any time by GWG Holdings and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of Securities at the time outstanding under the Indenture. The Indenture
also contains provisions permitting the Holders of specified percentages of the aggregate principal amount of the Securities at
the time outstanding under the Indenture, on behalf of the Holders of all of such Securities, to waive compliance by GWG Holdings
or GWG Life with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders
of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Bond.

 

    16

     

    

 

No reference herein
to the Indenture and no provision of this Bond or of the Indenture or amendment or modification hereof or thereof shall alter or
impair the obligation of GWG Life to pay the principal of and interest and Participation Payments on this Bond at the times, place
and rate and in the coin or currency herein prescribed or in such other property as provided for in the Indenture.

 

In the event of a consolidation
or merger of GWG Life into, or of the transfer of its assets substantially as an entirety to, a successor entity in accordance
with the Indenture, such successor entity shall assume payment of the Bond and the performance of every covenant of the Indenture
on the part of GWG Life, and in the event of any such transfer, GWG Life (or the successor entity in the event of a subsequent
consolidation, merger or transfer) shall be discharged from all obligations and covenants in respect of the Bonds and the Indenture
and may be dissolved and liquidated, all as more fully set forth in the Indenture.

 

The Bonds are originally
issuable in such denominations as may be designated from time to time by GWG Life, but in no event in an original denomination
less than $1,000 unless GWG Holdings otherwise consents in writing. Subject to the provisions of the Indenture, the transfer of
this Bond is registerable in the Securities Register, upon surrender of this Bond for registration of transfer at the office or
agency of the Registrar duly endorsed by or accompanied by a written instrument of transfer in the form printed on this Bond or
in another form satisfactory to GWG Holdings and the Registrar duly executed by the Holder hereof or such Holder’s attorney,
duly authorized in writing, and thereupon one or more new Bonds, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. The Registrar may assess service charges for any such registration
or transfer or exchange, and the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

 

Prior to due presentment
of this Bond for registration of transfer, GWG Life, GWG Holdings, the Trustee and any agent of GWG Holdings or the Trustee may
treat the Person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond be overdue,
and neither GWG Life, GWG Holdings, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Bond shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to the conflict-of-law
provisions thereof.

 

    17

     

    

 

GUARANTEE NOTATION

 

FOR VALUE RECEIVED,
GWG Holdings, Inc. (the “Guarantor,” which term includes any successor Person under the Indenture) has, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Amended and Restated Indenture dated
as of October 23, 2017, as amended on March 27, 2018 and December 31, 2019, and as supplemented by that certain Supplemental Indenture
dated as of August 10, 2018 and that certain Supplemental Indenture dated December 31, 2020 (collectively, the “Indenture”),
by and among GWG Holdings, Inc., GWG Life and Bank of Utah, as trustee (the “Trustee”), (i) the due and punctual
payment of the principal of, premium and interest and Participation Payments on, these Securities, whether at maturity, by acceleration,
redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on these Securities, if
any, if lawful, and the due and punctual performance of all other obligations of GWG Life to the Holders or the Trustee all in
accordance with the terms of the Indenture and (ii) in case of any extension of time of payment or renewal of these Securities
or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms
of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

 

The obligations of
the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth
in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

	GWG HOLDINGS, INC.	 
	 	 
	 	 
	By:	 	 
	Name:	 	 
	Title:  	 	Date:  ____________________, 2020

 

    18

     

    

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such holder desires to transfer this Bond)

 

FOR VALUE RECEIVED the undersigned hereby
sells, assigns and transfers unto

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

this Bond, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint  ________________________________ , as
attorney-in-fact, to transfer the within Bond on the books kept for registration of the issuing corporation, with full power of
substitution.

 

Dated: __________________________

 

Signature: ______________________________

 

(Signature must conform in all respects to name of holder as
specified on the face of the Bond)

 

Social Security or Other Identifying Number of Transferee: _________________________________

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934.

 

    19

     

    

 

FORM OF EXERCISE OF EXCHANGE RIGHT

 

(To be executed by the registered holder
if such holder desires to transfer this Bond)

 

The undersigned, the registered holder of
this Bond, herby exercises its right to exchange this Bond in accordance with the terms of the Indenture.

 

Dated: __________________________

 

Signature: ______________________________

 

(Signature must conform in all respects to name of holder as
specified on the face of the Bond)

 

Social Security or Other Identifying Number of Transferee: _________________________________

 

Irrevocable Proxy: Until the second (2nd)
anniversary of the initial issuance of the Bond, the registered holder (the “Holder”) with respect to all of the shares
(the “Shares”) of GWG Common Stock to be issued upon exchange of this Bond hereby grants to GWG Holdings an irrevocable
proxy under Section 212 of the Delaware General Corporation Law to vote the Shares in any manner that GWG Holdings may determine
in its sole and absolute discretion to be in the GWG Holdings’ own best interest, all of the Shares with respect to which
the Holder has voting power upon issuance of the Shares at any meeting of stockholders of GWG Holdings or action by written consent
with respect to any merger, consolidation, sale of all or substantially all of the assets of GWG Holdings or any amendment or amendment
and restatement of GWG Holdings’ certificate of incorporation. Holder expressly understands and agrees that the foregoing
irrevocable proxy is hereby granted to GWG Holdings by the Holder pursuant to the exchange of the Bond and the Indenture and is
coupled with an interest. The Holder expressly acknowledges and agrees that (i) the Holder will not impede the exercise of the
GWG Holdings’ rights under the irrevocable proxy and (ii) the Holder waives and relinquishes any claim, right or action the
Holder might have, as a stockholder of GWG Holdings or otherwise, against GWG Holdings or any of his affiliates in connection with
any exercise of the irrevocable proxy granted hereunder.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934.

 

    20

     

    

 

EXHIBIT A-4

 

FORM OF SERIES B LIQUIDITY BONDS

 

THIS SERIES B LIQUIDITY BOND (THE “BOND”)
OF GWG LIFE, LLC (“GWG LIFE”) IS SUBJECT TO THE TERMS OF THE INDENTURE, WHICH AMONG OTHER PROVISIONS, CONTAINS REQUIREMENTS
RELATING TO ANY TRANSFER OF THIS BOND BY THE HOLDER. GWG LIFE MAY REDEEM THIS BOND, IN WHOLE OR IN PART, IN ACCORDANCE WITH THE
TERMS OF THE INDENTURE.

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

 

GWG LIFE, LLC

formed under the Laws of Delaware

 

SERIES B LIQUIDITY BOND 

 

GWG Life, LLC, a limited
liability company created under the laws of the State of Delaware (“GWG Life,” which term includes any successor corporation
or entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to ______________________, or
registered assigns, the principal sum of ________________ Dollars ($_________) on the Maturity Date and to pay accrued and
unpaid interest hereon from the Issue Date, or from the most recent Payment Date to which interest has been paid or duly provided
for, beginning on the first Payment Date after the Issue Date (the “Initial Payment Date”) and on each subsequent Payment
Date thereafter at the Interest Rate set forth in such Holder’s Term Sheet, until the principal hereof is paid or made available
for payment, all subject to the terms of the Indenture; provided, that (i) GWG Life may pay principal in GWG Common Stock or Subsidiary
Common Securities in accordance with the terms of the Indenture, and (ii) GWG Life may defer the payment of principal and interest
under certain circumstances in accordance with the terms of the Indenture. Simple interest shall accrue on the principal amount
for the period from the later of the Issue Date of this Bond or the last Payment Date upon which an interest payment was made until
and including the day before the following Payment Date. Capitalized terms used but not defined herein shall have the respective
meanings given such terms in the Indenture. For purposes hereof, that certain Amended and Restated Indenture dated as of October
23, 2017, as amended on March 27, 2018 and December 31, 2019, and as supplemented by that certain Supplemental Indenture dated
as of August 10, 2018 and that certain Supplemental Indenture dated as of December 31, 2020, and as the same may be amended or
supplemented from time to time in the future in accordance with its terms, is referred to as the “Indenture.”

 

The principal hereof
is subject to optional redemption by GWG Life, as provided in the Indenture, and if not so redeemed, shall be due and payable in
full on the Payment Date immediately following the Maturity Date, as more fully described in the Indenture, subject to the right
to defer principal and interest in accordance with the terms of the Indenture. The principal and interest so payable and punctually
paid or duly provided for on any Payment Date, as provided in the Indenture, will be paid to the Person in whose name this Bond
is registered (the “Holder”) at the close of business on the Regular Record Date (or Maturity Record Date, as applicable)
for such Payment Date. Payment of the principal of and interest on this Bond will be made at the office of the Paying Agent, or
in such other office as may be selected in accordance with the Indenture, in such currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts or other property, or GWG Common Stock or Subsidiary
Common Securities, as provided in the Indenture, provided, however, that at the option of GWG Holdings payment of interest may
be made in United States dollars by wire or by check mailed to the address of the Person entitled thereto as such address shall
appear in the Register.

 

    21

     

    

 

Each holder of this
Bond agrees, by the acceptance thereof, to treat this Bond as a non-debt financial instrument issued by GWG Life and agrees not
to take any position inconsistent with such treatment for any federal, state, local, foreign or other tax purpose.

 

Reference is hereby
made to the further provisions of this Bond set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the Certificate
of Authentication hereon has been executed by or on behalf of the Trustee referred to on the reverse hereof by manual signature,
this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

No recourse shall be
had for the payment of the principal or interest of this Bond against any incorporator, stockholder, officer, director, employee,
member, manager or agent of GWG Life or GWG Holdings by virtue of any statute or by enforcement of any assessment or otherwise;
and any and all liability of incorporators, stockholders, directors, officers, employees, members, managers and agents of GWG Life
and GWG Holdings being released hereby.

 

IN WITNESS WHEREOF,
GWG Life has caused this Series B Liquidity Bond to be signed in its name by the manual or electronic signature of its Chief Executive
Officer and attested to by the manual or electronic signature of its Secretary.

 

	GWG LIFE, LLC	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:  	 	 	Date:  ____________________, 2020
	 	 	 	 
	ATTEST:	 	 
	 	 	 	 
	 	 	Date:  ____________________, 2020
	Secretary	 	 	 

 

    22

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This Bond is one of the Liquidity Bonds
referred to in the within-mentioned Indenture.

 

	BANK OF UTAH, Trustee	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:  	 	Date:  ____________________, 2020

 

    23

     

    

 

[ REVERSE SIDE OF BOND ]

 

This Bond is one of
a duly authorized issue of debt securities of GWG Life formally designated as its Series B Liquidity Bonds (the “Bonds”)
to be issued under an Amended and Restated Indenture dated as of October 23, 2017, as amended on March 27, 2018 and December 31,
2019, as supplemented by that certain Supplemental Indenture dated as of August 10, 2018 and that certain Supplemental Indenture
dated as of December 31, 2020, and as the same may be amended or supplemented from time to time in the future in accordance with
its terms (the “Indenture”), by and among GWG Holdings, GWG Life, LLC, and Bank of Utah, as Trustee (the “Trustee,”
which term includes any successor Trustee under the Indenture). Reference is hereby made to the Indenture for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of GWG Life, GWG Holdings, the Trustee and the Holders,
and for a statement of the terms upon which the Bonds are, and are to be, authenticated and delivered. Capitalized and certain
other terms used herein and not otherwise defined have the meanings set forth in the Indenture.

 

The Bonds are general
and secured obligations of GWG Life. The payment of the principal of and interest on this Bond is expressly subordinated, as provided
in the Indenture, to the payment of all Senior Debt and, by the acceptance of this Bond, the Holder hereof agrees, expressly for
the benefit of the present and future holders of Senior Debt, to be bound by the provisions of the Indenture relating to such subordination
and authorizes and appoints as such Holder’s attorney-in-fact, the Trustee, to take such action on such Holder’s behalf
as may be necessary or appropriate to effectuate such subordination.

 

GWG Life may, at its
option, at any time redeem this Bond either in whole or from time to time in part prior to the Maturity Date by providing at least
30 days written notice to the Holder. If this Bond shall be redeemed by call for redemption and payment be duly provided therefor
as specified in the Indenture, interest shall cease to accrue on this Bond.

 

This Bond may be transferred
and exchanged only as provided in the Indenture, which provides for GWG Holdings’ right to demand and receive an opinion
of Holder’s legal counsel (which counsel shall be reasonably acceptable to GWG Holdings) that the transfer does not violate
any applicable securities laws. GWG Holdings may also require a signature guarantee.

 

If an Event of Default
shall occur and be continuing, the outstanding principal of this Bond may be declared due and payable in the manner and with the
effect provided in the Indenture. The Indenture permits GWG Life to defer payment of principal and interest on the Bonds under
the circumstances provided for in the Indenture which would not be a Default or Event of Default. GWG Life shall pay all costs
of collection, whether or not judicial proceedings are instituted, in the manner provided in the Indenture. The Indenture provides
that such declaration and its consequences may, in certain events, be waived by the Holders of a majority in principal amount of
the Securities outstanding under the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of GWG Holdings
and GWG Life and the rights of the Holders under the Indenture at any time by GWG Holdings and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of Securities at the time outstanding under the Indenture. The Indenture
also contains provisions permitting the Holders of specified percentages of the aggregate principal amount of the Securities at
the time outstanding under the Indenture, on behalf of the Holders of all of such Securities, to waive compliance by GWG Holdings
or GWG Life with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders
of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Bond.

 

    24

     

    

 

No reference herein
to the Indenture and no provision of this Bond or of the Indenture or amendment or modification hereof or thereof shall alter or
impair the obligation of GWG Life to pay the principal of and interest on this Bond at the times, place and rate and in the coin
or currency herein prescribed or in such other property as provided for in the Indenture.

 

In the event of a consolidation
or merger of GWG Life into, or of the transfer of its assets substantially as an entirety to, a successor entity in accordance
with the Indenture, such successor entity shall assume payment of the Bond and the performance of every covenant of the Indenture
on the part of GWG Life, and in the event of any such transfer, GWG Life (or the successor entity in the event of a subsequent
consolidation, merger or transfer) shall be discharged from all obligations and covenants in respect of the Bonds and the Indenture
and may be dissolved and liquidated, all as more fully set forth in the Indenture.

 

The Bonds are originally
issuable in such denominations as may be designated from time to time by GWG Life, but in no event in an original denomination
less than $1,000 unless GWG Holdings otherwise consents in writing. Subject to the provisions of the Indenture, the transfer of
this Bond is registerable in the Securities Register, upon surrender of this Bond for registration of transfer at the office or
agency of the Registrar duly endorsed by or accompanied by a written instrument of transfer in the form printed on this Bond or
in another form satisfactory to GWG Holdings and the Registrar duly executed by the Holder hereof or such Holder’s attorney,
duly authorized in writing, and thereupon one or more new Bonds, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. The Registrar may assess service charges for any such registration
or transfer or exchange, and the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

 

Prior to due presentment
of this Bond for registration of transfer, GWG Life, GWG Holdings, the Trustee and any agent of GWG Holdings or the Trustee may
treat the Person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond be overdue,
and neither GWG Life, GWG Holdings, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Bond shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to the conflict-of-law
provisions thereof.

 

    25

     

    

 

GUARANTEE NOTATION

 

FOR VALUE RECEIVED,
GWG Holdings, Inc. (the “Guarantor,” which term includes any successor Person under the Indenture) has, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Amended and Restated Indenture dated
as of October 23, 2017, as amended on March 27, 2018 and December 31, 2019, and as supplemented by that certain Supplemental Indenture
dated as of August 10, 2018 and that certain Supplemental Indenture dated December 31, 2020 (collectively, the “Indenture”),
by and among GWG Holdings, Inc., GWG Life and Bank of Utah, as trustee (the “Trustee”), (i) the due and punctual
payment of the principal of, premium and interest on, these Securities, whether at maturity, by acceleration, redemption or otherwise,
the due and punctual payment of interest on overdue principal of and interest on these Securities, if any, if lawful, and the due
and punctual performance of all other obligations of GWG Life to the Holders or the Trustee all in accordance with the terms of
the Indenture and (ii) in case of any extension of time of payment or renewal of these Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.

 

The obligations of
the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth
in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

	GWG HOLDINGS, INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:  	 	Date:  ____________________, 2020

 

    26

     

    

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such holder desires to transfer this Bond)

 

FOR VALUE RECEIVED the undersigned hereby
sells, assigns and transfers unto

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

this Bond, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint   , as attorney-in-fact, to transfer
the within Bond on the books kept for registration of the issuing corporation, with full power of substitution.

 

Dated: __________________________

 

Signature: ______________________________

 

(Signature must conform in all respects to name of holder as
specified on the face of the Bond)

 

Social Security or Other Identifying Number of Transferee: _________________________________

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934.

 

    27

     

    

 

FORM OF EXERCISE OF EXCHANGE RIGHT

 

(To be executed by the registered holder
if such holder desires to transfer this Bond)

 

The undersigned, the registered holder of
this Bond, herby exercises its right to exchange this Bond in accordance with the terms of the Indenture.

 

Dated: __________________________

 

Signature: ______________________________

 

(Signature must conform in all respects to name of holder as
specified on the face of the Bond)

 

Social Security or Other Identifying Number of Transferee: _________________________________

 

Irrevocable Proxy: Until the second (2nd)
anniversary of the initial issuance of the Bond, the registered holder (the “Holder”) with respect to all of the shares
(the “Shares”) of GWG Common Stock to be issued upon exchange of this Bond hereby grants to GWG Holdings an irrevocable
proxy under Section 212 of the Delaware General Corporation Law to vote the Shares in any manner that GWG Holdings may determine
in its sole and absolute discretion to be in the GWG Holdings’ own best interest, all of the Shares with respect to which
the Holder has voting power upon issuance of the Shares at any meeting of stockholders of GWG Holdings or action by written consent
with respect to any merger, consolidation, sale of all or substantially all of the assets of GWG Holdings or any amendment or amendment
and restatement of GWG Holdings’ certificate of incorporation. Holder expressly understands and agrees that the foregoing
irrevocable proxy is hereby granted to GWG Holdings by the Holder pursuant to the exchange of the Bond and the Indenture and is
coupled with an interest. The Holder expressly acknowledges and agrees that (i) the Holder will not impede the exercise of the
GWG Holdings’ rights under the irrevocable proxy and (ii) the Holder waives and relinquishes any claim, right or action the
Holder might have, as a stockholder of GWG Holdings or otherwise, against GWG Holdings or any of his affiliates in connection with
any exercise of the irrevocable proxy granted hereunder.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934.

 

 

28ex101-mitchelldxchangexc

          Exhibit 10.1  CHANGE OF CONTROL AGREEMENT    THIS CHANGE OF CONTROL AGREEMENT, entered into as of this 30th day of December  2020, by and between:  DAVID B. MITCHELL, II (the “Officer”),  and  FIRST NATIONAL BANK OF PENNSYLVANIA (the “Company”),  WITNESSETH THAT:  WHEREAS, the Officer is presently employed by the Company and the Company desires to  assure itself of the continued benefit of the services of Officer and the parties desire that the  employment relationship be established upon the terms and conditions of this Change of Control  Agreement (“Agreement”); and   WHEREAS, the Officer is willing to commit himself to serving the Company according to the  terms and conditions provided in this Agreement; and   WHEREAS; an additional purpose of this Agreement is to provide valuable consideration, to  which Officer is not already entitled, namely the Separation Pay set forth herein, in exchange for  Officer’s agreement to the restrictive covenants, in particular the non-solicitation and  confidentiality covenants, and other terms and conditions as stated herein; and  NOW, THEREFORE, in consideration of the promises and covenants herein contained, and  intending to be legally bound, the parties hereto agree as follows:  SECTION 1. Recitals.  The foregoing recitals are incorporated by reference as if fully set forth herein.  SECTION 2. Term of Agreement.  The Company agrees to employ Officer until Officer or Company terminate, at-will, Officer’s  employment.  Officer acknowledges and agrees that nothing in this Agreement is a promise of  employment for a fixed term, and that either Officer or Company may terminate Officer’s  employment at any time.  SECTION 3. Change of Control.  A Change of Control (“Change of Control”) shall be defined as any merger or consolidation of  F.N.B. Corporation with another corporation, and as a result of such merger or consolidation, the  shareholders of F.N.B. Corporation as of the day preceding such transaction will own less than  fifty-one percent (51%) of the outstanding voting securities of the surviving corporation, or in the  event that there is (in a single transaction or series of related transactions) a sale or exchange of  eighty percent (80%) or more of the Common Stock of F.N.B. Corporation for securities of another  entity in which shareholders of F.N.B. Corporation will own less than fifty-one percent (51%) of  

 

 Page 2   such entity’s outstanding voting securities, or in the event of the sale by F.N.B. Corporation of a  substantial portion of its assets (including the capital stock F.N.B. Corporation owns in its  subsidiaries) to an unrelated third party.  SECTION 4. Termination after Change of Control.  If Company terminates Officer without cause within twelve (12) months after an event constituting  a Change of Control, and if the Officer shall duly have complied with and observed the covenants  of this Agreement:  (a) Company shall pay to Officer an amount equal to two (2) times Officer’s  annual salary at the time of termination (“Separation Pay”);  (b) Company shall pay the Officer the Separation Pay over a period of twenty- four (24) months in equal installments less all withholdings required by law and authorized  deductions, at intervals consistent with Company payroll practices commencing sixty (60)  days after Officer’s last day of employment;  (c) Officer shall be entitled to receive such Separation Pay only if the Officer  executes and does not revoke a Release of all claims and liabilities in the form prescribed  by the Company; and  (d) Notwithstanding said Release, Officer shall remain subject to all other  covenants and restrictions of this Agreement, including, but not limited to Sections 6, 7  and 8.  SECTION 5. Internal Revenue Code Section 409A.  (a) Amounts payable under this Agreement shall be deemed not to be a  “deferral of compensation” subject to Internal Revenue Code Section 409A  (“Section 409A”) to the extent provided in the exceptions in Treasury Regulation Sections  1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the  exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation  Section 1.409A-1 through A-6.  To the extent the Officer would otherwise be entitled to  any payment or benefit that under this Agreement constitutes “deferred compensation”  subject to Section 409A and that if paid or provided during the six (6) months beginning  on the date of the Officer’s separation from service would be subject to the Section 409A  additional tax because the Participant is a “Specified Employee” (within the meaning of  subparagraph (c) below and as determined by the Company) the payment or benefit will  be accumulated and paid or provided (or will commence being paid or provided, as  applicable) to the Officer on the earlier of (i) the first day of the seventh (7th) month  following the Officer’s separation from service or (ii) the Officer’s death.  In addition, any  payment or benefit due upon a termination of the Participant’s employment that represents  a “deferral of compensation” within the meaning of Section 409A shall be paid or provided  to the Participant only upon a “separation from service” as defined in Treasury Regulation  Section 1.409A-1(h).    (b) Notwithstanding anything to the contrary in this Agreement or elsewhere,  any payment or benefit under this Plan or otherwise that is exempt from Section 409A  pursuant to final Treasury Regulation Section 1.409A-1(b)(9)(v)(A) or (C) shall be paid or  

 

 Page 3   provided to the Officer only to the extent that the expenses are not incurred, or the benefits  are not provided, beyond the last day of the Officer’s second taxable year following the  Officer’s taxable year in which the “separation from service” occurs; and provided further  that such expenses are reimbursed no later than the last day of the Officer’s third taxable  year following the taxable year in which the Officer’s “separation from service” occurs.  Except as otherwise expressly provided herein, to the extent any expense reimbursement  or the provision of any in-kind benefit under this Agreement is determined to be subject to  Section 409A, the amount of any such expenses eligible for reimbursement, or the  provision of any in-kind benefit, in one (1) calendar year shall not affect the expenses  eligible for reimbursement in any other taxable year (except for any lifetime or other  aggregate limitation applicable to medical expenses), in no event shall any expenses be  reimbursed after the last day of the calendar year following the calendar year in which the  Officer incurred such expenses, and in no event shall any right to reimbursement or the  provision of any in-kind benefit be subject to liquidation or exchange for another benefit.  (c) For purpose of this Agreement, Specified Employee has the meaning given  that term in Section 409A and Treas. Reg. 1.409A-1(i) (or any similar or successor  provisions).  The Company’s “specified employee identification date” (as described in  Treas. Reg. 1.409A-1(i)(3)) will be December 31 of each year, and the Company’s  “specified employee effective date” (as described in Treas. Reg. 1.409A-1(i)(4) or any  similar or successor provisions) will be February 1 of each succeeding year.    SECTION 6. Non-Solicitation.    During the term of this Agreement and during the two (2) year period immediately following  termination of Officer’s employment (which may include, without limitation, Officer’s  resignation) (hereinafter referred to as the “Restricted Period”), the Officer shall not:  (a) in any way, directly or indirectly, for the purpose of selling any product or  service that competes with a product or service offered by the Company or its present or  future subsidiaries or affiliates, solicit, divert, or entice:  (1) any customer or existing business of Company, with whom the  Officer solicited, became aware of, or transacted business during Officer’s  employment with Company; or  (2) any potential customer or business identified by Company, with  whom the Officer solicited, became aware of, or transacted business during  Officer’s employment with Company;  (b) employ or assist in employing any present employee of the Company or any  of its affiliates (whether or not such employment is full time or is pursuant to a written  contract), for the purpose of having such employee perform services for any Competitive  Enterprise or other organization in competition with the business of the Company or any  of its present or future subsidiaries or affiliates.  For purposes of this Agreement, reference  to the term “Competitive Enterprise” shall mean any bank holding company, finance  company or insured depository institutions (including an institution in the organization  state or in the process of applying for or receiving organization state or in the process of  applying for or receiving appropriate regulatory approval), including, without limitation,  

 

 Page 4   any federal or state chartered bank, savings bank, savings and loan association, credit union  or other financial services provider or non-banking affiliate thereof offering similar  services or products as those offered by the Company to its customers;  (c) in any way, directly or indirectly, make any oral or written statement,  comments, or other communications designed or intended to impugn, disparage or  otherwise malign the reputation, ethics, competency, morality or qualifications of the  Company or any of its directors or employees or customers.  SECTION 7. Confidentiality.    (a) For purposes of this Agreement, “Proprietary Information” shall mean any  information relating to the business of the Company or any of its present or future  subsidiaries or affiliates that has not previously been publicly released by authorized  representatives of the Company or any authorized representatives of any of its present or  future subsidiaries or affiliates, and shall include (but shall not be limited to) Company  information encompassed in all marketing and business plans, financial information, costs,  pricing information, customer and client lists and relationships between Company and  dealers, distributors, sales representatives, wholesalers, customers, clients, suppliers, and  others who have business dealings with Company, and all methods, concepts, or ideas in  or reasonably related to the business of the Company or any of its present or future  subsidiaries or affiliates and not in the public domain.  (b) The Officer agrees to regard and preserve as confidential all Proprietary  Information that has been or may be developed or obtained by the Officer in the course of  Officer’s employment with the Company and its subsidiaries and affiliates, whether Officer  has such information in Officer’s memory, writing, electronic media or other physical  form, including information maintained by Officer on any computer, electronic device, or  other personal property owned by Officer.  The Officer shall not, without written  authorization from the Company, use for Officer’s benefit or purposes, nor disclose to  others at any time, either during the term of Officer’s employment or thereafter, except as  required by the conditions of Officer’s employment hereunder, any Proprietary  Information connected with the business or development of the Company or its subsidiaries  or affiliates.  This prohibition shall not apply after the Proprietary Information has been  voluntarily disclosed to the public, independently developed and disclosed by others, or  otherwise enters the public domain through lawful means.  SECTION 8. Removal of Documents or Objects.  The Officer agrees not to remove from the premises of the Company or any of its present or future  subsidiaries or affiliates, except as an employee of the Company in pursuit of the business of the  Company or any of its present or future subsidiaries or affiliates, or except as specifically permitted  in writing by the Company, any document or object containing or reflecting any Proprietary  Information.  The Officer recognizes that all such documents, tangible and intangible property and  objects, whether developed by him or her by someone else, are the exclusive property of the  Company.  SECTION 9. Remedies.  In addition to any other rights and remedies Company may have if Officer violates this Agreement,  the Company and Officer agree as follows:  

 

 Page 5   (a) It is understood and agreed by and between the parties hereto that the  services to be rendered by the Officer hereunder are of a special, unique, extraordinary and  intellectual character, which gives them a peculiar value, the loss of which may not be  reasonably or adequately compensated in damages, and additionally that a breach by the  Officer of the covenants set out in Sections 6, 7, and 8 of this Agreement will cause the  Company great and irreparable injury and damage.  The Officer hereby expressly agrees  that the Company shall be entitled to the remedies of injunction, specific performance and  other equitable relief to prevent a breach of Sections 6, 7, and 8 of this Agreement by the  Officer.  This provision shall not, however, be construed as a waiver of any of the remedies  which the Company may have for damages or otherwise.  (b) In the event Officer shall be in violation of any of the aforementioned  restrictive covenants, the time limitation thereof with respect to them shall be extended for  a period of time equal to the period of time during which breach or breaches should occur;  and in the event the Company should be required to seek relief from such breach in any  court, board of arbitration or other tribunal, the covenants shall be extended for a period of  time equal to the pendency of such proceedings, including appeals.  SECTION 10. Successors, Assigns, Etc.  (a) This Agreement shall be binding upon, and shall inure to the benefit of, the  Officer and the Company and their respective permitted successors, assigns, heirs, legal  representatives and beneficiaries.  (b) Except as required by law, no right to receive payments under this  Agreement shall be subject to anticipation, commutation, alienation, sale, assignment,  encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar  process or assignment by operation of law, and any attempt, voluntary or involuntary, to  effect any such action shall be null, void and of no effect; provided, however, that nothing  in this Section shall preclude the assumption of such rights by executors, administrators or  other legal representatives of the Officer or Officer’s estate and their assigning any rights  hereunder to the person or persons entitled thereto.  (c) Nothing in this Agreement shall preclude the Company from consolidating  or merging into or with or transferring all or substantially all of its assets to another  corporation which assumes this Agreement and all obligations and undertakings of the  Company hereunder.  Upon such a consolidation, merger or transfer of assets and  assumption the term “Company” as used herein shall mean such other corporation and this  Agreement shall continue in full force and effect.  SECTION 11. Notices.  (a) All notices and other communications which are required or may be given  under this Agreement shall be in writing and shall be deemed to have been given on the  date delivered personally or if sent by registered or certified mail, return receipt requested,  postage prepaid, on the date deposited in the mail.  (b) All notices shall be provided to the following address or to such other place  as either party shall have specified by notice in writing to the other:  

 

 Page 6   (1) To the Company, at the address designated as its headquarters,  Attention: CEO.  With a copy to F.N.B. Corporation, One North Shore Center, 12  Federal Street, Pittsburgh, Pennsylvania 15212, Attention: Corporate Counsel.  (2) To the Officer, at his address provided to Company from time to  time for salary and other similar purposes.  SECTION 12. Governmental Regulation.  Nothing contained in this Agreement shall be interpreted, construed or applied to require the  commission of any act contrary to law and whenever there is any conflict between any provision  of this Agreement and any statute, law ordinance, order or regulation, the latter shall prevail; but  in such event any such provision of this Agreement shall be curtailed and limited only to the extent  necessary to bring it within applicable legal requirements.  SECTION 13. Arbitration.  Any dispute or controversy as to the validity, interpretation, construction, application or  enforcement of, or otherwise arising under or in connection with this Agreement, shall be  submitted at the request of either party hereto for resolution and settlement through arbitration in  Pennsylvania in accordance with the rules then prevailing of the American Arbitration Association.   Any award rendered therein shall be final and binding on each of the parties hereto and their heirs,  executors, administrators, successors and assigns, and judgment may be entered thereon in any  court having jurisdiction.  The foregoing provisions of this paragraph shall not be deemed to limit  the rights and remedies reserved to the Company under and pursuant to Section 9 hereof which  rights and remedies may be pursued through arbitration.  SECTION 14. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the  Commonwealth of Pennsylvania, without regard to its conflicts of laws principles.  SECTION 15. Divisibility.  Should a court or arbitrator declare any provision hereof to be invalid, such declaration shall not  affect the validity of the Agreement as a whole or any part thereof, other than the specific portion  declared to be invalid.  SECTION 16. Headings.  The headings to the Sections and paragraphs hereof are placed herein for convenience of reference  only and in case of any conflict the text of this Agreement, rather than the headings, shall control.  SECTION 17. Entire Agreement: Amendment.  This Agreement sets forth the entire understanding of the parties in respect of the subject matter  contained herein and supersedes all prior agreements, arrangements and understandings relating  to the subject matter, and may only be amended by a written agreement signed by both parties  hereto or their duly-authorized representatives.  

 

 Page 7   IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of  the date first above written.  WITNESS:    /s/Vincent J. Calabrese, Jr.  /s/ David B. Mitchell, II     DAVID B. MITCHELL, II    ATTEST: FIRST NATIONAL BANK OF  PENNSYLVANIA    /s/James G. Orie  By: /s/Vincent J. Delie, Jr.   Secretary Name: Vincent J. Delie, Jr.    Title:  Chairman, President and C.E.O.

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