Document:

Exhibit 10.21

 

GWG HOLDINGS, INC. 

220 South Sixth Street 

Suite 1200 

Minneapolis, Minnesota 55402

 

November [●],
2014

 

Emerson Equity LLC

155 Bovet Rd

San Mateo, CA 94402

 

RE:       First Amended and
Restated Managing Broker-Dealer Agreement

 

Ladies and Gentlemen:

 

This letter confirms and
comprises the agreement (the “Agreement”) between GWG Holdings, Inc., a Delaware corporation (the “Company”),
and Emerson Equity LLC, a California limited liability company (the “Managing Broker-Dealer”), regarding
the offering and sale (the “Offering”) of up to $1,000,000,000 of secured bonds (the “L Bonds”)
of the Company to be sold pursuant to a Registration Statement on Form S-1 filed with the United States Securities and Exchange
Commission (the “SEC”), as the same is later declared effective by the SEC and as it may be amended and supplemented
from time to time (SEC File No. 333-197227, the “Registration Statement”). The prospectus that forms a part
of the Registration Statement is hereinafter referred to as the “Prospectus.” References to the Registration Statement
include all exhibits to the Registration Statements and any documents incorporated into the Registration Statement by reference.

 

Capitalized terms used
herein and not otherwise defined herein shall have the same meaning as described in the Registration Statement.

 

1.          Appointment
of Managing Broker-Dealer.

 

1.1         On
the basis of the representations and warranties and covenants herein contained, and subject to the terms and conditions set
forth herein and in the Prospectus, the Company hereby appoints the Managing Broker-Dealer as its exclusive agent for
purposes of offering and selling the L Bonds upon the terms and conditions set forth herein, including without limitation
compliance and conformity with Accepted L Bonds Practices; and the Managing Broker-Dealer hereby accepts such exclusive
appointment and agrees to use its best efforts as such agent to offer and sell the L Bonds to Investors until the later of
the termination of the Offering or the sale of all of the L Bonds, or until the termination of this Agreement, if earlier. In
connection with the offer and sale of L Bonds under this Agreement, the Managing Broker Dealer will carry out the duties
provided for herein and as described in the Prospectus as being carried out by the Managing Broker-Dealer. The Managing
Broker-Dealer is exclusively authorized to enlist as participating dealers other members of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) and other authorized agents appointed by the Managing Broker-Dealer
(collectively, the “Selling Group Members”) to offer and sell L Bonds, subject to Section 4.1.

 

1.2          It is understood
that no sale of L Bonds shall be regarded as effective unless and until the Company shall have accepted a subscription for such
L Bonds in the manner prescribed under the Indenture. The Company reserves the right in its sole discretion to accept or reject
any subscription for L Bonds as described in the Indenture. L Bonds will be offered during a period commencing on the effectiveness
of the Registration Statement, and continuing thereafter until the earlier of (i) the date that $1,000,000,000 in L Bonds shall
have been sold or (ii) the date on which the Company, in its sole and absolute discretion, terminates the Offering (as applicable,
the “Offering Termination Date”).

 

    	 

    	 

    

 

1.3          The following capitalized
terms shall have the meanings set forth below:

 

(a)          “Accepted
L Bonds Practices” means, as applicable to the context in which this term is used, those procedures and practices with
respect to the offering, marketing and selling the L Bonds that: (i) meet at least the same demonstrable standards that the Managing
Broker-Dealer or any Selling Group Member would follow in exercising reasonable care in offering, marketing and selling similar
programs for publicly offered securities; (ii) comply with all Governmental Rules; and (iii) comply with the provisions of
this Agreement

 

(b)         “Governmental
Rules” means any law, rule, regulation, ordinance, order, code, interpretation, judgment, decree, policy, binding decision
or guideline of any governmental agency, court or authority.

 

(c)          “Indenture”
means that certain Indenture, as amended, by and between the Company and the Bank of Utah, as trustee, with respect to the L Bonds.

 

2.          Representations
and Warranties of the Company. The Company hereby represents, warrants and covenants to the Managing Broker-Dealer that:

 

2.1          The Company has
been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with
corporate power and authority to own, lease and operate its properties and conduct its business as described in the Registration
Statement. The Company is duly qualified to do business and is in good standing in each jurisdiction in which the ownership or
lease of its properties or the conduct of its business requires such qualification and in which the failure to be qualified or
in good standing would be expected to have a material adverse effect on the condition (financial or otherwise), earnings, operations
or business of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”), and has
all requisite authority to enter into this Agreement.

 

2.2          The L Bonds will
have been registered with the SEC upon the effectiveness of the Registration Statement. So far as is under the control of the Company,
the L Bonds will be offered and sold consistent with the description contained in the Prospectus.

 

2.3          The Company shall
provide to the Managing Broker-Dealer and to Selling Group Members for delivery to offerees and purchasers and their representatives
the information and documents that the Company deems appropriate, or that the Managing Broker-Dealer or any Selling Group Member
reasonably requests to comply with all laws, rules, regulations and judicial and administrative interpretations in all jurisdictions
in which the L Bonds arc offered and sold.

 

2.4          Except as disclosed
in the Prospectus, no defaults exist in the due performance and observance of any material obligation, term, covenant or condition
of any agreement or instrument to which the Company is a party or by which it is bound.

 

2.5          The holders of the
L Bonds (the “Holders”) will have the rights set forth in the Indenture.

 

2.6          This Agreement has
been duly and validly authorized, executed and delivered by the Company and is a valid and binding agreement on the part of the
Company, enforceable against the Company in accordance with its terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles
of equity. The performance of this Agreement and the consummation of the transactions herein contemplated will not result in a
breach or violation of any of the terms and provisions of, or constitute a default under: (i) any indenture, mortgage, deed or
trust, voting trust agreement, note, lease or other agreement or instrument to which the Company or any subsidiary is a party or
by which the Company or any subsidiary or their respective properties may be bound; (ii) the certificate of incorporation or bylaws
of the Company; or (iii) any applicable law, order or Governmental Rule, except in any case for any breach, violation or default
that would not have a Material Adverse Effect and no consent, approval, authorization or order of any court or governmental agency
or body or under any Governmental Rules has been or is required by the Company for the performance of this Agreement or the consummation
of the transactions contemplated hereby (except as may be required under the Securities Act, as defined below, or from FINRA).

 

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2.7          The Registration
Statement, in the form in which it becomes effective and also in such form as it may be when any post-effective amendment thereto
shall become effective, and the Prospectus, and any supplement or amendment thereto when filed with the SEC under Rule 424 under
the Securities Act of 1933 (the “Securities Act”), complied and will comply with the provisions of the Securities
Act and the Trust Indenture Act of 1939, and did not and will not at any such times contain an untrue statement of material fact
or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the
circumstances in which they were made, not misleading, except that this representation and warranty does not apply to any statements
in, or omissions from the Managing Broker-Dealer Disclosure Statements (as defined in Section 5.6 below), in the Registration Statement
or the Prospectus, or any amendment thereof or supplement thereto.

 

2.8          The L Bonds have
been duly authorized for issuance and sale pursuant to the Indenture and this Agreement and, when issued and delivered against
payment therefor in accordance with the terms of the Indenture and this Agreement, will constitute valid and legally binding obligations
of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles
of equity.

 

2.9          There is no material
action, suit or proceeding pending or, to the knowledge of the Company, threatened, to which the Company is a party, before or
by any court or governmental agency or body which adversely affects the Offering.

 

3.          Covenants of the
Company. The Company hereby agrees that:

 

3.1          The Company will
notify the Managing Broker-Dealer promptly of the time when the Registration Statement or any post-effective amendment to the Registration
Statement has become effective or any supplement to the Prospectus has been filed, and of any request by the SEC for any post-effective
amendment or supplement to the Registration Statement or Prospectus. In addition, the Company will prepare and file with the SEC,
promptly upon the Managing Broker-Dealer’s reasonable request, any amendments or supplements to the Registration Statement
or Prospectus that, in the Managing Broker-Dealer’s opinion may be reasonably necessary or advisable in connection with the
Offering or the L Bonds. The Company will also provide promptly to the Managing Broker-Dealer copies of any correspondence received
from the SEC and advance copies of any correspondence to the SEC (which the Managing BrokerDealer shall have the right to provide
comments to). The Company will provide the Managing Broker-Dealer with an advance copy of any the Registration Statement (including
any amendment or supplement thereto), and provide the Managing Broker-Dealer with the opportunity to provide comments to any such
filings.

 

3.2          The Company will
advise the Managing Broker-Dealer, promptly after it shall receive notice or obtain knowledge thereof, of the issuance by the SEC
of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the L Bonds
for offering or sale in any jurisdiction, or of the initiation or receipt of any specific threat of any proceeding for any such
purpose, and will use commercial reasonable efforts to prevent the issuance of any such order and, if any such order is issued,
to obtain the removal thereof as promptly as possible.

 

3.3          Within the time
during which a Prospectus relating to the L Bonds is required to be delivered under the Securities Act, the Company will use commercially
reasonable efforts to comply with all requirements imposed upon it by the Securities Act as promptly as possible, so far as necessary
to permit it the continuance of sales of or dealings in the L Bonds as contemplated by the provisions hereof and the Prospectus.
If, during the longer of such period or the term of this Agreement, any event or change occurs that is material to the Offering
or that causes any of the representations and warranties of the Company contained herein to be untrue in any material respect,
or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances then existing, not misleading, or if, during such period, it
is necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act, then the Company
will promptly notify the Managing Broker-Dealer, and, if necessary, will amend the Registration Statement or supplement the Prospectus
(at the sole expense of the Company) so as to correct such statement or omission or effect such compliance.

 

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3.4          The Company will
furnish to the Managing Broker Dealer copies of the Registration Statement, the Prospectus, and all amendments and supplements
to such documents, in each case as soon as available and in such quantities as the Managing Broker-Dealer may from time to time
reasonably request.

 

3.5          If at any time any
event occurs as a result of which the Registration Statement would include an untrue statement of a material fact or, in view of
the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading,
the Company will promptly in writing notify the Managing Broker-Dealer thereof, promptly prepare an amendment to the Registration
Statement correcting such statement or omission, and promptly deliver to Managing Broker-Dealer as many copies of such amended
Registration Statement as Managing Broker-Dealer may reasonably request

 

3.6          The Company will
deliver to the Managing Broker-Dealer one copy of each report furnished to the Holder at the time that such reports are furnished
to the Holders, and such other information concerning L Bonds as may reasonably be requested.

 

3.7          The Company shall
use reasonable efforts in taking all necessary action and filing all necessary forms and documents deemed reasonable by it in order
to qualify or register L Bonds for offer and sale under the securities laws of the jurisdictions in which the Managing Broker-Dealer
is intending to offer. Notwithstanding the foregoing, the Company may in its sole discretion elect not to qualify or register L
Bonds in any jurisdiction in which it deems the qualification or registration unwarranted for any reason. The Company or its counsel
shall inform the Managing Broker-Dealer as to the jurisdictions in which the L Bonds have been qualified for sale or are exempt
under the respective laws of those jurisdictions. The Company will, at the Managing Broker-Dealer’s request, furnish the
Managing Broker-Dealer with copies of all material documents and correspondence sent to or received from such jurisdictions (including,
but not limited to, summaries of telephone calls and copies of facsimiles or emails) and will promptly advise the Managing Broker-Dealer
as soon as the Company obtains knowledge thereof to the effect that the L Bonds are qualified for offering and sale in each such
jurisdiction. The Company will promptly advise the Managing Broker-Dealer of any request made by the securities administrators
of each such jurisdiction for revising the Registration Statement or the Prospectus or for additional information or of the issuance
by such securities administrators of any stop order preventing or suspending the use of the Prospectus or of the institution of
any proceedings for that purpose, and will use its commercially reasonable efforts to prevent the issuance of any such order and
if any such order is issued, to obtain the removal thereof as promptly as possible.

 

3.8          In addition to and
apart from the Prospectus, the Company may use certain supplemental sales material in connection with the offering of the L Bonds.
This material, prepared by the Company, may consist of sales literature, advertising, or presentations highlighting and explaining
various features of the Offering or the Company. Any such sales literature shall be approved by the Managing Broker-Dealer and,
to the extent required or otherwise determined by the Managing Broker-Dealer, be filed with and approved by the appropriate securities
agencies and bodies and with FINRA. Any and all Approved Sales Literature did not or will not, at the time provided for use, include
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading. Such sales literature shall be categorized as either: (i) “Broker/Dealer Use Only”
educational materials, which are, for purposes of this Agreement, materials prepared for or by the Company for the sole purpose
of educating the Managing Broker-Dealer or Selling Group Members, as the case may be, in preparation to solicit sales of the L
Bonds and shall not be used with members of the general investing public (collectively, “B/D Use Only Approved Sales Literature”),
or (ii) “Investor” sales materials, which are, for purposes of this Agreement, materials prepared for or by the Company
and may be used by the Managing Broker-Dealer or Selling Group Members, as the case may be, with members of the general investing
public (collectively, “Investor Use Approved Sales Literature” and, together with the B/D Use Only Approved
Sales Literature, the “Approved Sales Literature”). Although it is believed that the information contained in
the Approved Sales Literature will not conflict with any of the Information set forth in the Prospectus, the Approved Sales Literature
will not purport to be complete, and should not be considered as a part of the Prospectus, or as incorporated in the Prospectus
by reference, or as forming the basis of the Offering.

 

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4.          Covenants of the
Managing Broker-Dealer. The Managing Broker-Dealer hereby agrees that:

 

4.1          The Managing Broker-Dealer
will use “best efforts” in the offering, sale and distribution of L Bonds. The Managing Broker-Dealer may offer L Bonds
as an agent, but all sales shall be made by the Company acting through the Managing Broker-Dealer as an agent, and not by Managing
Broker-Dealer as a principal. The Managing Broker-Dealer shall have no authority to appoint any person or other entity as an agent
or sub-agent of the Managing Broker-Dealer or the Company, except to appoint Selling Group Members not objectionable to the Company
in its sole and absolute discretion. The Managing Broker-Dealer will not enter into participating dealer agreements, however denominated,
with other Selling Group Members without first providing the Company with a meaningful opportunity to review and comment on the
same; provided, however, that the Managing Broker-Dealer will not be required to provide the Company with an opportunity to review
and comment on a participating dealer agreement the form of which has been earlier received, reviewed and commented upon by the
Company.

 

4.2          Within the shorter
of the time during which a Prospectus relating to the L Bonds is required to be delivered under the Securities Act or the term
of this Agreement, the Managing Broker-Dealer will comply with all requirements imposed upon it by the Securities Act, so far as
is necessary to permit the continuance of sales of or dealings in the L Bonds as contemplated by the provisions hereof and the
Prospectus. If, during the shorter of such period or the term of this Agreement, to the Managing Broker-Dealer’s actual knowledge,
any event or change occurs that could reasonably be considered material to the Offering or that causes any of the representations
and warranties of the Managing Broker-Dealer contained herein to be untrue in any material respect, or as a result of which the
Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances then existing not misleading, or if, during such period, to the Managing Broker-Dealer’s
actual knowledge, it is necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities
Act, then the Managing Broker-Dealer will promptly notify the Company, and, if necessary, use reasonable efforts to assist the
Company in amending the Registration Statement or supplementing the Prospectus (at the expense of the Company) so as to correct
such statement or omission or effect such compliance.

 

4.3          The Managing Broker-Dealer
shall make no representations to any prospective investor or purchaser other than those contained in the Registration Statement,
and will not allow any other written materials to be used to describe the potential investment to prospective purchasers or investors
other than the Registration Statement and Approved Sales Literature.

 

4.4          The Managing Broker-Dealer,
directly or indirectly through participating Selling Group Members, will limit the Offering to persons whom the Managing Broker-Dealer
has reasonable grounds to believe meet appropriate financial suitability standards together with any other purchaser suitability
requirements set forth in the Prospectus.

 

4.5          The Managing Broker-Dealer,
in coordination with the Company, will request and arrange for the Company to send to Selling Group Members all necessary due diligence
materials as well as Registration Statements and Prospectuses, supplements thereto, marketing materials, and support Selling Group
Members regarding the Company and the Offering.

 

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4.6          The Managing Broker-Dealer,
directly or indirectly through participating Selling Group Members, will provide each prospective investor or purchaser with a
copy of the Prospectus and supplements thereto during the course of the Offering, and before a related sale, advise each such prospective
purchaser at the time of the initial offering to him or her that the Company and/or its agents and consultants will, during the
course of the Offering and prior to any sale, afford said purchaser and his or her purchaser representative, if any, the opportunity
to ask questions of and to receive answers from the Company and/or its agents and consultants concerning the terms and conditions
of the Offering and to obtain any additional information, which information is possessed by the Company or may be obtained by it
without unreasonable effort or expense and which is necessary to verify the accuracy of the information contained in the Prospectus.

 

4.7          The Managing Broker-Dealer
and indirectly through participating Selling Group Members, shall maintain in its files, for a period of six years following the
Offering Termination Date, documents disclosing the basis upon which the above determination of suitability was reached as to each
purchaser.

 

4.8          The Managing Broker-Dealer
and indirectly through partictpating Selling Croup Members, will comply in all respects with the subscription procedures and plan
of distribution set forth in the Prospectus.

 

4.9          In the event the
Managing Broker-Dealer receives any customer funds for the purchase of L Bonds, the Managing Broker-Dealer will transmit such customer
funds, not later than noon of the next business day following receipt of such funds, to such account as determined by the Company
pursuant to the Subscription Agreement of each potential purchaser of a L Bonds.

 

4.10        When any Selling
Group Members are utilized in the Offering, the Managing Broker-Dealer agrees to cause such Selling Group Members to comply with
all of the obligations of the Managing Broker-Dealer set forth in this Agreement (including the obligations set forth in this Article
4), as if such Selling Group Members were a party to this Agreement. In this regard, the Managing Broker-Dealer will provide each
Selling Group Member with a true, correct and complete copy of this Agreement and will obtain the written acknowledgment and agreement
of each participating Selling Group Member to abide by the obligations contained herein.

 

4.11        In the event the
Company has paid the Managing BrokerDealer any compensation or expense reimbursements under this Agreement, the Managing Broker-Dealer
shall be obligated to pay all Selling Group Members from such funds on the next business day following the receipt of such funds
from the Company. For purposes of this Agreement, “receipt of such funds” shall mean such funds that have cleared normal
banking channels and have been settled in the form of cash in the Managing Broker Dealer’s bank account.

 

4.12        The Managing Broker-Dealer
agrees to allow Company wholesalers to maintain necessary licensing with the Managing Broker-Dealer and to receive sales compensation
related to the Offering. Notwithstanding the foregoing, the Managing Broker-Dealer shall have the right to refuse any wholesaler
in its sole discretion.

 

5.          Representations
and Warranties of the Managing Broker-Dealer. The Managing Broker-Dealer hereby represents and warrants to the Company as follows:

 

5.1          The Managing Broker-Dealer
(i) has been duly organized, is validly existing and in good standing in the State or California, (ii) has qualified to do business
as a foreign limited liability company and is in good standing in each jurisdiction where the character of its properties or the
nature of its activities makes such qualification necessary, and (iii) has full power, authority and legal right to own its property,
to carry on its business as presently conducted, and to enter into and perform its obligations under this Agreement. The Managing
Broker-Dealer is a member in good standing of FINRA.

 

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5.2          The Managing Broker-Dealer
has full power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has
been duly authorized, executed and delivered by the Managing Broker-Dealer and is a valid and binding agreement on the part of
the Managing Broker-Dealer, enforceable against it in accordance with its terms subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity. The performance of this Agreement and the consummation of the transactions herein contemplated will not result
in a breach or violation of any of the terms and provisions of, or constitute a default under: (i) any material agreement to which
the Managing Broker-Dealer is a party or by which it or its properties may be bound; (ii) the articles or certificate of formation
or operating agreement of the Managing Broker-Dealer; or (iii) any applicable law, order or Governmental Rules.

 

5.3          The Managing Broker-Dealer
has obtained all governmental consents, licenses, approvals and authorizations, registrations and declarations which are necessary
for the execution, delivery, performance, validity and enforceability of the Managing Broker-Dealer’s obligations under this
Agreement. The Managing Broker-Dealer is a registered broker-dealer in good standing under the appropriate laws and regulations
of each of the states in which offers or solicitations of offers to subscribe for the L Bonds will be made by the Managing Broker-Dealer
(or is exempt from such registration).

 

5.4          There are no actions,
suits or proceedings pending or, to the knowledge of the Managing Broker-Dealer, threatened against or affecting the Managing Broker-Dealer,
before or by any court, administrative agency, arbitrator or governmental body with respect to any of the transactions contemplated
by this Agreement, or which will, if determined adversely to the Managing Broker-Dealer, materially and adversely affect it or
its business, assets, operations or condition, financial or otherwise, or adversely affect the Managing Broker-Dealer’s ability
to perform its obligations under this Agreement. The Managing Broker Dealer is not in default with respect to any order of any
court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated
by this Agreement.

 

5.5          The Managing Broker-Dealer
has obtained all necessary consents, approvals, waivers and notifications of creditors, lessors and other nongovernmental persons
in connection with the execution and delivery of this Agreement, and the consummation of all the transactions herein contemplated.

 

5.6          The Managing Broker-Dealer
Disclosure Statements in the Prospectus (as amended or supplemented, if the Company shall have filed with the SEC any amendment
thereof or supplement thereto) will not and did not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which
they were made, not misleading. For purposes of this Agreement, the “Managing Broker-Dealer Disclosure Statements”
means any statements or disclosures included within or the subject of the Registration Statement or the Prospectus, which, when
filed with the SEC and at all times subsequent thereto, are either (i) included within the disclosure under the heading “Plan
of Distribution” in the Prospectus, or (ii) based upon and conform to written information relating to the Managing Broker-Dealer
furnished in writing to the Company by the Managing Broker-Dealer specifically for use in the preparation of the Prospectus, or
any supplement to the Prospectus, with respect to any of which the Managing Broker-Dealer shall have the rights set forth in Section
3.1.

 

5.7          The Managing Broker-Dealer
has operated and is operating in material compliance with all authorizations, licenses, certificates, consents, permits, approvals
and orders of and from all state, federal and other governmental regulatory officials and bodies necessary to conduct its business
as contemplated by and described in this Agreement, all of which are, to the Managing Broker Dealers knowledge, valid and in full
force and effect. The Managing Broker-Dealer is conducting its business in substantial compliance with all applicable laws and
Governmental Rules of the jurisdictions in which it is conducting business, and the Managing Broker Dealer is not in material violation
of any applicable laws or Governmental Rules.

 

5.8          The Managing Broker-Dealer
has not distributed, and will not distribute prior to the completion of the Offering, any offering material, in connection with
the Offering, other than the Prospectus, the Registration Statement, the incorporated documents, Approved Sales Literature and
other materials, if any, permitted by and in compliance with the Securities Act.

 

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6.          Conditions.

 

6.1          The obligation of
the Managing Broker-Dealer to sell the L Bonds on a best-efforts basis as provided herein shall be subject to the accuracy of the
representations and warranties of the Company hereunder, to the performance by the Company of its obligations hereunder, and to
the satisfaction of the following additional conditions:

 

(a)          The Registration Statement
shall be effective, and no stop order suspending the effectiveness thereof shall have been issued and no proceedings for that purpose
shall have been initiated or, to the knowledge of the Company or the Managing Broker-Dealer, threatened by the SEC or any state
securities commission or similar regulatory body. Any request by the SEC for additional information (to be included in the Registration
Statement or the Prospectus or otherwise) shall have been complied with to the satisfaction of the Managing Broker-Dealer.

 

(b)          The Indenture shall
have been duly authorized, executed and delivered by the Company and the trustee, and duly qualified under the Trust Indenture
Act of 1939.

 

(c)          The Managing Broker-Dealer
shall have received from the Company a certificate, dated as of the initial date of effectiveness of the Registration Statement
(the “Initial Effective Date”), of an executive officer of the Company, as to: (i) the accuracy of the representations
and warranties of the Company in this Agreement, compliance by the Company with all the agreements and satisfaction of all the
conditions to be performed or satisfied by the Company under this Agreement; (ii) the absence of any stop order or similar order
or related proceedings; and (iii) the absence of any material adverse change in the condition (financial or otherwise), earnings,
operations or business of the Company and its subsidiaries taken as a whole or might materially and adversely affect its properties,
assets or rights, except as contemplated in the Prospectus or related documents.

 

(d)          The Managing Broker-Dealer
shall have received a certificate of Secretary of the Company, dated as of the Initial Effective Date, certifying as to (i) the
certificate of incorporation and bylaws of the Company, and (ii) the resolutions of the Board of Directors of the Company relating
to the preparation and signing of the Registration Statement and this Agreement, the issuance and sale of the L Bonds and other
related matters.

 

The Managing Broker-Dealer
may waive in writing the performance of any one or more of the conditions specified in this Section or extend the time for their
performance. If any of the conditions specified in this Section shall not have been fulfilled when and as required by this Agreement
to be fulfilled, and if the fulfillment of said condition has not been waived by the Managing Broker-Dealer, then this Agreement
and all obligations of the Managing Broker-Dealer hereunder may be canceled at, or at any time prior to, the Initial Effective
Date by the Managing Broker-Dealer.

 

7.          Compensation.
Subject to Section 12, as compensation for services rendered by the Managing Broker Dealer hereunder, the Managing Broker-Dealer
will be entitled to receive from the Company the following:

 

7.1          A “Dealer-Manager
Fee” and “Selling Commission” based upon the principal amount of a L Bond sold during the term of
the Agreement (specifically including (i) all L Bonds sold pursuant to the Registration Statement and (ii) L Bonds sold upon the
renewal of issued and outstanding L Bonds regardless of whether the L Bond being renewed was originally sold pursuant to the Registration
Statement), in accordance with the following table:

 

	Term of L Bond	 	Dealer-Manager Fee	 	Selling Commission
	Six months	 	0.50%	 	0.75%
	One year	 	0.50%	 	1.50%
	Two Years	 	0.50%	 	4.00%
	Three years	 	0.50%	 	5.00%
	Five years	 	0.50%	 	5.90%
	Seven years	 	0.50%	 	6.00%

 

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7.2          A “Wholesale
Commission” that the Company may agree to pay certain specified wholesalers in amounts not to exceed 2.50% of the principal
amount of the L Bonds sold, regardless of the maturity term of the bond, but subject in all cases to the limitations prescribed
under Section 7.6 and the final paragraph of Section 8.

 

7.3          Any and all Dealer-Manager
Fees, Commissions and Wholesale Commissions (collectively, the “Fees”), together with any expenses reimbursable
pursuant to Sections 8 and 9 below, shall be payable regularly once every two weeks.

 

7.4          The Company shall
pay all Fees and Accountable Expenses (as defined in Section 8) as directed on any invoice provided by the Managing Broker-Dealer,
and the Managing Broker-Dealer shall, with respect to any disputes arising among or between the Managing Broker-Dealer and any
Selling Group Members or any wholesalers, hold the Company harmless for any such payments made as directed on such invoices.

 

7.5          The Company and
Managing Broker-Dealer expect to come to an arrangement where the Managing Broker-Dealer’s proprietary key accounts and wholesale
sales force will assist in the further expansion of the Selling Group by introducing new broker-dealers currently not in the Selling
Group and by providing wholesale support to such new broker-dealers who become new Selling Group Members. The specific terms of
the Dealer Manager Fee and Wholesale Commissions payable to the Managing Broker-Dealer for such services shall be memorialized
in a separate agreement between the parties, but such fees and commissions shall be payable to the Managing Broker-Dealer for the
life of the Offering.

 

7.6          Notwithstanding
anything else to the contrary contained in this Agreement, under no circumstance will the aggregate of all Fees, Accountable Expenses,
the Pre-Offering Monthly Retainer, and the FINRA Filing Fee Reimbursement, together with any other items constituting compensation
to FINRA members in connection with the Offering (collectively, the “Total Compensation”), exceed Eight Percent
(8.00%) over the life of the Offering. The Company shall prepare comprehensive sales data and e-mail such data to the Managing
Broker-Dealer every two weeks, five days before each payment date for any Fees. The Managing Broker-Dealer shall use such data
to constantly calculate and insure that the Total Compensation paid to the Managing Broker-Dealer and Selling Group Members does
not exceed an average of Eight Percent (8.00%) over the life of the Offering and to calculate and create an invoice for Fees, which
shall be presented to the Company at least two days before each payment date for Fees. The Managing Broker-Dealer shall have the
right to actively advise Company as to how to remedy the Offering variables if the Total Compensation paid at any given time averages
over Eight Percent (8.00%), and Company agrees to work in cooperation with the Managing Broker-Dealer until such time the remedy
begins to work. The Company and the Managing Broker-Dealer will, in good faith and in a timely manner, negotiate any dispute relating
to any Fees or any other amounts payable hereunder. Disputes that cannot be resolved by discussion will be resolved through FINRA
binding arbitration.

 

8.          Accountable Expenses.
Subject to Section 13, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their expenses, on an
accountable basis, in an amount equal to up to 2.5% of the principal amount of the L Bond sold, regardless of the maturity term,
but subject to the final paragraph of this Section 8. The accountable expenses reimbursable under this Section 8 are referred to
as “Accountable Expenses.” The Company and Managing Broker-Dealer shall work proactively with each other to
insure that each are timely informed of all Accountable Expenses and commitments to pay such expenses as they are made. Accountable
Expenses shall be payable in the same manner and on the same terms as Fees are payable under Section 7.

 

In addition, the Company
will pay the Managing Broker-Dealer a $5,000 monthly retainer, payable in advance on or before the third business day of each month,
to reimburse anticipated due-diligence and travel-related expenses prior to the commencement of the Offering (the “Pre-Offering
Monthly Retainer”); provided, however, that the maximum amount of Pre-Offering Monthly Retainer payable to the Managing
Broker-Dealer will be $30,000. The Pre-Offering Monthly Retainer will no longer be payable by the Company, and shall be terminated,
effective as of the month next following the month in which the Offering is declared effective by the SEC (regardless of whether
or not the $30,000 maximum shall have then been attained). The Company will also pay for, or reimburse the Managing Broker-Dealer
for, the FINRA 5110 filing fee associated with the Offering, in an amount not to exceed $150,500 (the “FINRA Filing Fee
Reimbursement”).

 

    	9

    	 

    

 

Finally (and notwithstanding
the first paragraph of this Section 8), the aggregate amount of Wholesale Commissions, Accountable Expenses, the Pre-Offering Monthly
Retainer, the FINRA Filing Fee Reimbursement, and any other items or payments treated as compensation to a FINRA member in connection
with the Offering, will not aggregate to exceed the sum of the lesser of (i) 2.50% of the aggregate principal amount of L Bonds
sold, regardless of their maturity term, or (ii) such lower amount as is necessary to ensure compliance with the Total Compensation
limitation set forth in Section 7.6.

 

9.          INTENTIONALLY OMITTED.

 

10.         Company Expenses.
The Company will pay all fees and expenses incident to the performance of its obligations under this Agreement. Without limiting
the foregoing, the Company’s obligations hereunder to pay for expenses will include, but not be limited to, the payment of:

 

(a)          any SEC filing or
registration fees;

 

(b)          expenses of printing
the Registration Statement, the Prospectus and any amendment or supplement thereto and the expense of furnishing to the Managing
Broker-Dealer copies of the Registration Statement, the Prospectus and any amendment or supplement thereto, all sales materials
and any other documents in connection with the Offering, purchase, sale and delivery of the L Bonds as herein provided;

 

(c)          fees and expenses
of the Company’s accountants and counsel in connection with the Offering;

 

(d)          the FINRA filing fee;

 

(e)          all state Blue Sky
registration fees;

 

(f)          all DTC fees associated
with the Offering;

 

(g)          all transfer agent
fees associated with the Offering; and

 

(h)          all of the Company’s
other own expenses in connection with the Offering, including, but not limited to, the salaries, travel expenses and similar expenses
of Company employees and personnel incurred in connection with the Offering.

 

11.         Offering. The
Offering of L Bonds shall be at and upon the terms and conditions set forth in the Registration Statement and the exhibits and
appendices thereto and any amendments or supplements thereto.

 

12.         Conditions to Payment
of Fees and Expense Reimbursements.

 

12.1         No selling commissions,
allowances, reimbursements or other compensation will be payable with respect to any subscriptions for L Bonds that are rejected
by the Company, or if the Company terminates the Offering for any reason whatsoever or for no reason. No selling commissions, allowances,
reimbursements or other compensation will be payable by the Company with respect to any sale of L Bonds unless and until such time
as the Company has received the total proceeds of any such sale.

 

    	10

    	 

    

 

12.2         With the exception
of the expenses described in Section 9, all attorneys’ fees and all other costs and expenses incurred by the Managing Broker-Dealer
in the performance of any obligations hereunder, including but not limited to expenses otherwise related to the Offering, shall
be the sole and exclusive responsibility of the Managing Broker-Dealer unless otherwise approved by the Company and the foregoing
shall apply notwithstanding the fact that the Offering is not consummated for any reason.

 

12.3         No Dealer-Manager
Fee will be payable with respect to any subscriptions for L Bonds that are sold to non-U.S. investors unless otherwise agreed in
writing by the Company.

 

13.         Indemnification
of the Managing Broker-Dealer.

 

13.1         Subject to the
conditions set forth below, the Company agrees to indemnify and hold harmless (i) the Managing Broker-Dealer, each Selling Group
Member, their affiliates and each of their respective officers, directors, owners, members, managers, partners, employees, agents
and (ii) each person, if any, who controls the Managing Broker-Dealer and Selling Group Member (all of the foregoing persons described
in clauses (i) and (ii) being collectively referred to as the “Selling Parties”), against any and all loss,
liability, claim, damage and expense (including reasonable legal and other expenses incurred in investigation and defending such
claims or liabilities) whatsoever arising out of or based upon the following:

 

(a)          Any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (Including any post-effective amendment
or supplement thereto), in any Approved Sales Literature, or in any application or other document filed in any jurisdiction in
order to qualify or register the L Bonds in connection with the Offering (in all cases, other than Managing Broker-Dealer Disclosure
Statements);

 

(b)          The omission or alleged
omission from the Registration Statement, in any Approved Sales Literature, or in any application or other document filed in any
jurisdiction in order to quality or register the L Bonds in connection with the Offering of a material fact required to be stated
therein or necessary to make the statements therein not misleading (in all cases, other than omissions from Managing Broker-Dealer
Disclosure Statements);

 

(c)          Any verbal or written
representations in connection with the Offering made by the Company or its agents (other than by the Managing Broker-Dealer, the
Selling Group Members, or any of their respective employees or affiliates), employees or affiliates in violation of the Securities
Act, or any other applicable federal or state securities laws and regulations; or

 

(d)          A material inaccuracy
in a representation or warranty contained herein by the Company, a material breach by the Company of any term, condition, representation,
warranty or covenant of this Agreement, or a material failure by the Company to comply with state or federal securities laws and
regulations applicable to the Offering (in all cases, other than with respect to included or omitted Managing Broker-Dealer Disclosure
Statements).

 

13.2         If any action (including
any third-party action) is brought against the Managing Broker-Dealer or Selling Group Member in respect of which indemnity may
be sought hereunder, the Managing Broker-Dealer, upon obtaining actual knowledge of such action shall promptly notify the Company
in writing of the institution of such action.

 

13.3         Upon proper notice
from an indemnified Selling Party, the Company will be entitled to participate therein and, to the extent that it may wish, to
assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party, at the Company’s
sole cost and expense. After notice from the Company of its election to assume the defense thereof, the Company will not be liable
to the Selling Party under Section 13.1 for any legal or other expenses subsequently incurred by such Selling Party in connection
with the defense thereof; provided, however, that if the defendants in any such action include both a Selling Party and the Company,
and the Selling Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified parties
which are different from or additional to those available to the Company, then the Selling Party or Parties shall have the right
to select one separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on their
behalf, in which event the fees and expenses of such separate counsel shall be borne by the Company. In no event shall the Company
be liable for fees and expenses of more than one counsel for each Selling Party separate from the Company’s own legal counsel.
The Company shall not be liable to any Selling Party on account of any settlement of any claim or action effected without the consent
of such Selling Party.

 

    	11

    	 

    

 

13.4         The Company agrees
to promptly notify the Managing Broker-Dealer of the commencement of any litigation or proceedings against the Company, or any
of its officers, directors, employees or agents in connection with the issuance and sale of L Bonds, or in connection with the
Registration Statement

 

13.5         The indemnity provided
to the Selling Parties pursuant to this Section 13 shall not apply to any such person or entity to the extent that any loss arises
out of or is based upon any untrue statement or alleged untrue statement of material fact made by the Selling Parities or any of
their respective agents; provided, that indemnification shall apply to the extent that the untrue statement or alleged untrue statement
in question is contained in the Registration Statement (including any post-effective amendment or supplement thereto), or in any
application or other document filed in any jurisdiction in order to qualify or register the L Bonds in connection with the Offering

 

14.         Indemnification
of the Company.

 

14.1         Subject to the
conditions set forth below, the Managing Broker-Dealer agrees to indemnify and hold harmless: (i) the Company, (ii) its directors,
officers, employees and agents, and (iii) each person, if any, who controls the Company and its own directors, officers, owners,
employees, agents, and each of their respective attorneys and accountants (all of the foregoing persons described in clauses (i)
through (iii) being collectively referred to as the “Company Parties”), against any and all loss, liability,
claim, damage and expense whatsoever arising out of or based upon:

 

(a)          Any unauthorized verbal
or written representations in connection with the Offering made by the Managing Broker-Dealer (other than by the Company or its
employees or agents), or its employees or agents (including any Selling Group Members) in violation of the Securities Act or any
other applicable federal or state securities laws and regulations;

 

(b)          The material breach
by the Managing Broker-Dealer of any term, condition, representation, warranty, or covenant of this Agreement, other than those
breaches committed in reliance on any violation by the Company hereof; or

 

(c)          Any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement and comprising a Managing Broker-Dealer
Disclosure Statement, or any omission or alleged omission from the Registration Statement of a material fact required to be stated
therein or necessary to make the statements therein not misleading, which omission or alleged omission related to a Managing Broker-Dealer
Disclosure Statement.

 

14.2         If any action (including
any third-party action) is brought against a Company Party in respect of which indemnity may be sought hereunder, the Company shall
promptly notify the Managing Broker-Dealer in writing of the institution of such action.

 

14.3         Upon proper notice
from an indemnified Company Party, the Managing Broker-Dealer will be entitled to participate therein and, to the extent that it
may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party. After notice
from the Managing Broker-Dealer of its election to assume the defense thereof, the Managing Broker-Dealer will not be liable to
the Company Party under Section 14.1 for any legal or other expenses subsequently incurred by such Company Party in connection
with the defense thereof; provided, however, that if the defendants in any such action include both a Company Party and the Managing
Broker-Dealer, and the Company Party shall have reasonably concluded that there may be legal defenses available to it or other
indemnified parties which are different from or additional to those available to the Managing Broker-Dealer, then the Company Party
or Parties shalt have the right to select one separate counsel to assume such legal defenses and to otherwise participate in the
defense of such action on their behalf, in which event the fees and expenses of such separate counsel shall be borne by the Managing
Broker-Dealer, in no event shall the Managing Broker-Dealer be liable for fees and expenses of more than one counsel for each Company
Party separate from the Managing Broker-Dealer’s own legal counsel. The Managing Broker-Dealer shall not be liable to any
Company Party on account of any settlement of any claim or action effected without the consent of such Company Party.

 

    	12

    	 

    

 

14.4         The Managing Broker-Dealer
agrees to promptly notify the Company of the commencement of any litigation or proceedings against the Managing Broker-Dealer or
any of the Managing Broker-Dealer’s officers, directors, partners, affiliates, or agents in connection with the offer or
sale of L Bonds or in connection with the Registration Statement.

 

14.5         The indemnity provided
to the Company Parties shall not apply to any such person or entity to the extent that any loss arises out of or is based upon
any untrue statement or alleged untrue statement of material fact made by the Company or any of its agents (or a Company Party).

 

14.6         The Managing Broker-Dealer
agrees to require that each Selling Group Member enter into an agreement (i) providing indemnity to the Company consistent with
the indemnity provided by the Managing Broker-Dealer pursuant to the provisions of this Section 14, and (ii) containing an express
third-party beneficiary clause permitting the Company to rely on and enforce such indemnity.

 

15.         Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections
13 and 14 is for any reason held to be unavailable from the Company, the Managing Broker-Dealer or a Selling Group Member, as the
case may be, the Company, the Managing Broker-Dealer and the Selling Group Member, shall contribute to the aggregate losses, liabilities,
claims, damages and expenses (including any amount paid in settlement of any action, suit, or proceeding or any claims asserted)
in such amount as a court of competent jurisdiction may determine (or in the case of settlement, in such amounts as may be agreed
upon by the parties) in such proportion to reflect the relative fault of the Company, the Managing Broker-Dealer or such Selling
Group Member, in connection with the events described in Sections 13 and 14, as the case may be, which resulted in such losses,
liabilities, claims damages or expenses, as well as any other equitable considerations. The relative fault of the parties shall
be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company, the Managing Broker-Dealer or a Selling
Group Member, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
omission or statement. Any persons entitled to indemnification hereunder shall be entitled to receive, from a party obligated to
indemnify under Section 13 or 14, contribution hereunder.

 

16.         Representations
and Agreements to Survive Sale and Payment. Except as the context otherwise requires, all representations, warranties and agreements
contained in this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering Termination
Date, and such representations, warranties and agreements by the Managing Broker-Dealer or the Company, including the indemnification
and contribution covenants contained herein, shall remain operative and in full force and effect regardless of any investigation
made by the Managing Broker-Dealer or the Company and/or any controlling person, and shall survive the sale of and payment for
L Bonds.

 

17.         Costs of Offering.
Except for the compensation payable to the Managing Broker-Dealer described in Section 7, the expense reimbursements described
in Sections 8 and 9, and the Company’s own expenses generally described in Section 10, the Managing Broker-Dealer will pay
all of its own costs and expenses, including but not limited to all expenses necessary for the Managing Broker-Dealer to remain
in compliance with any applicable federal, state or FINRA laws, rules or regulations in order to participate in the Offering as
a broker-dealer, and the fees and costs of the Managing Broker-Dealer’s legal counsel. The Company agrees to pay all other
expenses incident to the performance of its respective obligations hereunder, including all expenses incident to filings with federal
and state regulatory authorities and to the exemption of L Bonds under federal and applicable state securities laws, including
fees and disbursements of the Company’s counsel, all costs of reproduction and distribution of the Prospectus and any amendment
or supplement thereto, and all costs of attorneys’ fees and other expenses.

 

    	13

    	 

    

 

18.         Termination.
This Agreement is terminable by any party only “for cause” before the end of the 13th month following effectiveness
of the Registration Statement, and without cause thereafter. Cause shall be defined as: (a) the failure of the Managing Broker-Dealer
to provide the services set forth in this Agreement, or any breach by the Managing Broker-Dealer of any of its representations
or warranties set forth in this Agreement; or (b) the receipt by the Managing Broker-Dealer or the Company of a regulatory notice
from FINRA or the SEC that makes either party incapable of fulfilling their respective duties hereunder without harming the reputation
of the other party.

 

Any termination under this
Section shall not affect the indemnification agreements set forth in Sections 13 and 14, or the contribution obligations under
Section 15. In the event that the Company terminates the Managing Broker-Dealer pursuant to paragraph (a) or (b) above, the Company
shall reimburse the Managing Broker-Dealer for any expenses that are otherwise reimbursable hereunder and pay all commissions to
which the Managing Broker-Dealer is or becomes entitled under this Agreement at such time as the commissions become payable until
the date of such termination.

 

19.         Confidentiality.
The Managing Broker-Dealer agrees that all non-public information pertaining to the Company, including but not limited to the Selling
Group Members, compensation, wholesalers. business plans, employee lists, financial statements of the Company and its subsidiaries
and affiliates (collectively, the “Confidential Information”) will be held by the Managing Broker-Dealer in
confidence and solely for use of the Managing Broker-Dealer’s personnel, clients and advisors of clients, in the course of
performing the obligations of the Manager Broker-Dealer hereunder, and will not be provided to any other persons or entities without
the prior written approval of the Company. Any parties receiving Confidential Information from the Managing Broker-Dealer, including
any Selling Group Members, must expressly agree in writing to be bound by the restrictions set forth in this Section (with an express
third-party beneficiary clause permitting the Company to rely on and enforce the same); provided, however, that Confidential Information
shall not include information that (i) is or becomes publicly available other than as a result of acts by the Managing Broker-Dealer
in breach of this Agreement, (ii) is in the Managing Broker-Dealer’s possession prior to disclosure by the Company or is
independently derived by the Managing Broker-Dealer without the aid, application or use of the Confidential Information, (iii)
is disclosed to the Managing Broker-Dealer by a third party on a non-confidential basis that the Managing Broker-Dealer did not
know was subject to, or bound by, confidentiality obligations with respect to, or (iv) the Managing Broker-Dealer determines is
required to be disclosed by Governmental Rules.

 

20.         Governing Law.
This Agreement shall be governed by, subject to and construed in accordance with, the internal laws of the State of Delaware without
regard to conflicts-of-law provisions.

 

21.         Severability.
If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible (a) the remainder
of this Agreement shall be considered valid and operative and (b) effect shall be given to the intent manifested by the portion
held invalid or inoperative.

 

22.         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and which together shall constitute
one and the same instrument.

 

23.         Modifications or
Amendment. This Agreement may not be modified or amended except by written agreement executed by the parties hereto.

 

24.         Notices. All
communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing Broker-Dealer,
shall be mailed or delivered to Emerson Equity LLC, 155 Bovet Rd, San Mateo, CA 94402; and if sent to the Company shall be mailed
or delivered to 220 South Sixth Street, Suite 1200, Minneapolis, MN SS402. The notice shall be deemed to be received on the date
of its actual receipt by the party entitled thereto or, if mailed, on the third day after mailing by both first class U.S. mail
and certified U.S. mail with return receipt requested.

 

    	14

    	 

    

 

25.         Parties. This
Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and their respective successors, legal representatives,
heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under,
in respect of, or by virtue of, this Agreement or any provision herein contained: provided, however, that the provisions of Section
13, 14 and 15 are also intended for the benefit of the Selling Parties and Company Parties, as applicable, although the provisions
of any such Section may be amended without the consent of any such Persons. Neither party may assign any of its hereunder, or delegate
any of its duties hereunder, without the prior and express written consent of the other party.

 

26.         Delay. Neither
the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this
Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

27.         Attorneys Fees.
Except as set forth in Sections 13 and 14 hereof, if any legal action or other proceeding is brought for the enforcement of this
Agreement or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this
Agreement each party shall be responsible for paying its own attorneys’ fees.

 

28.         Entire Agreement.
This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings or written
or oral agreements between them respecting the subject matter hereof.

 

(Signature Page Follows)

 

    	15

    	 

    

 

 

If the foregoing correctly sets forth the understanding between the Company and the Managing Broker-Dealer,
please so indicate in the space provided below for that purpose, and return one of the signed.

 

	 	Very truly yours,
	 	 	 
	 	GWG HOLDINGS, INC.
	 	a Delaware corporation
	 	 	 
	 	By:  	 
	 	 	Jon R. Sabes, CEO

 

AGREED AND ACCEPTED:

 

EMERSON EQUITY LLC

a California limited liability company

 

	By:  		 
	 	Brent Barton	 
	 	Executive Vice President-MBD Services	 

 

 

  16EX-10.1

 EXHIBIT 10.1 
  

			
	HARMAN	 	

	400 ATLANTIC STREET	 
	STAMFORD, CONNECTICUT	 
	06901 USA	 

 August 21, 2012 
 Sandra
Ehret Rowland 
 [Intentionally Omitted] 
 Dear Sandra: 

On behalf of HARMAN International Industries, Incorporated (“HARMAN”), I am pleased to submit to you an offer for the position of Vice President,
Investor Relations. In this capacity you will report directly to Herbert Parker, Chief Financial Officer. You will be located at our Stamford, CT office. This offer provides the following: 

Start Date: Your start date will be October 8, 2012. 

Signing Bonus: Within 30 days after your start date, you will be paid a one-time cash lump sum signing bonus in an aggregate amount of $100,000,
less applicable taxes. If you resign or if you are terminated due to cause within the first year of your employment then the full amount of your sign on bonus is payable to Harman. 

Base Salary: Your annual base salary will be $260,000 payable in accordance with our corporate payroll schedule. 

Bonus: Beginning with fiscal year 2013, you will be eligible to participate in the Management Incentive Compensation (MIC) program with a target
bonus opportunity equal to 40% of your base salary and a 60% maximum. This bonus program is based upon Harman’s achievement of its business plan, as well as your achievement of personal performance goals. This bonus will be paid on a
pro-rata basis for fiscal year 2013 as of your actual hire date. 
 Long Term Incentive Program: You will be eligible to participate in
HARMAN’s long-term incentive program at a level commensurate to your position. As the next general grant is expected to be in early September 2012 and your date of hire is expected to be sometime after that date you will be eligible upon hire
for a Long Term Incentive grant of equal value to the September grant. 
 Relocation Assistance: The position is based in Stamford,
Connecticut and you have committed to moving to Connecticut. To this end, you will be eligible for relocation assistance as outlined in the HARMAN Relocation Policy. Before your relocation can be initiated you will be required to sign a Relocation
Payback Agreement. Both the Policy and Payback Agreement will be provided to you by our relocation vendor upon your acceptance of our offer. 
 Car
Allowance: You will receive a car allowance of $1,200 per month paid in accordance with our regular payroll schedule. 
 Vacation: You
will be eligible for accrual of three (3) weeks of vacation annually. 
 Other Benefits: Additional benefits, as defined by Company
policy and governing plan documents, currently include medical, dental, vision, life insurance, short and long-term disability insurance, tuition reimbursement, 401(k) Retirement Savings Plan and all Company-paid holidays. Eligibility to participate
in these benefits commences as of your date of hire. 
 The Company will, in connection with your employment, withhold from any compensation and benefits
payable to you all federal, state, city and other taxes as requested by you or that the Company is required to withhold pursuant to any law or government regulation or ruling. 

 HARMAN is not hereby offering you lifetime employment or employment for a fixed or implied period of time. Either
you or HARMAN may terminate your employment at any time, with or without cause or notice. The at-will nature of your employment relationship cannot be changed except in a written document signed by you and me. Except as otherwise set forth above,
upon termination of your employment, HARMAN will have no further obligations to you under this letter agreement. 
 Any dispute concerning termination of
your employment shall be resolved by final and binding arbitration before a neutral arbitrator. The arbitrator shall be selected by mutual agreement or in accordance with the procedures of the American Arbitration Association and the employment
arbitration rules of the American Arbitration Association shall apply. Such arbitration shall be conducted in Stamford, CT or such other location as to which you and HARMAN agree. The law of CT, without regard to its choice of law rules, shall
govern any such dispute, and the arbitrator shall not have authority to vary or alter the terms of this letter. 
 You will be expected to sign the
Company’s standard form of Invention and Secrecy Agreement on your start date. 
 Your acceptance of this offer and subsequent employment at HARMAN
will be conditional upon HARMAN’s receipt of an acceptable background screen report which must be completed prior to your start date. Please complete and return the attached background authorization form and credit check form (if applicable)
within the next three (3) business days. 
 Pursuant to the requirements of the Immigration Reform & Control Act of 1986, all new hires must
provide proof of identity and employment eligibility. You will be required to provide satisfactory documented evidence of your identity and eligibility for employment in the United States, in accordance with the requirements of U.S. law within three
(3) business days of you date of hire. 
 You acknowledge and agree that your acceptance of this offer will violate no agreements or arrangements with
other individuals or entities, or duties to your current employer. Please sign and return the original of this letter. You should retain one copy of this letter for your files. 

I look forward to working with you and welcome the contributions you will bring to this outstanding company. 

 

	
	Best regards,
	  
 /s/ John Stacey

	  
 John Stacey

	EVP & Chief Human Resources Officer
	HARMAN International Industries, Incorporated

  
 -2- 

 I accept your offer of employment and agree to the provisions stated in this letter. I acknowledge and agree that
this letter constitutes the entire agreement between HARMAN and me and supersedes all prior verbal or written agreements, arrangements or understandings pertaining to my offer of employment. I understand that I am employed at will and that my
employment can be terminated at any time, with or without cause, at the option of either the Company or me. 
 I understand that I may be required to submit
to a drug and alcohol screen. Refusal to submit to the drug and alcohol screen, or positive test results for drugs and/or alcohol, will result in the conditional offer of employment being withdrawn.

With regards to the sign-on bonus I will receive as part of my employment offer, I agree that if I am terminated for cause or voluntarily resign my employment
with HARMAN International less than one year following my receipt of such bonus payment, I will reimburse HARMAN the amount paid to me. I agree to pay HARMAN the full balance due within 30 days of the termination of my employment. I also agree
to bear all legal and administrative costs incurred by HARMAN in enforcing this agreement including, but not limited to, attorneys’ fees. 
  

							
	ACCEPTED AND AGREED:	 		 		 	
				
	 /s/ Sandra Rowland
	 		 	 August 21, 2012
	 	
	Sandra Rowland	 		 	Date	 	

  
 -3-

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