Document:

EX-10.21.7

 Exhibit 10.21.7 

CONSENT AND AMENDMENT NO. 4 

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS CONSENT AND AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of
March 24, 2022 is entered into by and among BENEFICIENT COMPANY HOLDINGS, L.P. (the “Borrower”), THE BENEFICIENT COMPANY GROUP, L.P. (“Parent”), HCLP NOMINEES, L.L.C. (“HCLP”), as Lender under
the Credit Agreement (as defined below) (in such capacity, the “Lender”) and as Senior Creditor and Subordinated Creditor under the Subordination Agreement (as defined in the Existing Credit Agreement), and the DSTs party hereto.

 W I T N E S S E T H 

WHEREAS, Borrower, the Lender, and the Parent are party to that certain Second Amended and Restated Credit Agreement, dated as of
August 13, 2020 (as modified by that certain Consent No. 1 to Second Amended and Restated Credit Agreement, dated as of January 20, 2021 and effective as of September 30, 2020, as amended by that certain Amendment No. 1 to
Second Amended and Restated Credit Agreement, dated as of March 10, 2021, and as further amended by that certain Amendment No. 2 to Loan Documents, dated as of June 28, 2021, as amended by that certain Consent and Amendment No. 3
to Second Amended and Restated Credit Agreement dated as of November 3, 2021 and effective as of July 15, 2021 (“Third Amendment”), as amended by that certain Consent No. 2 to Second Amended and Restated Credit
Agreement dated as of the date hereof (“Consent No. 2”), and as otherwise amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit
Agreement”, and the Existing Credit Agreement as amended by this Amendment, the “Credit Agreement”); 

WHEREAS, notwithstanding Section 2.06(b) of the Credit Agreement with respect to payment of interest, the
Borrower has requested that the Lender consent to all accrued interest and unpaid interest for the period beginning as of July 15, 2021 (the “Interest Consent Date”) through the Amendment Effective Date being paid on the
Amendment Effective Date (the “Interest Payment Extension”); 
 WHEREAS, Borrower was required to cause all proceeds
of the Funding Trust Loans to be paid to a deposit account of Borrower subject to an Account Control Agreement pursuant to Section 2.04(a) of the Existing Credit Agreement, but has not complied with such covenant (the
“Account Control Agreement Deficiency”);  
 WHEREAS, Section 7.05 of the
Existing Credit Agreement provides that the Borrower may not, directly or indirectly, Dispose of any Funding Trust Loan (or any interest under any Funding Trust Loan Agreement, to any Person except as provided therein, including with the written
consent of the Lender; 
 WHEREAS, the Borrower has advised the Lender that the agreements attached as Exhibit A hereto
(the “Liquidity Funding Trust Loans Transfer Agreements”) have been executed and such Liquidity Funding Trust Loans Transfer Agreements provide that on December 31, 2021 (the “Liquidity Funding Trust Loans
Transfer Effective Date”), the Borrower transferred (whether by assignment, contribution, amendment of the Liquidity Funding Trust Loan Transfer Agreements or otherwise) the rights in all of the applicable Liquidity Funding Trust Loan
Transfer Agreements it held and with respect to the Funding Trust Loans, in each case, held by the Borrower, to Ben Liquidity, L.L.C, a Delaware limited liability company, which then transferred such rights to Beneficient Capital Company Holdings,
L.P., a Delaware limited partnership (“BEN Capital Holdings”), which then transferred such rights to Beneficient Capital Lending, L.L.C. (f.k.a., Ben Liquidity Holdings, L.L.C.), a Delaware limited liability company
(“BCL”) (such transfers, collectively, and after giving effect to the transactions contemplated thereby, the “Liquidity Funding Trust Loans Transfer”); 

 WHEREAS, the Borrower has advised the Lender that the agreements attached as
Exhibit B hereto (the “Fiduciary Funding Trust Loans Transfer Agreements”) have been executed and such Fiduciary Funding Trust Loans Transfer Agreements provide that on December 31, 2021 (the
“Fiduciary Funding Trust Loans Transfer Effective Date”), Beneficient Capital Company, L.L.C., a Delaware limited liability company (“New BCC”) transferred (whether by assignment, contribution, amendment of
the Fiduciary Funding Trust Loan Transfer Agreements or otherwise) the rights in all of the applicable Fiduciary Funding Trust Loan Transfer Agreements it held and with respect to the Funding Trust Loans, in each case, held by New BCC, to BEN
Capital Holdings, which then transferred such rights to Beneficient Fiduciary Financial, L.L.C, a Kansas Technology-Enabled Fiduciary Financial Institution (“Fiduciary”) (such transfers collectively, and after giving effect to the
transactions contemplated thereby, the “Fiduciary Funding Trust Loans Transfer”); 
 WHEREAS, the Borrower
has advised the Lender that PEN Indemnity Insurance Company Ltd., a Bermuda exempted company (“PEN”), Private Equity National Indemnity Holdings, L.P., a Bermuda exempted limited partnership (“Pen LP”), and PEN
Insurance Holdings, L.P. (“PEN Insurance”), has entered into a Master Distribution Agreement dated effective as of March 8, 2022 (the “PEN Funding Trust Loans Transfer Effective Date”), substantially in
the form attached as Exhibit C hereto (the “PEN Loans Transfer Agreement”), pursuant to which PEN transferred (whether by assignment, contribution, amendment of the PEN Loans Transfer Agreements or otherwise) its rights in
the loans set forth on Exhibit A to the PEN Loans Transfer Agreement (the “PEN Loans”), in each case, held by PEN, to Pen LP, which then transferred such rights to PEN Insurance (such transfers, collectively, and after giving effect
to the transactions contemplated thereby, the “PEN Funding Trust Loans Transfer”, and together with the Liquidity Funding Trust Loans Transfer and the Fiduciary Funding Trust Loans Transfer, each a “Funding Trust Loans
Transfer”, and collectively, the “Funding Trust Loan Transfers”); 
 WHEREAS, on December 1, 2021 (the
“December 2021 Advance Date”), the Lender made an additional advance of $17,950,000 (the “December 2021 Advance”) under the Existing Credit Agreement, and the Borrower paid a $1,000,000 fee paid-in-kind to the Lender and added to the principal balance of the Loan (the “December 2021 Fee”) pursuant to that certain Binding Term Sheet to Amend the
Loan Documents dated as of December 1, 2021, and the parties hereto desire to amend the Existing Credit Agreement to evidence such increased Commitments as of such date and evidence the payment-in-kind of the December 2021 Fee; 
 WHEREAS, on July 15, 2021, as
required by Section 6 of the Third Amendment, the Borrower, paid-in-kind an amendment fee to the Third Amendment equal to $72,087.36 (the “Third
Amendment Fee”); 
 WHEREAS, for good and valuable consideration, on the terms and conditions set forth herein, as a
condition of Lender agreeing to the amendments and consents in both (i) this Amendment and (ii) the Consent No. 2, Borrower agrees to pay to Lender amendment and consent fees consisting of: 

(A) A maturity extension fee in the amount of $88,919.87 (the “Maturity Extension Fee”), equaling approximately 3% of the sum
of the current outstanding principal of the Loan before giving effect to this Amendment; and 
 (B) A consent fee for the consents
contemplated by Amendment No. 2 and this Amendment in the amount of $103,739.85 (the “Amendment No. 4 and Consent No. 2 Amendment Fee”), equaling approximately 3.5% of current outstanding
principal of the Loan before giving effect to this Amendment; WHEREAS, the Borrower has requested that Lender extend the Scheduled Maturity Date and the Final Maturity Date to August 31, 2023 (the “Maturity Extension”),
and the Lender has agreed to extend the maturity subject to the terms and conditions set forth herein; 

  
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 WHEREAS, subject to the terms and conditions set forth herein, the Lender has agreed
to (i) make certain amendments to the Existing Credit Agreement and certain other Loan Documents, (ii) consent to the Funding Trust Loans Transfers, (iii) consent to the Account Control Agreement Deficiency, (iv) consent to the
Interest Payment Extension, (v) evidence the Maturity Extension, and (vi) to evidence the increase in Commitments; 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. Defined Terms. All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have
the meanings ascribed thereto in the Credit Agreement. Unless the context otherwise requires, all defined terms in the preamble and recitals of this Amendment when used in this Amendment shall have the meanings ascribed thereto in the preamble and
recitals of this Amendment. 
 2. Other Defined Terms. Unless the context otherwise requires, the following terms when used in this
Amendment shall have the meanings assigned to them in this Section 2: 
 “Released
Claims” means any and all actions, causes of action, judgments, executions, suits, debts, claims, demands, controversies, liabilities, obligations, damages and expenses of any and every character (whether known or unknown, liquidated or
unliquidated, absolute or contingent, acknowledged or disputed, direct or indirect), at law or in equity, of whatsoever kind or nature (including claims of usury), whether heretofore or hereafter accruing, for or because of any matter or things
done, omitted or suffered to be done by any of the Released Persons prior to and including the date hereof that in any way directly or indirectly arise out of or in any way are connected to (a) any of the Loan Documents or any Default or Event
of Default thereunder, (b) any negotiation, discussion, enforcement action, agreement or failure to agree related to any Loan Document or any Default or Event of Default thereunder, or (c) any action, event, occurrence, or omission
otherwise related to the rights, duties, obligations and relationships among the Borrower and Lender.  

“Released Persons” means Lender and its respective employees, agents, attorneys, officers, partners,
shareholders, affiliates, accountants, consultants, and directors, and their respective successors and assigns.  
 3.
Consents. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent set forth in Section 5 hereof: 

(a) Consent to the Funding Trust Loans Transfers. The Lender hereby consents to (a), as of the Liquidity Funding Trust Loans Transfer
Effective Date, the Liquidity Funding Trust Loans Transfer, (b) as of the Fiduciary Funding Trust Loans Transfer Effective Date, the Fiduciary Funding Trust Loans Transfer, and (c) as of the PEN Funding Trust Loans Transfer Effective Date,
the PEN Funding Trust Loans Transfer; provided, however, that, and notwithstanding anything to the contrary, the Lender’s consent to the Funding Trust Loans Transfers is strictly conditioned on (i) each Funding Trust Loans Transfer
expressly providing by its terms (and agreed in writing by all applicable parties thereto) that any transferee of any Collateral or other assets (real or personal) subject to Liens in favor of Lender pursuant to the Credit Agreement or the other
Loan Documents will expressly assume such Liens in favor of Lender and that such transferred Collateral or other assets (real or personal) (other than, subject to Section 3(b) below, Subject Collateral (as defined below))
will be made subject to such Liens in favor of Lender, and (ii) the satisfaction of the post-closing covenants set forth in Section 6 hereof; provided further, and notwithstanding anything to the contrary, no
consent made pursuant this Section 3(a) extinguishes, novates or releases any right, lien, claim, Lien, security interest or entitlement of the Lender created by or contained in the Credit Agreement or any other Loan
Documents. 

  
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 (b) Consent to Interest Payment Extension. Notwithstanding Section 2.06(b) of
the Credit Agreement, effective as of the Interest Consent Date, the Lender hereby consents to the Interest Payment Extension and Borrower agrees to pay all interest subject to the Interest Payment Extension on the Amendment Effective Date; provided
that the payment of such interest shall be calculated as giving effect to the transactions contemplated by this Amendment (including the revision to the definition of “Accrued Interest”). Notwithstanding anything to the contrary herein, no
consent made pursuant hereto extinguishes, novates or releases any right, lien, claim, Lien, security interest or entitlement of the Lender created by or contained in the Existing Credit Agreement or any other Loan Documents. 

4. Amendment to Existing Credit Agreement. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent
set forth in Section 5 hereof, the Existing Credit Agreement shall be amended to reflect the following modifications: 
  

	 	(a)	 The following definitions are added to Section 1.01 of the Existing Credit Agreement in alphanumerical
order: 

 “Fourth Amendment” means that certain Consent and Amendment No. 4 to Second
Amended and Restated Credit Agreement dated as of March 24, 2022 by and among the Borrower, the Parent, Lender, and the other parties thereto. 

“Fourth Amendment Effective Date” means March 24, 2022. 

“Interest Consent Date” has the meaning set forth in the Fourth Amendment. 

“Third Amendment Fee” has the meaning set forth in the Fourth Amendment. 

“PIK Amount” means, as of any date of determination, (i) the amount of the December 2021 Fee that has
been paid-in-kind, and (ii) the amount of the Third Amendment Fee that has been
paid-in-kind. 
 “December 2021
Advance Date” has the meaning set forth in the Fourth Amendment. 
 “December 2021 Fee” has the
meaning set forth in the Fourth Amendment. 
  

	 	(b)	 The definition of “Accrued Interest” in Section 1.01 of the Existing Credit Agreement is hereby
amended to delete clause (a) of such definition and replace it in its entirety as follows: 

 “(a) During any
Interest Period, an amount which shall accrue on each calendar day on the outstanding amount of the Loan at a per annum rate equal to (x) prior to the Second Amendment and Restatement Date, (A) One Month Adjusted LIBOR for such Interest
Period plus (B) the Spread and (y) on and after the Second Amendment and Restatement Date, (i) One Month Adjusted LIBOR for such Interest Period plus (ii) 8.0%; provided that, if the Accrued Interest pursuant to this
clause (y) is greater than 9.5%, the Accrued Interest shall be deemed to be 9.5% (except as provided otherwise by the following proviso); provided further, and notwithstanding the foregoing, for the period beginning with the Interest
Consent Date and ending on the Fourth Amendment Effective Date, an amount which shall accrue on each calendar day on the outstanding amount of the Loan at a per annum rate equal to 10.5%.” 

 

	 	(c)	 The following definitions in Section 1.01 of the Existing Credit Agreement are hereby amended and restated
in their respective entireties as follows: 

 “”Commitment” means the Lender’s obligation to
make Advances to the Borrower pursuant to Section 2.01, as such commitment may be reduced from time to time pursuant to Section 2.05. The amount of the Commitment as of the December 2021 Advance
Date is $166,000,000. After the expiration of the Commitment Period, the Commitment will be zero. 

  
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 “Final Maturity Date” means August 31, 2023. 

“Loan” means, collectively, (i) each of the outstanding Advances made hereunder, plus (ii) any outstanding PIK
Amount. 
 “Scheduled Maturity Date” means August 31, 2023.” 

 

	 	(d)	 Effective as of December 1, 2021, the first sentence of Section 2.05 of the Existing Credit Agreement
is hereby amended and restated in its entirety as follows: 

 “The Borrower shall, until such time as all outstanding
Obligations (other than Unasserted Obligations (as defined in the Subordination Agreement)) shall have been paid in full, repay to the Lender the outstanding unpaid principal balance of the Loan in installments of $5 million to be paid on
May 10, 2022, $5 million to be paid on August 10, 2022, $5 million to be paid on December 10, 2022, $5 million to be paid on April 10, 2023 and the remaining outstanding Obligations to be paid on the Final
Maturity; provided that such payments shall be subject to a determination of the Audit Committee of the Board of Directors of Beneficient Management, L.L.C. that making such payment, in part or in full, shall not cause the Company to incur a going
concern, with such payment to be senior to any payment made with respect to the guaranteed payment due to holders of Preferred A Subclass 0 Unit Accounts of Borrower; provided, further, that if any payment is not made on such payment date, as set
forth in this Section 2.05, then such payment shall be made as soon as a determination is made by the Audit Committee of the Board of Directors of Beneficient Management, L.L.C. that such payment, in part or in full, shall not cause the Company
to incur a going concern.” 
  

	 	(e)	 Section 8.01 of the Existing Credit Agreement is amended by deleting the lead-in clause “The
occurrence of any of the following shall constitute an Event of Default” and is replaced with the following: 

“Upon the occurrence of (i) any of the following events, and (ii) notice (written or oral) from Lender to Borrower that such
Default shall constitute an Event of Default, such event shall constitute an Event of Default; provided, that, this clause (ii) shall not apply to clauses (f) and (g) of this Section 8.01 and that the occurrence of any event
described in clause (f) or (g) shall trigger an Event of Default without notice of any kind from Lender:” 
  

	 	(f)	 The Borrower, the Lender, the Parent, and the other parties hereto agree that the December 2021 Advance
constitutes an Advance under the Credit Agreement. The Borrower, the Lender, the Parent, and the other parties hereto agree that the payment-in-kind of the December 2021
Fee and the Third Amendment Fee satisfied the obligations of Borrower to pay such fees. 

  

	 	(g)	 Effective as of August 13, 2020, the Lender and any relevant party hereto agrees that the Account Control
Agreement Deficiency shall not constitute an Event of Default; provided that the Borrower enters into an Account Control Agreement on a post-closing basis as contemplated by Section 6 of this Amendment.

  

	 	(h)	 Schedule 1.01A of the Existing Credit Agreement shall be amended to reflect the changes which are attached as
Schedule 1.01A hereto, such that on the Amendment Effective Date (as defined below) the terms set forth in Schedule 1.01A hereto which appear in bold and double underlined text (inserted text) shall be added to Schedule
1.01A and the terms appearing as text which is stricken () shall be deleted therefrom. 

  
 5 

 5. Conditions Precedent to Amendment. The satisfaction (or waiver in writing by the
Lender) of each of the following shall constitute conditions precedent to the effectiveness of this Amendment (such date being the “Amendment Effective Date”): 

(a) the Lender shall have received: 

(i) this Amendment and Consent No. 2, in each case, duly executed by the partieshereto, and the same shall be in full
force and effect; 
 (ii) payment of the Amendment No. 4 and Consent No. 2 Amendment Fee in cash; and 

(iii) payment of the Maturity Extension Fee in cash; 

(b) Substantially concurrently with the closing of this Amendment, the Borrower shall prepay the “Obligations” (as
defined in the Credit Agreement) under the Credit Agreement in an amount equal to $72,087.36 (including any applicable prepayment premium or other charges), in each case, in compliance with the provisions of the Credit Agreement and the
Subordination Agreement; 
 (c) the Lender shall have received all documents and instruments that Lender has then reasonably
requested, in addition to those described in this Section 5. All such additional documents and instruments shall be reasonably satisfactory to Lender in form, substance and date; 

(d) The Lender shall have received all interest subject to the Interest Payment Extension on the Amendment Effective Date,
calculated as giving effect to the transactions contemplated by this Amendment (including the revision to the definition of “Accrued Interest”). 

(e) after giving effect to the transactions contemplated by this Amendment, no event shall have occurred and be continuing that
would constitute an Event of Default; 
 (f) all representations and warranties made by Borrower or any other party in any
Loan Document shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of time of the effectiveness hereof as if such representations and warranties had been made as of the
time of the effectiveness hereof (except to the extent that any such representation or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (without duplication of
any materiality qualifier contained therein) as of such specific date); and 
 (g) Borrower shall have paid, in connection
with such Loan Documents, all reasonable and documented fees and reimbursements to be paid to Lender pursuant to any Loan Documents, or otherwise due Lender and including the reasonable and documented fees, expenses, and disbursements of
Holland & Knight LLP. 

  
 6 

 6. Post-closing. Within 30 days of the Amendment Effective Date (or such later date
as Lender may permit in its sole discretion), the Borrower agrees to execute and to cause all other Loan Parties (including the DSTs) to execute and enter into one or more amendments or modifications to the Credit Agreement and other Loan Documents,
as well cause to be delivered any legal opinions requested by Lender (including, but not limited to the joinder of new DSTs, as well as the Maturity Extension and this Amendment), in each case, as reasonably required by Lender in its reasonable
discretion and on terms reasonably acceptable to Lender in its reasonable discretion, to (i) enter into one or more acknowledgments and/or amendments to the DST Security Agreement with respect to the Credit Agreement and the joinder of the
Trusts added to Section 1.01(A) hereunder, (ii) enter into one or more Security Agreements, Guarantees, or other security instruments from PEN Insurance, BCL, and Fiduciary to guaranty the Obligations and pledge all of
its respective interests in the Collateral (other than the Subject Collateral), (iii) enter into an Account Control Agreement on bank accounts of Borrower (including all such accounts containing proceeds of Funding Trust Loans except to the extent
such account solely contains proceeds of the Prosperity Loan (as defined in Consent. No. 2) and the Hatteras Loan (as defined in Consent No. 2)) in form and substance acceptable to Lender, (iv) enter into one or more amendments to the
Credit Agreement with respect to such matters covered by this Amendment, and (v) make such other modifications as Lender may deem in its reasonable discretion to be required or appropriate to effect or reflect the transactions contemplated
hereby or to add or perfect collateral for the Obligations. the Borrower agrees that the failure to comply with this Section 6 shall constitute an immediate Event of Default under the Credit Agreement. 

7. Representations and Warranties. The Borrower represents and warrants to the Lender that: 

(a) the representations and warranties of the Borrower set forth in the Loan Documents (as modified by this Amendment) are true
and correct in all material respects (or in all respects if the applicable representation and warranty is qualified by a Material Adverse Effect or any other materiality qualifier) on and as of the date hereof (after giving effect to this
Amendment), except to the extent that such representations and warranties are by their terms made as of a specified date, in which case they are true and correct in all material respects (or in all respects if the applicable representation and
warranty is qualified by a Material Adverse Effect or any other materiality qualifier) as of such specified date; 
 (b)
Immediately after giving effect to this Amendment, no Event of Default has occurred and is continuing; 
 (c) Attached hereto
as Exhibit A and Exhibit B are true and correct executed copies (and any amendments or other modifications thereto), as applicable, of the Liquidity Funding Trust Loans Transfer Agreements and the Fiduciary Funding Trust Loans Transfer
Agreements. 
 (d) this Amendment has been duly executed and delivered by the Borrower; 

(e) this Amendment (with respect to the Borrower and Parent) and the Credit Agreement (as modified by this Amendment) (with
respect to the Borrower and Parent) constitutes legal, valid and binding obligations of such Person, enforceable against such Person in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and 

(f) the execution and delivery by the Borrower and Parent of this Amendment and the performance by the Borrower and Parent of
this Amendment and the Credit Agreement (as modified by this Amendment), have been duly authorized by all necessary corporate or other organizational action, and (i) 

  
 7 

 
do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and
effect, (ii) will not violate any material requirement of law applicable to the Borrower and Parent, (iii) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Borrower and
Parent or the assets of the Borrower or Parent, or give rise to a right thereunder to require any payment to be made by the Borrower or Parent, and (iv) except as expressly provided by this Amendment, will not result in the creation or
imposition of any Lien on any asset of the Borrower, Parent, or any Subsidiary, except Liens created pursuant to the Loan Documents and the Second Lien Loan Documents. 

8. GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL. THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING GOVERNING
LAW; JURISDICTION; AND WAIVER OF JURY TRIAL SET FORTH IN SECTIONS 9.14 AND 9.15 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.
 
 9. RELEASE OF CLAIMS. TO INDUCE THE LENDER TO ENTER INTO THIS AMENDMENT, THE BORROWER HEREBY
(A) REPRESENTS AND WARRANTS THAT AS OF THE DATE OF THIS AMENDMENT THERE ARE NO CLAIMS OR OFFSETS AGAINST OR DEFENSES OR COUNTERCLAIMS TO ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS, AND WAIVES ANY AND ALL SUCH CLAIMS, OFFSETS,
DEFENSES, OR COUNTERCLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE DATE OF THIS AMENDMENT, (B) RELEASES AND FOREVER DISCHARGES THE RELEASED PERSONS FROM ANY AND ALL RELEASED CLAIMS, AND (C) COVENANTS NOT
TO ASSERT (AND NOT TO ASSIST OR ENABLE ANY OTHER PERSON TO ASSERT) ANY RELEASED CLAIM AGAINST ANY RELEASED PERSON. THE BORROWER ACKNOWLEDGES AND AGREES THAT SUCH RELEASE IS A GENERAL RELEASE OF ANY AND ALL RELEASED CLAIMS THAT CONSTITUTES A FULL AND
COMPLETE SATISFACTION FOR ALL OR ANY ALLEGED INJURIES OR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE RELEASED CLAIMS, ALL OF WHICH ARE HEREIN COMPROMISED AND SETTLED.  

10. Amendments. This Amendment cannot be altered, amended, changed or modified in any respect except in accordance with
Section 9.01 of the Credit Agreement. 
 11. Counterpart Execution. This Amendment may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of
this Amendment by facsimile transmission or other electronic transmission (i.e., a “pdf”) shall be effective as delivery of a manually executed counterpart hereof. 

12. Continuing Effectiveness; Etc.

(a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Existing Credit Agreement as modified hereby and each reference to the Credit Agreement in any other
document, instrument or agreement executed and/or delivered in connection with the Senior Credit Agreement shall mean and be a reference to the Existing Credit Agreement as modified hereby. 

(b) Except as specifically amended hereby, and subject to the consents set forth herein, the Existing Credit Agreement and all
other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The Borrower (i) agrees that, except as specifically provided herein,
this Amendment and the transactions contemplated hereby 

  
 8 

 
shall not limit or diminish the obligations of the Borrower arising under or pursuant to the Credit Agreement or the other Loan Documents to which it is a party, (ii) reaffirms its
obligations under the Credit Agreement and each and every other Loan Document to which it is a party and (iii) reaffirms (x) all Liens on the Collateral which have been granted by it in favor of the Lender pursuant to any of the Loan Documents
and (y) all filings made with any Governmental Authority in connection with such Liens, as applicable. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AMENDMENT OR OTHERWISE, NOTHING IN THIS AMENDMENT EXTINGUISHES, NOVATES OR RELEASES ANY
RIGHT, CLAIM, LIEN, SECURITY INTEREST OR ENTITLEMENT OF ANY OF THE LENDER CREATED BY OR CONTAINED IN THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENTS NOR IS THE BORROWER NOR HOLDINGS NOR ANY OTHER PARTY RELEASED FROM ANY COVENANT, WARRANTY OR
OBLIGATION CREATED BY OR CONTAINED HEREIN OR THEREIN. 
 (c) Except with respect to the subject matter hereof, including
the consents and amendments specifically set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender nor constitute a waiver of any provision of the Credit
Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 (d) This
Amendment shall constitute a Loan Document under the Credit Agreement. 
 13. Integration. This Amendment, together with the other
Loan Documents and the other documents contemplated hereby, contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the
parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 
 14. Severability. In
case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 15. Headings. Section headings in this Amendment are included herein for convenience or reference
only and shall not constitute a part of this Amendment for any other purpose. 
 16. Representation. The parties hereto acknowledge
that Lender has selected Holland & Knight LLP as its legal counsel in connection with the preparation and negotiation of this Amendment. Borrower, each Guarantor, and Parent acknowledge that Holland & Knight LLP has not represented
it in connection with the preparation and negotiation of this Amendment, and Holland & Knight LLP shall owe no duties directly to Borrower or Parent. Each of Borrower, each Guarantor, and Parent confirm that it has been advised (and given
adequate time) to consult with its own legal and tax advisors regarding this Amendment and the Loan Documents. 
 17. Acknowledgment and
Ratification of Guarantors. For the avoidance of doubt, each of the undersigned DSTs acknowledges, ratifies, and agrees to the terms of the Credit Agreement, as amended, restated, supplemented or otherwise modified on or prior to the date hereof
(including, but not limited to, the change in Borrower and extension of maturity), including this Amendment, and that the Obligations as amended by the foregoing and this Amendment continue to be (A) Guaranteed Obligations under that certain
Guaranty dated as of September 1, 2017 (as amended, restated, amended and restated, supplemented, or otherwise modified prior to the date hereof) executed by the DSTs as Guarantors for the benefit of Lender, and (B) secured by that certain
Security and Pledge Agreement dated as of September 1, 2017 (as amended, 

  
 9 

 
restated, amended and restated, supplemented, or otherwise modified prior to the date hereof), executed by the DSTs as Pledgors for the benefit of Lender. 

[Signature pages follow] 

  
 10 

 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

			
	 BENEFICIENT COMPANY HOLDINGS, L.P.,

as Borrower

		
	By:	 	 /s/ James Silk

	Name: James Silk
	Title: Authorized Signatory
	
	THE BENEFICIENT COMPANY GROUP, L.P.,
	as Parent
		
	By:	 	 /s/ James Silk

	Name: James Silk
	Title: Authorized Signatory

  
 [SIGNATURE
PAGE TO CONSENT AND AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT] 

 
			
	 HCLP NOMINEES, L.L.C., 
 as
the Lender, and as Senior Creditor and Subordinated Creditor under the Subordination Agreement

	
	By: CROSSMARK MASTER HOLDINGS, LLC, its Manager
		
	By:	 	 /s/ David L. Wickline

	Name: David L. Wickline
	Title:   Manager

  
 [SIGNATURE
PAGE TO CONSENT AND AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT] 

 Acknowledged, Ratified, and agreed as of the date hereof: 

DSTs: 
  

									
	LT-1 CUSTODY TRUST 	 	        	  	LT-2 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-1 LiquidTrust, certificateholder of LT-1 Custody Trust	 		  	Title:	  	Trustee of The LT-2 LiquidTrust, certificateholder of LT-2 Custody Trust
			
	LT-3 CUSTODY TRUST 	 		  	LT-4 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-3 LiquidTrust, certificateholder of LT-3 Custody Trust	 		  	Title:	  	Trustee of The LT-4 LiquidTrust, certificateholder of LT-4 Custody Trust
			
	LT-5 CUSTODY TRUST 	 		  	LT-6 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	 Trustee of The LT-5 LiquidTrust, certificateholder of LT-5
Custody Trust
	 		  	Title:	  	Trustee of The LT-6 LiquidTrust, certificateholder of LT-6 Custody Trust
			
	LT-7 CUSTODY TRUST 	 		  	LT-8 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	 Trustee of The LT-7 LiquidTrust, certificateholder of LT-7
Custody Trust
	 		  	Title:	  	Trustee of The LT-8 LiquidTrust, certificateholder of LT-8 Custody Trust
			
	LT-9 CUSTODY TRUST 	 		  	LT-12 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-9 LiquidTrust, certificateholder of LT-9 Custody Trust	 		  	Title:	  	Trustee of The LT-12 LiquidTrust, certificateholder of LT-12 Custody Trust
			
	LT-14 CUSTODY TRUST 	 		  	LT-15 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-1 LiquidTrust, certificateholder of LT-14 Custody Trust	 		  	Title:	  	Trustee of The LT-15 LiquidTrust, certificateholder of LT-15 Custody Trust

  
 [SIGNATURE
PAGE TO CONSENT AND AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT] 

									
	LT-16 CUSTODY TRUST	 		  	LT-17 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-16 LiquidTrust, certificateholder of LT-16 Custody Trust	 		  	Title:	  	Trustee of The LT-17 LiquidTrust, certificateholder of LT-17 Custody Trust
			
	LT-18 CUSTODY TRUST 	 		  	LT-19 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-18 LiquidTrust, certificateholder of LT-18 Custody Trust	 		  	Title:	  	Trustee of The LT-19 LiquidTrust, certificateholder of LT-19 Custody Trust
			
	LT-20 CUSTODY TRUST 	 		  	LT-21 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-20 LiquidTrust, certificateholder of LT-20 Custody Trust	 		  	Title:	  	Trustee of The LT-21 LiquidTrust, certificateholder of LT-21 Custody Trust
			
	LT-22 CUSTODY TRUST 	 		  	LT-23 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-22 LiquidTrust, certificateholder of LT-22 Custody Trust	 		  	Title:	  	Trustee of The LT-23 LiquidTrust, certificateholder of LT-23 Custody Trust
			
	LT-24 CUSTODY TRUST 	 		  	LT-25 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-24 LiquidTrust, certificateholder of LT-24 Custody Trust	 		  	Title:	  	Trustee of The LT-25 LiquidTrust, certificateholder of LT-25 Custody Trust
			
	LT-26 CUSTODY TRUST 	 		  	LT-27 CUSTODY TRUST 
					
	By:	 	 /s/ John A. Stahl
	 		  	By:	  	 /s/ John A. Stahl

	Name:	 	John A. Stahl	 		  	Name:	  	John A. Stahl
	Title:	 	Trustee of The LT-26 LiquidTrust, certificateholder of LT-26 Custody Trust	 		  	Title:	  	Trustee of The LT-27 LiquidTrust, certificateholder of LT-27 Custody Trust
				
	LT-28 CUSTODY TRUST 	 		  		  	
					
	By:	 	 /s/ John A. Stahl
	 		  		  	
	Name:	 	John A. Stahl	 		  		  	
	Title:	 	Trustee of The LT-28 LiquidTrust, certificateholder of LT-28 Custody Trust	 		  		  	

  
 [SIGNATURE
PAGE TO CONSENT AND AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT] 

 SCHEDULE 1.01 A 

[Trusts] 

 EXHIBIT A 

[Liquidity Funding Trust Loans Transfer Agreements] 

 EXHIBIT B 

[Fiduciary Funding Trust Loans Transfer Agreements] 

 EXHIBIT C 

[PEN Loans Transfer Agreement]EX-10.21.8

 Exhibit 10.21.8 

SECURITY AND PLEDGE AGREEMENT 

(BORROWER) 
 THIS SECURITY
AND PLEDGE AGREEMENT, dated as of September 1, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, this “Security Agreement”), is by and among Beneficient Capital Company, L.L.C., a
Delaware limited liability company (the “Pledgor”), and HCLP Nominees, L.L.C. (the “Lender”). 
 W I T N E
S S E T H: 
 WHEREAS, the Borrower has entered into that certain Credit Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), with the Lender, pursuant to which the Lender has a made a term loan to the Borrower; 

WHEREAS, it is a condition precedent to the obligations of the Lender under the Credit Agreement that the Pledgor grant a security interest in
its respective Collateral (as hereinafter defined) to the Lender as security for the Obligations; and 
 WHEREAS, the Pledgor has agreed to
grant such security interest on the terms and conditions set forth herein. 
 NOW, THEREFORE, for and in consideration of the premises and
to induce the Lender to enter into the Credit Agreement and make a term loan to the Borrower thereunder, and other good and valuable consideration, receipt whereof is hereby acknowledged, the parties hereto agree as follows: 

1. Defined Terms. 
 (a)
Capitalized terms used herein without definition shall have the same meanings given to such terms in the Credit Agreement. 
 (b) The
following terms shall have the meanings ascribed to them below or in the Sections of this Security Agreement as indicated below: 

“Collateral” has the meaning specified in Section 2(a). 

“Lender” has the meaning specified in the preamble hereto. 

“Pledgor” has the meaning specified in the preamble hereto. 

“Security Agreement” has the meaning specified in the preamble hereto. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York (the
“New York UCC”); provided, however, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the Lender’s security interest in any Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, then the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction or jurisdictions for purposes of the provisions
hereof relating to perfection or priority. 

 (c) As used herein, capitalized terms not otherwise defined herein or in the Credit
Agreement shall have the meaning set forth in Article 9 of the New York UCC. 
 2. Grant of Security Interest. 

(a) The Pledgor, as security for the prompt and complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations, hereby grants to the Lender a continuing security interest in all of the Pledgor’s right, title, and interest and benefit in, to and under the following, whether now owned or existing or hereafter
acquired or arising and wheresoever located, including all accessions thereto and products thereof (all of which being hereinafter collectively called the “Collateral”): 

(i) all right, title and interest of the Pledgor in, to and under the Funding Trust Loans, the Funding Trust Loan Agreements
and the other Acquisition Documents; 
 (ii) all other Accounts, Chattel Paper, Documents, General Intangibles, Instruments,
Investment Property, Money, Deposit Accounts, Goods, Commercial Tort Claims, Letters of Credit, Letter of Credit Rights and Supporting Obligations; 

(iii) all Proceeds of the property described in the foregoing clauses (i) and (ii); and 

(iv) all books and records (including computer software and other records) pertaining to any of the foregoing. 

(b) Notwithstanding anything herein to the contrary, in no event shall the Collateral include, and the Pledgor shall be deemed to have granted
a security interest in, any of the Pledgor’s rights or interests in or under (i) any license, contract, permit, Instrument or security or to which the Pledgor is a party or any of its rights or interests thereunder to the extent, but only
to the extent, that such a grant would, under the terms of such license, contract, permit, Instrument or security, result in a breach of the terms of, or constitute a default under, such license, contract, permit, Instrument or security (other than
to the extent that any such term would be rendered ineffective pursuant to the UCC or any other applicable law or principles of equity); provided, that immediately upon the ineffectiveness, lapse or termination of any such provision the
Collateral shall include, and the Pledgor shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never been in effect or (ii) Equity Interests of any Subsidiary thereof that is not
organized under the laws of a political subdivision of the United States to the extent such Equity Interests exceed 65% of the issued and outstanding Equity Interests of such Subsidiary. 

  
 2 

 (c) The security interest is granted as security only and shall not subject the Lender or
to, or transfer or in any way affect or modify, any obligation or liability of the Pledgor with respect to any of the Collateral or any transaction in connection therewith. 

(d) The Pledgor authorizes the Lender to file, in its discretion, in jurisdictions where this authorization will be given effect, a financing
statement or amendments thereof or supplements thereto or other instruments as the Lender may from time to time deem necessary or appropriate in order to perfect and maintain the security interests granted by the Pledgor hereunder in accordance with
the UCC (including authorization to describe the Collateral as “all personal property”, “all assets” or words of similar meaning). 

3. [Reserved]. 
 4.
Representations and Warranties. The Pledgor hereby represents and warrants that: 
 (a) Existence, Qualification and Power. It
(i) is (A) a limited liability company duly organized or formed, validly existing and, (B) in good standing under the Laws of the State of Delaware, (ii) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (A) own or lease its assets and carry on its business and (B) execute, deliver and perform its obligations under this Security Agreement and the other Loan Documents to which it is a party, and
(iii) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clauses (i)(B), (ii)(A) or (iii), to the extent that failure to do so, individually or in the aggregate, could not reasonably be expected to have a Trust Material Adverse Effect. 

(b) Authorization; No Contravention. The execution, delivery and performance by the Pledgor of this Security Agreement and the other
Loan Documents to which it is a party has been duly authorized by all necessary organizational action, and does not (a) contravene the terms of any of its Organization Documents; (b) conflict with or result in any breach or contravention
of, or the creation of any Lien (other than any Lien created pursuant to this Security Agreement) under, or require any payment to be made under (i) any material Contractual Obligation to which it is a party or affecting it or its properties or
(ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which it or its property is subject; or (c) violate any material Law. 

(c) Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Pledgor of this Security Agreement and the other Loan Documents to which
it is a party other than (i) those that have been obtained and are in full force and effect and (ii) filings to perfect the Liens created hereunder. 

(d) Binding Effect. This Security Agreement and the other Loan Documents to which it is a party has been duly executed and delivered by
the Pledgor. Each of this Security Agreement and the other Loan Documents to which it is a party constitutes a legal, valid and binding obligation of the Pledgor, enforceable against it in accordance with its terms except as enforceability may be
limited by bankruptcy, insolvency and other Laws affecting creditors’ rights generally and by general principles of equity, regardless of whether considered in a proceeding in equity or law. 

  
 3 

 (e) Ownership of Property; Liens. The Pledgor has good and indefeasible title to its
respective Collateral and such Collateral is not subject to any Liens other than Permitted Liens. 
 (f) Investment Company Act. The
Pledgor is not required to register as an “investment company” or as a Person controlled by a “person” required to register as an “investment company”, in each case as such terms are defined in the Investment Company
Act of 1940. 
 (g) Compliance with Laws. The Pledgor is in compliance with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted
or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 (h) Perfection of
Security Interests in the Collateral. This Security Agreement creates in favor of the Lender valid security interests in, and Liens on, the Pledgor’s right, title and interest in the Collateral. Upon the filing of the UCC-1 financing statements in the State of Delaware, such security interests and Liens will be perfected security interests and Liens in the Pledgor’s right, title and interest in the, prior to all other Liens
other than Permitted Liens. 
 (i) Deposit Accounts; Securities Account. As of the date hereof, the Pledgor does not own (i) any
securities accounts or (ii) any deposit accounts. 
 (j) Commercial Tort Claims. As of the date hereof, such Pledgor does not
own any Commercial Tort Claims. 
 (k) Pledgor Information. The exact legal name of the Pledgor as of the Closing Date is as set
forth on the signature pages hereto. The Pledgor has not during the five years preceding the Closing Date (i) changed its legal name, (ii) changed its state of formation, or (iii) been party to a merger, consolidation or other change
in structure. 
 5. Covenants. The Pledgor covenants and agrees that: 

(a) Existence; Compliance with Laws; Taxes. The Pledgor shall: 

(i) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the
jurisdiction of its organization. 
 (ii) Take all reasonable action to maintain all rights, privileges, permits, licenses
and franchises necessary or desirable in the normal conduct of its business, except to the extent that the failure to do so could not reasonably be expected to have a Trust Material Adverse Effect. 

  
 4 

 (iii) Comply with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

(iv) Pay and discharge as the same shall become due and payable all material tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Pledgor. 

(b) Acquisition Documents; Organization Documents. Except with respect to any amendments or modifications specifically contemplated in
any such Acquisition Document or Organization Document, the Pledgor shall not enter into or consent to any amendment, modification or waiver of any Acquisition Document or any Organization Document thereof (i) prior to the Completion Date, in
any manner or (ii) from and after the Completion Date, in a manner adverse to the Lender. 
 (c) Sale of Collateral; Liens. The
Pledgor shall not (i) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Collateral unless, after giving effect thereto and application of the proceeds thereof, no Default shall have occurred and
be continuing or (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, except for Permitted Liens. 

(d) Transfer Powers. Upon the request of the Lender, the Pledgor shall deliver to the Lender (i) any certificates or Instruments
representing the Collateral and (ii) concurrently therewith, an undated stock power, transfer power or endorsement covering such certificate or Instrument, duly indorsed in blank. 

(e) Deposit Accounts; Securities Account. The Pledgor agrees that, if it shall establish any Deposit Account or Securities Account, it
shall (i) within ten (10) days (or such later date as the Lender may agree) following such establishment, deliver to the Lender written notice thereof and (ii) promptly upon the request of the Lender, execute and deliver (and cause
the applicable account bank or securities intermediary to execute and deliver) to the Lender an Account Control Agreement with respect thereto. 

(f) Pledgor Information. The Pledgor shall not, without providing ten (10) days prior written notice to the Lender (or such lesser
period as the Lender may agree), change its name, state of formation or form of organization. 
 (g) Commercial Tort Claim. The
Pledgor agrees that, if it shall acquire an interest in any Commercial Tort Claim, it shall (i) within ten (10) days (or such later date as the Lender may agree) following such acquisition, deliver to the Lender, in each case in form and
substance reasonably satisfactory to the Lender, written notice thereof containing a specific description of such Commercial Tort Claim and (ii) execute and deliver to the Lender, in each case in form and substance reasonably satisfactory to
the Lender, any document, and take all other action, deemed by the Lender to be reasonably necessary or appropriate for the Lender to obtain a perfected security interest in such Commercial Tort Claim. 

  
 5 

 (h) Further Assurances. The Pledgor shall execute and deliver any and all further
documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that may be required under any applicable Law, or that the Lender may
reasonably request, in order to perfect and to maintain the perfection and priority of the security interest of the Lender in the Pledgor’s right, title and interest in the Collateral granted pursuant to this Security Agreement, all at the
Pledgor’s expense. 
 6. Rights and Remedies of the Lender and Rights of the Pledgor Related to Collateral. If an Event
of Default shall have occurred and be continuing, and the Obligations have been declared immediately due and payable, the Lender may take any one or more of the following actions, in each case subject to the terms of the Economic Direction
Agreement: 
 (a) exercise, in addition to all other rights and remedies granted to it in this Security Agreement and in any other
instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the UCC and under any other applicable law, as the same may from time to time be in effect; 

(b) transfer all or any part of the Collateral into the name of the Lender or its nominee and notify the parties obligated on any of the
Collateral to make payment to the Lender of any amount due or to become due thereunder; 
 (c) enforce collection of any of the Collateral
by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligation of any nature of any party with respect thereto and
exercise all other rights of the Pledgor in any of the Collateral; 
 (d) take possession or control of any proceeds of the Collateral
(including dispositions and distributions with respect to any Equity Interests held directly by the Pledgor comprising the Collateral); 

(e) execute (in the name, place and stead of the Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or
transfer with respect to all or any of the Collateral; and 
 (f) perform such other acts as may be reasonably required to protect the
Lender’s rights and interest hereunder. 
 In addition to the above, upon the occurrence and during the continuance of an Event of
Default and notice by the Lender to the Pledgor, the Lender or its nominee or nominees shall have the sole and exclusive right to exercise all voting and consensual powers pertaining to the Collateral or any part thereof, exercising such powers in
such manner as the Lender may elect. 

  
 6 

 So long as no Event of Default shall have occurred and be continuing, the Pledgor shall be
entitled to exercise any and all of its voting and other consensual rights pertaining to its respective Collateral or any part thereof and to use, transfer and dispose of such Collateral for any purpose not inconsistent with the terms of this
Security Agreement. 
 The rights of the Lender hereunder shall not be conditioned or contingent upon the pursuit by the Lender of any right
or remedy against the Pledgor or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any other collateral security therefor, guarantee thereof or right of offset with respect thereto. The
Lender shall be under no obligation to collect, attempt to collect, protect or enforce the Collateral or any security therefor, or otherwise dispose of any Collateral upon the request of the Pledgor or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof, which the Pledgor agrees and undertakes to do at the Pledgor’s expense, but the Lender may do so in its discretion at any time when an Event of Default has occurred and is continuing
and at such time the Lender shall have the right to take any steps by judicial process or otherwise it may deem proper to effect the collection of all or any portion of the Collateral or to protect or to enforce the Collateral or any security
therefor. All reasonable out-of-pocket expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred or paid by the Lender in
connection with or incident to any such collection or attempt to collect the Collateral of the Pledgor or actions to enforce the Collateral of the Pledgor or any security therefor shall be borne by the Pledgor or reimbursed by the Pledgor to the
Lender upon demand. The proceeds received by the Lender as a result of any such actions in collecting or enforcing or protecting the Collateral shall be held by the Lender without liability for interest thereon and shall be applied by the Lender as
the Lender may deem appropriate toward payment of any of the Obligations in such order or manner as the Lender may elect in accordance with Section 8. The Pledgor hereby acknowledges that the Pledgor’s assets are of a
special nature and that proceeds realized upon the disposition of the Collateral or any other property of the Pledgor may be significantly below the market value of such assets without being “commercially unreasonable” given the limited
liquidity of such assets and other restrictions applicable thereto. 
 7. Further Assurances. The Pledgor at any time and from time
to time, upon written request of the Lender and the sole expense of the Pledgor, shall promptly and duly execute and deliver (or cause the prompt and due execution and delivery of) any and all such further instruments and documents and take such
further action as the Lender may reasonably request to negotiate and otherwise effect the disposition of any Collateral, including, without limitation, executing and delivering proxies and stock powers, in a form reasonably acceptable to the Lender,
with respect to the Collateral promptly after (and in any event within five (5) Business Days of) written request by the Lender. 
 8.
Application of Proceeds. Upon the occurrence and during the continuation of any Event of Default, the proceeds and avails of the Collateral at any time received by the Lender and any funds or payments received by the Lender, when received by
the Lender in cash or its equivalent, shall be applied by the Lender to the payment and satisfaction of the Obligations as set forth in the Credit Agreement. The Lender shall promptly notify the Pledgors of each such application, including the
amount and nature of the Obligations paid with such proceeds. 

  
 7 

 9. The Lender’s Appointment as Attorney-in-Fact. 
 The Pledgor shall on the date hereof execute and deliver the Irrevocable
Limited Power of Attorney in the form attached hereto as Exhibit A in favor of the Lender and shall, upon request, promptly execute and deliver replacement Irrevocable Limited Powers of Attorney in favor of any successors, assigns or
replacements of the Lender. 
 10. Lien Absolute. All rights of the Lender hereunder, and all obligations of the Pledgor hereunder,
shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or enforceability of the Credit Agreement, any other Loan
Document, or any other agreement, document or instrument governing or evidencing any Obligations; 
 (b) any change in the time, manner or
place of payment of, or in any other term of, all or any part of the Obligations, or any other amendment or waiver of or any consent to any departure from the Obligations, any other Loan Document or any other agreement or instrument governing or
evidencing any Obligations; 
 (c) any exchange, release or non-perfection of any other collateral,
or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Obligations; or 
 (d) any other
circumstance which might otherwise constitute a defense available to, or a discharge of, the Pledgor (other than full payment or satisfaction of the Obligations). 

11. Release of Collateral Covered by this Security Agreement. 

(a) This Security Agreement and the security interests and all related rights and powers granted or created hereunder shall terminate upon the
indefeasible payment in full of the Obligations (other than contingent indemnification obligations not yet accrued). 
 (b) Upon (i) any
sale or other transfer by the Pledgor of any designated Collateral in a transaction permitted hereunder or (ii) the effectiveness of any written consent to the release of the security interest created under this Security Agreement in any
designated Collateral in accordance with Section 15 hereof, the security interest in such designated Collateral created by this Security Agreement shall be automatically released. 

(c) Upon the termination of this Security Agreement as provided in clause (a) above, or the release of Collateral as provided in clause
(b) above, the Lender shall, at the Pledgors’ request and expense, take all actions reasonably requested to confirm the termination of all rights, powers and interests under this Security Agreement and the release of the Collateral (to the
extent released) from the security interests granted or created hereunder, including, without limitation, the execution and delivery of termination statements and releases and, where appropriate, the return of physical possession and control of such
Collateral. 

  
 8 

 12. Reinstatement. This Security Agreement shall remain in full force and effect and
continue to be effective should any petition be filed by or against the Pledgor for liquidation or reorganization, should the Pledgor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Pledgor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had
not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

13. Notices. 
 (a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, to the
address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule I hereto; and 
 Notices
and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). 

(b) Change of Address, Etc. The Pledgor or the Lender may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the other parties hereto. 
 14. Severability. Each provision of this Security Agreement shall
be considered severable, and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation
of or affect those portions of this Security Agreement that are valid, enforceable and legal. 
 15. Waivers; Amendments. 

(a) No failure on the part of the Lender to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise by the Lender of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power. Each and every right, remedy and power hereby granted to the
Lender or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Lender from time to time. No notice to or demand on the Pledgor in any case shall entitle it to any notice or demand in
similar or other circumstances. No waiver or approval by the Lender under this Security Agreement shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. 

  
 9 

 No waiver or approval shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder. 
 (b) Neither this Security Agreement nor any provision hereof may be waived, amended or modified except with the written
consent of all parties hereto. 
 16. Successors and Assigns. This Security Agreement and the rights and obligations of the Pledgors
hereunder shall not be assigned by the Pledgor. This Security Agreement may be assigned by the Lender to one or more assignees in accordance with Section 9.06 of the Credit Agreement, and shall, together with the rights and remedies of the
Lender hereunder, inure to the benefit of the Lender and its successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Obligations or any
portion thereof or interest therein shall in any manner affect the security interest granted to the Lender hereunder. 
 17. Governing
Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (b) SUBMISSION TO JURISDICTION. THE
PLEDGOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY RELATED PARTY
OF THE FOREGOING IN ANY WAY RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT 

  
 10 

 
PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECURITY AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c)
WAIVER OF VENUE. THE PLEDGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 13. NOTHING IN THIS SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

18. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

19. Execution in Counterparts. This Security Agreement and any signed agreement or instrument entered into in connection with this
Security Agreement, and any amendments hereto or thereto, may be executed in one (1) or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. Any such counterpart, to
the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or 

  
 11 

 
similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be
considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto or thereto shall re execute the original form of this Security
Agreement and deliver such form to all other parties hereto. No party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use
of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense relates to lack of authenticity. 

[SIGNATURE PAGES FOLLOW] 

  
 12 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be
executed and delivered on the date first set forth above. 
  

			
	PLEDGOR:
	
	BENEFICIENT CAPITAL COMPANY, L.L.C.
	
	By: Beneficient Company Holdings, L.P., its sole member and manager
	
	By: The Beneficient Company Group, L.P., its general partner
	
	By: Beneficient Management, L.L.C., its general partner
		
	By:	 	 /s/ Brad K. Heppner

	Name: Brad K. Heppner
	Title: CEO

  
 [Signature Page to Pledge
and Security Agreement (Borrower)] 

 
			
	LENDER:
	
	HCLP NOMINEES, L.L.C.
	
	By: Highland Counselors, L.L.C., its Manager
		
	By:	 	 /s/ Jeffrey S. Hinkle

	Name: Jeffrey S. Hinkle
	Title: Manager

  
 [Signature Page to Pledge
and Security Agreement (Borrower)] 

 SCHEDULE I 

NOTICE INFORMATION 
 Pledgor: 

325 N. Saint Paul Street, Suite 4850 Dallas, 
 TX 75201 

Attention: Brad K. Heppner 
 Email: bheppner@beneficient.com 

Lender: 
 325 N. Saint Paul Street, Suite 4850 Dallas,

 TX 75201 
 Attention: Jeffrey S. Hinkle 

Email: jhinkle@beneficient.com

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