Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on this 31st day of May, 2019, by and between GWG
Holdings, Inc., a Delaware corporation (the Company”) and Murray T. Holland (the “Executive”).

 

RECITALS

 

		A.	The Company desires to retain Executive as President and Chief Executive Officer and Executive
desires to be retained as President and Chief Executive Officer of the Company; and

 

		B.	The Compensation Committee of the Board of Directors (the “Committee”) has determined,
after consultation with a professional services firm, the appropriate compensation package for Executive.

 

NOW,
THEREFORE, in consideration of the recitals above and the mutual covenants and promises contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the Company and Executive (collectively
the “Parties” and each a “Party”) agree as follows:

 

		1.	Title, Duties and Term of Employment:

 

(a)
Executive will serve as the President and Chief Executive Officer and report to the Company’s Board of Directors.
Executive understands and agrees that the Company is a rapidly growing and changing organization and the precise nature of
the work of the President and Chief Executive Officer asked to be completed on behalf of the Company is more expansive than
simply managing a slow growth company, and may be adjusted from time to time but, in any event, the duties and
responsibilities will include those duties and responsibilities normally associated with and appropriate for someone in the
position of President and Chief Executive Officer, which shall include, but not be limited to items set forth in Exhibit
A in conjunction with managing the operations of the Company including but not limited to financial reporting to the
SEC in compliance with GAAP and all regulatory requirements, providing day-to-day effective oversight of all operational and
regulatory matters, ensuring operational integrity and best practices; helping the Company to achieve and exceed strategic
and operating goals; presenting and maintaining investor relationships in support of the strategies and objectives of the
Company; advising the Board of Directors (“Board”) concerning Company performance, strategy, operations,
initiatives and developments in the industry; working with outside accounting, audit, tax, SOX, legal counsel, advisors, and
other vendors as appropriate; managing the development of a more coordinated and consolidated business with The
Beneficient Trust Company Group, L.P.; and travel as needed and requested by the Company.

 

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(b)
Executive shall perform his duties and responsibilities to the best of his professional skill and ability. In all such
matters, Executive will act in good faith, in the best interests of the Company.

 

(c)
Executive’s employment under this Agreement shall commence on the date first set forth above (the “Commencement
Date”). Executive’s employment shall continue thereafter until the third anniversary of the Commencement Date
(the “Initial Term”); and shall be automatically extended for one (1) additional year (a “Renewal
Term”) at the end of the Initial Term, and an additional one (1) year Renewal Term at the end of each Renewal Term (the
last day of the Initial Term and each such Renewal Term is referred to herein as a “Term Date”), unless either
Party provides written notice to the other of its non-renewal of this Agreement not later than sixty (60) days prior to a
Term Date, or Executive’s employment is terminated sooner under paragraph 3 of this Agreement. The period during which
Executive’s employment continues in effect pursuant to this Agreement is hereinafter referred to as the Employment
Period.

 

		2.	Compensation:  During the Employment Period,
Executive shall be compensated as follows:

 

(a) Base
Salary: As used in this Agreement, the term “Base Salary” refers to the annual amount of Executive’s
salary, and does not include any other amounts. For example, Base Salary does not include option or incentive compensation or
bonus awards. For the services to be rendered by Executive, the Company agrees to pay Executive a Base Salary of $650,000 per
year effective retroactively to April 26, 2019, subject to all payroll deductions as required by law. Executive’s Base
Salary shall be reviewed annually, and may be increased, but not decreased, throughout the Employment Period.

 

(b) Incentive
Compensation: Employee will be eligible to receive an annual discretionary incentive compensation in the form of a cash
bonus (a “Bonus”), which would be in addition to Salary. Whether the Bonus is granted for a particular year, and
the amount thereof, will be determined by the Committee in its sole discretion based upon the performance of Employee. The
target amount the Bonus for each year will be 150% of Base Salary, participating in the first incentive compensation cycle on
a prorated basis based on start date, or as otherwise determined by the Committee as appropriate.

 

(c) Restricted
Stock Units: On the Commencement Date, the Company shall provide Executive with an initial grant of the Company’s
performance share units set forth in and pursuant to a Performance Share Unit Agreement entered into on the date hereof
(“Performance Share Units”). The Committee, in its sole discretion, may annually vest some, or all of the
available Performance Share Units based upon the achievement of one or more of the strategic and/or operational goals. All
Performance Shares Units shall become fully vested immediately prior to a Change in Control as defined below. As used in this
Agreement, the term “Change in Control” shall mean: (i) the sale of substantially all of the assets of the
Company to another person or entity (other than a subsidiary or other affiliate of the Company), (ii) the acquisition of
actual or beneficial ownership of more than fifty percent of the total combined voting power of all classes of Company stock
entitled to vote by a person or group of persons acting in concert (other than a subsidiary or other affiliate of the
Company) who did not own more than fifty percent of such on the date of this Agreement, or (iii) the merger of the Company
into another entity (other than a subsidiary or other affiliate of the Company), where the Company’s shareholders
(determined as of the date of merger) own (directly or indirectly) less than fifty percent of the shares of the
surviving entity.

 

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(d) Benefit
Plans and Programs: Beginning on the Commencement Date, Executive shall be entitled to participate in all employee benefit
plans and programs made available by the Company to the Company’s executive employees generally, including, without limitation:
health insurance, dental insurance, life insurance, disability insurance, 40l k plan and health spending account (HSA) plan. During
the Employment Period, the Company shall the same portion of the costs of such benefits and programs as other senior executive
employees for Executive. In the event that the provision of, or payment for, such benefits is prohibited or otherwise adversely
impacted by the Patient Protection and Affordable Care Act or other similar laws, the Parties shall negotiate in good faith to
determine an equitable benefit in lieu thereof.

 

(e) Vacation
and Personal Days: Executive shall accrue standard paid vacation during the Employment Period in accordance with the Company’s
policies in effect from time to time.

 

(f) Reimbursement:
Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties for the Company under this Agreement
and shall be entitled to reimbursement for all reasonable business expenses that Executive incurs during the Employment Period
upon presentation of appropriate receipts and/or vouchers in accordance with the requirements of the Company’s expense reimbursement
practices in effect from time to time.

 

		3.	Termination of Employment:

 

(a) Terms
Applicable to Any Type of Termination: In the event of a termination of Executive’s employment, the Company shall pay
Executive: (i) any unpaid Base Salary on the Company’s regular payday, prorated to the effective date of termination; and
(ii) the dollar value of all accrued and unused vacation benefits based upon Executive’s Base Salary. The Company shall also
reimburse Executive in accordance with and subject to the requirements of the Company’s expense reimbursement practices for
any reasonable and necessary business expenses incurred by Executive on behalf of the Company on or before the date on which his
employment terminates, and reported and properly documented on expense reports.

 

(b) Termination
Without Cause: The Company shall have the right to terminate Executive’s employment without “Cause” (as
defined below) during the Employment Period upon notice to Executive. In the event of a termination without Cause, the
Company will pay Executive severance compensation in an amount equal to the annual amount of Executive’s Base Salary in
effect on the date on which Executive’s employment is terminated, payable in a lump sum within thirty (30) days after
the date of the termination. If Executive is eligible for and elects to continue group health coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”), Executive may do so at Executive’s expense. The
Company will also pay Executive the target amount of the bonus contemplated under Section 2(b) for the year in which
termination without Cause occurs, prorated based upon the number of days during which Executive was employed during such
year, and any Performance Share Units or other equity incentives which have been granted to Executive shall fully vest on the
date of termination.

 

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(c) Termination
For Cause: The Company shall have the right immediately to terminate Executive’s employment for cause during the
Employment Period upon notice to Executive.

 

(i) Termination
For Cause shall mean:

 

(A) A
breach by Executive of any term of this Agreement or of Executive’s fiduciary duties to the Company, which breach remains
uncured more than thirty (30) days after Executive receives written notice from Company specifying such breach;

 

(B)
The neglect of Executive’s duties or responsibilities as Chief Executive Officer which remains uncured more than thirty
(30) days after Executive receives written notice from Company specifying such neglect;

 

(C)
The failure to perform at satisfactory levels with respect to the duties and responsibilities which remain uncured after
Executive receives written notice from Company specifying such performance failure (a “Performance Notice”);

 

(D)
Executive’s violation of any law, statute or regulation relating to the operation of the Company’s business which
has resulted in, or is reasonably likely to result in, a material adverse effect on the Company; or

 

(E)
The commission of, or conviction for (or its procedural equivalent), or the entering of a guilty plea or plea of no contest
with respect to, a crime or any conduct of Executive which involves moral turpitude.

 

(ii) If
Executive’s employment is terminated for Cause, the Company shall have no obligation to make payments of any kind to Executive
except for payments of unpaid Base Salary on the Company’s regular payday, prorated to the effective date of termination,
the dollar value of all accrued and unused vacation benefits based upon Executive’s Base Salary, and reimbursements for expenses
incurred by Executive on behalf of the Company on or before the effective date of termination, each as contemplated by subparagraph
3(a).

 

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(d) Resignation
for Good Reason: Executive shall have the right to resign from employment with the Company for Good Reason during the
Employment Period upon notice to the Company.

 

(i) As
used in this Agreement, the term “Good Reason” means (a) a breach of this Agreement by the Company which breach, where
curable, has not been cured within thirty (30) days after written notice to the Company setting forth the particulars of such alleged
breach; (b) a reduction in Executive’s Base Salary; (c) assignment to Executive of duties inconsistent with the Executive’s
position, or a diminution in Executive’s authority, responsibility, status, title, or offices; (d) a Change in Control; and
(e) the failure of the Company to comply fully with its obligations under subparagraph 9(d) of this Agreement; provided, however,
that no act shall constitute Good Reason unless Executive has provided notice of such Good Reason to the Company pursuant to Section
3(d)(ii) below within sixty (60) days following the initial existence of the condition that constitutes Good Reason. The Executive
shall not be able to resign for Good Reason for a period of four (4) months once the Executive has been provided a Performance
Notice under Section 3(c)(i)(C) until such time the Company has agreed in writing that such performance has been cured (a “Remedied
Notice”).

 

(ii) In
order to resign for Good Reason, Executive shall give the Company a written notice providing reasonable notice and detail of the
alleged Good Reason and, if such Good Reason is curable, the Company shall have thirty (30) days following such notice to cure
such Good Reason.

 

(iii) In
the event of a resignation for Good Reason, Executive shall be entitled to all payments and other benefits provided under subparagraphs
3(a) and 3(b) above.

 

(e) Voluntary
Resignation: Executive may voluntarily resign Executive’s employment under this Agreement without Good Reason at
any time; however Executive agrees to provide at least sixty (60) days advance written notice to the Company.

 

(f) Death:
If Executive’s employment ends through Executive’s death, Executive shall be entitled to all payments and other benefits
provided under subparagraph 3(a) and 3(b) above.

 

		4.	Confidential Information:

 

(a) Confidential
Information: As used in this Agreement, the term “Confidential Information” means information in whatever
form, pertaining to the business of the Company that is not generally known outside of the Company, or that is known outside
of the Company through improper means. Without limiting the foregoing definition, Confidential Information includes, but is
not limited to: (i) technical information, formulas, teaching and development techniques, methodologies, processes, trade
secrets, computer programs, electronic codes, designs, product development information, inventions, improvements, and
research projects; (ii) information about finances, costs, profits, markets, proposals, sales, and lists of customers or
clients; (iii) business, marketing, and strategic plans; and (iv) employee personnel files and compensation information.

 

(b) Non-Disclosure
of Confidential Information: During the Employment Period, Executive agrees to hold all Confidential Information in
strict confidence and trust for the sole benefit of the Company and Executive agrees that Executive will not disclose any
Confidential Information, directly or indirectly, to anyone outside of the Company, and Executive will not use, copy,
publish, summarize, or remove from Company premises Confidential Information except to the extent necessary to carry out
Executive’s responsibilities as an employee of the Company. After Executive’s employment with the Company ends,
Executive will not, directly or indirectly, use or disclose any Confidential Information to any person or entity, except as
authorized in advance by an officer of the Company in writing. The restrictions in this subparagraph, however, will not apply
to Confidential Information that is or has become known to the public generally through no fault of or breach by Executive,
or was previously known to Executive other than as a result of employment with the Company.

 

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		5.	Non-Solicitation Covenants:

 

(a) Non-Solicitation
of Employees: Executive agrees that, during the Employment Period, and for a period of twenty-four (24) months following
the termination of Executive’s employment, regardless of the reason for such termination, Executive will not, directly
or indirectly, solicit, or attempt to solicit, for employment, with Executive or with any other person or entity, any
employee of the Company.

 

(b) Non-Solicitation
of Customers or Financing Relationships: Executive agrees that, during the Employment Period, and for a period of twelve
months following the termination of Executive’s employment, regardless of the reason for such termination, Executive
will not, directly or indirectly, solicit any business that the Company was engaged in during the twelve (12) months prior to
Executive’s termination, for Executive, or for any other person or entity, from any client or financing relationship of
the Company with which Executive had contact within the twelve (12) months prior to the termination of Executive’s
employment with the Company or concerning which Executive had access to Confidential Information, during and by virtue of
Executive’s employment with the Company.

 

		6.	Resolution of Disputes:

 

(a) Mediation.
Should the Parties to this Agreement have any dispute as to any aspect of this Agreement, or arising out of, or related to or
connected with Executive’s employment, compensation or benefits, or the termination thereof, the Parties will make a
good faith attempt to resolve any and all claims and disputes by submitting them to mediation in Minneapolis, Minnesota
before resorting to arbitration or any other dispute resolution procedure. The mediation of any claim or dispute must be
conducted in accordance with the then-current American Arbitration Association (“AAA”) national rules for the
resolution of employment disputes pertaining to mediation, by a mediator who has had both training and experience as a
mediator of general employment and commercial matters. If the Parties cannot agree on a mediator, then the mediator will be
selected by the AAA in accordance with the criteria described in this provision. Within thirty (30) days after the selection
of the mediator, the Parties and, if they choose, their respective attorneys will meet with the mediator for one mediation
session of at least four hours. If the claim or dispute cannot be settled during such mediation session or mutually agreed
continuation of the session, either party may give the mediator and the other party to the claim or dispute written notice
declaring the end of the mediation process. All discussions connected with this mediation provision will be confidential and
treated as compromise and settlement discussions. Nothing disclosed in such discussions, which is not
independently discoverable, may be used for any purpose in any later proceeding. The Company shall pay the filing fees and
costs for the mediator.

 

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(b) Arbitration.
If any dispute has not been resolved by Mediation as provided in subparagraph 6(a) of this Agreement, the Parties will submit
such dispute to final and binding arbitration pursuant to the then-current AAA national rules for the resolution of
employment disputes before a neutral arbitrator selected from the list of Arbitrators. THE PARTIES EXPRESSLY AGREE THAT SUCH
ARBITRATION SHALL BE THE EXCLUSIVE REMEDY FOR ANY DISPUTE INVOLVING THIS AGREEMENT, THE EXECUTIVE’S EMPLOYMENT,
TERMINATION, COMPENSATION, OR BENEFITS AND HEREBY EXPRESSLY WAIVE ANY RIGHT THEY HAVE, OR MAY HAVE, TO A COURT TRIAL OR A
JURY TRIAL OF ANY SUCH DISPUTE. In making an award, the arbitrator shall have no power to add to, delete from or modify this
Agreement, or to enforce purported unwritten or prior agreements, or to construe implied terms or covenants into the
Agreement. In reaching a decision, the arbitrator shall adhere to the relevant law and applicable precedent, and shall have
no power to vary therefrom. In construing this Agreement, its language shall be given a fair and reasonable construction in
accordance with the intention of the parties and without regard to which party drafted it. At the time of issuing a decision,
the arbitrator shall (in the decision or separately) make specific findings of fact, and shall set forth such facts as
support the decision, as well as conclusions of law, and the reasons and bases for the opinion. In the event the arbitrator
exceeds the powers or jurisdiction here conferred, or fails to issue a decision in conformance herewith, it is specifically
agreed that the aggrieved party may petition a court of competent jurisdiction to correct or vacate such award, and that the
arbitrator’s act of exceeding his or her powers shall be grounds for granting such relief. If any one or
more provisions of this arbitration clause shall for any reason be held invalid or unenforceable, it is the specific intent
of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and
enforceable.

 

		7.	Jurisdiction and Venue:

 

To the
extent that either party is permitted to file any action in court that involves any aspect of this Agreement, or arises out of,
or is related to or connected with Executive’s employment, compensation or benefits, or the termination thereof, the parties
agree that such action must be brought in either federal court in Texas, or in state courts located in Dallas County, Texas, and
the parties irrevocably consent to jurisdiction and venue in such courts.

 

		8.	Attorneys’ Fees:

 

Should
any arbitration or litigation commence between the parties concerning this Agreement or the rights and obligations of either party,
whether it be an action for damages, equitable or declaratory relief, the prevailing party in any arbitration or litigation shall
be entitled to, as an element of its costs, in addition to other relief as may be granted by the arbitrator or court, reasonable
sums as and for attorneys’ fees, or such prevailing party may recover such attorneys’ fees in a separate action brought
for that purpose, in accordance with applicable law.

 

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		9.	Miscellaneous Provisions:

 

(a)
All payments required to be made by the Company to Executive (or his heirs, executors, administrators, or estate) shall be
subject to the withholding of such amounts, if any, relating to federal, state and local taxes and other payroll deductions
as the Company may reasonably determine it should withhold pursuant to any applicable law, regulation or order.

 

(b) The
Company’s or Executive’s refraining from exercising any right under this Agreement for a reasonable period of time
when it is permissible for the Company or Executive to exercise such right shall not constitute a waiver by either of them of any
such right, unless so provided in a writing signed by both Parties and shall not prevent the Company or Executive from exercising
any such right at any time.

 

(c)
Notwithstanding anything in this Agreement to the contrary, all payments to be made upon a termination of employment under
this Agreement shall only be made upon a “separation from service” within the meaning of Section 409A of the
Internal Revenue Code (the “Code”). To the maximum extent permitted under Section 409A of the Code and its
corresponding regulations, the cash severance and other benefits payable under this Agreement are intended to meet the
requirements of the short-term deferral exemption under Section 409A of the Code and the “separation pay
exception” under Treas. Reg. §1.409A-1(b)(9)(iii). For purposes of the application of Treas. Reg. §
1.409A-l(b)(4)(or any successor provision), each payment in a series of payments to the Executive will be deemed a separate
payment. With respect to any expense, reimbursement or in-kind benefit provided pursuant to this Agreement that constitutes a
“deferral of compensation” within the meaning of Section 409A of the Code and its implementing regulations and
guidance, (i) the expenses eligible for reimbursement or in-kind benefits provided to the Executive must be incurred during
the Employment Period (or applicable survival period), (ii) the amount of expenses eligible for reimbursement or in-kind
benefits provided to the Executive during any calendar year will not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided to the Executive in any other calendar year, (iii) the reimbursements for expenses
for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred, and (iv) the right to payment or reimbursement or in-kind
benefits hereunder may not be liquidated or exchanged for any other benefit. To the extent any such cash payment or
continuing benefit payable upon Executive’s termination of employment is nonqualified deferred compensation subject to
Section 409A of the Code, then, only to the extent required by Section 409A of the Code, such payment or continuing benefit
shall not commence until the date which is six (6) months after the date of separation from service, and any previously
scheduled payments shall be made in a lump sum (without interest) on that date.

 

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(d)
All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be
deemed to have been given if delivered personally or sent by Federal Express or UPS next-day delivery, or by certified
express mail, return receipt requested, postage prepaid, to the parties to this Agreement as the following addresses or to
such other address as either party may specify by notice to the other:

 

If to the Company:

 

Chief Legal Officer

GWG Holdings, Inc.

220 S 6th St #1200

Minneapolis, MN 55415

 

If to the Executive:

 

Murray T. Holland

4416 N. Versailles Ave.

Dallas, Texas 75205

 

		10.	Prior Obligations and Information of Others:

 

(a) Prior
Obligations: Executive represents and warrants that he is free to enter into this Agreement and accept employment with
the Company upon the terms and conditions set forth in this Agreement, and that the terms and conditions in this Agreement
will not cause Executive to violate any obligation that Executive owes to any prior employer.

 

(b) Information
of Others: During Executive’s employment with the Company, Executive will not disclose to the Company, or use, or
induce the Company to use, any confidential or proprietary information of any prior employer in violation of any obligation
that Executive owes to such prior employer.

 

		11.	Effective Date: Each of the Parties is signing this Agreement with the intent to
be legally bound by it. This Agreement shall become effective upon the date on which Executive executes a copy of this Agreement
that has already been signed on behalf of the Company by an authorized representative, and delivers the executed Agreement to the
Company.

 

		12.	Construction: Except as may be expressly provided herein, the validity, interpretation,
construction, performance and enforceability of this Agreement shall be governed in all respects by the laws of the State of Minnesota,
without application of its conflict of laws principles.

 

		13.	Successors and Assigns: This Agreement shall be binding upon the Parties’ heirs,
successors and assigns. The obligations and covenants of the Executive under this Agreement, being personal, may not be delegated
or assigned.

 

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		14.	Severability: If any provision of this Agreement is held invalid or unenforceable
by any court of competent jurisdiction or by an arbitrator, the other provisions of this Agreement will remain in full force and
effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect
to the extent not held invalid or unenforceable.

 

		15.	Entire Agreement: This Agreement is the entire agreement between the parties concerning
the terms of Executive’s employment and supersedes any and all prior agreements or understandings between them concerning
its subject matter, oral or written. This Agreement may be not changed or terminated orally, and no change, termination or attempted
waiver of any of the provisions hereof shall be binding unless in writing signed by Executive and an authorized representative
of the Company.

 

		16.	No Waiver: The waiver by either party of
any term, condition or provision of this Agreement shall not be construed as a waiver of any other or subsequent term, condition
or provision of this Agreement.

 

		17.	Voluntary Agreement: Executive and the Company represent and agree that each has
reviewed all aspects of this Agreement, each has carefully read and fully understands all provisions of this Agreement, each has
had opportunity to review any and all aspects of this Agreement with the legal, tax, or other advisors of such patty’s choice,
and each is voluntarily entering into this Agreement.

 

		18.	Photocopies: Photocopies of this signed Agreement are as binding and as legally enforceable
as a signed original.

 

Signature Page Follows.

 

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IN WITNESS WHEREOF,
the Parties hereto hereby execute this Agreement as of the date first above written.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ William Acheson
	 	Name:	William Acheson
	 	Title:	CFO
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	/s/ Murray T. Holland
	 	 	Murray T. Holland

 

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EXHIBIT A

 

The duties
and responsibilities will include those duties and responsibilities normally associated with and appropriate for someone in the
position of President and Chief Executive Officer and shall include, but not be limited, to:

 

		●	Creating and communicating the Company’s vision, mission, and
overall direction to various constituencies, including but not to be limited to employees, shareholders, investors, bankers, and
industry participants.

 

		●	Leading, guiding, directing, and evaluating the work of other Company
leaders and employees to help the Company to achieve and exceed strategic and operating goals.

 

		●	Formulating and implementing the strategic plan that guides the direction
of the business, including a responsibility for formulating overall legal, regulatory and legislative strategies, policies and
tactics for the organization.

 

		●	Forming, staffing, guiding, leading, and managing the Company sufficient
to accomplish the strategic plan of the business.

 

		●	Evaluating the success of the organization.

 

		●	Maintaining awareness of both the external and internal competitive
landscape, opportunities for expansion, customers, markets, new industry developments and standards, and so forth.

 

		●	Advising the Board of Directors (“Board”) concerning
such matters as Company initiatives and developments in the industry, while helping the Board understand any significant, complex
or unique business issues;

 

		●	Plan, develop, organize, implement, direct and evaluate the organization’s
fiscal function and performance.

 

		●	Participate in the development of the corporation’s strategic
plans.

 

		●	Evaluate and advise on the impact of long range planning, introduction
of new programs/strategies regulatory action.

 

		●	Develop leadership for the finance group by providing timely and
accurate analysis of budgets, financial reports and financial trends in order to assist the Board and senior executives in performing
their responsibilities.

 

		●	Enhance and/or develop, implement and enforce policies and procedures
of the organization by way of systems that will improve the overall operation and effectiveness of the corporation.

 

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		●	Establish credibility throughout the organization and with the Board
as an effective developer of solutions to business challenges.

 

		●	Provide technical financial advice and knowledge to others within
the financial discipline.

 

		●	Continual improvement of the budgeting process through education
of department managers on financial issues impacting their budgets.

 

		●	Provide strategic financial input and leadership on decision making
issues affecting the organization; i.e., evaluation of potential alliances acquisitions and/or mergers and pension funds and investments.

 

		●	Optimize the handling of bank and deposit relationships and initiate
appropriate strategies to enhance cash position.

 

		●	Develop a reliable cash flow projection process and reporting mechanism,
which includes minimum cash threshold to meet operating needs.

 

		●	Be an advisor from the financial perspective on any contracts into
which the Corporation may enter.

 

		●	Evaluation of the finance division structure and team plan for continual
improvement of the efficiency and effectiveness of the group as well as providing individuals with professional and personal growth
with emphasis on opportunities (where possible) of individuals.

 

 

Page 13Exhibit 10.2

 

GWG Holdings, Inc.

Performance
Share UNIT Agreement

 

(Performance-based Vesting)

(Fiscal
2019-2021 Awards)

 

THIS
PERFORMANCE SHARE UNIT AGREEMENT (the “Agreement”) made effective as of May 31, 2019 (the “Grant
Date”), is by and between GWG Holdings, Inc., a Delaware corporation (the “Company”), and Murray
T. Holland (the “Employee”).

 

BACKGROUND

 

A. A
“performance share unit” is a restricted stock unit that generally vests based upon the extent to which the
Company achieves applicable performance objectives as determined by the Compensation Committee of the Board of Directors (the “Committee”).
Each performance share unit (a “Unit”) represents the right to receive one share of Company common stock (the
“Common Stock”), or the cash value thereof pursuant to Section 7(b), subject to the terms and conditions set
forth in this Agreement and the Plan (as defined below).

 

B. The
Company has adopted the GWG Holdings, Inc. 2013 Stock Incentive Plan (as amended, the “Plan”) pursuant to which
equity-based incentive awards, including but not limited to performance share units, may be granted.

 

C. Employee
is an employee of the Company or one of its subsidiaries and will perform substantial work on behalf of the Company and/or its
subsidiaries. The Company desires to grant Units to Employee upon the terms and conditions set forth herein and in the Plan.

 

AGREEMENT

 

NOW, THEREFORE, it is agreed as follows:

 

1. Incorporation
of Plan by Reference. The terms and conditions of the Plan, a copy of which has been delivered to Employee, are hereby incorporated
into this Agreement by this reference. In particular, the provisions of Section 9.13 of the Plan, respecting any Sale Transaction
(as defined in the Plan), govern the terms and conditions of this Agreement. In the event of any direct conflict or inconsistency
between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall govern and control. Capitalized
terms that are used but not defined herein have the meaning ascribed to them in the Plan.

 

2. Grant
of Performance Share Units. Subject to the terms and provisions of this Agreement and the Plan, the Company hereby grants to
Employee an award for a target number of Units as set forth in Exhibit A (the “Target Award”). Except
as otherwise provided in this Agreement, the number of Units that Employee actually earns (up to the maximum number of Units as
set forth on Exhibit A), and the number of shares of Common Stock that may be paid out pursuant to this award, (i) is contingent
upon the Company achieving the performance objectives set forth in Exhibit A (the “Performance Goals”);
and (ii) is subject to the other terms and conditions and contingencies set forth in this Agreement, including such Exhibit, and
in the Plan.

 

3. Performance
Period. For purposes of this Agreement, the term “Performance Period” shall be the period set forth on Exhibit
A.

 

     

     

    

 

4. Performance
Goals.

 

(a) Except
as otherwise provided in this Agreement (including without limitation Section 7), the number of Units earned by Employee for the
Performance Period will be determined at the end of the Performance Period based on the level of achievement of the Performance
Goals. All determinations of whether Performance Goals have been achieved, the number of Units earned by Employee, and all other
matters related to this Section 4 shall be made by the Committee in its sole discretion.

 

(b) Promptly
following the Company’s filing with the Securities and Exchange Commission of its Annual Report on Form 10-K for the fiscal
year ended December 31, 2121 (the final fiscal year of the Performance Period) (and no later than thirty (30) days after such filing),
the Committee will review and certify in writing (a) whether, and to what extent, the Performance Goals for the Performance Period
have been achieved, and (b) the number of Units that Employee shall earn, if any, subject to compliance with the requirements of
Section 5. Such certification shall be final, conclusive and binding on Employee, and on all other persons, to the maximum extent
permitted by law.

 

5. Vesting
and Forfeiture of Units. The Units are subject to forfeiture until they vest (i.e., until they are earned) and become non-forfeitable.
Except as otherwise provided in this Agreement (including without limitation Section 6 and 7 below), the Units shall vest subject
to (a) the achievement of the minimum threshold Performance Goals for payout set forth in Exhibit A attached hereto as determined
by the Committee, and (b) Employee’s continuous employment with the Company or one of its subsidiaries (“Continuous
Service”) from the Grant Date through the date that the Units are paid in shares of Common Stock or cash. The number
of Units that vest and become payable under this Agreement shall be determined by the Committee based on the level of achievement
of the Performance Goals set forth in Exhibit A and shall be rounded to the nearest whole Unit.

 

6. Termination
of Continuous Service.

 

(a) Except
as otherwise expressly provided in this Agreement, if Employee’s Continuous Service terminates for any reason at any time
before all of Employee’s Units have vested, Employee’s unvested Units shall be automatically forfeited upon such termination
of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to Employee under this Agreement.

 

(b) Notwithstanding
Section 6(a), if Employee’s Continuous Service terminates before all of Employee’s Units have vested as a result of
Employee’s death or disability, or as a result of a termination by the Company without Cause (as defined below) or by Employee
for “good reason” (if and as such term is defined in an applicable employment agreement between Employee and the Company
or one of its subsidiaries), Employee will retain, and will not forfeit, a pro rata portion of the Target Award (as defined in
Exhibit A hereto) calculated by multiplying the Target Award by a fraction, the numerator of which equals the number of days that
Employee was employed during the Performance Period and the denominator of which equals the total number of days in the Performance
Period. This retained portion of the Target Award will not be subject to accelerated vesting and, instead, will vest (and be paid
in accordance with Section 8) based on extent to which the Performance Goals are achieved during the entire Performance Period.
For purposes hereof, “Cause” means Cause as defined in Employee’s employment agreement.

 

    2

     

    

 

7. Effect
of Certain Transactions.

 

(a) Effect
of a Sale Transaction. If a “Sale Transaction,” as defined in the Plan, occurs during the Performance Period,
the Employee remains in Continuous Service up until the date of such Sale Transaction, and the acquiring entity or successor to
the Company does not assume the obligations of the Company under this Agreement or replace the grant herein set forth with a substantially
equivalent incentive award, then all outstanding Units shall vest at Target Award levels on the date of such Sale Transaction.
Units vesting under this Section 7(a) shall vest regardless of whether Employee thereafter remains in the service of the Company
or one of its subsidiaries, and such Units shall be paid as soon as administratively practicable following the closing of such
Sale Transaction and no later than thirty (30) days thereafter; provided, however, that the Committee may in its
sole discretion and without the consent of Employee, determine that Employee will receive that cash consideration, if any, as is
described in Section 9.13(b) of the Plan (but only after giving effect to the vesting of Units immediately prior to the Sale Transaction
as contemplated by this Section 7(a)).

 

(b) Effect
of a Change-in-Control Transaction. If a Change-in-Control Transaction occurs during the Performance Period, then all outstanding
Units shall automatically vest at Target Award levels on the one-hundred twentieth (120th) day following the closing
of the Change-in-Control Transaction (the “Retention Date”), contingent upon the Employee remaining in Continuous
Service through the Retention Date. Units vesting under the preceding sentence of this Section 7(b) shall vest regardless of whether
Employee thereafter remains in the service of the Company or one of its subsidiaries, and such vested Units shall be paid in cash
(not shares of Common Stock) as soon as administratively practicable following the Retention Date and no later than five (5) business
days thereafter. Notwithstanding the foregoing, if Employee’s Continuous Service terminates following the occurrence of a
Change-in-Control Transaction and prior to the Retention Date for any reason other than as a result of a termination by the Company
for Cause, then all outstanding Units shall automatically vest at Target Award levels upon such termination, and such vested Units
shall be paid in cash (not shares of Common Stock) as soon as administratively practicable following the date of such termination
and no later than five (5) business days thereafter. The amount of cash to be paid to Employee in respect of each vested Unit under
this Section 7(b) shall be equal to the greater of (y) twelve dollars ($12.00) or (z) the Fair Market Value (as defined in the
Plan) of a share of Common Stock as of the trading date immediately prior to the closing date of the Change-in-Control Transaction.

 

(c) Definition
of Change-in-Control Transaction. For purposes of this Agreement, “Change-in-Control Transaction” means:

 

(i) the
acquisition, directly or indirectly, by any individual, entity or group of the power to vote, or control the voting with respect
to, shares representing more than fifty percent (50%) of the total voting power of the Company’s then outstanding voting
securities, provided, however, that a Change-in-Control Transaction shall not result from (A) any such acquisition pursuant to
a sale or other disposition of shares of the Company’s voting securities outstanding and currently owned by the trusts reporting
ownership as a group pursuant to that certain Schedule 13D/A filed with the Securities and Exchange Commission on April 30, 2019
(the “Seller Trusts”); and (b) a change in the identity of any trustee of the Seller Trusts; or

 

    3

     

    

 

(ii) a
change in the composition of the Board of Directors of the Company as a result of which fewer than a majority of the directors
are “Incumbent Directors.” “Incumbent Directors” shall mean directors who either (A) are directors
of the Company as of the date hereof or (B) are elected, or nominated for election, to the Board with the affirmative votes (either
by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for election
as a director without objection to such nomination) of at least three-quarters of the Incumbent Directors at the time of such election
or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors of the Company);

 

provided, however,
that in no event shall a “Change in Control Transaction” be deemed to be a Sale Transaction.

 

8. Payment
of Units.

 

(a) Except
as provided under Section 7, payment in respect of the vested Units (i.e., Units earned for the Performance Period) shall be made
in shares of Common Stock and shall be issued to Employee as soon as administratively practicable following the filing of the Annual
Report on Form 10-K for the fiscal year ended December 31, 2121 (the final fiscal year of the Performance Period), and in any event
within thirty (30) days following such filing and in all circumstances during the calendar year 2022. The Company shall (i) issue
and deliver to Employee the number of shares of Common Stock equal to the number of vested Units, and (ii) enter Employee’s
name on the books of the Company as the stockholder of record with respect to the shares of Common Stock delivered to Employee.

 

(b) If
Employee is deemed a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended (including the regulations promulgated thereunder, the “Code”), as determined by the Committee, at
a time when Employee becomes eligible for payment in respect of the Units upon his or her “separation from service”
within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under
Section 409A of the Code, such settlement will be delayed until the earlier of: (i) the date that is six months following Employee’s
separation from service and (ii) Employee’s death.

 

9. Transferability;
Other Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, the Units or the rights relating thereto
may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Employee. Any attempt to assign,
alienate, pledge, attach, sell or otherwise transfer or encumber the Units or the rights relating thereto shall be wholly ineffective
and, if any such attempt is made, the Units will be forfeited by Employee and all of Employee’s rights to such Units shall
immediately terminate without any payment or consideration by the Company.

 

10. No
Rights as Stockholder. Employee shall not have any rights of a stockholder with respect to the shares of Common Stock underlying
the Units, including, but not limited to, voting rights and the right to receive or accrue dividends or dividend equivalents. Upon
and following the vesting of the Units and the issuance of shares, Employee shall be the record owner of the shares of Common Stock
underlying the Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all
rights of a stockholder of the Company (including voting and dividend rights).

 

11. No
Right to Continued Service. Nothing contained in this Agreement shall be deemed to grant Employee any right to continue in
the employ of the Company or any of its subsidiaries for any period of time or any right to continue his or her present or any
other rate of compensation. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company
to terminate the Grantee’s Continuous Service at any time, with or without Cause. This Agreement shall not be construed as
giving Employee, Employee’s beneficiaries or any other person any equity or interests of any kind in the assets of the Company
or any of its subsidiaries or creating a trust of any kind or a fiduciary relationship of any kind between the Company or any subsidiary
and any such person.

 

    4

     

    

 

12. Tax
Liability and Withholding; Employee Representations.

 

(a) Employee
shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to Employee
pursuant to the Plan, the amount of any required withholding taxes in respect of the Units and shares of Common Stock or cash issuable
or to be remitted upon payment thereof and to take all such other action as the Committee deems necessary to satisfy all obligations
for the payment of such withholding taxes. The Committee may permit Employee to satisfy any federal, state or local tax withholding
obligation with respect to shares of Common Stock issuable upon payment of Units by any of the following means, or by a combination
of such means:

 

(i)
tendering a cash payment;

 

(ii)
authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable
to Employee as a result of the vesting of the Units; provided, however, that no shares of Common Stock shall be withheld
with a value exceeding the maximum amount of tax required to be withheld by law; or

 

(iii)
delivering to the Company previously owned and unencumbered shares of Common Stock.

 

(b) Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding
(“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains Employee’s responsibility
and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with
the grant, vesting or settlement of the Units or the subsequent sale of any shares; and (ii) does not commit to structure the Units
to reduce or eliminate Employee’s liability for Tax-Related Items.

 

(c) Employee
hereby represents and warrants to the Company that Employee has reviewed with his or her own tax advisors the federal, state and
local tax consequences of the transactions contemplated by this Agreement, including the grant by the Company of the Units. Employee
is relying solely on such advisors and not on any statements or representation of the Company or any of its agents. Employee understands
that Employee will be solely responsible for any tax liability that may result to Employee as a result of the transactions contemplated
by this Agreement, including the grant by the Company of the Units. Employee further understands that, as to matters involving
an interpretation under the Plan, the Board of Directors of the Company (or the Committee) has complete authority to definitively
interpret the Plan, which interpretation shall be final, conclusive and binding upon Employee.

 

13. Compliance
with Law.

 

(a) The
issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and Employee with all applicable
requirements of federal and state securities laws (collectively, the “Securities Laws”) and with all applicable
requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock
shall be issued or transferred unless and until any then applicable requirements of the Securities Laws and regulatory agencies
have been fully complied with to the satisfaction of the Company and its counsel.

 

    5

     

    

 

(b) Employee
acknowledges that the shares of Common Stock to be received upon the vesting of any Units may not have been registered under the
Securities Act of 1933 or other applicable Securities Laws of any state. If such shares of Common Stock shall have not been so
registered, Employee acknowledges and understands that the Company is under no obligation to register, under the Securities Laws,
the shares of Common Stock received by Employee or to assist Employee in complying with any exemption from such registration if
Employee should at a later date wish to dispose of the shares of Common Stock. Employee acknowledges that, if not then registered
under the Securities Laws, any certificates representing the shares of Common Stock shall bear a legend restricting the transferability
thereof in substantially the following form:

 

The shares represented by this
certificate have not been registered or qualified under federal or state securities laws. The shares may not be offered for sale,
sold, pledged or otherwise disposed of unless so registered or qualified, unless an exemption exists or unless such disposition
is not subject to the federal or state securities laws. In its discretion, the Company may require that the availability of any
exemption or the inapplicability of such securities laws be established by an opinion of counsel, the form and substance of which
opinion shall be reasonably satisfactory to the Company.

 

14. Limitation
on Payments. In the event that the payments, consideration, compensation and benefits provided for in this Agreement together
with the payments, consideration, compensation and benefits under all other plans, arrangements and agreements applicable to Employee
(i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 14,
would be subject to the excise tax imposed by Section 4999 of the Code, then Employee’s payments, consideration, compensation
and benefits under this Agreement will be either:

 

(a) delivered
in full, or

 

(b) delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section
4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the excise tax imposed by Section 4999, results in the receipt by Employee on an after-tax basis, of the greatest amount of
payments, consideration, compensation and benefits, notwithstanding that all or some portion of such payments, consideration, compensation
and benefits may be taxable under Section 4999 of the Code. If a reduction in payments, consideration, compensation and benefits
constituting “parachute payments” is necessary so that parachute payments are delivered to a lesser extent, reduction
will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change
in ownership or control” (within the meaning of Code Section 280G), (iii) cancellation of accelerated vesting of equity awards;
(iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such
acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards.

 

Unless the Company and Employee otherwise
agree in writing, any determination required under this Section 14 will be made in writing by an independent accounting firm designated
by the Company that is reasonably acceptable to the Employee (the “Accountants”), whose determination will be
conclusive and binding upon Employee and the Company for all purposes. The Company shall cause such determination to be made before
the due date for payment of any amounts that become payable pursuant to Section 14 hereof. For purposes of making the calculations
required by this Section 14, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company
and Employee will furnish to the Accountants such information and documents as the Accountants may reasonably request in order
to make a determination under this Section. The Company will bear all costs the Accountants may incur in connection with any calculations
contemplated by this Section 14.

 

    6

     

    

 

15. Notices.
All notices and other communications required under this Agreement will be in writing and will be deemed to have been duly given
two days after mailing, via certified mail return-receipt requested, to the applicable party at the following addresses:

 

		If to the Company:	GWG Holdings, Inc.

Attention: Chief Executive Officer
and

Chief Financial Officer

220 South Sixth Street, Suite 1200

Minneapolis, MN 55402

Facsimile: (612) 746-0445

 

		If to Employee:	Murray T. Holland

4416 N. Versailles Ave.

Dallas, Texas 75205

 

16. General
Provisions.

 

(a) The
Units are granted pursuant to the Plan and are governed by the terms thereof. The Committee shall have the sole and complete discretion
with respect to all matters reserved to it by the Plan and decisions of the Committee with respect thereto and to this Agreement
shall be final and binding upon Employee.

 

(b) Nothing
herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation,
other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

(c) The
invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of
any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable
to the extent permitted by law.

 

(d) This
Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted
in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by the Employee on account of non-compliance with Section 409A of the Code.

 

(e) Each
party agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

(f) This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same agreement.

 

(g) This
Agreement, in its interpretation and effect, shall be governed by the laws of the State of Minnesota applicable to contracts executed
and to be performed therein, and without regard to any of such state’s conflicts-of-law provisions.

 

(h) This
Agreement and the Plan embody the entire agreement made between the parties hereto with respect to the matters covered herein and
shall not be modified except by a writing signed by the party to be charged.

 

Signature page follows.

 

    7

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ William Acheson
	 	Name:	William Acheson
	 	Title:	CFO
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	By:	/s/ Murray T. Holland
	 	Name:	Murray T. Holland

 

    8

     

    

 

Exhibit
A

to

Performance Share Unit Agreement

(Fiscal
2019-2021 Awards)

 

	Name of Employee:	Murray T. Holland
	 	 
	Performance Period:	The “Performance Period” shall be the period commencing on April 26, 2019 and ending on December 31, 2021.
	 	 
	Amount of Target Award:	129,717 Units (determined by dividing $1.375 million by the closing stock price of $10.60 on May 30, 2019)
	 	 
	Performance Goals:	As part of establishing performance parameters for each year during the Performance Period, the Committee will consider the accomplishment of goals that may be established by the Committee or Board of Directors from time to time and/or other goals that the Committee determines are appropriate.  
	 	 
	 	The Committee will determine (i) whether, and to what extent, the performance goals have been satisfied on a cumulative basis over the three year Performance Period (giving weight to performance goals as it deems appropriate), and (ii) the number of Units that will vest and be paid to Employee in shares of Common Stock.  Such determination will be made promptly following the Company’s filing with the Securities and Exchange Commission of its Annual Report on Form 10-K for the fiscal year ended December 31, 2121 (the final fiscal year of the Performance Period) (and no later than thirty (30) days after such filing).  
	 	 
	 	The “Target Award” level under this Agreement represents the number of Units that would vest and be paid in shares of Common Stock if the Committee determines that cumulative performance goals have been satisfied in all material respects.  The Committee may elect to vest and pay out a lesser number of Units if it determines that performance goals have been satisfied only in part, or may elect to vest and pay out a greater number of Units if it determines that performance has exceeded the goals; provided, however, that the maximum number of Units that may vest and be paid out under this Agreement is 200% of the Target Award.

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