Document:

Exhibit
4.1

 

AMENDMENT
NO. 2 TO

AMENDED
AND RESTATED INDENTURE

 

THIS
AMENDMENT NO. 2 TO AMENDED AND RESTATED INDENTURE (this “Amendment”) is entered into as of December 31, 2019, by and
among GWG Holdings, Inc., a Delaware corporation, as obligor (the “Company”), GWG Life, LLC, a Delaware limited liability
company, as guarantor (the “Guarantor”), and Bank of Utah, a Utah corporation, as trustee (the “Trustee”),
for the purpose of amending that certain Amended and Restated Indenture by and among the Company, the Guarantor and the Trustee,
dated as of October 23, 2017 (as amended as of the date hereof, the “Indenture”).

 

Section
9.2(a) of the Indenture provides that, except as set forth in Section 9.1 of the Indenture or as otherwise set forth in Section
9.2(a) of the Indenture, the Company and the Trustee may amend the Indenture with the consent of the Holders of at least a majority
in principal amount of the then-outstanding Securities; provided, that if any such amendment would affect fewer than all classes
or series of Securities under this Indenture, then only the written consent of the Holders of a majority in principal amount of
the then-outstanding classes or series of Securities so affected is required. Section 9.2(c) of the Indenture provides that any
consent of the Holders required to amend the Indenture need not be affirmative, and that consent of a Holder will be presumed
if that Holder does not object within 30 days of a written request for consent so long as such written request specifically states
in prominent type that the consent of the Holder will be presumed if no objection is made within the applicable 30-day period.
Finally, Section 9.4(b) of the Indenture provides that the Company may fix a record date for determining which Holders must consent
to an amendment of the Indenture.

 

As
of the date of this Amendment, there are only two classes of Securities—L Bonds and Seller Trust L Bonds—outstanding
under the Indenture, and the amendments will affect both classes of Securities. This Amendment has been: (i) distributed to the
Holders of Securities as of November 26, 2019 (which date is the record date set by the Company for determining which Holders
must consent to this Amendment), together with related disclosure material and a specific statement in prominent type to the effect
that the consent of the Holders will be presumed if no objection is made within a 30-day period; and (ii) consented to, pursuant
to the terms and conditions of the Indenture, by the Holders of a majority in principal amount of the Securities outstanding as
of that record date.

 

NOW,
THEREFORE, the Indenture is hereby amended as follows:

 

1.
Section 1.1 of the Indenture is amended to add the following new defined terms in the appropriate alphabetical order:

 

“Beneficient
LP” means The Beneficient Company Group, L.P.

 

“Commercial
Loan Agreement” means one or more commercial loans made (whether before, on or after the date hereof) by the Company or
one of its direct or indirect Subsidiaries (other than Beneficient LP and its direct and indirect Subsidiaries and controlled
Affiliates) to Beneficient LP or one of its direct or indirect Subsidiaries or controlled Affiliates.

  

     

     

    

 

“Excluded
Indebtedness” means Indebtedness or any portion thereof (A) the principal and accrued but unpaid interest of which is payable
at the Company's option, pursuant to the terms of such Indebtedness or otherwise, in Capital Stock of the Company or securities
mandatorily convertible into or exchangeable for Capital Stock of the Company, or (B) any Indebtedness that is reasonably expected
to be converted or exchanged, directly or indirectly, into Capital Stock of the Company, provided that under the terms of such
Indebtedness in the event any such conversion or exchange does not occur in accordance with the terms of such transaction, such
Indebtedness would be cancelled and any assets received in exchange for such Indebtedness would be returned (a “Repurchase
Transaction”).

 

2.
Section 1.1 of the Indenture is further amended to amend the following existing defined terms to read in their entirety as
follows:

 

“Indebtedness”
means, with respect to any Person and without duplication, any indebtedness of such Person, whether or not contingent, in respect
of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements
in respect thereof) or representing the balance deferred and unpaid of the purchase price of any property (including capital lease
obligations) or representing any hedging obligations, if and to the extent any of the foregoing indebtedness (other than letters
of credit and hedging obligations) would appear as a liability upon a consolidated balance sheet of such Person prepared in accordance
with GAAP, and also includes, to the extent not otherwise included, (a) the guarantee of items that would be included within this
definition, and (b) liability for items that would arise by operation of a Person’s status as a general partner of a partnership.

 

“Pricing
Model” means the latest version of the Life Insurance Policy pricing model owned by ClariNet LS and licensed by Company
(or a substantially similar model commonly supported by the actuarial profession), which model shall calculate expected cash flows
from a portfolio of Life Insurance Policies utilizing the probabilistic methodology, the Life Expectancy of Insureds, and the
VBT Select Table.

 

“Weighted
Average Cost of Capital” means a percentage equal to the weighted-average interest rate paid by the Company and its direct
and indirect Subsidiaries on outstanding Indebtedness (other than Excluded Indebtedness) for the month immediately preceding the
Calculation Date. For purposes of the preceding sentence, the “interest rate paid” shall exclude all dividend payments
made, and all commission payments and other underwriting compensation expenses incurred in connection with any financing transactions,
by the Company and its direct and indirect Subsidiaries.

  

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3.
Section 4.7 of the Indenture is amended to read in its entirety as follows:

 

Section
4.7 FINANCIAL COVENANT – DEBT COVERAGE RATIO

 

The
Company covenants that, so long as any of the Securities are outstanding, the aggregate principal amount of all the Company’s
Indebtedness from time to time outstanding hereunder shall not cause the Debt Coverage Ratio as of the last day of any fiscal
quarter to exceed ninety percent (90%). The “Debt Coverage Ratio” is a ratio, expressed as percentage, of (A) the
aggregate sum of all Indebtedness (other than Excluded Indebtedness) of the Company and its direct and indirect Subsidiaries (including
the Securities issued under this Indenture, but excluding any Indebtedness of Beneficient LP and its direct and indirect Subsidiaries)
as reflected on the Company’s most recent consolidated balance sheet prepared in accordance with GAAP over (B) the sum of
(i) Net Present Asset Value of Life Insurance Policies owned by the Company and its direct or indirect Subsidiaries or Affiliates,
but excluding Life Insurance Policies held by Beneficient LP and its direct and indirect Subsidiaries and controlled Affiliates,
plus (ii) all cash (and cash equivalents) held by the Company and its direct or indirect Subsidiaries or Affiliates, but excluding
the cash (and cash equivalents) held by Beneficient LP and its direct and indirect subsidiaries, plus (iii) the original cost
basis in the Company’s investment in common units or other securities of Beneficient LP, plus (iv) the outstanding principal
amount of any outstanding loans made under a Commercial Loan Agreement, plus (v) the cost basis of assets contributed to the Company
or any direct or indirect Subsidiary of the Company in connection with a Repurchase Transaction, plus (vi) without duplication,
the value of all other assets of the Company and its direct and indirect Subsidiaries or Affiliates (but excluding the value of
assets of Beneficient LP and its direct and indirect Subsidiaries) as reflected on its most recent consolidated balance sheet
prepared in accordance with GAAP.

 

4.
Capitalized terms contained in this Amendment and not otherwise defined shall, unless the context requires otherwise, have
the meanings ascribed to them in the Indenture.

 

5.
Other than as set forth herein, the Indenture shall remain unaffected by this Amendment.

 

[Signature
Page Follows]

  

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IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

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

 

 

4Exhibit 10.1

 

SELLAS LIFE SCIENCES GROUP, INC.

 

AMENDMENT TO

WARRANT TO PURCHASE COMMON STOCK

 

This Amendment to Warrant
to Purchase Common Stock (this “Amendment”), dated as of January 2, 2020, is being entered into by and among
SELLAS Life Sciences Group, Inc., a Delaware corporation (the “Company”), and the Holders identified on the
signature pages hereto (the “Holders”).

 

WHEREAS, the Holders
are the record and beneficial owners of certain warrants (the “March 2019 Warrants”) to purchase shares of the
Company’s common stock, par value $0.0001 per share (“Common Stock”), issued pursuant to that certain
Warrant Exercise Agreement dated March 6, 2019 by and among the Company and the Holders (or an affiliate thereof);

 

WHEREAS, pursuant to
Section 2(c) of the March 2019 Warrants, in connection with the 1-for-50 reverse stock split announced by the Company on November
6, 2019, which took effect on November 8, 2019, the exercise price of the March 2019 Warrants was automatically adjusted, effective
as of the close of business on November 8, 2019, from $1.40 to $70.00;

 

WHEREAS, pursuant to
Section 9 of the March 2019 Warrants, the provisions of the March 2019 Warrants may be amended or waived, and the Company may take
any action therein prohibited, or omit to perform any act therein required to be performed by it, only if the Company has obtained
the written consent of the Holders; and

 

WHEREAS, the Company
and the Holders have agreed to amend the March 2019 Warrants in the manner provided in this Amendment (the March 2019 Warrants,
as so amended, the “Warrants”).

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein below and other good and valuable consideration, the receipt
and legal sufficiency of which are hereby mutually acknowledged, the Holders and the Company hereby agree as follows:

 

1. Amendments. Section 1(b)
of the March 2019 Warrants is hereby amended and shall be replaced in its entirety with the following language:

 

“1(b)    Exercise
Price.     For purposes of this Warrant, “Exercise Price” means $7.50 per share, subject
to adjustment as provided herein.”

 

2. No Other
Amendment. Except for the matters set forth in this Amendment, all other terms of the Warrants shall remain unchanged and in
full force and effect.

 

3. Governing
Law. This Amendment shall be governed by and construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Amendment shall be governed by, the laws of the State of New York, except for
its conflicts of law provisions.

 

4. Counterparts.
This Amendment may be executed in the original or by facsimile in two or more counterparts, each of which shall be deemed an original
and all of which, taken together, shall constitute but one and the same instrument.

 

 

[Remainder of page intentionally left
blank.]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties has caused
this Amendment to be executed by its duly authorized representatives.

 

	SELLAS LIFE SCIENCES GROUP, INC.
	 	 	 
	 	 	 
	By: 	/s/ Angelos Stergiou	
	Name: 	Angelos Stergiou, M.D., Sc.D. h.c.	 
	Title: 	President and CEO	 

 

     

     

    

  

	 	EMPERY ASSET MASTER, LTD.	 
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Brett Director	 
	 	Name: 	Brett Director	 
	 	Title: 	General Counsel	 

 

     

     

    

 

	 	EMPERY TAX EFFICIENT, LP	 
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Brett Director	  
	 	Name: 	Brett Director	 
	 	Title:	General Counsel	 

 

     

     

    

 

	 	EMPERY TAX EFFICIENT II, LP	 
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Brett Director	
	 	Name: 	Brett Director	 
	 	Title: 	General Counsel

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