Document:

Exhibit 10.1

AMENDMENT OF EMPLOYMENT AGREEMENT

Amendment of Employment Agreement dated effective June 28, 2017 (the "Amendment") by and between Condor Hospitality Trust, Inc., a Maryland corporation (the "Company") and J. William Blackham (the "Executive").

WHEREAS, the Company and the Executive entered into an employment agreement dated effective March 2, 2015, and amended and restated the employment agreement effective September 1, 2016 (as entered into, and amended and restated, the "Employment Agreement");

WHEREAS, the Company and the Executive desire to further amend the Employment Agreement as set forth in this Amendment;

NOW, THEREFORE, for and in consideration of the promises, covenants, conditions, and obligations thereafter set forth, the parties hereto agree as follows:

1. Definitions.  All terms not otherwise defined in this Amendment are as defined in the Employment Agreement.

2. Term.  The parties hereby extend the term of the Employment Agreement to March 31, 2022.

3. LTIP Cancellations.  The parties agree that the LTIP Units granted pursuant to Section 4(e) of the Employment Agreement are hereby cancelled.

4. Restricted Stock Grant.  A restricted stock grant of 73,385 shares of common stock of the Company is granted to the Executive.  Such shares will become non-forfeitable and fully vested as follows: 20% of such shares on March 29, 2018, and the balance of such shares in forty-eight consecutive equal monthly installments on the last day of each month following March 29, 2018, provided in each instance the Executive has continuously been employed by the Company on such vesting date, or earlier upon (i) the Executive's death while employed by the Company, (ii) due to the Executive's disability such that the Executive is unable to perform his duties under the Employment Agreement for a period of ninety (90) consecutive days, or one hundred and eighty (180) days in the aggregate during any twelve (12) month period, or (iii) as provided in Section 6 of the Employment Agreement.

5. Share Price Performance Equity Awards.  Executive shall earn and shall be issued 36,692 shares of common stock each time the stock market price targets set forth below are first achieved, if achieved prior to March 31, 2022.  The stock market price targets are achieved when the common stock trades for 60 consecutive trading days at a weighted market sales price average equal to or greater than the stock market sales price target as reported by the national securities exchange on which the common stock is then listed for trading, or if none, the as reported "over the counter" trade price for such time period.

Market Share Price Target Awards

	 	 	
Stock Market Sales Price Targets ($)

	 	 	 	
Stock Market Sales Price Targets ($)

	 	 	
11.00

	 	 	 	
15.00

	 	 	
12.00

	 	 	 	
16.00

	 	 	
13.00

	 	 	 	
17.00

	 	 	
14.00

	 	 	 	
18.00

 

6. FFO Performance Equity Awards.  For each of the Company's fiscal years 2017 through 2021, if the Company achieves between 85% and 101% of the "FFO Target" for a fiscal year, then following the confirmation by the Compensation Committee of the Board of Directors that such criteria for a fiscal year has been met, the Executive shall earn and shall be issued between 11,741 and 19,569 shares of common stock, with the number of shares determined on a straight-line basis based on the percentage of FFO Target achieved.  "FFO Target" shall mean the FFO set forth in the Company's board-approved budget for a fiscal year.

In addition, if for any of these fiscal years the Company achieves more than 101% of the FFO Target, an additional 391 shares of common stock shall be earned and issued to the Executive for each two percent (2%) above the FFO Target achieved, up to a total of 3,910 additional shares of common stock for such fiscal year.

7. 2016 Stock Plan and Adjustment.  All shares issued pursuant to this Amendment are issued under the Company's 2016 Stock Plan.  In the event of any common stock dividend or common stock split, recapitalization, merger, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of shares, or other similar corporate transaction or event, then appropriate adjustment shall be made to (i) the number of shares of common stock issuable pursuant to this Amendment and (ii) the target market sales prices.

[Signature page follows]

IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this Amendment to be duly executed and the Agreement to be amended as of the date and year second above written.

	 	 	
Condor Hospitality Trust, Inc.

	 	 	 
	 	 	 
	 

/s/ J. William Blackham

	 	
By

	 

/s/ James H. Friend

	
J. William Blackham

	 	
James H. Friend

	 	 	
Chairman, Board of Directors of

	 	 	
Condor Hospitality Trust, Inc.Exhibit 10.1

 

WILLIAM
ACHESON 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on this 28th day of June 2017, by and between
GWG Holdings, Inc., a Delaware corporation (the Company”) and William Acheson (the “Executive”)

 

RECITALS

 

Executive;
and

 

		A.	The
                                         Company desires to amend and restate its Employment Agreement with

 

Company.

 

		B.	The
                                         Executive desires to amend and restate its Employment Agreement with the

 

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 Chief Financial Officer and Executive Vice President of the Company and report to the Company’s
Chief Executive Officer and 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 Chief Financial Officer and Executive Vice President asked to be completed
on behalf of the Company is more expansive than simply accounting and financial reporting, 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 Chief Financial Officer, which shall include, but not be limited to items set f01ih
an Exhibit A in conjunction with preparing and maintaining the Company’s 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”) and the Chief Executive Officer concerning Company performance, strategy, operations, initiatives and developments
in the industry; working with outside accounting, audit, tax, SOX, legal counsel, advisors, and other vendors appropriate; and
travel as needed and requested by the Company.

 

(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 $320,000 per
year effective April 1, 2017, 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: The Executive shall participate in the Company’s Incentive Compensation Plan.

 

(d)               Options: On the Commencement Date, the Company shall provide Executive with an initial grant of options for 150,000 shares
of the Company’s common stock, at current market value, which shall vest as follows: (i) options for 75,000 shares shall
vest on a pro-rata basis over the Initial Term (“Time Release Options”); and (ii) options for 75,000
shares over the Initial Term (“Performance Options”). The Performance Options will vest based on performance-based
criteria a listed below for the next three complete fiscal years) at the rate of 25,000 per year. The performance-based criteria
listed below are based upon the company meeting one or more of its strategic goals, which include, but are not limited to:

 

		●	Achieving
                                         working operational harmony amongst the business in terms of:

 

		o	Operational
                                         proficiency (people and systems work very well together, keeping people highly productive)
		o	Defined
                                         clear objectives (each manager has clear objectives to meet and exceed on a daily/weekly/monthly
                                         basis)
		o	Reporting
                                         (regular and consistent operational reports that communicate the performance and productivity
                                         of the key activities of the company)
		o	One-down
                                         manager development (raise the game of our key players and their team members)

 

		●	Achieving
                                         the Key Company Objectives for 2017 as stated, and as developed for 2018 and 2019.

 

		●	Achieving
                                         a stock price goals of:

 

	 	o	For the year ended 12/31/2017--$15.00 per share
	 	o	For the year ended 12/31/2018--$20.00 per share
	 	o	For the year ended 12/31/2019--$25.00 per share

 

		●	Achieving
insurance policy portfolio ending face value of policy benefits of:

 

	 	o	For the year
                                         ended 12/31/2017--$1.SOB
	 	o	For the year ended 12/3l/2018--$2.25B
	 	o	For the year ended 12/31/2019--$3.OOB

 

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The
Chief Executive Officer, in his sole discretion, may annually vest some, or all of the available Performance Options based upon
the achievement of one or more of other strategic and/or operational goals. The options will be eligible to vest 25,000 annually
over the next three years beginning with the fiscal year ended December 31, 2017. Each year stands alone and those performance
options not vested will expire.

 

All
options 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.

 

(e)               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.

 

(f)                Vacation and Personal Days: Executive shall accrue standard paid vacation during the Employment Period.

 

(g)               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.

 

	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: (A) any unpaid Base Salary on the Company’s regular payday, prorated to the effective date of termination;
and (B) 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 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”). The Company will also pay Executive a bonus under the Incentive
Compensation Plan prorated based upon the number of days for which Executive was employed during the period for which such
payments are made (e.g., quarter), and any Options 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 Financial 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; 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, except as set forth in subparagraph 3(a), the Company shall have no obligation
to make payments of any kind to Executive.

 

(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.
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”).

 

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(ii)       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 thirty (30) 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) above. The Company will also pay Executive’s estate a bonus under the
Incentive Compensation Plan prorated based upon the number of days for which Executive was employed during the period for which
such payments are made (e.g., quarter).

 

	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.

 

(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.

 

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	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 Minnesota, or in state courts of the Fourth Judicial
District (Hennepin County), 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.

 

	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)               Executive agrees to keep the financial terms of this Agreement confidential; provided, however, that Executive may disclose the
financial terms of this Agreement to his attorney, accountant, financial advisor and spouse, and to government agencies for the
purpose of payment or collection of taxes or application for unemployment compensation benefits. Executive may also disclose the
financial terms of this Agreement if required to do so by lawful subpoena, in any proceeding to enforce the terms of this Agreement,
or in any mediation or arbitration under the terms of this Agreement. Executive may also disclose the existence and terms of the
covenants in paragraphs 4 and 5 of this Agreement to any prospective or subsequent employer.

 

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(d)              
If any claim is asserted or any litigation is threatened or pursued against Executive by a previous employer or an affiliate of
a previous employer related to Executive’s previous employment, the Company shall either: (i) defend and indemnify Executive,
and hold Executive harmless, against and in respect of any and all such demands, judgments, costs, and expenses (including reasonable
attorneys’ fees), losses, and damages arising from such claim or litigation; or (ii) terminate Executive’s employment
Without Cause as provided under subparagraph 3(b) of this Agreement.

 

(e)              
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 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.

 

(f)              
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
Executive Officer

GWG Holdings, Inc.

220
S 6th St #1200

Minneapolis,
MN 55415

 

If
to the Executive:

 

William
B. Acheson

7255
Laketown Parkway

Waconia,
MN, 55387

952-201-9211

 

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	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 by the Chief Executive Officer
                                         on behalf of the Company, 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.

 

	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 the President.

 

	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.

 

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

 

	 	For GWG Holdings, Inc.
	 	 	 
	 	By:	/s/
Jon Sabes
	 	 	Jon
    Sabes
	 	 	 
	 	 	June  28,
    2017
	 	 	Date
	 	 	 
	 	By:	/s/
William Acheson
	 	 	William
    Acheson
	 	 	 
	 	 	June  28,
    2017
	 	 	Date

 

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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 Chief Financial Officer and Executive Vice President 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”) and the Chief Executive Officer 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
                                         and regulatory action.

 

		●	Develop
                                         credibility 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.

 

		●	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.

 

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		●	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.

 

 

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