Document:

mdwt_Ex10_2

		

			Exhibit 10.2

		

		
			INDEMNIFICATION AGREEMENT
		

		
			This Indemnification Agreement (this “Agreement”) is made and entered into as of April 24, 2020, by and between Midwest Holding Inc., a Nebraska corporation (the “Company”), and Douglas K. Bratton (“Indemnitee”).
		

		
			WHEREAS, highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
		

		
			WHEREAS, the Board of Directors (the “Board”) of the Company has determined that, in order to attract and retain qualified individuals, the Company will maintain on an ongoing basis, at its sole expense, liability insurance to protect certain persons serving the Company and its subsidiaries from certain liabilities;
		

		
			WHEREAS, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself;
		

		
			WHEREAS, the Amended and Restated Articles of Incorporation of the Company (as may be amended or restated from time to time, including in connection with a redomestication to another state, the “Articles of Incorporation”) and the Amended and Restated Bylaws of the Company (as may be amended, or restated from time to time, including in connection with a redomestication to another state the “Bylaws”) require indemnification of the officers and directors of the Company to the full extent permissible under applicable law. Indemnitee may also be entitled to indemnification pursuant to the business corporation act of its state of incorporation (the “Act”). The Articles of Incorporation, Bylaws and the Act expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers, and other persons with respect to indemnification;
		

		
			WHEREAS, the uncertainties relating to insurance and to indemnification have increased the difficulty of attracting and retaining persons to serve as officers and directors of United States-based companies;
		

		
			WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
		

		
			WHEREAS, it is reasonable, prudent, and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
		

		
			WHEREAS, this Agreement is a supplement to and in furtherance of the Articles of Incorporation and Bylaws and any resolutions adopted by the Board, and will not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
		

		
			WHEREAS, Indemnitee does not regard the protection available under the Articles of Incorporation, the Bylaws and insurance as adequate in the present circumstances; may not be willing to serve as an officer or director without adequate protection; and the Company desires Indemnitee to serve 

		 

in such capacity. Indemnitee is willing to serve, continue to serve, and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.
		

		
			NOW, THEREFORE, in consideration of the foregoing and of Indemnitee’s agreement to serve as an officer or director or both after the date of this Agreement, the parties to this Agreement agree as follows:
		

		
			1.  Indemnification of Indemnitee. The Company hereby agrees to defend, hold harmless, and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:
		

		
			(a)  Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his or her Corporate Status (as defined below), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined below) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), the Company shall indemnify, defend, and hold Indemnitee harmless to the fullest extent permitted by applicable law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), against all (i) Expenses (as defined below), (ii) damages, losses, liabilities, judgments, penalties, fines  (in each case whether civil, criminal, administrative or other including, but not limited to, excise and similar taxes), and amounts paid or payable in settlement including any interest and assessments and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in any Proceeding (collectively, “Losses”), actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim, issue, or matter in any such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, had reasonable cause to believe that the Indemnitee’s conduct was unlawful.
		

		
			(b)  Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified to the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment) against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that if applicable law so provides, no indemnification against such Expenses will be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee has been finally adjudged to be liable to the Company by a court of competent jurisdiction from which there is no further right of appeal unless and to the extent that the court in which such action or suit was brought determines that such indemnification may be made.
		

		
			(c)  Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his 

		 

		

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or her Corporate Status, a party to and is wholly successful, on the merits or otherwise, in any Proceeding, he or she will be indemnified by the Company to the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue, or matter. For purposes of this Section 1(c) and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.
		

		
			2.  Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify, defend, and hold harmless Indemnitee to the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment) against all Expenses and Losses actually and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the sole, contributory, comparative or other negligence, or active or passive wrongdoing of Indemnitee. Except as provided in this Section 2 or in Section 9, the only limitation that will exist upon the Company’s obligations pursuant to this Agreement will be that the Company will not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7) to be prohibited by applicable law.
		

		
			3.  Contribution.
		

		
			(a)  Regardless of whether the indemnification provided in Sections 1 and 2 is available, in respect of any threatened, pending, or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not, without prior written consent of Indemnitee, enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement solely involves the payment of money and includes a full, unconditional and final release of all claims that are or were asserted against Indemnitee in such Proceeding. In addition, the Company will not, without prior written consent of Indemnitee, seek or agree to a bar order that extinguishes Indemnitee’s rights to indemnification or advancement of Expenses, whether under this Agreement or otherwise.
		

		
			(b)  Without diminishing or impairing the obligations of the Company set forth in Section 3(a), if, for any reason, Indemnitee elects or is required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company will contribute to the amount of Expenses and Losses actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received from the transaction that gave rise to such Proceeding by (i) the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand; and (ii) Indemnitee, on the other hand; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to 

		 

		

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law, be further adjusted by reference to the relative fault of the Company and all officers, directors, or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such Expenses and Losses, as well as any other equitable considerations that applicable law may require to be considered. The relative fault of the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, will be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their conduct is active or passive.
		

		
			(c)  The Company hereby agrees to fully indemnify, defend, and hold harmless Indemnitee from any claims of contribution that may be brought by officers, directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.
		

		
			(d)  To the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Losses (including amounts paid or to be paid in settlement) or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) or transaction(s) giving cause to such Proceeding; and (ii) the relative fault of the Company (and its directors, officers, employees, and agents, other than Indemnitee) and Indemnitee in connection with such event(s) or transaction(s).
		

		
			4.  Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or otherwise involved in any Proceeding to which Indemnitee is not a party, the Company shall indemnify, defend, and hold harmless the Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
		

		
			5.  Advancement of Expenses. To the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader advancement rights than permitted prior to such amendment), the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within 10 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it is ultimately determined that Indemnitee is not entitled to be indemnified against such Expenses within 30 days of a final determination. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest-free and any advances shall be made without regard to Indemnitee’s ability to repay the Expenses. Indemnitee will qualify for and be entitled to receive such advances solely upon execution and delivery to the Company of the statement or statements and the undertaking referred to in this Section 5.
		

		
			6.  Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnification that are as favorable as may be permitted under the Act and public policy of applicable state laws.  Accordingly, the parties agree 

		 

		

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that the following procedures and presumptions will apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:
		

		
			(a)  To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification, provided that documentation and information need not be so provided by Indemnitee to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege between Indemnitee and his or her counsel. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure by Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. Any Expenses incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection with the Indemnitee’s request for indemnification hereunder shall be borne by the Company.
		

		
			(b)  If the Company shall be obligated to pay the Expenses of any Proceeding against Indemnitee, the Company shall be entitled to assume and control the defense of such Proceeding (with counsel consented to by Indemnitee, which consent shall not be unreasonably withheld), upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding; provided, however, that if (i) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee or counsel selected by the Company shall have concluded that there may be a conflict of interest between the Company and Indemnitee or among Indemnitees jointly represented in the conduct of any such defense; or (iii) the Company shall not, in fact, have employed counsel, to which Indemnitee has consented as aforesaid, to assume the defense of such Proceeding, then the reasonable fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. Notwithstanding the foregoing, Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s expense.
		

		
			(c)  The Company shall be entitled to participate in the Proceeding at its own expense. The Company shall not, without prior written consent of Indemnitee, effect any settlement of a claim against Indemnitee in any threatened or pending Proceeding unless such settlement solely involves the payment of money by any Person (as defined below) other than Indemnitee and includes a full, unconditional and final release of all claims that are or were asserted against Indemnitee in such Proceeding and involves no equitable relief or conduct restrictions imposed on Indemnitee. In addition, the Company shall not, without prior written consent of Indemnitee, seek or agree to a bar order that extinguishes Indemnitee’s rights to indemnification or advancement of Expenses, whether under this Agreement or otherwise.
		

		
			(d)  Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case: (i) if a Change in Control (as defined below) shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors (as defined below), even if less than a quorum of the Board or (B) otherwise by Independent Counsel (as defined below) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board,  (C) if there are no such Disinterested Directors or, if such Disinterested Directors 

		 

		

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so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) if so requested by the Board and agreed to by the Indemnitee, by the stockholders of the Company.
		

		
			(e)  In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(d), the Independent Counsel shall be selected as provided in this Section 6(e). If a Change in Control has not occurred, the Independent Counsel shall be selected by the Board, and the Company will give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control has occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board, in which event the preceding sentence will apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of such selection has been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected will act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel and to fully indemnify such Independent Counsel against any and all Expenses, claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant to this Agreement.
		

		
			(f)  In making a determination with respect to entitlement to indemnification under this Agreement, the Person making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including the Board, Independent Counsel or the stockholders of the Company) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct set forth in the Act, nor an actual determination by the Company (including the Board, Independent Counsel or the stockholders of the Company) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
		

		
			(g)  Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s action is based on the records or books of account of the Enterprise (as defined below), including financial statements, or on information supplied to Indemnitee by directors, officers, employees or agents of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise. In addition, the knowledge or actions, or failure to act, of any director, officer, agent, or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Regardless of whether the foregoing provisions of this Section 6(g) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
		

		
			

		 

		

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			(h)  If the Person empowered or selected under Section 6(d) to determine whether Indemnitee is entitled to indemnification has not made a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if (A) the determination is to be made by Independent Counsel and the Company objects to Indemnitee’s selection of Independent Counsel and (B) the Independent Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional 30 days, if the determination of entitlement to indemnification is to be made by the stockholders of the Company.
		

		
			(i)  Indemnitee shall cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such Person upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board, or stockholder of the Company will act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any Expenses actually and reasonably incurred by Indemnitee in so cooperating with the Person making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies, defends, and agrees to hold Indemnitee harmless from any such costs and Expenses. If it is determined that Indemnitee is entitled to indemnification requested by Indemnitee in a written application submitted to the Company pursuant to Section 6, payment to Indemnitee shall be made within 60 days after the written request for indemnification submitted by Indemnitee.
		

		
			(j)  The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption, or uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
		

		
			(k)  The termination of any Proceeding or of any claim, issue, or matter therein, by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner that he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
		

		
			7.  Remedies of Indemnitee.
		

		
			(a)  In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(d) of this Agreement within 30 days after receipt by the Company of the request for indemnification, or (iv) payment of indemnification is not made pursuant to 

		 

		

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this Agreement within 60 days after receipt by the Company of a written request therefor, Indemnitee may at any time thereafter bring suit against the Company to enforce Indemnitee’s claim to such indemnification or payment. The Company will not oppose Indemnitee’s right to bring such suit.
		

		
			(b)  In the event that a determination has been made pursuant to Section 6(d) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee will not be prejudiced by reason of the adverse determination under Section 6(d).
		

		
			(c)  If a determination has been made pursuant to Section 6(d) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.
		

		
			(d)  The Company shall indemnify, defend, and hold harmless Indemnitee against any and all Expenses and, if requested by Indemnitee, will (within 30 days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, that are actually and reasonably incurred by Indemnitee in connection with any action brought by Indemnitee (i) for indemnification or advancement of Expenses from the Company under this Agreement, (ii) to recover damages for breach of this Agreement or (iii) related to any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses, or insurance recovery, as the case may be.
		

		
			(e)  The Company shall be precluded from asserting in any proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding, and enforceable and will stipulate in any court of competent jurisdiction that the Company is bound by all the provisions of this Agreement.
		

		
			(f)  Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.
		

		
			8.  Non-Exclusivity; Survival of Rights; Insurance; Subrogation.
		

		
			(a)  The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors, or otherwise. No amendment, alteration, or repeal of this Agreement or of any provision of this Agreement shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration, or repeal. The Company will not adopt any amendment to either the Articles of Incorporation or the Bylaws, the effect of which would be to diminish Indemnitee’s right to indemnification under this Agreement.  To the extent that a change in the Act, whether by statute or judicial decision, permits greater indemnification than would be afforded at the time of such change under the Articles of Incorporation, the Bylaws, or this Agreement, it is the intent of the parties to this Agreement that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy conferred by this Agreement is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given under this Agreement or now or hereafter existing at law or in equity 

		 

		

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or otherwise. The assertion or employment of any right or remedy under this Agreement, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
		

		
			(b)  The Company hereby covenants and agrees that, so long as Indemnitee serves in a Corporate Status and thereafter so long as Indemnitee may be subject to any possible Proceeding by reason of the fact that Indemnitee served in a Corporate Status, the Company shall maintain in full force and effect liability insurance to protect Indemnitee from personal liabilities incurred by reason of the fact that Indemnitee is or was serving in such capacity (“Liability Insurance”) in reasonable amounts from established and reputable insurers.  Upon request, the Company will provide to Indemnitee copies of all Liability Insurance applications, binders, policies, declarations and endorsements.  
		

		
			(c)  In all applicable policies of Liability Insurance, Indemnitee shall be named as an insured, to the extent practicable, and will be covered by such policies in accordance with their terms to the maximum extent of the coverage available for any director, officer, employee, or agent or fiduciary under such policy or policies.
		

		
			(d)  Following the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company shall give prompt notice of the commencement of such Proceeding to its insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
		

		
			(e)  Except as set forth in Section 8(f) below, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action reasonably necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
		

		
			(f)  The Company hereby acknowledges that Indemnitee may have rights to indemnification or advancement of Expenses or insurance provided by one or more Persons with whom or which the Indemnitee may be associated (collectively, the “Third Party Indemnitors”). The Company hereby agrees that (i) it is the indemnitor of first resort and that the obligations of the Company to Indemnitee are primary and any obligation of the Third Party Indemnitors to provide indemnification or advancement of Expenses incurred by Indemnitee are secondary, (ii) the Indemnitee’s right to indemnification under this Agreement, the Articles of Incorporation and Bylaws, including the right to advancement of Expenses, indemnification, and contribution, shall not be diminished, modified, qualified, or otherwise affected by any right of Indemnitee against any Third Party Indemnitor, and (iii) it irrevocably waives, relinquishes, and releases the Third Party Indemnitors from any and all claims against the Third Party Indemnitors for contribution, subrogation, or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Third Party Indemnitors on behalf of the Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Third Party Indemnitors shall have the right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Third Party Indemnitors are third party beneficiaries of the terms of this Section 8(f).
		

		
			9.  Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification in connection with:
		

		
			(a)  any claim made against Indemnitee for which payment has actually been made to or on behalf of Indemnitee under any insurance policy held by the Company or other indemnity provision, 

		 

		

			9

		

except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; provided, however, that the foregoing shall not affect the rights of Indemnitee or the Third Party Indemnitors set forth in Section 8(f) above;
		

		
			(b)  any claim made against Indemnitee for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined below) or similar provisions of state law; or
		

		
			(c)  except as otherwise provided in Section 7, any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless (i) the Board authorized the Proceeding (or such part of any Proceeding) prior to its initiation, (ii) such indemnification is expressly required to be made by applicable law, (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law or (iv) in connection with a Proceeding to enforce the Indemnitee’s rights under this Agreement.
		

		
			10.  Duration of Agreement. All agreements and obligations of the Company contained in this Agreement shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another Person) and shall continue thereafter so long as Indemnitee is, or may be made, the subject to any Proceeding (or any proceeding commenced under Section 7) by reason of his or her Corporate Status, regardless of whether he or she is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, reorganization, or otherwise to all or a majority of the business, assets or income or revenue generating capacity of the Company), assigns, spouses, heirs, executors, and personal and legal representatives.
		

		
			11.  Successors and Binding Agreement. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization, or otherwise) to all or a majority of the business, assets, or income or revenue generating capacity of the Company, by agreement in form and substance reasonably satisfactory to Indemnitee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company by operation of law or otherwise.
		

		
			12.  Enforcement.
		

		
			(a)  The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it by this Agreement in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.
		

		
			(b)  Subject to Section 8(a), this Agreement constitutes the entire agreement between the parties hereto with respect to the matter hereof and supersedes all prior written and oral, and contemporaneous oral, agreements, negotiations, and understandings, express or implied, between the parties with respect to the subject matter hereof. This Section 12(b) shall not be construed to limit any other rights Indemnitee may have under the Articles of Incorporation, the Bylaws, applicable law or otherwise.
		

		
			13.  Period of Limitations. No legal action may be brought and no cause of action may be asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors, 

		 

		

			10

		

or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released, unless asserted by the timely filing of a legal action within such two year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period will govern.
		

		
			14.  Definitions. For purposes of this Agreement:
		

		
			(a)  “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
		

		
			(i)  any Acquiring Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities;
		

		
			(ii)  during any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in paragraphs (i), (iii) or (iv) of this definition) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;
		

		
			(iii)  the effective date of a merger or consolidation of the Company with any other Person, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving Person outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving Person;
		

		
			(iv)  the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or a majority of the Company’s assets or income or revenue-generating capacity; or
		

		
			(v)  there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.
		

		
			For purposes of the foregoing, the following terms shall have the following meanings:
		

		
			(A)  “Acquiring Person” shall mean a “person” or “group” within the meaning of Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Acquiring Person will exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any 

		 

		

			11

		

Person owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
		

		
			(B)  “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner will exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another Person.
		

		
			(b)  “Corporate Status” describes the status of a person who is or was a director, officer, manager, partner, trustee, employee, agent, or fiduciary of the Enterprise that such person is or was serving at the express request of the Company and includes, without limitation, the status of such person as an advisor to the Enterprise prior to the commencement of service in any other Corporate Status.
		

		
			(c)  “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
		

		
			(d)  “Enterprise” means the Company and any other Person that Indemnitee is or was serving at the express request of the Company.
		

		
			(e)  “Exchange Act” means the Securities Exchange Act of 1934, as amended.
		

		
			(f)  “Expenses” include all reasonable attorneys’ fees, accountants’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payment under this Agreement (including taxes that may be imposed upon the actual or deemed receipt of payments under this Agreement with respect to the imposition of federal, state, local or foreign taxes), and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, including reasonable compensation for time spent by Indemnitee in connection with the prosecution, defense, preparation to prosecute or defend, investigation, participation, preparation or involvement as a witness, or appeal of a Proceeding or action for indemnification for which Indemnitee is not otherwise compensated by the Company or any third party. “Expenses” also include expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
		

		
			(g)  “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term “Independent Counsel” will not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
		

		
			

		 

		

			12

		

		

		
			(h)  “Person” means any individual, corporation, partnership, limited liability company, trust, benefit plan, governmental or quasi-governmental agency, and any other entity, public or private.
		

		
			(i)  “Proceeding” includes any threatened, pending, or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened, or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, or investigative, in which Indemnitee was, is or will be involved as a party, witness or otherwise, by reason of the fact that Indemnitee is or was acting in his or her Corporate Status, by reason of any action taken by him or her or of any inaction on his or her part while acting in his or her Corporate Status; in each case whether or not he or she is acting or serving in any such capacity at the time any Loss or Expense is incurred for which indemnification can be provided under this Agreement; including any Proceeding pending on or before the date of this Agreement, but excluding any Proceeding initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement.
		

		
			15.  Severability. The invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable law. In the event any provision of this Agreement conflicts with any applicable law, such provision will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.
		

		
			16.  Modification and Waiver. No supplement, modification, termination, or amendment of this Agreement shall be binding unless executed in writing by each of the parties. No waiver of any of the provisions of this Agreement shall be deemed or will constitute a waiver of any other provisions of this Agreement (whether or not similar) nor shall such waiver constitute a continuing waiver. This Agreement cannot be modified or amended, or any provision of this Agreement waived, by course of conduct.
		

		
			17.  Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter that may be subject to indemnification covered under this Agreement. The failure to so notify the Company shall not relieve the Company of any obligation that it may have to Indemnitee under this Agreement unless and only to the extent that such failure or delay materially prejudices the Company.
		

		
			18.  Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent:
		

		
			(i)  To Indemnitee at the address on file with the Company.
		

		
			

		 

		

			13

		

		

		
			(ii)  To the Company at:
		

		
			Midwest Holding Inc.
		

		
			2900 South 70th Street, Suite 400
		

		
			Lincoln, Nebraska 68506
		

		
			Attention: Corporate Secretary
		

		
			or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.
		

		
			19.  Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature or other electronic means and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
		

		
			20.  Rules of Construction.
		

		
			(a)  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction of this Agreement.
		

		
			(b)  Time is of the essence with respect to this Agreement.
		

		
			(c)  Unless the context otherwise requires, references to “Sections” is to Sections of this Agreement.
		

		
			(d)  This Agreement shall be liberally construed in favor of Indemnitee.
		

		
			(e)  Use of the word “or” shall not be exclusive.
		

		
			(f)  Use of defined terms in the singular shall include the plural, and vice versa.
		

		
			21.  Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the Federal laws of the United States of America and the laws of the State of incorporation of the Company, without regard to its conflict of laws rules or any other principle that could result in the application of the laws of any other jurisdiction. The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement will be brought only in the state courts of the State of incorporation of the Company and not in any other state or Federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the State of incorporation of the Company for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action or proceeding in the state courts of the State of incorporation of the Company, and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the state courts of the State of incorporation of the Company has been brought in an improper or inconvenient forum.
		

		
			22.  Section 409A. This Agreement shall be interpreted to comply with or, to the extent possible, be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder to the extent applicable (collectively “Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. Solely to the extent that any otherwise 

		 

		

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required payment under this Agreement would not be exempt from Section 409A (any such payment, a “Non-Exempt Payment”), such Non-Exempt Payment shall comply with the following conditions: (a) the amount of the Non-Exempt Payment payable to Indemnitee in one calendar year shall not affect the amount of expenses eligible for payment or reimbursement in any other calendar year, whether pursuant to this Agreement or any other agreement between the Indemnitee and the Company; (b) the Non-Exempt Payment shall be made to Indemnitee no later than the last day of the calendar year following the calendar year in which Indemnitee incurs or is deemed to have incurred the costs or Expenses giving rise to Indemnitee’s right to the Non-Exempt Payment; and (c) Indemnitee’s right to the Non-Exempt Payment shall not be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, in the event of a bona fide dispute regarding Indemnitee’s entitlement to the Non-Exempt Payment, payment of the Non-Exempt Payment may be delayed to a later date to the extent permitted by the Treasury Regulations under Section 409A.
		

		
			[Signature Page Follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			15

		

		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.
		

			
					
						 

					
					
						MIDWEST HOLDING INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ A. Michael Salem

				
	
					
						 

					
					
						Name:

					
					
						A. Michael Salem

				
	
					
						 

					
					
						Title:

					
					
						CEO

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						INDEMNITEE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Douglas K. Bratton

				
	
					
						 

					
					
						Douglas K. Bratton

				

		
			 
		

		 

		

			Signature Page to Indemnification Agreementmdwt_Ex10_3

		
			Exhibit 10.3
		

		
			 
		

		
			STOCKHOLDERS AGREEMENT
		

		
			 
		

		
			THIS STOCKHOLDERS AGREEMENT (this “Agreement”) is entered into as of April 24, 2020 between and among MIDWEST HOLDING INC., a Nebraska corporation (the “Company”), CRESTLINE ASSURANCE HOLDINGS LLC, a Delaware limited liability company  (“Crestline”),  XENITH HOLDINGS LLC, a Delaware limited liability company (“Xenith”), VESPOINT LLC, a Delaware limited liability company (“Vespoint”), MICHAEL MINNICH, an individual (“Minnich”) and A. MICHAEL SALEM, an individual (“Salem”) or any permitted transferees and other stockholders of the Company who become parties hereto. The foregoing entities and persons are referred to collectively herein as the “Parties” and each is a “Party.” Xenith, Vespoint, Michael Minnich and A. Michael Salem, and stockholders who execute a joinder agreement to be bound by this Agreement after the date hereof, are sometimes referred to below as the “Stockholders.”
		

		
			 
		

		
			W I T N E S E T H:
		

		
			 
		

		
			WHEREAS, the Company and Crestline intend to enter into an agreement in connection with the sale of equity securities by the Company to Crestline; and
		

		
			 
		

		
			WHEREAS, the Parties wish to memorialize certain corporate governance and other agreements among them.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows.
		

		
			1.Representations and Warranties.  Each of the Parties hereby represents and warrants to each other Party to this Agreement that as of the date hereof this Agreement:
		

		
			1.1Organization and Qualification.  Such Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or is a natural person over the age of 21.
		

		
			1.2Authority and Enforceability.  Such Party has full corporate, limited liability company, limited partnership or individual (as applicable) power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by such Party of this Agreement and the consummation by such Party of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate, limited liability company, limited partnership or individual action.  This Agreement has been duly executed and delivered by such Party and, assuming due execution and delivery by each of the other Parties hereto and thereto, this Agreement constitutes the legal, valid and binding obligations of such Party, enforceable against such Party in accordance with its terms.
		

		
			
		

		
			

		 

		

		
			 
		

		
			1.3Absence of Conflicts.  The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not and will not (a) if such Party is a legal entity, conflict with, or result in the breach of any provision of the constitutive documents of such Party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract, agreement or permit to which such Party is a party or by which such Party’s assets or operations are bound or affected; or (c) violate any law applicable to such Party.
		

		
			1.4Consents.  Other than any consents which have already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such Party in connection with (a) the execution, delivery or performance of this Agreement or (b) the consummation of any of the transactions contemplated herein.
		

		
			2.Composition of the Company and ALSC Board.
		

		
			2.1(a)Crestline Representation on Company Board.  If at any time and for so long as Crestline and its Affiliates  beneficially own at least 10% of the outstanding shares of the Company’s $0.001 par value voting common stock (“Common Stock”)  (including equity securities exercisable or convertible into Common Stock held by Crestline and its Affiliates), the Company shall, and the Stockholders shall, take all necessary action (including, without limitation, to vote, or cause to be voted, all Shares (as defined below) owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders) to (i)  elect or appoint an individual designated from time to time by Crestline (the “Crestline Designated Director”) to the Board of Directors of the Company (“Company Board”) and, subject to reasonable committee member suitability standards and applicable regulatory qualification requirements, any committee thereof, (ii) include such Crestline Designated Director in the slate of nominees recommended by the Company Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected, and (iii) if the Company Board is divided into two or more classes, the Crestline Designated Director shall be nominated to the longest serving class (e.g. Class III if the Company Board is divided into three classes); provided, however, that such individual must have had no involvement in legal proceedings that would require disclosure by the Company pursuant to Item 401(f) of Regulation S-K under the Securities Act (in which case Crestline will appoint a replacement Crestline Designated Director).   The Company shall reimburse the Crestline Designated Director for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Company Board or any committee thereof, if any. For purposes of this Agreement, the term “Shares” shall mean and include any securities of the Company that the holders of which are entitled to vote for members of the Company Board, including without limitation, all shares of Common Stock and any class or series of preferred stock, by whatever name called, now owned or subsequently acquired by a Stockholder, however acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise. For purposes of this Agreement, an individual, firm, corporation, partnership, association, limited liability company, trust or any other entity (collectively, a “Person”) shall be deemed an “Affiliate” of another Person who, directly or indirectly, controls, is controlled by or is under common control with such Person,
		

		
			
		

		
			

		 

		

			2

		

		

			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.
		

		
			(b)Crestline Representation on ALSC Board.  If at any time and for so long as Crestline and its Affiliates beneficially own at least 10% of the Common Stock (including equity securities exercisable or convertible into Common Stock held by Crestline), the Company shall take all necessary action (including, without limitation, to vote, or cause to be voted, all voting securities of American Life and Security Corp., an insurance corporation organized under the laws of and domiciled in the State of Nebraska (“ALSC”),  owned by the Company, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of ALSC stockholders at which an election of directors is held or pursuant to any written consent of the ALSC stockholders) to (i) elect or appoint the Crestline Designated Director to the Board of Directors of ALSC (“ALSC Board”) and, subject to reasonable committee member suitability standards and applicable regulatory qualification requirements, any committee thereof and (ii) include such Crestline Designated Director in the slate of nominees recommended by the ALSC  Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected; provided, however, that such individual must have had no involvement in legal proceedings that would require disclosure by the Company pursuant to Item 401(f) of Regulation S-K under the Securities Act (in which case Crestline will appoint a replacement Crestline Designated Director).  The Company shall reimburse the Crestline Designated Director for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the ALSC Board or any committee thereof, if any.
		

		
			(c)Minnich; Salem.  If at any time and for so long as (i)  Crestline and its Affiliates beneficially own an aggregate of at least 10% of the outstanding shares of the Company’s Common Stock (including equity securities exercisable or convertible into Common Stock held by Crestline and its Affiliates),  (ii) with respect solely to Salem, he beneficially owns at least 3% of the outstanding shares of the Company’s Common Stock (including equity securities exercisable or convertible into Common Stock held by Salem) and is an executive officer of the Company,  and (iii) with respect solely to Minnich, he beneficially owns at least 3% of the outstanding shares of the Company’s Common Stock (including equity securities exercisable or convertible into Common Stock held by Minnich) and is an executive officer of the Company, Crestline shall take all necessary action (including, without limitation, to vote, or cause to be voted, all Common Stock owned by Crestline,  or over which Crestline has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders) to vote for the election of Salem, if he meets the conditions in (ii) above, and for the election of Minnich if he meets the conditions in (iii) above, to the Board of Directors of the Company to serve for such terms as determined by the Board.
		

		
			2.2Removal; Vacancies.  Subject to the Articles of Incorporation of the Company (as such Articles may be amended or restated in the future or replaced in connection with a redomestication in the future (the “Certificate of Incorporation”)), so long as Crestline has the right to designate a Crestline Designated Director hereunder,  (i)  Crestline shall have the exclusive right with or without cause to remove the Crestline Designated Director from the
		

		
			
		

		
			

		 

		

			3

		

		

			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			Company Board and the ALSC Board (including any committees thereof), and the Company and the Stockholders shall take all necessary action, including, without limitation, to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary, to cause the removal of any such designee at the request of Crestline, and (ii) Crestline shall have the exclusive right to designate a  director for election to the Company Board and the ALSC Board to fill the vacancy created by reason of death, removal or resignation of its designee to the Company Board and the ALSC Board (including any committees thereof), and the Company and the Stockholders shall take all necessary action, including, without limitation, to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary, to cause any such vacancy to be filled by Crestline as promptly as reasonably practicable.  In the absence of any designation from Crestline so long as it has the right to designate a Crestline Designated Director hereunder, the director previously designated by it and then serving shall be reelected if still eligible and willing to serve as provided herein and otherwise, any such Company Board seat and ALSC Board seat shall remain vacant.
		

		
			2.3Forced Resignation. Crestline shall take all necessary action to cause the Crestline Designated Director to resign promptly from the Company Board and ALSC Board if such Crestline Designated Director, as determined by the Company Board in good faith after consultation with outside legal counsel, (i) is prohibited or disqualified from serving as a director of the Company or ALSC under any rule or regulation of the U.S. Securities and Exchange Commission (“SEC”),  New York Stock Exchange (to the extent applicable to the Company),  Nasdaq Stock Market (to the extent applicable to the Company) or by applicable law or regulation, (ii) has engaged in acts or omissions constituting a breach of the Crestline Designated Director’s fiduciary duties to the Company and its stockholders, (iii) has engaged in acts or omissions that involve intentional misconduct or an intentional violation of law or (iv) has engaged in any transaction involving the Company or its subsidiaries from which the Crestline Designated Director derived an improper personal benefit that was not disclosed to the Company Board prior to the authorization of such transaction; provided, however, that Crestline shall have the right to replace such resigning Crestline Designated Director with a new Crestline Designated Director, such newly named Crestline Designated Director to be appointed promptly to the Company Board as provided in Section 2.1 in place of the resigning Crestline Designated Director in the manner set forth in the Company’s  and ALSC’s governing documents for filling vacancies on the Board. Nothing in this Section 2.3 or elsewhere in this Agreement shall confer any third-party beneficiary or other rights upon any Person designated hereunder as a Crestline Designated Director, whether during or after such person’s service on the Company Board. Minnich or Salem shall resign promptly from the Company Board if he, as determined by the Company Board in good faith after consultation with outside legal counsel, (i) is prohibited or disqualified from serving as a director of the Company under any rule or regulation of the SEC, New York Stock Exchange (to the extent applicable to the Company), Nasdaq Stock Market (to the extent applicable to the Company) or by applicable law or regulation, (ii) has engaged in acts or omissions constituting a breach of his fiduciary duties to the Company and its stockholders, (iii) has engaged in acts or omissions that involve intentional misconduct or an intentional violation of law or (iv) has engaged in any transaction involving the Company or its subsidiaries from which he derived an improper personal benefit that was not disclosed to the Board prior to the authorization of such transaction.
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			2.4Voting Agreement. Each of the Company and the Stockholders agrees not to take any actions that would interfere with the intention of the Parties with respect to the Crestline Designated Director as herein stated. Each Stockholder agrees to cast all votes to which such Stockholder is entitled to vote either of record or beneficially or both in respect of its Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause to be elected to the Company Board that individual designated or nominated in accordance with this Section 2.4. So long as Crestline is entitled to designate the Crestline Designated Director, the Company and the Stockholders agree not to take action to remove the Crestline Designated Director from office pursuant to the governing documents of the Company or ALSC unless such removal is for cause. For the purposes of this Agreement, “cause” means, with respect to the Crestline Designated Director, such director’s (a) gross negligence or willful misconduct in the performance of his or her material duties to the Company or ALSC; (b) conviction of a felony or other crime involving theft, fraud or embezzlement or any other crime involving moral turpitude that is materially detrimental to the business or affairs of the Company or any of its subsidiaries; (c) willful refusal, after fifteen (15) days’ written notice from the Company Board or the ALSC Board, to perform the material lawful duties or responsibilities required of him or her; (d) willful and material breach of any material corporate policy or code of conduct established by the Company or ALSC; (e) willfully engaging in conduct that materially damages the integrity, reputation or financial viability of the Company or its subsidiaries; or (f) has been adjudicated by a court of competent jurisdiction to be mentally incompetent, which mental incompetency directly affects his or her ability to serve as a director of the Company or ALSC.  Crestline shall have the right to replace such removed Crestline Designated Director with a new Crestline Designated Director, such newly-named Crestline Designated Director to be appointed promptly to the Company Board and ALSC Board as provided in Section 2.1 in place of the removed Crestline Designated Director in the manner set forth in the Company’s governing documents for filling vacancies on the Company Board and the ALSC Board.
		

		
			2.5Indemnity Agreements. Simultaneously with any person becoming a Crestline Designated Director, the Company shall execute and deliver to the Crestline Designated Director an indemnity agreement dated the date such Crestline Designated Director becomes a director of the Company Board.  The Company hereby acknowledges that the Crestline Designated Director may have certain rights to indemnification, advancement of expenses and/or insurance provided by Crestline and certain of their respective Affiliates (collectively, the “Investor Indemnitors”).  The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to the Crestline Designated Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Crestline Designated Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by the Crestline Designated Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of the Crestline Designated Director to the extent legally permitted and as required by the Company’s  Certificate of Incorporation or Bylaws and ALSC’s charter and bylaws (or any agreement between the Company and the Crestline Designated Director), without regard to any rights the Crestline Designated Director may have against the Investor Indemnitors, and (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of the Crestline Designated Director with respect to any claim for
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			which the Crestline Designated Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Crestline Designated Director against the Company.  The Crestline Designated Director and the Investor Indemnitors are intended third‐party beneficiaries of this Section 2.5 and shall have the right, power and authority to enforce the provisions of this Section 2.5 as though they were a party to this Agreement.  If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Certificate of Incorporation, ALSC’s bylaws or charter or elsewhere, as the case may be.
		

		
			3.Information; Access.
		

		
			3.1Quarterly Financial Statements. Concurrently with the distribution of the Company’s quarterly financial statements to the audit committee of the Board for review, for so long as Crestline has the right to designate a director for nomination under this Agreement, the Company shall deliver to Crestline an unaudited balance sheet of the Company as of the last day of each of the first three (3) fiscal quarters of each fiscal year and the related unaudited consolidated statements of income, stockholders’ equity and cash flows for such fiscal quarter and for the fiscal year-to-date period then ended, including any related notes thereto, if available.
		

		
			3.2Annual Financial Statements. Concurrently with the distribution of the Company’s annual financial statements to the audit committee of the Board for review, for so long as Crestline has the right to designate a director for nomination under this Agreement, the Company shall deliver to Crestline an audited balance sheet of the Company as of the end of such fiscal year and the related audited consolidated statements of income, stockholders’ equity and cash flows for such fiscal year, including any related notes thereto.
		

		
			3.3Board Observer. For so long as Crestline has the right to designate a  director for nomination under this Agreement and subject to the confidentiality obligations set forth in the existing confidentiality agreement between the Company and Crestline dated on or about April 2019,  the Company shall, and shall cause its subsidiaries to, permit and invite a person designated by Crestline (the “Observer”) to attend all meetings of the Company Board, any committees of the Company Board, the ALSC Board, and any committees of the ALSC Board as an observer and the Company Board, ALSC Board or the applicable committees shall furnish to such Observer, at the same time and in the same manner as furnished to the directors of the Company Board and ALSC Board or members of such committees, notice of each such meeting, including such meeting’s time and place, and any other materials relevant to such meeting as provided to the directors of the Company Board and ALSC Board or members of the applicable committee; provided, that, the Observer shall keep all information received or observed in his or her capacity as Observer confidential to the same extent as the Observer would be obligated to do as a director of the Company Board and ALSC Board; provided, further, that each of the Company and ALSC reserves the right to exclude the Observer from access to any material or meeting or portion thereof
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			if the Company or ALSC believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege.
		

		
			3.4SEC Reporting.  The Company shall (a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), and file with the SEC in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), at, in each case, all times from and after the date hereof and (b) furnish, unless otherwise available at no charge by access electronically to the SEC’s EDGAR filing system, to Crestline forthwith upon request such reports and documents of the Company so filed with the SEC Crestline may reasonably request.
		

		
			3.5Inspection.  For so long as Crestline and its Affiliates beneficially own at least 10% of the outstanding shares of the Company’s Common Stock (including equity securities exercisable or convertible into Common Stock held by Crestline and its Affiliates), the Company shall permit, once per calendar year, Crestline at its cost and expense  to visit and inspect the Company’s and its subsidiaries’ properties; examine their books of account and records; and discuss the Company’s and its subsidiaries’ affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by Crestline.
		

		
			4.Corporate Changes.
		

		
			4.1Each Party agrees to vote or cause to be voted Shares owned by it at any shareholders’ meeting called by the Company for its intended purposes to:
		

		
			(a)Amend the Company’s Amended and Restated Articles of Incorporation (the “Articles”) to (i) change its authorized capital stock to twenty million (20,000,000) shares of Common Stock, two million (2,000,000) shares of nonvoting common stock, $0.001 par value, and two million (2,000,000) shares of preferred stock, $0.001 par value;  and (ii) to effect a reverse split of the Company’s existing Common Stock at a ratio of five hundred (500) shares of existing Common Stock for one (1) share of new Common Stock and the payment of cash for any fractional shares resulting from the reverse split.
		

		
			(b)Reincorporate the Company from the State of Nebraska to the State of Delaware.
		

		
			(c)Classify or “stagger” the Board into three classes with three (3), two (2) and two (2) members, respectively, each elected for three year terms.
		

		
			(d)Increase the number of authorized shares of Common Stock from time to time to ensure that there will be sufficient shares of Common Stock available for conversion of all securities convertible into shares of Common Stock outstanding at any given time.
		

		
			4.2Following the Closing, the Company shall, subject to the terms and conditions of the 1505 Operating Agreement, use its commercially reasonable best efforts to consummate the acquisition of 1505 Capital, whether by the purchase of substantially all of the assets, merger, consolidation or acquisition of all of its outstanding equity not already owned by the Company no later than December 31, 2020, on terms and conditions acceptable to Purchaser
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			(“1505 Acquisition Transaction”).  The Company shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, enter into any agreement or understanding with respect to or consummate a  1505 Acquisition Transaction without the prior written consent of Purchaser, which consent will not be withheld unreasonably, provided that a 1505 Acquisition Transaction to be consummated on or before December 31, 2020 with an aggregate purchase price (including cash and other assets, assumption of debt, seller financing and any other consideration) of up to $750,000, all or any part of which may be payable in Common Stock at a price of no less than $0.045 per share, shall not be subject to the consent of Purchaser, and any such act or transaction entered into without such consent shall be null and void ab initio, and of no force or effect.  If for any reason a 1505 Acquisition Transaction is not consummated by December 31, 2020, then the Company (x) shall cause 1505 Capital to cease providing any financial and investment advisory and management services and any other services to any new clients and any related investment, trading, or financial activities or any other activities with respect to any new client, (y) may only continue to provide financial and investment advisory and management services to then existing clients and any related investment, trading, or financial activities or any other activities with respect to such existing clients  in a manner and at a volume and scope consistent with past practices and for through-out the terms of each such existing client’s respective agreements with 1505 Capital and (z) shall not expand the scope or nature of the services being provided to such existing clients or extend the term under any such existing client agreements.
		

		
			5.Xenith Distribution.
		

		
			5.1Xenith agrees that, unless otherwise prohibited by applicable law, it will distribute shares of the Common Stock now held of record and beneficially by it to its members as soon as reasonably practicable but no later than six months from the date of this Agreement. Upon such event, holders of at least 30% of such distributed Common Stock, in the aggregate, including Vespoint,  Messrs. Minnich and Salem, shall, as a condition to receiving such distribution, execute and deliver to the Parties a joinder agreement in the form attached hereto as Exhibit A  (“Joinder Agreement”)  and shall become joinders, or reaffirm their status, as Stockholders to this Agreement.
		

		
			6.Crestline Conduct of Activities.
		

		
			6.1Corporate Opportunities.  The Company hereby agrees and acknowledges that Crestline (together with its Affiliates) is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s business (as currently conducted or as currently propose to be conducted).  The Company hereby agrees that, to the extent permitted under applicable law, Crestline (and its Affiliates) shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Crestline (or its Affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other representative of Crestline (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of Crestline from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.
		

		
			7.Preemptive Right to Future Stock Issuances.
		

		
			7.1Right of First Offer.  For a period of three (3) years following the later of the date hereof and the date of consummation of a Concurrent Private Placement (as defined in the Securities Purchase Agreement, dated as of the date hereof, by and between Crestline, the Company, Xenith and Vespoint (the “Securities Purchase Agreement”))  and subject to the terms and conditions of this Section 7.1 and applicable securities laws, if the Company proposes to offer or sell any equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities (collectively, “New Securities”), the Company shall offer such New Securities to Crestline prior to offering the New Securities to other offerees. Crestline shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates, and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of Crestline (“Crestline Beneficial Owners”) or any Affiliate thereof; provided that each such Affiliate or Crestline Beneficial Owner executes and delivers a Joinder Agreement and that in the aggregate such persons purchase all, but not less than all, of the New Securities offered to Crestline.
		

		
			(a)The Company shall give notice (the “Offer Notice”) to Crestline, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.
		

		
			(b)By notification to the Company within ten  (10) days after receiving the Offer Notice, Crestline may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, all such New Securities which equals the proportion that the Common Stock then held by Crestline (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of any preferred stock and any other securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants  (collectively, “Derivative Securities”) then held by Crestline) bears to the total Common Stock then outstanding (assuming full conversion and/or exercise, as applicable, of preferred stock, if any, and any other Derivative Securities held by Crestline at the then-applicable conversion ratio).  The closing of any sale pursuant to this Section 7.1(b) shall occur within the later of sixty  (60) days of the date of receipt of the Offer Notice and the date of the initial sale of New Securities pursuant to Section 7.1(c).
		

		
			(c)If any New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided Section 7.1(b) or not so purchased, the Company may, during the ninety (90) day period following the later of the non-election or, if an election to participate is made, non-purchase,  offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice.  If the Company does not enter into an
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			agreement for the sale of the New Securities within such period, the right of first offer provided hereunder shall be deemed to be revived and such subsequent New Securities shall not be offered unless first reoffered to Crestline in accordance with this Section 7.1.
		

		
			(d)The right of first offer in this Section 7.1 shall not be applicable to Exempted Securities.  For purposes of this Agreement, “Exempted Securities” means (i) shares of Common Stock or options to purchase Common Stock issued to employees or directors of, or consultants or advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board or (ii) shares of Common Stock actually issued upon the exercise of options or shares of Common Stock actually issued upon the conversion or exchange of convertible securities, in each case provided such issuance is pursuant to the terms of such option or convertible security.
		

		
			8.Right of First Refusal - Crestline.
		

		
			8.1Grant.  For a period of three (3) years from the date of this Agreement and subject to the terms of Section 11.1 below, each Stockholder hereby unconditionally and irrevocably grants to Crestline a right of first refusal (“Right of First Refusal”) to purchase all or any portion of shares of Common Stock, preferred stock, or Derivative Securities now owned or subsequently acquired by or issued to such Stockholder after the date hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like) (collectively, “Capital Stock”) that such Stockholder may propose to transfer in any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition, or any other like transfer (a “Proposed Transfer”), at the same price and on the same terms and conditions as those offered to the prospective transferee (the “Prospective Transferee”). For the purposes of this Agreement, “Transfer Stock” means the shares of Capital Stock owned by a Stockholder as of the date hereof or issued to a Stockholder after the date hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like).  Notwithstanding anything to the contrary herein, this Section 8 shall not apply to the distribution by Xenith pursuant to Section 5.1 or to an in-kind distribution of Common Stock by Vespoint to its beneficial owners on a pro rata basis.
		

		
			8.2Notice.  Each Stockholder proposing to make a Proposed Transfer must deliver a written notice of the Proposed Transfer (the “Proposed Transfer Notice”) to Crestline not later than forty-five (45) days prior to the consummation of such Proposed Transfer. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Transfer, the identity of the Prospective Transferee, and the intended date of the Proposed Transfer. To exercise its Right of First Refusal under this Section 8, Crestline must deliver a written notice to the selling Stockholder and the other Stockholders within fifteen (15) days after delivery of the Proposed Transfer Notice specifying that Crestline will exercise its Right of First Refusal and the number of shares of Transfer Stock to be purchased by Crestline (the “Crestline ROFR Notice”). In the event of a conflict between this Agreement and any other agreement that may have been entered into by a Stockholder with the Company that contains a preexisting right of first refusal, the Company and the Stockholder acknowledge and agree that the terms of this Agreement shall control.
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			8.3Closing.  The closing of the purchase of Transfer Stock by Crestline shall take place, and all payments from Crestline shall have been delivered to the selling Stockholder, by the later of (i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Transfer; and (ii) forty-five (45) days after delivery of the Proposed Transfer Notice.
		

		
			8.4Violation of First Refusal Right. If any Stockholder becomes obligated to sell any Transfer Stock to Crestline under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, Crestline may, at its option, in addition to all other remedies it may have, send to such Stockholder the purchase price for such Transfer Stock as is herein specified and request that the Company transfer to the name of Crestline (and the Company hereby agrees to effect such transfer to the name of Crestline) on the Company’s books any certificates, instruments, or book entry representing the Transfer Stock to be sold.
		

		
			9.Right of First Refusal - Company.
		

		
			9.1Grant.  For a period of three (3) years from the date of this Agreement and subject to the terms of Section 11.2 below, Crestline hereby unconditionally and irrevocably grants to the Company a right of first refusal (“Company Right of First Refusal”) to purchase all or any portion of shares of Capital Stock now owned or subsequently acquired by or issued to Crestline after the date hereof that Crestline may propose to transfer in Proposed Transfer, at the same price and on the same terms and conditions as those offered to the Prospective Transferee.
		

		
			9.2Notice.  If Crestline proposes to make a Proposed Transfer, it must deliver Proposed Transfer Notice to the Company not later than forty-five (45) days prior to the consummation of such Proposed Transfer. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Transfer, the identity of the Prospective Transferee, and the intended date of the Proposed Transfer. To exercise its Right of First Refusal under this Section 9,  the Company must deliver a written notice to Crestline within fifteen (15) days after delivery of the Proposed Transfer Notice specifying that the Company will exercise its Company Right of First Refusal and the number of shares of Transfer Stock to be purchased by the Company (the “Company ROFR Notice”).
		

		
			9.3Closing.  The closing of the purchase of Transfer Stock by Company shall take place, and all payments from Company shall have been delivered to Crestline, by the later of (i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Transfer; and (ii) forty-five (45) days after delivery of the Proposed Transfer Notice.
		

		
			9.4Violation of Company First Refusal Right. If Crestline becomes obligated to sell any Transfer Stock to the Company under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company may, at its option, in addition to all other remedies it may have, send to Crestline the purchase price for such Transfer Stock as is herein specified and the Company shall not the cancellation of such Transfer Stock to be sold on the Company’s books or book entry.
		

		
			10.Right of Co-Sale.
		

		
			10.1Exercise of Co-Sale Right.  For a period beginning on the date of this Agreement and ending on the earlier of (i) the ten (10) year anniversary following the date of this
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			Agreement and (ii) the date on which Crestline and its Affiliates own less than five percent (5%) of the outstanding shares of Common Stock (including equity securities exercisable or convertible into Common Stock held by Crestline and its Affiliates),  and subject to the terms of Section 11.1 below, if any Transfer Stock subject to a Proposed Transfer is not purchased pursuant to Section 8 above and thereafter is to be sold by a Stockholder to a Prospective Transferee and such number of shares of Transfer Stock, together with all sales of Transfer Stock sold by such Stockholder within the preceding three (3) months of the date of such Proposed Transfer, is equal to or in excess of 1% of the total outstanding Common Stock (which shall be increased to 3% of the total outstanding Common Stock in the event that the Company consummates a firm-commitment underwritten public offering of its Common Stock pursuant to an effective registration statement under the Securities Act resulting in cash proceeds to the Company of at least $15.0 million (net of underwriting discounts and commissions) and the Common Stock is listed for trading on the Nasdaq Stock Market or the New York Stock Exchange), Crestline may elect to exercise its Right of Co-Sale under this Section 10 and participate on a pro rata basis in the Proposed Transfer as set forth in Section 10.2 below and, subject to Section 10.4, otherwise on the same terms and conditions specified in the Proposed Transfer Notice. If Crestline desires to exercise its Right of Co-Sale, then Crestline must give the selling Stockholder written notice to that effect no later than the deadline for delivery of the Crestline ROFR Notice described in Section 8.2 above (the “Crestline Co-Sale Notice”), and upon giving such Crestline Co-Sale Notice, Crestline shall be deemed to have effectively exercised its Right of Co-Sale.  Notwithstanding anything to the contrary herein, this Section 10 shall not apply to the distribution by Xenith pursuant to Section 5.1 or to in-kind distribution of Common Stock by Vespoint to its beneficial owners on a pro rata basis.
		

		
			10.2Shares Includable.  Crestline may include in the Proposed Transfer all or any part of Crestline’s Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed Transfer by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by Crestline immediately before the consummation of the Proposed Transfer and the denominator of which is the total number of shares of Transfer Stock held by the selling Stockholder.
		

		
			10.3Purchase and Sale Agreement.  Crestline and the selling Stockholder agree that the terms and conditions of any Proposed Transfer in accordance with this Section 10 will be memorialized in, and governed by, a written purchase and sale agreement with the Prospective Transferee (a “Purchase and Sale Agreement”) with customary terms and provisions for such a transaction, and Crestline and the selling Stockholder further covenant and agree to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Section 10.
		

		
			10.4Allocation of Consideration.  Subject to Section 10.4(b) below, the aggregate consideration payable to Crestline and the selling Stockholder shall be allocated based on the number of shares of Capital Stock sold to the Prospective Transferee by Crestline and the selling Stockholder as provided in Section 10.2.
		

		
			10.5Purchase by Selling Stockholder; Deliveries.  Notwithstanding Section 10.3 above, if any Prospective Transferee or Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from Crestline or upon the failure to negotiate in good faith a Purchase and Sale
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			Agreement reasonably satisfactory to Crestline, no Stockholder may sell any Transfer Stock to such Prospective Transferee or Transferees unless and until, simultaneously with such sale, such Stockholder purchases all securities subject to the Right of Co-Sale from Crestline on the same terms and conditions (including the proposed purchase price) as set forth in the Proposed Transfer Notice and as provided in Section 10.4(a);  provided, that if such sale constitutes a Change of Control, the portion of the aggregate consideration paid by the selling Stockholder to Crestline shall be made in accordance with the first sentence of Section 10.4(b). In connection with such purchase by the selling Stockholder, Crestline shall deliver to the selling Stockholder any stock certificate or certificates, properly endorsed for transfer, representing the Capital Stock being purchased by the selling Stockholder (or request that the Company effect such transfer in the name of the selling Stockholder). Any such shares transferred to the selling Stockholder will be transferred to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Stock pursuant to the terms and conditions specified in the Proposed Transfer Notice, and the selling Stockholder shall concurrently therewith remit or direct payment to Crestline the portion of the aggregate consideration to which Crestline is entitled by reason of its participation in such sale as provided in this Section 10.5.
		

		
			10.6Additional Compliance.  If any Proposed Transfer is not consummated within (i) one hundred ninety-five (195) days after delivery of the Proposed Transfer Notice to Crestline if Form A regulatory approval of the Proposed Transfer from the Nebraska Department of Insurance is required, or (ii) one hundred five  (105) days after the delivery of the Proposed Transfer Notice to Crestline if no Form A regulatory approval of the Proposed Transfer from the Nebraska Department of Insurance is required, no Stockholders proposing the Proposed Transfer may sell any Transfer Stock unless they first comply in full with each provision of this Section 10.  The exercise or election not to exercise any right hereunder by Crestline shall not adversely affect its right to participate in any other sales of Transfer Stock subject to this Section 10.
		

		
			10.7Violation of Co-Sale Right.  If any Stockholder purports to sell any Transfer Stock in contravention of the Right of Co-Sale (a “Prohibited Transfer”), Crestline may, in addition to such remedies as may be available by law, in equity or hereunder, require such selling Stockholder to purchase from Crestline the type and number of shares of Capital Stock that Crestline would have been entitled to sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Section 10.  The sale will be made on the same terms, including, without limitation, as provided in Section 10.4(a) and the first sentence of Section 10.4(b), as applicable, and subject to the same conditions as would have applied had the Stockholder not made the Prohibited Transfer, except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after Crestline learns of the Prohibited Transfer, as opposed to the timeframe otherwise provided under Section 10.  Such Stockholder shall also reimburse Crestline for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of Crestline’s rights under Section 10.
		

		
			11.Exempt Transfers.
		

		
			11.1Exempted Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 8 and 10 shall not apply (a) to a repurchase of Transfer Stock from such Stockholder by the Company at a price no greater than that originally paid by
		

		
			
		

		
			

		 

		

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			such Stockholder for such Transfer Stock and pursuant to an agreement containing vesting and/or repurchase provisions approved by a majority of the Board, (b) to a pledge of Transfer Stock that creates a mere security interest in the pledged Transfer Stock, provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all applicable provisions of this Agreement to the same extent as if it were such Stockholder making such pledge, or (c) in the case of a Stockholder that is a natural person, upon a transfer of Transfer Stock by such Stockholder made for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Stockholder (or his or her spouse) (all of the foregoing collectively referred to as “family members”), or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Stockholder or any such family members;  provided, that in the case of clause(s) (b) or (c), such Stockholders shall deliver prior written notice to Crestline of such pledge, gift or transfer and such shares of Transfer Stock shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a condition to such transfer, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as party hereto (but only with respect to the securities so transferred to the transferee).
		

		
			11.2Exempted Crestline Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 9 shall not apply (a) to a transfer of Transfer Stock to one or more Affiliates of Crestline or a distribution of such Transfer Stock to one or more if its members, partners or stockholders, (b) to a pledge of Transfer Stock that creates a mere security interest in the pledged Transfer Stock, provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all applicable provisions of this Agreement to the same extent as if it were such Stockholder making such pledge, or (c) in the case of a Stockholder that is a natural person, upon a transfer of Transfer Stock by such Stockholder made for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Stockholder (or his or her spouse) (all of the foregoing collectively referred to as “family members”), or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Stockholder or any such family members; provided, that in the case of clause(s) (b) or (c), Crestline shall deliver prior written notice to the Company of such pledge, gift or transfer and such shares of Transfer Stock shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a condition to such transfer, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as party hereto (but only with respect to the securities so transferred to the transferee).
		

		
			12.Registration Rights.
		

		
			12.1Demand Registration.
		

		
			(a)Form S-1 Demand Registration.  If at any time after the date of this Agreement, the Company receives a request from any of Crestline, Vespoint,  Minnich or Salem (the “Holders”) that the Company file a Form S-1 registration statement with respect to any such Holder’s Registrable Securities then outstanding, then the Company shall as soon as practicable,
		

		
			
		

		
			

		 

		

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			and in any event within sixty (60) days after the date such request is received by the Company, file a Form S-1 registration statement under the Securities Act or any successor registration form under the Securities Act subsequently adopted by the SEC (“Form S-1”) covering all Registrable Securities that the requesting Holder requested to be registered and,  subject to the limitations of Sections 12.1(c) and 12.3,  promptly, but no less than two (2) business days after receipt of such request, give notice to the non-requesting Holders of such request and provide the non-requesting Holders the right to include their Registrable Securities in such registration as each such Holder may elect in writing no later than ten  (10) business days after receipt of notice from the Company. For purposes of this Agreement, “Registrable Securities” shall mean for the purposes of this Agreement: (a) the shares of Common Stock held by the Holders; (b) any Common Stock issued to the Holders as (or issuable to the Holders upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for (or in replacement of) such shares; and (c) any Common Stock, or any Common Stock issued or issuable to the Holders (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Holders after the date hereof.
		

		
			(b) Form S-3 Demand Registration.  If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a written request from any Holder that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holder then the Company shall within forty-five (45) days of receipt of such request file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration and promptly,  but no less than two (2) business days after receipt of such request, give notice to the non-requesting Holders of such request and provide the non-requesting Holders the right to include their Registrable Securities in such registration as each such Holder may elect in writing no later than ten  (10) business days after receipt of notice from the Company. For purposes of this Agreement, “Form S‐3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC.
		

		
			(c)Notwithstanding the foregoing obligations, if the Company furnishes to the Holders in any request for registration a certificate signed by the Company’s chief operating officer stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than sixty (60) days after such request is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other than pursuant to a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity
		

		
			
		

		
			

		 

		

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			incentive or similar plan; a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.
		

		
			(d)The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 12.1(a):  (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant (one of which shall be for Crestline as the initiating Holder) to Section 12.1(a); (iii) if any of the Holders proposes to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 12.1(b) or (vi) with respect to any Holder, such Holder owns less than one percent (1%) of the outstanding Common Stock not including its Derivative Securities.  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 12.1(b):  (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Section 12.1(b) within the twelve (12) month period immediately preceding the date of such request.  A registration shall not be counted as “effected” for purposes of this Section 12.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Holders  requesting the registration withdraw their request for such registration, elect not to pay the registration expenses therefor pursuant to Section 12.6, and forfeit their right to one demand registration statement, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 12.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Section 12.1(c), then the Holder may withdraw its request for registration and such registration will not be counted as “effected” for purposes of this Section 12.1(d).
		

		
			12.2Company Registration: Piggyback Registration Rights.  If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash, other than in an Excluded Registration (as defined below), the Company shall, at such time, promptly give the Holders notice of such registration.  Upon the request of any Holder given within ten  (10) business days after such notice is given by the Company, the Company shall, subject to the provisions of Section 12.3, cause to be registered all of the Registrable Securities that such Holder has requested to be included in such registration.  The Company shall have the right in its sole discretion to terminate or withdraw any registration initiated by it under this Section 12.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration.  The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 12.6. For the purposes of this Agreement, an “Excluded Registration” means a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to
		

		
			
		

		
			

		 

		

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			a stock option, stock purchase, equity incentive, or similar plan, and a registration relating to an SEC Rule 145 transaction.
		

		
			12.3Underwriting Requirements.
		

		
			(a)If, pursuant to Section 12.1, any Holder intends to distribute its Registrable Securities covered by its request by means of an underwriting, it shall so advise the Company as a part of its request made pursuant to Section 12.1, and the Company shall include such information in the applicable notice.  The underwriter(s) will be selected by the Holder(s) requesting and approved by the Board (including the Crestline Designated Director if Crestline is the initiating Holder).  In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon its participation in such underwriting and the inclusion of its Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 12.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.  Notwithstanding any other provision of this Section 12.3, if the managing underwriter(s) advise(s) the Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder requested to be subject to the registration to the number of Registrable Securities requested to be subject to the registration by the other Holders requesting registration or in such other proportion as shall mutually be agreed to among all such selling Holders.
		

		
			(b)In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 12.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders have properly requested and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.  If the total number of securities, including Registrable Securities, requested by Holders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable) to the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to among all such selling Holders.
		

		
			(c)For purposes of Section 12.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 12.3(c), fewer than forty percent (40%) of the total number of Registrable Securities that any Holder has requested to be included in such registration statement are actually included.
		

		
			
		

		
			

		 

		

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			(d)Each Holder agrees that in connection with any underwritten registered offering of Common Stock by the Company, and upon the request of the managing underwriter in such offering, each Holder to which registration rights under this Agreement apply agrees to execute and deliver a customary lock-up and agreement that provides that such Holder shall not, without the prior written consent of such managing underwriter, subject to customary exceptions, during the period commencing on thirty (30) days prior to the effective date of such registration and until the date specified by such managing underwriter (such period not to exceed up to one hundred eighty (180) days, if and as requested by the managing underwriter), (a) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into, exercisable for or exchangeable for shares of Common Stock held immediately before the effectiveness of the registration statement for such offering (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 12.3(d) shall be applicable to the Holders only if all officers and directors of the Company and all stockholders owning more than five percent (5%) of the Company's outstanding Common Stock are subject to the same restrictions. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. Notwithstanding anything to the contrary contained in this Section 12.3(d), each Holder shall be released, pro rata, from any lock-up agreement entered into pursuant to this Section 12.3(d) in the event and to the extent that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any officer, director or holder of greater than five percent (5%) of the outstanding Common Stock.
		

		
			12.4Obligations of the Company.  Whenever required under this Section 12 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
		

		
			(a)Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of any Holder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period such Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to thirty (30) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;
		

		
			(b)Prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement,
		

		
			
		

		
			

		 

		

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			as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;
		

		
			(c) Furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;
		

		
			(d)Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided, that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
		

		
			(e)In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;
		

		
			(f)Use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading or quotation system and each securities exchange and trading or quotation system (if any) on which similar securities issued by the Company are then listed;
		

		
			(g)Promptly make available for inspection by a selling Holder, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by a selling Holder, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;
		

		
			(h)Notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and
		

		
			(i)After such registration statement becomes effective, notify the selling Holder(s) of any request by the SEC that the Company amend or supplement such registration statement or prospectus.
		

		
			12.5Furnish Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 12 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of the Registrable Securities of the selling Holder.
		

		
			
		

		
			

		 

		

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			12.6Expenses of Registration.  All expenses (other than underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities by the selling Holders (“Selling Expenses”)) incurred in connection with registrations, filings, or qualifications pursuant to Section 12, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel to Crestline and one counsel to Vespoint, shall be borne and paid by the Company.  All Selling Expenses relating to Registrable Securities registered pursuant to this Section 12 shall be borne and paid by the selling Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.
		

		
			12.7Indemnification.  If any Registrable Securities are included in a registration statement under this Section 12:
		

		
			(a)To the extent permitted by law, the Company will indemnify and hold harmless each Holder and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages (as defined below), and the Company will pay to each Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 12.7(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, and the Company shall not be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.
		

		
			(b)To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such Holder expressly for use in connection with such registration; and each such Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 12.7(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by a by any Holder by way of indemnity or contribution under Section 12.7(b) and Section 12.7(d) exceed the proceeds from the offering received by such
		

		
			
		

		
			

		 

		

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			Holders (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.
		

		
			(c)Promptly after receipt by an indemnified party under this Section 12.7 (an “Indemnitee”) of notice of the commencement of any action (including any governmental action) for which an Indemnitee may be entitled to indemnification hereunder, such Indemnitee will, if a claim in respect thereof is to be made against any indemnifying party under this Section 12.7 (an “Indemnitor”), give the Indemnitor notice of the commencement thereof.  The Indemnitor shall have the right to participate in such action and, to the extent the Indemnitor party so desires, participate jointly with any other Indemnitor to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an Indemnitee (together with all other Indemnitees that may be represented without conflict by one counsel) shall have the right to retain one  separate counsel, with the fees and expenses to be paid by the Indemnitor, if representation of such Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other party represented by such counsel in such action. The failure to give notice to the Indemnitor within a reasonable time of the commencement of any such action shall relieve such Indemnitor of any liability to the Indemnitee under this Section 12.7, to the extent that such failure materially prejudices the Indemnitor’s ability to defend such action.  The failure to give notice to the Indemnitor will not relieve it of any liability that it may have to any Indemnitee otherwise than under this Section 12.7.
		

		
			(d)To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any Indemnitee makes a claim for indemnification pursuant to this Section 12.7 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 12.7 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 12.7, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the Indemnitor and the Indemnitee in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the Indemnitor and of the Indemnitee shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the Indemnitor or by the Indemnitee and each’s relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 12.7(d), when combined with the amounts paid or payable by such Holder pursuant to Section 12.7(b), exceed the proceeds from
		

		
			
		

		
			

		 

		

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			the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.
		

		
			(e)Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
		

		
			(f)Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 12.7 shall survive the completion of any offering of Registrable Securities in a registration under this Section 12.7, and otherwise shall survive the termination of this Agreement.
		

		
			(g)For the purposes of this Agreement, “Damages” shall mean any loss, damage, claim, or liability (whether joint or several) to which a Party may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim, or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying Party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.
		

		
			12.8Limitations on Subsequent Registration Rights.  From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders owning a majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would (i) provide to such holder or prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after the Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that the Holders wish to so include; (ii) allow such holder or prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (iii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder.
		

		
			13.Proxy.  Crestline hereby appoints Vespoint its proxy, with full power of substitution, with respect to that number of shares of the Common Stock owned by Crestline in excess of the Ownership Limit (the “Proxy Shares”), to vote or act by written consent on any matter during the term of this Agreement to which the Proxy Shares are entitled to vote; provided that any such vote is made or act by written consent is taken pursuant to this proxy in accordance with the terms and conditions of this Agreement.   The proxy hereunder shall automatically terminate, without any further action by the Parties, immediately upon (a) issuance of the approval
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			order issued by the Nebraska Department in accordance with Neb. Rev. Stat. § 44-2126 and 210 N.A.C. Ch. 24 (Form A) with respect to Crestline’s ownership of Common Stock or (b) the sale, assignment or other transfer by Crestline to any third party Person of any Proxy Shares, provided, that such proxy shall terminate with respect to only such Proxy Shares sold, assigned or otherwise transferred and not with respect to the remaining Proxy Shares owned by Crestline.  On or before the issuance of the shares of Common Stock to Crestline pursuant to the Securities Purchase Agreement,  the Company and Crestline shall collaborate and agree in writing as to the number of Proxy Shares and the Company shall issue, by a separate book entry in the Company’s stock ledger records, the Proxy Shares to Crestline. For purposes of the foregoing, “Ownership Limit” means the number of shares of Common Stock owned by Crestline equal to 9.9% of the issued and outstanding Common Stock rounded down to the next whole share.
		

		
			14.Further Assurances; Transfer Void; Equitable Relief. For the avoidance of doubt, the Parties acknowledge and agree that any Proposed Transfer not made in compliance with the requirements of this Agreement (including, without limitation, Section 9 and 10 hereof) shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. The Company and each Stockholder acknowledge and agree that any breach of this Agreement would result in substantial harm to Crestline for which monetary damages alone could not adequately compensate. Therefore, the Company and the Stockholders unconditionally and irrevocably agree that Crestline shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Transfer Stock not made in strict compliance with this Agreement).
		

		
			15.Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to each other Party, it being understood that the Parties need not sign the same counterpart.  In the event that any signature is delivered by fax or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such fax or “.pdf” signature page were an original thereof.
		

		
			16.Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.
		

		
			17.Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Parties will be entitled to specific performance under this Agreement.  The Parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in this Agreement and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.
		

		
			
		

		
			

		 

		

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			Crestline—Stockholders Agreement (Midwest Holding)

		

		

		
			 
		

		
			18.No Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns.  None of the Parties may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other Parties.
		

		
			19.No Third Party Beneficiaries.  Except as otherwise set forth in this Agreement, this Agreement is intended for the benefit of the Parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.
		

		
			20.Choice of Law; Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Each Party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a Party hereto or its respective Affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the State of Delaware.
		

		
			[Signature page follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			24

		

		

			Crestline—Stockholders Agreement (Midwest Holding)

		

		

			 

		

		

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

			
					
						 

					
					
						MIDWEST HOLDING INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ A. Michael Salem

				
	
					
						 

					
					
						Name: A. Michael Salem

				
	
					
						 

					
					
						Title: CEO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						XENITH HOLDINGS LLC

				
	
					
						 

					
					
						By Vespoint LLC, its managing member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ A. Michael Salem

				
	
					
						 

					
					
						Name: A. Michael Salem

				
	
					
						 

					
					
						Title: Co-Chief Executive Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						VESPOINT LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Michael Minnich

				
	
					
						 

					
					
						Name: Michael Minnich

				
	
					
						 

					
					
						Title: Co-Chief Executive Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MICHAEL MINNICH, an individual

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Michael Minnich

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						A. MICHAL SALEM, an individual

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ A. Michael Salem

				
	
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

			Signature Page to Stockholders Agreement (Midwest Holding)

		

		

			 

		

		

		
			 
		

			
					
						 

					
						 

					
						 

					
					
						 

				
	
					
						 

					
					
						CRESTLINE ASSURANCE HOLDINGS LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ John S. Cochran

				
	
					
						 

					
					
						Name: John S. Cochran

				
	
					
						 

					
					
						Title: Vice President

				

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Stockholders Agreement (Midwest Holding)

		

		

			 

		

		

		
			Exhibit A
		

		
			Joinder Agreement
		

		
			Reference is hereby made to the Stockholders Agreement, dated as April 24, 2020 (as amended from time to time, the “Stockholders Agreement”), by and among MIDWEST HOLDING INC., a Nebraska corporation (the “Company”), CRESTLINE ASSURANCE HOLDINGS LLC, a Delaware limited liability company, XENITH HOLDINGS LLC, a Delaware limited liability company, VESPOINT LLC, a Delaware limited liability company, MICHAEL MINNICH, an individual and A. MICHAEL SALEM, and the other parties thereto. Pursuant to and in accordance with Section [5.1/7.1] of the Stockholders Agreement, the undersigned hereby agrees that upon the execution of this Joinder Agreement, it shall become a party to the Stockholders Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Stockholders Agreement as though an original party thereto and shall be deemed to be [a Stockholder of the Company][included within the references to Crestline] for all purposes thereof.
		

		
			Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Stockholders Agreement.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of [_________].
		

		
			 
		

		
			 
		

			
					
						 

					
					
						[TRANSFEREE STOCKHOLDER]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By_____________________ 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

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