Document:

Exhibit 10.2

 

Execution Version

 

STOCKHOLDERS AGREEMENT

 

THIS STOCKHOLDERS AGREEMENT,
dated as of December 27, 2018, is made and entered into by and among GWG Holdings, Inc., a Delaware corporation (the “Company”),
and each of the EXCHANGE TRUSTS set out on Schedule I (together with such additional Exchange Trusts that become a party
hereto by joinder prior to the Second Closing, each a “Seller Trust” and collectively the “Seller Trusts”),
and as agreed to and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors to the Seller Trusts (the “Trust
Advisors”), and any other person or entity that becomes a party to this Agreement by executing and delivering a joinder
to this Agreement in the form attached hereto as Exhibit A.

 

RECITALS

 

WHEREAS, the Company
and the Seller Trusts have entered into that certain Master Exchange Agreement, as amended and restated with effect as of January
12, 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Master Exchange
Agreement”), by and among The Beneficient Company Group, L.P., a Delaware limited partnership (“Beneficient”),
the Company, GWG Life, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, MHT FINANCIAL SPV,
L.L.C. and each of the Seller Trusts, and as agreed and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors,
pursuant to which each of the Seller Trusts have acquired shares of common stock, par value $0.001, of the Company;

 

WHEREAS, the Company
and the Seller Trusts, in accordance with Section 9.2(d)(ii) of the Master Exchange Agreement, desire to enter into this
Agreement.

 

NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

Section 1. Definitions.

 

(a) As used in this Agreement, the following terms
shall have the following

meanings:

 

“Affiliate” of
a Person is any Person that directly or indirectly controls, is controlled by, or is under common control with such
specified Person, and “Affiliated” shall have a correlative meaning; provided, however, that solely for
purposes of this Agreement, notwithstanding anything to the contrary set forth herein, (A) neither the Company nor any of its
subsidiaries shall be deemed to be an Affiliate of any of the Seller Trusts, and (B) none of the Seller Trusts shall be
deemed to be an Affiliate of the Company, solely by virtue of (i) such party’s ownership of Common Stock or its being a
party to this Agreement or (ii) any other action taken by such party’s or its respective Affiliates which is expressly
required or contemplated under this Agreement, in each case in accordance with the terms and conditions of, and subject to
the limitations and restrictions set forth in, this Agreement (and irrespective of the characteristics of the
aforesaid relationships and actions under applicable Law or accounting principles). For purposes of this definition, the term
“control” (including the correlative meanings of the terms “controlled by” and “under common
control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the affairs or management of such Person, whether through the ownership of voting
securities, as trustee or executor, by contract or any other means.

 

     

     

    

 

“Agreement”
means this Stockholders Agreement, as amended, modified or supplemented from time to time, in accordance with the terms hereof,
together with any exhibits, schedules or other attachments hereto.

 

“Beneficial
Ownership” by a Person of any securities includes ownership by any Person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares (i) voting power which includes the power to vote, or to direct
the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to direct the disposition, of
such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership” as defined in
Rule 13d-3 adopted by the Commission under the Exchange Act; provided that solely for purposes of this Agreement, notwithstanding
anything to the contrary set forth herein, none of the Seller Trusts shall be deemed to have Beneficial Ownership of securities
owned by another party hereto solely by virtue of (A) such party’s status as a party to this Agreement, (B) the voting agreements
and proxies contained herein or therein or (C) any other action taken by such party or any of its Affiliates which is expressly
required or contemplated by the terms of this Agreement, in each case in accordance with the terms and conditions of, and subject
to the limitations and restrictions set forth in, this Agreement (and irrespective of the characteristics of the aforesaid relationships
and actions under applicable Law or accounting principles). For purposes of this Agreement, a Person shall be deemed to Beneficially
Own any securities Beneficially Owned by its Affiliates or any Group of which such Person or any such Affiliate is or becomes a
member or is otherwise acting in concert. “Beneficially Own,” “Beneficially Owned” and “Beneficially
Owning” shall have a correlative meaning.

 

“Beneficient”
has the meaning set forth in the Recitals.

 

“Board” means the Board of Directors of the Company.

 

“Capital Stock”
means, with respect to any Person at any time, any and all shares, interests, participations or other equivalents (however designated,
whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests
in or issued by such Person.

 

“Commission” shall mean the Securities
and Exchange Commission.

 

“Common Stock”
means the common stock, par value $0.001 per share, of the Company and any securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation,
exchange or other similar reorganization.

 

“Company” has the meaning set forth
in the Preamble.

 

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“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
from time to time thereunder.

 

“Governmental
Entity” means any United States or foreign (i) federal, state, local, municipal or other government, (ii) governmental
or quasi-governmental entity of any nature (including, without limitation, any governmental agency, branch, department, official
or entity and any court or other tribunal), (iii) body exercising or entitled to exercise any administrative, executive, judicial,
legislative, police, regulatory or taxing authority or power of any nature, including, without limitation, any arbitral tribunal
and self-regulatory organizations, or (iv) any national securities exchange or national quotation system.

 

“Governmental
Order” means any order, judgment, injunction, decree, writ, stipulation, compliance agreement, settlement agreement,
decision, determination or award, in each case, entered by or with any Governmental Entity or arbitrator.

 

“Group”
shall have the meaning assigned to it in Section 13(d)(3) of the Exchange Act; provided, however, that solely for
purposes of this Agreement, notwithstanding anything to the contrary set forth herein, none of the Seller Trusts or any of their
respective Affiliates shall be deemed to be a member of a Group with each other or each other’s Affiliates, in each case
solely by virtue of the existence of this Agreement or any action taken by a party hereto or thereto or any such party’s
Affiliates which is expressly required or contemplated by the terms hereof or thereof, in each case in accordance with the terms
and conditions of, and subject to the limitations and restrictions set forth in, this Agreement (and irrespective of the characteristics
of the aforesaid relationships and actions under applicable Law or accounting principles).

 

“Laws”
means, collectively, any applicable federal, state, local or foreign law (statutory, common or otherwise), constitution, treaty,
convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Entity.

 

“Master Exchange Agreement” has
the meaning set forth in the Recitals.

 

“Material
Adverse Effect” means, with respect to a party (including, as appropriate, its Subsidiaries), any event, change, effect
or development that, individually or in the aggregate, (i) has or would reasonably be expected to have a material and adverse effect
on the condition (financial or otherwise), results of operations, business or prospects of such party and its Subsidiaries, taken
as a whole, or (ii) materially impairs the ability of a party to perform its obligations under this Agreement or otherwise materially
impede or delay the consummation of the transactions contemplated by this Agreement.

 

“Orderly Marketing
Agreement” means the Orderly Marketing Agreement to be entered into by the Company, the Trust Advisors and one or more
investment banks pursuant to the Master Exchange Agreement.

 

“Person”
means any natural person, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, foundation, unincorporated organization or government or other agency or political subdivision thereof, or any other entity
or Group comprised of two or more of the foregoing.

 

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“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among the Company and
the Seller Trusts providing for the registration of the Common Stock under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Seller Trust
Assets” has the meaning set forth in Section 6(m).

 

“Seller Trusts” has the meaning set forth in the Preamble.

 

“Subsidiary”
means, with respect to a Person, any corporation or other organization (including a limited liability company or a partnership),
whether incorporated or unincorporated, of which such Person directly or indirectly owns or controls a majority of the securities
or other interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization, or any organization of which such Person or any of its
Subsidiaries is, directly or indirectly, a general partner or managing member.

 

“Termination Date” has the meaning
set forth in Section 6(l).

 

“Total Voting
Power” means, at any time, the total number of votes then entitled to be cast by holders of the outstanding Common Stock
and any other securities entitled to vote generally in the election of directors to the Board and not solely upon the occurrence
and during the continuation of certain specified events.

 

“Transfer”
means, when used as a noun, any direct or indirect, voluntary or involuntary, sale, disposition, hypothecation, mortgage, encumbrance,
gift, pledge, assignment, attachment or other transfer (including the creation of any derivative or synthetic interest, including
a participation or other similar interest), whether by merger, testamentary disposition, operation of law or otherwise, and entry
into a definitive agreement with respect to any of the foregoing and, when used as a verb, to directly or indirectly, voluntarily
or involuntarily, sell, dispose, hypothecate, mortgage, encumber, gift, pledge, assign, attach or otherwise transfer (including
by creating any derivative or synthetic interest, including a participation or other similar interest), whether by merger, testamentary
disposition, operation of law or otherwise, or enter into a definitive agreement with respect to any of the foregoing. For purposes
of this Agreement, the sale of the interest of a party to this Agreement in an Affiliate of such party which Beneficially Owns
Voting Securities shall be deemed a Transfer by such party of such Voting Securities unless such party retains Beneficial Ownership
of such Voting Securities following such transaction.

 

“Trust Advisors” has the meaning
set forth in the Preamble.

 

“Trust Agreements” has the meaning set forth in Section 6(m).

 

“Units” means the securities of
Beneficient designated by Beneficient as its common units.

 

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“Voting
Securities” means, at any time, shares of any class of Capital Stock or other securities of the Company, including the
Common Stock, which are entitled to vote generally in the election of directors to the Board and not solely upon the occurrence
and during the continuation of certain specified events.

 

(b) In addition to the above definitions, unless the
context requires otherwise:

 

(i) any reference
to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form as amended or modified
and shall also include any successor statute, regulation, rule or form, as amended, from time to time;

 

(ii) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, in each case notwithstanding the absence of any express statement to such effect, or the presence of such express
statement in some contexts and not in others;

 

(iii) references
to “Section”, “Exhibit” or “Schedule” are references to Sections of or Exhibits or Schedules
to this Agreement unless otherwise indicated;

 

(iv) words
such as “herein”, “hereof”, “hereinafter” and “hereby” when used in this Agreement
refer to this Agreement as a whole;

 

(v) references
to “dollars” or “$” in this Agreement are to United States dollars; and

 

(vi) references
to “business day” mean any day other than a Saturday, a Sunday or a day on which banks in New York, New York are authorized
by Law or order to be closed.

 

Section 2. Voting Agreement.

 

For so long as the
Seller Trusts own Voting Securities representing 10% of more of the Total Voting Power, each of the Seller Trusts agrees that:

 

(a) it will vote, or
cause to be voted, all Voting Securities over which it has voting control with respect to all matters, including without limitation
the election and removal of directors, voted on by the stockholders of the Company (whether at a regular or special meeting or
pursuant to a written consent), solely in proportion with the votes cast by all other holders of Voting Securities on any matter
put before them; and

 

(b) it will vote, or
cause to be voted, or execute written consents with respect to all Voting Securities over which it has voting control, and shall
take all other reasonably necessary or desirable actions within its control (including voting for calling a meeting of stockholders
of the Company, attending all meetings in person or by proxy for purposes of obtaining a quorum and executing all written consents
in lieu of meetings, as applicable), to effectuate the provisions of this Agreement.

 

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Section
3. Proxies. Each of the Seller Trusts hereby irrevocably appoints, as its proxy and attorney-in-fact, Jon R. Sabes,
in his capacity as the Chief Executive Officer of the Company, and any individual who shall hereafter succeed to such office of
the Company, with full power of substitution, to vote or execute written consents with respect to all Voting Securities Beneficially
Owned by such Seller Trust in accordance with the provisions of Section 2; provided that such proxy may only be exercised
if such Person fails to comply with the terms of Section 2. This proxy is coupled with an interest and shall be irrevocable
prior to the Termination Date, and each of the Seller Trusts will take such further action or execute such other instruments as
may be reasonably necessary to effectuate the intent of this proxy and revoke any proxy previously granted by it with respect
to any Voting Securities Beneficially Owned by such Person.

 

Section 4. Standstill; Transfer Restrictions.

 

(a) As to each of the Seller Trusts, until the
earlier of (i) one year from the Closing Date (as defined in the Master Exchange Agreement) and (ii) the termination of the
Orderly Marketing Agreement, without the prior written consent of the Board (which shall require the affirmative vote of a
majority of the entire Board), each of the Seller Trusts shall not, directly or indirectly, and shall cause their respective
assignees and transferees (other than pursuant to a registered public offering) and their respective Affiliates not to,
directly or indirectly:

 

(i) acquire,
offer to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, any securities or direct or indirect rights
to acquire any Voting Securities of the Company or any of its Subsidiaries other than pursuant to the Master Exchange Agreement;

 

(ii) seek
or propose to influence or control the management, Board, or policies of the Company, make or participate, directly or indirectly,
in any “solicitation” of “proxies” (as such terms are used in the rules of the Commission) to vote any
Voting Securities or any voting securities of any of the Company’s Subsidiaries, or seek to advise or influence any other
person with respect to the voting of any Voting Securities or any voting securities of the Company’s Subsidiaries;

 

(iii) submit
a proposal for or offer of (with or without conditions) any merger, recapitalization, reorganization, business combination, or
other extraordinary transaction involving the Company, any of its Subsidiaries, or any of their respective Securities or assets
or, except as required by law, make any public announcement with respect to the foregoing;

 

(iv) enter
into any discussions, negotiations, arrangements, or understandings with any other Person with respect to any of the foregoing,
or otherwise form, join, engage in discussions relating to the formation of, or participate in a Group in connection with any of
the foregoing; or

 

(v) advise,
assist, or encourage any other Person in connection with any of the foregoing.

 

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(b)
Each of the Seller Trusts agrees that it shall not Transfer any Voting Securities Beneficially Owned by such Seller Trust
without the prior written consent of the Company other (i) than pursuant to the transactions contemplated by the Orderly
Marketing Agreement or (ii) in a registered public offering to or through one or more underwriters or placement agents
pursuant to the exercise of the Seller Trusts’ Parties’ contractual registration rights under the Registration
Rights Agreement (provided, that the Seller Trusts shall, in the exercise of such rights, instruct the underwriters or
placement agents to use their reasonable best efforts to (x) effect as wide a distribution of such Voting Securities as is
reasonably practicable without adversely affecting the pricing thereof and (y) not sell any Voting Securities to any Person
or Group who, after consummation of such Transfer, would have Beneficial Ownership of Voting Securities representing in the
aggregate 5.0% or more of the Total Voting Power or, in the case of a Person of the type described in Rule 13d-1(b)(1)(i)
under the Exchange Act, 10% or more of the Total Voting Power).

 

(c) Without
limiting the foregoing, each of the Seller Trusts agree that it will not Transfer any Voting Securities except pursuant to an effective
registration statement under, and in compliance with the requirements of, the Securities Act, or pursuant to an available exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable
state, federal or foreign securities Laws.

 

(d) Any
attempted Transfer in violation of this Agreement shall be of no effect and null and void, regardless of whether the purported
transferee has any actual or constructive knowledge of the Transfer restrictions set forth in this Agreement, and the Company shall
not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on
the share register of the Company. No Transfer shall be effective unless and until the Company shall have been furnished with information
reasonably satisfactory to it demonstrating that such Transfer is (x) in compliance with this Section 4 and (y) registered
under, exempt from or not subject to the provisions of Section 5 of the Securities Act and any other applicable securities Laws.

 

(e) Prior
to the Termination Date of this Agreement as set forth in Section 6(l), any certificates for shares of Common Stock held by the
Seller Trusts shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect
to any uncertificated shares) referencing restrictions on Transfer of such shares of Common Stock under the Securities Act and
under this Agreement, which legend shall state in substance:

 

“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS SECURITY UNDER SUCH ACT OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT.”

 

“THIS
SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A STOCKHOLDERS AGREEMENT DATED AS OF DECEMBER 27, 2018, AMONG THE
COMPANY AND CERTAIN OTHER PARTIES THERETO (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).”

 

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(f)
Notwithstanding the foregoing Section 4(e), upon the request of a Seller Trust, if at any time the restrictions
on transfer under the Securities Act and applicable state securities Laws are no longer applicable, upon receipt by the Company
of an opinion of counsel reasonably satisfactory to the Company to the effect that the first of the foregoing legends is no longer
required under the Securities Act or applicable state Laws, the Company shall promptly cause the first of the foregoing legends
to be removed from any certificate for shares of Common Stock to be Transferred; provided, that such Transfer is permitted
under this Agreement. Following the Termination Date, the Company shall promptly cause the foregoing legend(s) to be removed from
any certificate for shares of Common Stock then held by such party or parties to the extent legally permitted (and subject to
delivery of any documents and/or opinions reasonably requested).

 

(f) Any additional Voting Securities of which
any Seller Trust acquires Beneficial Ownership following the date hereof shall be subject to the restrictions and commitments
contained in this Agreement as fully as if such Voting Securities were Beneficially Owned by such Person as of the date
hereof.

 

Section 5. Representations and Warranties.

 

(a) Representations and Warranties of the Seller
Trusts. Each of the Seller Trusts hereby severally and not jointly represent and warrant to the Company as follows:

 

(i) Each
has been duly organized and is validly existing and in good standing under the Laws of the jurisdiction of its organization, and
has the requisite power and authority under its organizational documents to perform it obligations under this Agreement.

 

(ii) Each
has all requisite organizational power and authority to execute, deliver and perform its obligations under this Agreement. The
execution, delivery and performance of this Agreement have been duly and validly authorized and approved by the requisite trust
advisor or managing member, as the case may be, and no other proceeding is necessary to authorize such agreements or the performance
by each thereunder. This Agreement has been duly and validly executed and delivered by each and constitutes a legal, valid and
binding obligation of each, enforceable against each in accordance with its terms, subject (i) to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and (ii) as to enforceability,
to general principles of equity.

 

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(iii)
The execution, delivery and performance of this Agreement by such entity and the performance of its obligations hereunder do
not and will not (a) conflict with or violate any provision of, or result in the breach of its respective organizational
documents, (b) conflict with or result in any violation of any provision of any Law, permit or Governmental Order applicable
to such entity, or any of their respective properties or assets, (c) violate, conflict with, result in a breach of any
material provision of or the loss of any benefit under, constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the termination or acceleration of, or a right of termination,
cancellation, modification, acceleration or amendment under, accelerate the performance
required by, or result in the acceleration or trigger of any payment, posting of collateral (or right to require the posting
of collateral), time of payment, vesting or increase in the amount of any compensation or benefit payable pursuant to, any
material term, condition or provision of any of any material contract to which such entity is a party, or (d) result in the
creation of any lien upon any of the properties, equity interests or assets of such entity, except (in the case of clauses
(b), (c), or (d) above) for such violations, conflicts, breaches or defaults which would not, individually or in the
aggregate, have a Material Adverse Effect on such entity.

 

(vi) Other
than the shares of Common Stock that the Seller Trusts acquired or will acquire pursuant to the Master Exchange Agreement and the
transactions contemplated thereby, as of the date hereof, the Seller Trusts do not Beneficially Own any shares of Common Stock
or other Voting Securities. Other than the Master Exchange Agreement, the Orderly Marketing Agreement, and this Agreement, there
are no voting trusts, stockholder agreements, proxies or other agreements in effect pursuant to which a Seller Trust has a contractual
obligation with respect to the voting or Transfer of any Voting Securities or which are otherwise inconsistent with or conflict
with any provision of this Agreement.

 

(b) Representations and Warranties
of the Company. The Company hereby represents and warrants to the Seller Trusts as follows:

 

(i) The Company
has been duly organized and is validly existing as a corporation in good standing under the Laws of the State of Delaware, and
has the requisite power and authority under its organizational documents to perform it obligations under this Agreement.

 

(ii) The
Company has all requisite organizational power and authority to execute, deliver and perform its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly and validly authorized and approved by the Board, and
no other proceeding is necessary to authorize such agreements or the performance by each thereunder. This Agreement has been duly
and validly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable
against each in accordance with its terms, subject (i) to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar Laws affecting creditors’ rights generally and (ii) as to enforceability, to general principles of
equity.

 

(iii) The
execution, delivery and performance of this Agreement by the Company and the performance of its obligations hereunder do not and
will not (a) conflict with or violate any provision of, or result in the breach of its organizational documents, (b) conflict
with or result in any violation of any provision of any Law, permit or Governmental Order applicable to such entity, or any of
its properties or assets, (c) violate, conflict with, result in a breach of any material provision of or the loss of any benefit
under, constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result
in the termination or acceleration of, or a right of termination, cancellation, modification, acceleration or amendment under,
accelerate the performance required by, or result in the acceleration or trigger of any payment,
posting of collateral (or right to require the posting of collateral), time of payment, vesting or increase in the amount of any
compensation or benefit payable pursuant to, any material term, condition or provision of any of any material contract to which
the Company is a party, or (d) result in the creation of any lien upon any of the properties, equity interests or assets of the
Company, except (in the case of clauses (b), (c), or (d) above) for such violations, conflicts, breaches or defaults which would
not, individually or in the aggregate, have a Material Adverse Effect on the Company.

 

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Section 6. Miscellaneous.

 

(a) No Waivers.
No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

(b) All notices and
other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered in person,
(ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested,
postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service or (iv) when received
by facsimile or email (provided that a copy is subsequently delivered by one of the other methods permitted in (i) through (iii)
of this Section 6(b)), addressed as follows:

 

If to GWG, to:

 

220 S. Sixth Street

Suite 1200

Minneapolis, MN 55402

Attention: Jon R. Sabes

 

If to the Seller Trusts to:

 

Each of the Seller Trusts set forth on Schedule I hereto

c/o The Delaware Trust Company, as Trustee

251 Little Falls Drive

Wilmington, DE 19808

Attention: Trust Administration/Alan Halpern

 

or to each party at such other address
or addresses as such party may from time to time designate in writing.

 

(c) Assignment;
Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by any of the parties hereto (other than by operation of Law) without the prior written consent of (i) the Company, in the case
of the Seller Trusts, or (ii) the Seller Trusts, in the case of the Company. Any purported assignment in contravention hereof
shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective successors and assigns. This Agreement (including
the documents and instruments referred to herein) is not intended to, and does not, confer upon any Person other than the parties
hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.

 

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(d) Governing
Law. This Agreement shall be governed and construed in accordance with the Laws of the State of Delaware, without regard to
any applicable conflicts of law principles.

 

(e) Captions;
Counterparts. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the
construction or interpretation of any provision of this Agreement. This Agreement may be executed in counterparts (and delivered
by facsimile or electronic transmission), each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

(f) Entire
Agreement. This Agreement, the Orderly Marketing Agreement, and the Master Exchange Agreement constitute the entire agreement
among the parties relating to the transactions contemplated hereby and supersede any other agreements, whether written or oral,
that may have been made or entered into by or among any of the parties hereto or any of their respective Subsidiaries relating
to the transactions contemplated hereby. No representations, warranties, covenants, understandings, agreements, oral or otherwise,
relating to the transactions contemplated by this Agreement exist between the parties except as expressly set forth in this Agreement,
the Orderly Marketing Agreement and the Master Exchange Agreement.

 

(g) Amendments
and Waivers. This Agreement may not be amended, modified, waived or supplemented in any manner, whether by course of conduct
or otherwise, except (i) in the case of an amendment or modification, such amendment or modification is in writing, is specifically
identified as amendment hereto and is signed by the Company and the other parties hereto or (ii) in the case of a waiver, such
waiver is in writing and signed by the party against which the waiver is to be effective.

 

(h) Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is,
to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions
necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and,
to the extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held
invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the parties.

 

(i) Jurisdiction;
WAIVER OF TRIAL BY JURY. In any action among the parties arising out of or relating to this Agreement or any of the transactions
contemplated hereby, each of the parties (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction
and venue of the Court of Chancery of the State of Delaware in and for New Castle County, Delaware; (b) agrees that it will not
attempt to deny or defeat such jurisdiction by motion or other request for leave from such court; and (c) agrees that it will
not bring any such Action in any court other than the Court of Chancery for the State of Delaware
in and for New Castle County, Delaware, or, if (and only if) such court finds it lacks subject matter jurisdiction, the federal
court of the United States of America sitting in Delaware, and appellate courts thereof. Service of process, summons, notice or
document to any party’s address and in the manner set forth in Section 6(b) shall be effective service of process for any
such Action. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON,
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    11

     

    

 

(j) Specific Performance.
The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with its specific terms or otherwise breached. Accordingly, the parties shall be entitled to specific performance of the terms
hereof, including an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance
of the terms and provisions hereof, in addition to any other remedy to which they are entitled at Law or in equity. Each of the
parties hereby further waives (i) any defense in any action for specific performance that a remedy at Law would be adequate and
(ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief.

 

(k) Further Assurances.
Each party to this Agreement shall cooperate and take such action as may be reasonably requested by another party to this Agreement
in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby.

 

(l) Term and Termination.
This Agreement will be effective as of the date hereof and shall terminate upon the termination of the Orderly Marketing Agreement
(“Termination Date”); provided that (i) Section 2 and 3 shall terminate as provided in Section 2 and
(ii) Section 4(a) shall terminate as provided in such subsection, and (iii) Section 4(b) shall terminate when the Seller Trusts
own Voting Securities representing less than 5.0% of the Total Voting Power; provided further that the provisions of this
Section 6 (except for subsections (j) and (k)) shall survive such termination.

 

(m) Seller Trusts
and Trust Advisors. It is expressly understood and agreed that (a) this document is executed and delivered by Delaware Trust
Company, not individually or personally, but solely as Trustee, pursuant to direction from the Trust Advisors and in the exercise
of the powers and authority conferred and vested in Delaware Trust Company as Trustee pursuant to the Trust Agreements of the
Seller Trusts (the “Trust Agreements”) and the Trustee is governed by and subject to the Trust Agreements and
entitled to the protections, rights and benefits contained therein, (b) each of the representations, undertakings and agreements
herein made on the part of the Seller Trusts and Trust Advisors is made and intended not as personal representations, undertakings
and agreements by Delaware Trust Company but is made and intended for the purpose for binding only the Seller Trusts and respective
trust estates (the “Seller Trust Assets”), (c) nothing herein contained shall be construed as creating any
liability on Delaware Trust Company, individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under
the parties hereto, (d) under no circumstances shall Delaware Trust Company be personally liable for the payment of any indebtedness
or expenses of the Seller Trusts or Trust Advisors or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Seller Trusts or Trust Advisors under this Agreement
or any other related documents, and (e) under no circumstances shall the Trust Advisors be personally liable for the payment of
any indebtedness or expenses or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken under this Agreement, all such recourse being strictly to the Seller Trust Assets.

 

[Remainder of page intentionally left
blank; signature appears on next page]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date and year first above written.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Jon R. Sabes
	 	 	Name: 	Jon R. Sabes
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	THE LT-1 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-2 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-3 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name:	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-4 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

    13

     

    

 

	 	THE LT-5 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-6 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-7 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name:	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-8 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-9 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

    14

     

    

 

	 	THE LT-12 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-13 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-14 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name:	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-15 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-16 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

    15

     

    

 

	 	THE LT-17 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-18 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-19 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name:	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-20 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-21 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

    16

     

    

 

	 	THE LT-22 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-23 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-24 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name:	Alan R. Halpern
	 	 	Title:	Vice President
	 	 	 	 
	 	THE LT-25 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

    17

     

    

 

	 	THE LT-26 EXCHANGE TRUST,
	 	By: DELAWARE TRUST COMPANY, not in its

individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	 	Name: 	Alan R. Halpern
	 	 	Title:	Vice President

 

	ACCEPTED AND AGREED	 
	THIS ____ DAY OF DECEMBER, 2018:	 
	 	 
	/s/ Murray T. Holland	 
	MURRAY T. HOLLAND, as Trust Advisor	 
	 	 
	/s/ Jeffrey S. Hinkle	 
	JEFFREY S. HINKLE, as Trust Advisor	 

 

    18

     

    

 

SCHEDULE I

 

LIST OF SELLER EXCHANGE TRUSTS

 

THE LT-1 EXCHANGE TRUST

THE LT-2 EXCHANGE TRUST

THE
LT-3 EXCHANGE TRUST

THE LT-4 EXCHANGE TRUST

THE LT-5 EXCHANGE TRUST

THE LT-6 EXCHANGE TRUST

THE LT-7 EXCHANGE TRUST

THE LT-8 EXCHANGE
TRUST

THE LT-9 EXCHANGE TRUST

THE LT-12 EXCHANGE TRUST

THE LT-13 EXCHANGE TRUST

THE LT-14 EXCHANGE TRUST

THE LT-15 EXCHANGE TRUST

THE LT-16 EXCHANGE TRUST

THE LT-17 EXCHANGE TRUST

THE LT-18 EXCHANGE TRUST

THE LT-19 EXCHANGE TRUST

THE LT-20 EXCHANGE TRUST

THE
LT-21 EXCHANGE TRUST

THE LT-22 EXCHANGE TRUST

THE LT-23 EXCHANGE TRUST

THE LT-24 EXCHANGE TRUST

THE LT-25 EXCHANGE TRUST

THE LT-26
EXCHANGE TRUST

 

    S-1

     

    

 

EXHIBIT A

 

FORM OF JOINDER

 

The undersigned is
executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of December 27, 2018
(as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”),
by and among GWG Holdings, Inc. and each of the Exchange Trusts parties thereto, and any other person or entity that becomes a
party to the Stockholders Agreement in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder
Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement.

 

By executing and delivering
this Joinder Agreement to the Stockholders Agreement, the undersigned hereby agrees, effective commencing on the date hereof, to
become a party to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to it as a holder
of Common Stock, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

 

The undersigned acknowledges
and agrees that Section 6(a) through Section 6(m) of the Stockholders Agreement are incorporated herein by reference,
mutatis mutandis.

 

[Remainder of page intentionally left
blank; signature appears on next page]

 

    A-1

     

    

 

Accordingly, the undersigned
have executed and delivered this Joinder Agreement as of the ____ day of _______________, ___.

 

	 	Name: [HOLDER/TRANSFEREE]
	 	 	 
	 	By:	                                   
	 	Name:	 
	 	Title:	 

 

	 	Notice Information
	 	 	 
	 	Address:	                                   
	 	Telephone:	 
	 	Facsimile:	 
	 	Email:	 

 

	AGREED AND ACCEPTED	 
	as of the           day of                            ,               .	 
	 	 
	GWG HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	 	Name:	                             	 
	 	Title:	 	 
	 	 
	[TRANSFEROR (if applicable)]	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder
Agreement

 

    A-2Exhibit 10.3

 

Execution
Version

 

 

 

 

 

 

GWG
HOLDINGS, INC.,

 

AND

 

THE
TRUST ADVISORS TO THE SELLER TRUSTS LISTED ON SCHEDULE A

HERETO

 

 

 

 

 

 

ORDERLY
MARKETING AGREEMENT 

 

 

 

 

 

 

December
27, 2018

 

 

 

 

 

 

 

 

 

 

     

     

    

 

ORDERLY
MARKETING AGREEMENT

 

THIS
ORDERLY MARKETING AGREEMENT (the “OMA”) is entered into on December 27, 2018 (the “Effective Date”)
by and among GWG Holdings, Inc., a Delaware corporation (“GWG”), and the Trust Advisors to the Seller Trusts listed
on Schedule A hereto (the “Trust Advisors”), and any other person or entity that becomes a party to this Agreement
by executing and delivering a joinder hereto in the form attached as Exhibit A. Each of GWG and the Trust Advisors may
be referred to herein as a “Party” and collectively as the “Parties.”

 

WHEREAS,
on January 18, 2018, GWG, the Trust Advisors and certain other entities entered into that certain Amended and Restated Master
Exchange Agreement, with effect from January 12, 2018, as amended from time to time (the “Master Agreement”); and

 

WHEREAS,
the Trust Advisors are at all times acting hereunder as the representatives of and for the benefit of each Seller Trust named
in the Master Agreement;

 

WHEREAS,
pursuant to Section 8.6 of the Master Agreement, GWG and the Trust Advisors agree to negotiate in good faith the terms of an agreement
with one or more nationally recognized bulge bracket investment banks for the orderly marketing and resale of certain shares (the
“Shares”) of common stock, par value $0.001 per share (the “Stock”) of GWG issued in reliance upon available
exemptions from the Securities Act of 1933, as amended (the “Act”), under the terms of the Master Agreement to such
Seller Trusts for the purpose of facilitating the establishment of a broader shareholder base and creating on-going liquidity
in Stock;

 

WHEREAS,
contemporaneous with the execution of this OMA, the Trust Advisors and certain other entities are entering into a registration
rights agreement (the “Registration Rights Agreement”) pursuant to which GWG is agreeing to file a registration statement
on Form S-1 or other appropriate form (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”)
for the public offering of the Shares;

 

WHEREAS,
the entry into this OMA is a condition to the obligation of each of GWG and the Seller Trusts to consummate the various transactions
contemplated by the Master Agreement;

 

NOW,
THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the Parties agree
as follows:

 

Section
1. Orderly Marketing.

 

1.1
The shares of Stock held by each Seller Trust and subject to this OMA shall be as set out on Schedule A hereto, which Schedule
may be amended from time to time in writing by the Parties in accordance with Section 4.1 below.

 

1.2
It is the goal of the Seller Trusts to have all of the Shares sold, on a pro-rata basis, in three or more tranches (each a “Tranche”)
commencing not earlier than six (6) months after the Effective Date with the resale of all of the shares of Stock completed as
soon as practicable after the Effective Date.

 

    - 2 -

     

    

 

1.3
[Reserved].

 

1.4
The Seller Trusts and GWG intend to retain one or more nationally recognized bulge bracket investment banks (the “Bank”)
for the orderly marketing and resale of Shares pursuant to a separate engagement letter (the “Engagement Letter”)
to advise them in connection with the sale of the Tranches (together, the “Offerings”). Such Engagement Letter shall
include customary representations, warranties, covenants and indemnification provisions. The services to be performed by the Bank
shall be set forth in such Engagement Letter and are expected to include, among others:

 

(a)
assisting in the drafting and preparation of one or more prospectus supplements describing GWG, the Shares and the terms of the
Offerings;

 

(b)
advising the Seller Trusts on a marketing and distribution strategy for each Tranche of Shares, including whether a particular
Tranche should be sold through a block trade, overnight bookbuild, or similar transaction;

 

(c)
assisting GWG in preparing marketing materials and conducting one or more “roadshows” and meetings with potential
purchasers of the Shares;

 

(d)
advising the Seller Trusts as to the timing, structure and pricing of the Offerings;

 

(e)
providing other advisory services as are customary for similar transactions.

 

The
Engagement Letter shall include a requirement that, prior to any distribution of Stock by the Bank as contemplated by this Agreement,
the Bank shall consult with each of GWG and the Trust Advisors as to the strategy for the marketing, sale and distribution of
the respective Tranche.

 

1.5
After the Parties have agreed on the strategy for the marketing, sale and distribution of a Tranche, the Seller Trusts shall offer
the Bank the right to serve as the lead left joint-book-running manager in connection with a best efforts distribution. GWG shall
be entitled to appoint, in its discretion, an additional bank as joint book-running manager to participate in the distribution.
The Seller Trusts further agree that in the event the Bank accepts such role it will be paid customary fees for the performance
of its services in connection with such transactions and that such engagement will involve the execution of a standard form agreement
with respect to the distribution of each Tranche, which may be in the form of a placement agency agreement, underwriting agreement
or other appropriate agreement (each, a “Distribution Agreement”); provided, however, that nothing contained in this
OMA or Engagement Letter shall require the Bank to underwrite or purchase all or any portion of a Tranche of Stock for its own
account. Notwithstanding the foregoing, it is understood and agreed that the Bank or its affiliates may, solely at its discretion
and without any obligation to do so, purchase Stock in any Tranche as principal.

 

    - 3 -

     

    

 

1.6
Each such Distribution Agreement shall set out the customary terms and conditions for the sale and distribution of the respective
Tranche, including customary representations, warranties, covenants and indemnification provisions. For the avoidance of doubt,
each Distribution Agreement shall include provisions to the following effect: (i) GWG shall have no responsibility for the payment
of fees or commissions payable to the Bank, which fees and commissions shall be the responsibility of certain affiliates of the
Seller Trusts as set forth in the applicable Distribution Agreement; and (ii) each of GWG and the Seller Trusts shall agree to
provide a customary indemnity in favor of the Bank and its affiliates.

 

1.7
If, in connection with the marketing, sale and distribution of a Tranche, the Bank determines that the number of Shares of Stock
proposed to be included in the Tranche exceeds the number that can reasonably be sold, then the number of Shares of Stock shall
be reduced accordingly on a pro-rata basis with respect to each of the Seller Trusts.

 

1.8
Prior to the offering of each Tranche, GWG shall provide the placement agents or underwriters in such Offering a list of the top
100 institutional holders of the Common Stock. In connection with any Offering, the Seller Trusts shall instruct the placement
agents or underwriters to use their reasonable best efforts to (i) effect as wide a distribution of the Shares as is reasonably
practicable without adversely affecting the pricing thereof and (ii) not sell any Shares to any person or Group (as such terms
is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who, upon completion
of the Offering, would have Beneficial Ownership (as defined in Rule 13d-3 under the Exchange Act) of shares of Common Stock representing
in the aggregate 5.0% or more the total number of outstanding shares of Common Stock (or in the case of a person of the type described
in Rule 13d-1(b)(1)(i) under the Exchange Act, 10% or more of the Total Voting Power).

 

Section
2. Compensation.

 

The
Engagement Letter shall provide that the Bank shall not be entitled to any compensation for its advice hereunder or reimbursement
of its expenses in connection with this OMA and shall only be entitled to compensation in connection with an Offering as provided
in the Engagement Letter and related Distribution Agreement with respect to such Offering.

 

Section
3. [Reserved]

 

Section
4. General Provisions.

 

4.1
Term; Termination; Withdrawal of Bank.

 

(a)
This OMA shall expire upon the earlier of (i) the first anniversary of the Effective Date and (ii) the date that all Shares of
Stock of the Seller Trusts as set forth on Schedule A hereto have been sold (the “Term”). Notwithstanding the foregoing,
this OMA may be terminated with or without cause at any time after the Effective Date and without liability or continuing obligation
by any of the Parties hereto (i) by mutual written agreement of all of the Parties; and (ii) in writing by the Trust Advisors
in their sole discretion.

 

    - 4 -

     

    

 

(b)
The Engagement Letter shall provide that the Bank may terminate its engagement at any time upon not less than 45 days’ prior
written notice to the other Parties. In the event the Bank provides such notice at any time prior to the sale of greater than
50% of the Shares and within 12 months of the Effective Date, then GWG and the Trust Advisors may elect (A) to terminate this
OMA or (B) to continue this OMA and to seek to appoint a substitute investment bank, in which case GWG, after consultation with
the Trust Advisors, shall be entitled to appoint a substitute investment bank to serve as the lead joint-book-running manager
for the sale of the Shares. In the event the Bank terminates the Engagement Letter at any time following the sale of greater than
50% of the Shares and within 12 months of the Effective Date, the termination thereof shall constitute a concurrent Termination
of this OMA.

 

4.2
Amendments and Waivers. This OMA may be amended or modified in whole or in part, only by duly authorized agreement in writing
executed by each of the Parties.

 

4.3 Notices.
All notices and other communications among the Parties shall be in writing and shall be deemed to have been duly given (i)
when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized
overnight delivery service or (iv) when received by facsimile or email (provided that a copy is subsequently delivered
by one of the other methods permitted in (i) through (iii) of this Section 4.3), addressed as follows:

 

If
to GWG:

 

220
S. Sixth Street, Suite 1200

Minneapolis, MN 55402

Attention:
Jon R. Sabes, CEO

Email:
jsabes@gwglife.com

 

If
to the Trust Advisors on behalf of the Seller Trusts:

 

Jeffrey
S. Hinkle

Murray
T. Holland

As
Trust Advisors to Each of the Seller Trusts set forth on Schedule A hereto

c/o
The Beneficient Company Group, L.P.

325
N. St. Paul Street, Suite 4850

Dallas,
Texas 75201

Email: jhinkle@beneficient.com;
mholland@mhtpartners.com

 

    - 5 -

     

    

 

4.4 Assignments
and Transfers by Seller Trusts. The provisions of this OMA shall be binding upon and inure to the benefit of the Seller
Trusts and their respective successors and assigns. A Seller Trust may transfer or assign, in whole or from time to time in
part, to one or more liquidating trusts its rights hereunder in connection with the transfer or resale of Stock held by such
Seller Trust, provided that such Seller Trust complies with all laws applicable thereto and provides written notice of
assignment to GWG promptly after such assignment is effected, and provided further that such liquidating trust and each
beneficiary thereof executes a joinder to this OMA effective as of the date of such assignment or transfer.

 

4.5 Counterparts.
This OMA 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 instrument.

 

4.6 Severability.
Any provision of this OMA that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof
but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. To the extent permitted by applicable law, the Parties hereby waive any provision of law which
renders any provisions hereof prohibited or unenforceable in any respect.

 

4.7 Further
Assurances. The Parties shall execute and deliver all such further instruments and documents and take all such
other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained.

 

4.8 Entire
Agreement. This OMA is intended by the Parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the Parties hereto in respect of the subject matter contained
herein. This OMA supersedes all prior agreements and understandings between the Parties with respect to such subject
matter.

 

4.9 Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This OMA, and all claims or causes of action (whether in contract or
tort) that may be based upon, arise out of or relate to this OMA or the negotiation, execution or performance of this OMA
(including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in
connection with this OMA), will be construed in accordance with and governed by the law of the State of New York without
regard to principles of conflicts of laws that would result in the application of the law of any other jurisdiction. Any
action against any Party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction
located within the State of New York, and the Parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of
any federal or state court located within the State of New York over any such action. The Parties hereby irrevocably waive,
to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue
of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of
the Parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

 

    - 6 -

     

    

 

EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED
HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH PARTY
TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

4.10
Certain Representations of the Parties. Each of the Parties hereto represents, several and not jointly, that it has taken
all action required of it to duly authorize this OMA and that no further action or approval is required on its behalf and, when
executed and delivered, this OMA constitutes a valid and binding obligation of such Party, enforceable in accordance with its
terms.

 

4.11
Further Assurances. Each Party agrees to take such further action that may be reasonably required of it, and to execute
such documents or instruments, in order to effectuate the transactions contemplated by this OMA.

 

4.12
Seller Trusts and Trust Advisors. It is expressly understood and agreed that (a) this document is executed and delivered
by Delaware Trust Company, not individually or personally, but solely as Trustee, pursuant to direction from the Trust Advisors
and in the exercise of the powers and authority conferred and vested in Delaware Trust Company as Trustee pursuant to the Trust
Agreements of the Seller Trusts (the “Trust Agreements”) and the Trustee is governed by and subject to the
Trust Agreements and entitled to the protections, rights and benefits contained therein, (b) each of the representations, undertakings
and agreements herein made on the part of the Seller Trusts and Trust Advisors is made and intended not as personal representations,
undertakings and agreements by Delaware Trust Company but is made and intended for the purpose for binding only the Seller Trusts
and respective trust estates (the “Seller Trust Assets”), (c) nothing herein contained shall be construed as
creating any liability on Delaware Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through
or under the parties hereto, (d) under no circumstances shall Delaware Trust Company be personally liable for the payment of any
indebtedness or expenses of the Seller Trusts or Trust Advisors or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Seller Trusts or Trust Advisors under this Agreement or any other related documents,
and (e) under no circumstances shall the Trust Advisors be personally liable for the payment of any indebtedness or expenses or
be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken under this Agreement,
all such recourse being strictly to the Seller Trust Assets.

 

[Remainder
of Page Intentionally Left Blank; Next Page is Signature Page]

 

    - 7 -

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this OMA as of the date first set forth above.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Jon R. Sabes
	 	Name: 	Jon R. Sabes, CEO

 

	 	THE LT-1 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-2 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 8 -

     

    

 

	 	THE LT-3 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-4 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-5 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-6 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 9 -

     

    

 

	 	THE LT-7 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-8 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-9 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-12 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 10 -

     

    

 

	 	THE LT-13 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-14 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-15 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-16 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 11 -

     

    

 

	 	THE LT-17 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-18 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-19 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-20 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 12 -

     

    

 

	 	THE LT-21 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-22 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-23 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-24 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

    - 13 -

     

    

 

	 	THE LT-25 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-26 EXCHANGE TRUST,
	 	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title:	Vice President

 

	 	MURRAY T. HOLLAND, as Trust Advisor
	 	 
	 	/s/ MURRAY T. HOLLAND
	 	 
	 	JEFFREY S. HINKLE, as Trust Advisor
	 	 
	 	/s/ JEFFREY S. HINKLE

 

    - 14 -

     

    

 

SCHEDULE
A

 

List
of Seller Trusts and Shares of Stock

 

	Name of Record Holder	 	Number of 
 Shares	 
	The LT-1 Exchange Trust	 	 	1,397,705	 
	The LT-2 Exchange Trust	 	 	1,396,863	 
	The LT-3 Exchange Trust	 	 	2,563,777	 
	The LT-4 Exchange Trust	 	 	2,537,152	 
	The LT-5 Exchange Trust	 	 	2,516,313	 
	The LT-6 Exchange Trust	 	 	2,535,832	 
	The LT-7 Exchange Trust	 	 	2,526,515	 
	The LT-8 Exchange Trust	 	 	2,536,840	 
	The LT-9 Exchange Trust	 	 	404,110	 
	The LT-12 Exchange Trust	 	 	80,402	 
	The LT-13 Exchange Trust	 	 	-	 
	The LT-14 Exchange Trust	 	 	204,064	 
	The LT-15 Exchange Trust	 	 	63,834	 
	The LT-16 Exchange Trust	 	 	920,349	 
	The LT-17 Exchange Trust	 	 	39,347	 
	The LT-18 Exchange Trust	 	 	81,860	 
	The LT-19 Exchange Trust	 	 	224,917	 
	The LT-20 Exchange Trust	 	 	4,601	 
	The LT-21 Exchange Trust	 	 	555,751	 
	The LT-22 Exchange Trust	 	 	555,750	 
	The LT-23 Exchange Trust	 	 	1,466,884	 
	The LT-24 Exchange Trust	 	 	1,466,883	 
	The LT-25 Exchange Trust	 	 	1,466,884	 
	The LT-26 Exchange Trust	 	 	1,466,883	 

 

    - 15 -

     

    

 

EXHIBIT
A

 

FORM
OF JOINDER

 

The
undersigned is executing and delivering this Joinder Agreement pursuant to that certain Orderly Marketing Agreement, dated as
of December [___], 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “OMA”),
by and among GWG Holdings, Inc., the Trust Advisors to the Seller Trusts listed on Schedule A thereto, and the Priority Holders
listed on Schedule B thereto, and any other person or entity that becomes a party to the OMA in accordance with the terms thereof.
Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in
the OMA.

 

By
executing and delivering this Joinder Agreement to the OMA, the undersigned hereby agrees, effective commencing on the date hereof,
to become a party to, and to be bound by and comply with the provisions of, the OMA applicable to it as a holder of Shares, in
the same manner as if the undersigned were an original signatory to the OMA.

 

The
undersigned acknowledges and agrees that Section 4.1 through Section 4.11 of the OMA are incorporated herein by
reference, mutatis mutandis.

 

 

 

[Remainder
of page intentionally left blank; signature appears on next page]

 

    - 16 -

     

    

 

Accordingly, the undersigned have
executed and delivered this Joinder Agreement as of the ____ day of ________________, _____.

 

	 	Name: [HOLDER/TRANSFEREE]
	 	 	 
	 	By:	                               
	 	Name:	 
	 	Title:	 
	 	Notice Information

 

	 	Address:	 
	 	Telephone: 	 
	 	Facsimile:	 
	 	Email:	 

 

	AGREED AND ACCEPTED	 
	as of the          day of                               ,          .	 
	 	 
	GWG HOLDINGS, INC.	 
	 	 	 
	By:	                    	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	[TRANSFEROR (if applicable)]	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title:	 

 

    - 17 -

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