Document:

Exhibit 10.15

 

Execution Version

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”) is made as of February 1, 2017, by and between Jagged Peak Energy Inc., a Delaware corporation (the “Company”), and Blake A. Webster (“Indemnitee”).

 

RECITALS:

 

WHEREAS, directors, officers and other persons in service to corporations or business enterprises are 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, highly competent persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection through insurance and 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 of the Company (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, (i) the Amended and Restated Bylaws of the Company (as may be amended, the “Bylaws”) require indemnification of the officers and directors of the Company, (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”) and (iii) the Bylaws and the DGCL 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, this Agreement is a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Company (as may be amended, the “Certificate of Incorporation”) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, (i) Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee may not be willing to serve or continue to serve as a director or officer of the Company without adequate protection, (iii) the Company desires Indemnitee to serve in such capacity, and (iv) 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 be so indemnified.

 

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.                                           Definitions.  (a) As used in this Agreement:

 

“Affiliate” of any specified Person shall mean any other Person controlling, controlled by or under common control with such specified Person.

 

“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of (i) the Company or (ii) any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company.

 

“Disinterested Director” shall mean 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.

 

“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Expenses” shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’ 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, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.  Expenses also shall include, without limitation, (i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) for purposes of Section 13(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and (iv) any interest, assessments or other charges in respect of the foregoing.  “Expenses” shall not include “Liabilities.”

 

“Indemnity Obligations” shall mean all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

“Independent Counsel” shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to

 

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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 hereunder; provided, however, that the term “Independent Counsel” shall 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.

 

“Liabilities” shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

 

“Person” shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.

 

“Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any actual or alleged action taken by Indemnitee or of any action on Indemnitee’s part while acting as director or officer of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement.

 

“Sponsor Entities” means (i) Q-Jagged Peak Energy Investment Partners, LLC, a Delaware limited liability company, and (ii) any of its respective Affiliates and any investment fund or other Person advised or managed by any Sponsor Entity; provided, however, that neither the Company nor any of its subsidiaries shall be considered Sponsor Entities hereunder.

 

(b)                                 For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants

 

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and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

Section 2.                                           Indemnity in Third-Party Proceedings.  The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding (other than any Proceeding brought by or in the right of the Company to procure a judgment in its favor), or any claim, issue or matter therein.

 

Section 3.                                           Indemnity in Proceedings by or in the Right of the Company.  The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding brought by or in the right of the Company to procure a judgment in its favor, or any claim, issue or matter therein.  No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to such indemnification.

 

Section 4.                                           Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2 or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved Proceeding, claim, issue or matter.  For purposes of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 5.                                           Indemnification For Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or otherwise a participant in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

Section 6.                                           Additional Indemnification.  Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Liabilities and Expenses suffered or reasonably incurred by Indemnitee in connection with such Proceeding, including but not limited to:

 

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(a)                                 the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and

 

(b)                                 the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 7.                                           Spousal Indemnification.  The Company shall indemnify Indemnitee’s spouse to whom Indemnitee is legally married at any time Indemnitee is covered under the indemnification provided in this Agreement (even if Indemnitee does not remain married to such spouse during the entire period of coverage) against third-party Proceedings or direct or derivative actions or suits for the same period, to the same extent and subject to the same standards, limitations, obligations and conditions under which Indemnitee is provided indemnification herein, if Indemnitee’s spouse (or former spouse) becomes involved in a Proceeding solely by reason of his or her status as Indemnitee’s spouse, including, without limitation, any Proceeding that seeks damages recoverable from marital community property, jointly-owned property or property purported to have been transferred from Indemnitee to such spouse (or former spouse). Indemnitee’s spouse or former spouse also may be entitled to advancement of expenses to the same extent that Indemnitee is entitled to advancement of expenses herein. The Company may maintain insurance to cover its obligation hereunder with respect to Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund for that purpose. For the purposes described in this Section 7, any such indemnified spouse of the Indemnitee shall, as applicable, be deemed to be included in the meaning of the term “Indemnitee” as used in this Agreement.

 

Section 8.                                           Exclusions.  Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to indemnify or hold harmless Indemnitee:

 

(a)                                 for which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Company except with respect to any excess beyond the amount paid under such insurance policy;

 

(b)                                 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 or similar provisions of state statutory law or common law;

 

(c)                                  except as provided in Section 13(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee or, if Indemnitee was nominated to the Board by a Sponsor Entity, such Sponsor Entity, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee or, if Indemnitee was nominated to the Board by a Sponsor Entity, such Sponsor Entity against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or

 

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(d)                                 if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.

 

Section 9.                                           Advancement.  Notwithstanding any provision of this Agreement to the contrary, the Company shall advance, to the fullest extent permitted by applicable law, the Expenses and Liabilities reasonably incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.  Advances shall be unsecured and interest free.  Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.  Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.  Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts advanced to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company.  This Section 9 shall not apply to any claim made by Indemnitee for which indemnity has been determined pursuant to Section 11 to be excluded pursuant to Section 8 hereof.

 

Section 10.                                    Procedure for Notification and Defense of Claim.

 

(a)                                 Indemnitee shall promptly notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement hereunder following the receipt by Indemnitee of written notice thereof.  The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.  To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith 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 following the final disposition of such Proceeding.  Any delay or failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement.  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.

 

(b)                                 In the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, Indemnitee may, at Indemnitee’s option, (i) retain counsel selected by Indemnitee and approved by the Company to defend Indemnitee in such Proceeding, at the sole expense of the Company (which approval shall not be unreasonably withheld, conditioned or delayed), or (ii) have the Company assume the defense of Indemnitee in such Proceeding, in which case the Company shall assume the defense of such Proceeding with counsel selected by the Company and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Company’s receipt of written notice of Indemnitee’s election to cause the Company to do so.  If the Company is required to assume the defense of any such Proceeding, it shall engage legal counsel for such

 

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defense, and the Company shall be solely responsible for all fees and expenses of such legal counsel and otherwise of such defense.  Such legal counsel may represent both Indemnitee and the Company (and any other party or parties entitled to be indemnified by the Company with respect to such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Company (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the Company (or any such other party or parties), in which case Indemnitee shall be entitled to obtain separate counsel and the Company shall be responsible for all reasonable fees and expenses of such separate legal counsel.  Notwithstanding either party’s assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense.  The party having responsibility for defense of a Proceeding shall provide the other party and its counsel with all copies of pleadings and material correspondence relating to the Proceeding.  Indemnitee and the Company shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Company or Indemnitee assumes the defense thereof.  Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.  The Company may not settle or compromise any Proceeding without the prior written consent of Indemnitee, which consent shall not be unreasonably withheld, conditioned or delayed.

 

Section 11.                                    Procedure Upon Application for Indemnification.

 

(a)                                 Upon written request by Indemnitee for indemnification pursuant to Section 10(a) hereof, if any determination by the Company is required by applicable law with respect to Indemnitee’s entitlement thereto, such determination shall be made (i) if Indemnitee shall request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (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 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 directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity 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 and agrees to hold Indemnitee harmless therefrom.  The Company will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in this Section 11(a) has been made.  The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all

 

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Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(b)                                 In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) hereof, (i) the Independent Counsel shall be selected by the Company within ten (10) days of the Submission Date (the cost of such Independent Counsel to be paid by the Company), (ii) the Company shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company Indemnitee’s written objection to such selection.  Such objection by Indemnitee may be asserted only on the ground that the Independent Counsel selected does not meet the requirements of “Independent Counsel” as defined in this Agreement.  If such written objection is made and substantiated, the Independent Counsel selected shall not serve as Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit.  Absent a timely objection, the person so selected shall act as Independent Counsel.  If no Independent Counsel shall have been selected and not objected to before the later of (i) thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof (the “Submission Date”) and (ii) ten (10) days after the final disposition of the Proceeding, each of the Company and Indemnitee shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

Section 12.                                    Presumptions and Effect of Certain Proceedings.

 

(a)                                 In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.  Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) 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.

 

(b)                                 Subject to Section 13(e) hereof, if the person, persons or entity empowered or selected under Section 11 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefore, the requisite determination of entitlement to

 

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indemnification shall, to the fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent 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 thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to the Company’s selection of Independent Counsel and (ii) 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 sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Company.

 

(c)                                  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) adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he 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 Indemnitee’s conduct was unlawful.

 

(d)                                 Reliance as Safe Harbor.  For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers 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 with the reasonable care by the Enterprise.  The provisions of this Section 12(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e)                                  Actions of Others.  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.

 

Section 13.                                    Remedies of Indemnitee.

 

(a)                                 Subject to Section 13(e) hereof, in the event that (i) a determination is made pursuant to Section 11 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 4 or 5 or the last sentence of Section 11(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other Person takes or threatens to take any action to declare this

 

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Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)                                 In the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 13 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

 

(c)                                  If a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13, absent a prohibition of such indemnification under applicable law.

 

(d)                                 The Company shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.  It is the intent of the Company that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.  The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the fullest extent permitted by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under 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 or insurance recovery, as the case may be.

 

(e)                                  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; provided that, in absence of any such determination with respect to such Proceeding, the Company shall advance Expenses with respect to such Proceeding.

 

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Section 14.                                    Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)                                 The rights of indemnification and to receive advancement 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 Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred 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 hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)                                 The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided by one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity).  The Company hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject of the Indemnity Obligations, (ii) the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) to indemnify Indemnitee or advance Expenses or Liabilities to Indemnitee in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company shall be required to indemnify Indemnitee and advance Expenses or Liabilities to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, any Sponsor Entity) or insurer of any such Person and (v) the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder.  In the event any other Person with whom or which Indemnitee may be associated (including, without limitations, any Sponsor Entity) or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any Company insurance policy, the payor shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this Agreement.  In no event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) or their insurers affect the obligations of the Company hereunder or shift primary liability for any Indemnity Obligation to any other Person with whom or which Indemnitee may be

 

11

 

associated (including, without limitation, any Sponsor Entity).  Any indemnification, insurance or advancement provided by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) with respect to any liability arising as a result of Indemnitee’s Corporate Status or capacity as an officer or director of any Person is specifically in excess over any Indemnity Obligation of the Company or valid and any collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement.

 

(c)                                  To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) to the same extent as the Company’s indemnification and advancement obligations set forth in this Agreement.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the 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 Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)                                 In the event of any payment under this Agreement, the Company shall not be subrogated to the rights of recovery of Indemnitee, including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated (including, without limitation, any Sponsor Entity); provided, however, that the Company shall be subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies of the Company or any of its subsidiaries.

 

(e)                                  The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee.

 

Section 15.                                    Duration of Agreement; Not Employment Contract.  This Agreement shall continue until and terminate upon the latest of: (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or any other Enterprise and (ii) the date of final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto.  This Agreement shall be binding upon the Company and its successors and assigns. As used in this Section 15, the term “Company” shall include, in addition to the surviving corporation, any merging corporation (including any corporation having merged with a merging corporation) absorbed in a merger which, if its separate existence had continued, would have had the power and authority to indemnify its directors, officers and employees or agents, so that any person who was a director or officer of such merging corporation, or was serving at the request of such

 

12

 

merging corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Agreement with respect to the surviving corporation as such person would have with respect to such merging corporation if its separate existence had continued. This Agreement shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators.  This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any other Enterprise) and Indemnitee.  Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Company, by the Certificate of Incorporation, the Bylaws or the DGCL.

 

Section 16.                                    Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 17.                                    Enforcement.

 

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

 

(b)                                 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.

 

Section 18.                                    Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto.  No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

 

13

 

Section 19.                                    Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

(a)                                 If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.

 

(b)                                 If to the Company to

 

Jagged Peak Energy Inc.
 1125 17th Street, Suite 2400
  Denver, Colorado 80202
 Attention:  Board of Directors

 

or to any other address as may have been furnished to Indemnitee by the Company.

 

Section 20.                                    Contribution.  To the fullest extent permissible under applicable law, 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 Liabilities 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) and transaction(s) giving cause to such Proceeding; and (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).

 

Section 21.                                    Applicable 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 laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

14

 

Section 22.                                    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section 23.                                    Third-Party Beneficiaries.  The Sponsor Entities are intended third-party beneficiaries of this Agreement and shall have all of the rights afforded to Indemnitee under this Agreement.

 

Section 24.                                    Miscellaneous.  Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  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 thereof.

 

15

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

 

	
JAGGED PEAK ENERGY INC.
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Christopher I.   Humber
    	
 
    	
By:
    	
/s/ Blake A. Webster
    
	
Name:
    	
Christopher I. Humber
    	
Name:
    	
Blake A. Webster
    
	
Title:
    	
Executive Vice   President, General Counsel
   & Secretary
    	
Title:
    	
Director
    
					

 

Signature Page to Indemnification AgreementEXHIBIT 4.1

 

CERTIFICATE
OF DESIGNATION

 

of

 

SERIES
2 REDEEMABLE PREFERRED STOCK

 

GWG
HOLDINGS, INC.

 

 

 

(Pursuant
to Section 151(g) of the

Delaware
General Corporation Law)

 

 

 

GWG
HOLDINGS, INC., a Delaware corporation (the “Company”), hereby certifies as of ______________, 2017 (the “Filing
Date”), that the following resolution was duly adopted by the Board of Directors of the Company (the “Board”),
effective as of ______________, 2017, pursuant to Section 151(g) of the Delaware General Corporation Law (the “DGCL”):

 

RESOLVED,
that pursuant to the authority vested in the Board of Directors of the Company by the Company’s Certificate of Incorporation,
and in accordance with the Delaware General Corporation Law, Section 151, the Board of Directors hereby states the authorized
number and terms of a new class of preferred stock of the Company, to be entitled “Series 2 Redeemable Preferred Stock,”
and fixes the relative powers, privileges, preferences and rights, and the qualifications, limitations and restrictions, thereof
as follows:

 

1.            Designation
and Amount. The shares of such series shall be designated as “Series 2 Redeemable Preferred Stock,” and the number
of shares constituting the Series 2 Redeemable Preferred Stock shall be 1,000,000. Such number of shares may be increased or decreased
by resolution of the Board adopted and filed pursuant to the DGCL, Section 151(g), or any successor provision; provided, however,
that no decrease shall reduce the number of authorized shares of Series 2 Redeemable Preferred Stock to a number less than the
number of such shares then outstanding plus the number of shares reserved for issuance upon the exercise of any then-outstanding
options, warrants, convertible or exchangeable securities or other rights for the purchase of shares of Series 2 Redeemable Preferred
Stock, if any.

 

2.            Stated
Value.

 

(a)            Each
share of Series 2 Redeemable Preferred Stock shall have a stated value equal to $1,000 (the “Stated Value”).
If at any time after the Filing Date the Company effects (i) a stock dividend payable in shares of Series 2 Redeemable Preferred
Stock, (ii) a subdivision of the outstanding Series 2 Redeemable Preferred Stock into a greater number of shares of Series 2 Redeemable
Preferred Stock, or (iii) a combination of the outstanding shares of Series 2 Redeemable Preferred Stock, by reclassification
or otherwise, into a lesser number of shares of Series 2 Redeemable Preferred Stock, then, in any such case, the Stated Value
in effect immediately prior to such event shall, concurrently with the effectiveness of such event, be proportionately decreased
or increased, as appropriate.

 

    	 	1	 

     

    

 

(b)            Upon
any adjustment of the Stated Value of the Series 2 Redeemable Preferred Stock, then and in each such case the Company shall give
written notice thereof to the registered holders of the Series 2 Redeemable Preferred Stock (“Holders”), which
notice shall state the new stated value resulting from such adjustment and set forth in reasonable detail the method of calculation
and the facts upon which such calculation is based.

 

3.            Ranking.
As to the payment of dividends and the distribution of assets of the Company upon its liquidation, dissolution or winding up,
the Series 2 Redeemable Preferred Stock shall rank as follows: (a) senior to the Company’s common stock; (b) pari passu
with the Company’s Series A Convertible Preferred Stock and the Company’s Redeemable Preferred Stock; and (c) senior
to or pari passu with all other classes and series of the Company’s preferred stock.

 

4.            Dividends
in Cash or in Kind.

 

(a)            Holders
shall be entitled to receive for each share of Series 2 Redeemable Preferred Stock, and the Company shall pay, subject to the
provisions of the DGCL and legally available funds therefor, preferential cumulative dividends at the per annum rate of
[●]% on the Stated Value, payable in arrears in monthly installments on the 15th day of the next following month (or if
such date is not a business day, then the next following business day), when and as declared by the Board (the “Preferred
Dividends”), (i) in cash out of legally available funds, or (ii) at the Company’s option, in duly authorized,
validly issued, fully paid and non-assessable shares of Series 2 Redeemable Preferred Stock. Preferred Dividends on shares of
Series 2 Redeemable Preferred Stock shall also be payable upon any Redemption Date, as defined below, and upon the final distribution
date relating to a Liquidation Event, as defined below.

 

(b)            Preferred
Dividends shall cease to accrue on shares of Series 2 Redeemable Preferred Stock on the day immediately prior to any Redemption
Date, as defined in Section 9(a) below, and on the final distribution date relating to a Liquidation Event.

 

(c)            Regular
dividends shall be payable to the Holders, in accordance with the DGCL, as of each regular record date that is the final business
day of a calendar month that is also a day on which the Company’s common stock trades or is eligible for trading on the
primary market for such stock. Notwithstanding the foregoing, Holders as of a regular record date must have held their Series
2 Redeemable Preferred Stock for more than two business days (each of which must also have been a trading day on which the Company’s
common stock traded or was eligible for trading on the primary market for such stock) in order to be eligible to receive a dividend
payment on the next payment date. If the Company’s common stock no longer trades or is eligible for trading on a trading
market, then the requirement in the prior two sentences that a business day shall be a “trading day” shall not apply.
In the case of payment by the Company of dividends in the form of shares of Series 2 Redeemable Preferred Stock, such stock shall
be valued at the Stated Value.

 

    	 	2	 

     

    

 

(d)            Preferred
Dividends shall be calculated on the basis of a calendar year consisting of twelve 30-day months (or 360 days), and shall begin
to accrue on outstanding shares of Series 2 Redeemable Preferred Stock from the date of each share’s original issuance until
paid, whether or not declared. Preferred Dividends shall accrue whether or not there are profits, surplus or other funds of the
Company legally available for the payment of dividends at the time such Preferred Dividends become payable or at any other time.
Preferred Dividends shall be cumulative from the date of issue, whether or not declared for any reason, including if such declaration
is prohibited under applicable law or any outstanding indebtedness or borrowings of the Company or any of its subsidiaries, or
any other contractual provision binding on the Company or any of its subsidiaries.

 

(e)            No
dividend shall be declared on any other series or class or classes of capital stock to which the Series 2 Redeemable Preferred
Stock ranks senior or pari passu as to dividends or liquidation, including without limitation shares of common stock, in
respect of any period, nor shall any series or class of capital stock that ranks junior or pari passu to the Series 2 Redeemable
Preferred Stock be redeemed, purchased or otherwise acquired for any consideration (or any money to be paid into any sinking fund
or otherwise set apart for the purchase of any such junior stock), unless all accrued and unpaid Preferred Dividends through the
most recent payment date have been or contemporaneously are declared and paid on all then-outstanding shares of the Series 2 Redeemable
Preferred Stock; provided, however, that this restriction shall not apply to the repurchase by the Company of (i) shares
of common stock from employees, officers, directors, consultants or other persons performing services for the Company or any of
its subsidiaries pursuant to agreements under which the Company has the right or option to repurchase such shares upon the occurrence
of certain events or otherwise, (ii) shares of Series A Convertible Preferred Stock pursuant to the terms of the Certificate of
Designation for such preferred stock, or terms superior to those contained within such Certificate of Designation, or (iii) shares
of Redeemable Preferred Stock pursuant to the terms of the Certificate of Designation for such preferred stock, or terms superior
to those contained within such Certificate of Designation.

 

    	 	3	 

     

    

 

5.            Liquidation
Preference.

 

(a)            In
the event of (i) the sale, conveyance, exchange or other disposition of all or substantially all of the assets of the Company,
(ii) any acquisition of the Company by means of a consolidation, stock exchange, stock sale, merger or other form of corporate
reorganization with any other entity in which the Company’s stockholders prior to any such transaction own less than a majority
of the voting securities of the surviving entity (a “Change-in-Control Transaction”), or (iii) the winding
up or dissolution of the Company, whether voluntary or involuntary (each such event described in clause (i), (ii) and (iii), a
“Liquidation Event”), the Board shall determine in good faith the amount legally available for distribution
to stockholders after taking into account the distribution of assets among, or payment thereof over to, creditors of the Company
in the manner required by the DGCL (the “Net Assets Available for Distribution”). Subject to the provisions
of Section 5(d) below, each Holder shall be entitled to be paid out of the Net Assets Available for Distribution, and before any
payment or distribution is made to the holders of any class of capital stock ranking junior to the Series 2 Redeemable Preferred
Stock, and on a pari passu basis with holders of Series A Convertible Preferred Stock, Redeemable Preferred Stock and any
other class or series of capital stock then ranking pari passu with the Series 2 Redeemable Preferred Stock (if the Liquidation
Event triggers a payment obligation on such classes), for each then-outstanding share of Series 2 Redeemable Preferred Stock held
by such Holder, an amount equal to the Stated Value, as adjusted, plus all accrued and unpaid Preferred Dividends thereon (the
“Liquidation Amount”). Notwithstanding the foregoing, a transaction shall not constitute a Liquidation Event
if the Board shall have approved such transaction and the sole purpose of the transaction is to change the jurisdiction in which
the Company is incorporated or create a holding company with substantially similar series and classes of capital shares, each
having substantially the same terms as those that existed immediately prior to the transaction and owned in the same proportions
by the persons or entities who held the Company’s securities immediately prior to such transaction. Holders of a majority
of the shares of Series 2 Redeemable Preferred Stock, voting as a single class, may vote to determine whether a transaction which
otherwise constitutes a Liquidation Event shall be deemed not to be a Liquidation Event for purposes of this Section 5(a).

 

(b)            If
the amount of the Net Assets Available for Distribution is insufficient to pay the full Liquidation Amount, then such Net Assets
Available for Distribution shall be distributed ratably to the Holders in proportion to the respective amounts to which such Holders
would otherwise be entitled.

 

(c)            If
any distribution contemplated in this Section 5 is payable in securities or property other than cash, then the value of such distribution
shall be the fair market value of such distribution as determined in good faith by the Board.

 

(d)            In
connection with the occurrence of a Change-in-Control Transaction, Holders of a majority of then-outstanding shares of Series
2 Redeemable Preferred Stock may vote to receive, in lieu of cash in an amount per share equal to the Liquidation Amount, securities
of the successor or purchasing corporation having the same or substantially identical rights, preferences and privileges as the
Series 2 Redeemable Preferred Stock held immediately prior to such Change-in-Control Transaction.

 

6.            Voting.
Except as otherwise set forth herein or as required by law, Holders shall not be entitled to vote on any matter on account of
their Series 2 Redeemable Preferred Stock. If the DGCL requires the vote of the Holders, voting as a separate class, to authorize
an action of the Company, then the affirmative vote of the Holders of a majority of then-outstanding shares of Series 2 Redeemable
Preferred Stock shall constitute the approval of such action by the class, unless the DGCL requires a different threshold, in
which case such different threshold shall apply.

 

7.            Certain
Notices. The Company will provide the Holders with prior written notice of any meeting of the stockholders of the Company
and written notice of any action taken by the stockholders of the Company without a meeting. The Company will also provide the
Holders with at least 20 days’ written notice prior to the consummation of any transaction described in Section 5(a), clauses
(i) or (ii), constituting a Liquidation Event.

 

    	 	4	 

     

    

 

8.            Protective
Provisions. In addition to any other vote or consent required herein or by law, the affirmative vote or written consent of
Holders of a majority of then-outstanding shares of Series 2 Redeemable Preferred Stock, voting together as a single class, given
in writing or by a vote at a meeting, shall be required for the Company to:

 

(a)            amend
or waive any provision of this Certificate of Designation or otherwise take any action that modifies any powers, rights, preferences,
privileges or restrictions of the Series 2 Redeemable Preferred Stock (other than an amendment solely for the purpose of changing
the number of shares of Series 2 Redeemable Preferred Stock designated for issuance hereunder, as contemplated in Section 1 above);

 

(b)            authorize,
create or issue shares of any class of stock having rights, preferences or privileges upon a liquidation of the Company that are
superior to the Series 2 Redeemable Preferred Stock; or

 

(c)            amend
the Certificate of Incorporation of the Company in a manner that adversely and materially affects the rights of the Series 2 Redeemable
Preferred Stock.

 

9.            Redemption
and Repurchase.

 

(a)          Redemption
Request by a Holder.

 

(i)           Upon
receipt of a written notice from a Holder requesting that the Company redeem all or any portion of such Holder’s share(s)
(the “Holder Redemption Notice”), the Company may choose to (but shall not be obligated to) redeem the applicable
Series 2 Redeemable Preferred Stock for the Redemption Price, as defined in Section 9(b)(i), subject, however, to the applicable
redemption fee specified below:

 

(A)            if
the Holder Redemption Notice is given prior to or on the first anniversary of the issuance of such Series 2 Redeemable Preferred
Stock, then a 12% redemption fee shall apply;

 

(B)            if
the Holder Redemption Notice is given after the first anniversary of the issuance of such Series 2 Redeemable Preferred Stock
and prior to or on the second anniversary of the issuance of such Series 2 Redeemable Preferred Stock, then a 10% redemption fee
shall apply;

 

(C)            if
the Holder Redemption Notice is given after the second anniversary of the issuance of such Series 2 Redeemable Preferred Stock
and prior to or on the third anniversary of the issuance of such Series 2 Redeemable Preferred Stock, then a 8% redemption fee
shall apply; and

 

(D)            if
the Holder Redemption Notice is given after the third anniversary of the issuance of such Series 2 Redeemable Preferred Stock,
then no redemption fee shall apply.

 

    	 	5	 

     

    

 

(ii)            Within
30 days after the Company’s receipt of the Holder Redemption Notice, the Company shall provide written notice to such requesting
Holder specifying whether all or a portion of the Series 2 Redeemable Preferred Stock sought to be redeemed pursuant to the Holder
Redemption Notice will be repurchased by the Company (which the Company shall determine in its discretion) (the “Company
Redemption Response”). If all or any portion of such Series 2 Redeemable Preferred Stock is to be repurchased by the
Company, then the Company Redemption Response shall specify the date on which such repurchase and redemption shall occur (the
“Redemption Date”), which date shall be no more than 60 days after the giving of the Holder Redemption Notice,
and the Company Redemption Response shall include the stock power, if required, described in paragraph (iv) below.

 

(iii)            On
any Redemption Date and in accordance with this Section 9(a), the Company will, to the extent that it has sufficient funds to
consummate a redemption, as determined by the Company in its discretion, and to the extent that it may then lawfully do so under
the DGCL and such payment is further permitted under the Company’s Certificate of Incorporation (including all related certificates
of designation), and any borrowing agreements to which it or its subsidiaries are bound (the “Borrowing Agreements”),
in connection with the delivery by such Holder of the applicable items described in paragraph (iv) below, redeem the shares specified
in the Company Redemption Response by paying in cash, via wire transfer of immediately available funds to an account designated
in writing by the Holder, an amount per share equal to the applicable Redemption Price.

 

(iv)           On
or before a Redemption Date, the applicable Holder shall deliver to the Company a stock power duly executed (in the form provided
by the Company together with the Company Redemption Response).

 

(v)            From
and after the Redemption Date, (A) the shares identified in the Company Redemption Response shall be cancelled on the books and
records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of the
Holder of the shares to be redeemed shall cease and terminate, excepting only the right to receive the Redemption Price therefor
(which right shall be contingent upon the Holder delivering the stock power required under paragraph (iv) above); provided,
however, that if as of the close of business on the Redemption Date the Company has not paid the Redemption Price with respect
to such Holder (other than any case in which the Redemption Price has not been paid due to a failure by the Holder to deliver
the stock power required under paragraph (iv) above), then the shares to be redeemed shall remain issued and outstanding, and
all rights of such Holder with respect to such shares shall continue.

 

    	 	6	 

     

    

 

(vi)            If,
on any Redemption Date, the Company (A) is unable, by virtue of applicable law or provisions in its Certificate of Incorporation
(including all related certificates of designation), to redeem shares of Series 2 Redeemable Preferred Stock, or (B) cannot redeem
shares of Series 2 Redeemable Preferred Stock without constituting a default under any Borrowing Agreements, then such redemption
obligation shall be discharged promptly after the Company becomes able to discharge such redemption obligation under applicable
law and without causing or constituting a default under Borrowing Agreements, with all such deferred redemption obligations being
satisfied on a prorated basis and regardless of the order in which any Holder Redemption Notices shall have been received by the
Company. If and so long as the redemption obligation with respect to shares of Series 2 Redeemable Preferred Stock has not been
fully discharged, the Company shall not declare or make any dividend or other distribution on any junior class or series of capital
stock or directly or indirectly redeem, purchase or otherwise acquire for any consideration any shares of a junior class or series
of capital stock or discharge any optional redemption, sinking fund or other similar obligation in respect of any such junior
class or series of capital stock; provided, however, that this restriction shall not apply to the repurchase by the Company
of shares of (x) common stock from employees, officers, directors, consultants or other persons performing services for the Company
or any of its subsidiaries pursuant to agreements under which the Company has the right or option to repurchase such shares upon
the occurrence of certain events or otherwise, or (y) Series A Convertible Preferred Stock pursuant to the terms of the Certificate
of Designation of Series A Convertible Preferred Stock or terms superior to those contained within such Certificate of Designation
of Series A Convertible Preferred Stock.

 

(b)          Redemption
at the Option of the Company.

 

(i)            The
Company shall have the right (but not the obligation) to redeem shares of Series 2 Redeemable Preferred Stock at a price per share
equal to the Stated Value plus an amount equal to all accrued and unpaid Preferred Dividends thereon (whether or not declared),
up to but not including the Company Redemption Date, as defined below (such amount, the “Redemption Price”);
provided, however, that if the Company redeems any shares of Series 2 Redeemable Preferred Stock prior to the one-year
anniversary of their issuance, then the Redemption Price shall include a premium equal to the amount by which the Redemption Price
(calculated as above) is less than [●]% of the Stated Value of those shares. To exercise this redemption right, the Company
shall deliver written notice to each Holder that all or part of the Series 2 Redeemable Preferred Stock will be redeemed (the
“Company Redemption Notice”) on a date that is no earlier than 20 and no later than 60 days after the date
of the Company Redemption Notice (such date, the “Company Redemption Date”); provided, however, that
if the Company elects to redeem less than all of the Series 2 Redeemable Preferred Stock, it shall do so ratably among all Holders.

 

    	 	7	 

     

    

 

(ii)           On
the Company Redemption Date and in accordance with this Section 9(b), the Company will, at its option (to the extent it may then
lawfully do so under the DGCL, and for so long as (A) a redemption is permitted under the Company’s Certificate of Incorporation
(including all related certificates of designation), and (B) such redemption does not constitute a default under any Borrowing
Agreements), redeem the shares specified in the Company Redemption Notice by paying in cash, via wire transfer of immediately
available funds to the respective accounts designated in writing by the applicable Holders, an amount per share equal to the Redemption
Price.

 

(iii)          On
or before the Company Redemption Date, each Holder whose shares are being redeemed under this Section 9(b) shall deliver to the
Company a stock power, duly executed (in the form provided by the Company together with the Company Redemption Notice).

 

(iv)          From
and after the Company Redemption Date, (A) the shares identified in the Company Redemption Notice shall be cancelled on the books
and records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of
Holders with respect to the shares to be redeemed shall cease and terminate, excepting only the right to receive the Redemption
Price with respect to such shares (which right shall be contingent upon the Holder delivering the stock power required under paragraph
(iii) above); provided, however, that if as of the close of business on the Redemption Date the Company has not paid the
Redemption Price with respect to such Holder (other than any case in which the Redemption Price has not been paid due to a failure
by the Holder to deliver the stock power required under paragraph (iii) above), then the shares to be redeemed shall remain issued
and outstanding, and all rights of such Holder with respect to such shares shall continue.

 

(c)          Repurchase
in the Event of Death, Disability or Bankruptcy.

 

(i)            Subject
to the terms of this Section 9(c), within 45 days of the death, Total Permanent Disability or Bankruptcy, as each such term is
defined in paragraph (iv) below, of a Holder or Beneficial Holder, as defined below (a “Holder Repurchase Event”),
the estate of such Holder or Beneficial Holder (in the event of death) or such Holder or Beneficial Holder or his or her legal
representative (in the event of Total Permanent Disability or Bankruptcy) may request that the Company repurchase, in whole but
not in part, without penalty, the Series 2 Redeemable Preferred Stock held by such Holder (including Series 2 Redeemable Preferred
Stock of the Holder held in his or her individual retirement accounts) or Beneficial Holder by delivering to the Company a written
request for repurchase (a “Repurchase Request”). Any such Repurchase Request shall identify the applicable
Holder Repurchase Event. If Series 2 Redeemable Preferred Stock is held jointly by natural persons who are legally married, then
a Repurchase Request may be made by (A) the surviving Holder (or Beneficial Holder) upon the occurrence of a Holder Repurchase
Event arising by virtue of a death, or (B) the disabled or bankrupt Holder or Beneficial Holder (or his or her legal representative)
upon the occurrence of a Holder Repurchase Event arising by virtue of a Total Permanent Disability or Bankruptcy. If Series 2
Redeemable Preferred Stock is held together by two or more natural persons that are not legally married (regardless of whether
held as joint tenants, co-tenants or otherwise), then none of such co-Holders shall have the right to make a Repurchase Request
unless a Holder Repurchase Event has occurred for each such co-Holder. A Holder that is not an individual natural person does
not have the right to make a Repurchase Request.

 

    	 	8	 

     

    

 

(ii)         Upon
receipt of a Repurchase Request, the Company shall designate a date for the repurchase of Series 2 Redeemable Preferred Stock
(the “Repurchase Date”), which date shall not be later than the 60th day after the Company is provided
with facts or certifications establishing, to the reasonable satisfaction of the Company, the occurrence of the Holder Repurchase
Event. On the Repurchase Date, the Company shall, to the extent that it may then lawfully do so under the DGCL and such payment
is further permitted under its Certificate of Incorporation (including related certificates of designation) and any Borrowing
Agreements, pay the Holder or Beneficial Holder, or the estate of the Holder or Beneficial Holder, an amount per share equal to
the Stated Value plus all accrued and unpaid Preferred Dividends thereon (whether or not declared), up to but not including the
Repurchase Date (the “Repurchase Price”).

 

(iii)          From
and after the Repurchase Date, (A) the shares being repurchased pursuant to the Repurchase Request shall be cancelled on the books
and records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of
the Holder with respect to the shares being repurchased shall cease and terminate, excepting only the right to receive the Repurchase
Price with respect to such shares (which right shall be contingent upon the Holder delivering a stock power relating to the shares
to be repurchased); provided, however, that if as of the close of business on the Repurchase Date the Company has not paid
the Repurchase Price (other than any case in which the Repurchase Price has not been paid due to a failure by the Holder to deliver
a required stock power), then the shares to be repurchased shall remain issued and outstanding, and all rights of such Holder
with respect to such shares shall continue.

 

(iv)         For
purposes of this Section 9(c):

 

(A)            “Bankruptcy”
means, with respect to a Beneficial Holder or Holder who is an individual natural person, the (1) commencement of a voluntary
bankruptcy case by that Beneficial Holder or Holder; (2) consent to the entry of an order for relief against such Beneficial
Holder or Holder in an involuntary bankruptcy case; or (3) consent to the appointment of a custodian of such Beneficial Holder
or Holder or for all or substantially all of such person’s property;

 

(B)            “Beneficial
Holder” means an individual natural person that holds a beneficial interest in Series 2 Redeemable Preferred Stock through
a custodian or nominee, including a broker-dealer; and

 

    	 	9	 

     

    

 

(C)            “Total
Permanent Disability” means, with respect to a Beneficial Holder or Holder who is an individual natural person, a determination
by a physician approved by the Company that such person, who was gainfully employed and working at least 40 hours per week as
of the date on which Series 2 Redeemable Preferred Stock was purchased, has been unable to work 40 or more hours per week for
at least 24 consecutive months.

 

10.          Conversion.

 

(a)          Conversions
at Option of Holder. Holders have the right and option to partially convert their Series 2 Redeemable Preferred Stock, at
any time and from time to time, into that number of shares of common stock determined by dividing the Stated Value of such shares
of Series 2 Redeemable Preferred Stock by the Conversion Price, as defined below; provided, however, that:

 

(i)            no
more than [●]% of the Stated Value of Series 2 Redeemable Preferred Stock originally purchased from the Company may be converted
into common stock (i.e., no share of Series 2 Redeemable Preferred Stock originally purchased from the Company may be converted
into more than [●] shares of common stock);

 

(ii)           no
shares of Series 2 Redeemable Preferred Stock issued by the Company as Preferred Dividends, and no accrued but unpaid Preferred
Dividends, may be converted into common stock; and

 

(iii)          upon
the giving of a Company Redemption Notice, the right to convert shares of Series 2 Redeemable Preferred Stock that are subject
to redemption shall be suspended through the Company Redemption Date.

 

Holders
shall effect conversions by delivering to the Company a conversion notice in the form provided by the Company (a “Notice
of Conversion”). Each Notice of Conversion shall specify the number of shares of Series 2 Redeemable Preferred Stock
to be converted, and the date on which such conversion is to be effected (the “Conversion Date”), which date
may not be prior to the date the applicable Notice of Conversion is delivered to the Company. If no Conversion Date is specified
in a Notice of Conversion, then the Conversion Date shall be the date that such Notice of Conversion is deemed given under Section
15 below.

 

(b)          Conversion
Price. The conversion price for the Series 2 Redeemable Preferred Stock shall be the volume-weighted average price of the
Company’s common stock for the 20 trading days immediately prior to the date of conversion of such Series 2 Redeemable Preferred
Stock (the “Conversion Price”), subject, however, to the applicable Conversion Price discount specified below:

 

(i)            if
the Notice of Conversion is given prior to or on the third anniversary of the issuance of such Series 2 Redeemable Preferred Stock,
then a [●]% discount on the Conversion Price shall apply;

 

    	 	10	 

     

    

 

(ii)            if
the Notice of Conversion is given after the third anniversary of the issuance of such Series 2 Redeemable Preferred Stock and
prior to or on the fourth anniversary of the issuance of such Series 2 Redeemable Preferred Stock, then a [●]% discount
on the Conversion Price shall apply;

 

(iii)            if
the Notice of Conversion is given after the fourth anniversary of the issuance of such Series 2 Redeemable Preferred Stock and
prior to or on the fifth anniversary of the issuance of such Series 2 Redeemable Preferred Stock, then an [●]% discount
on the Conversion Price shall apply; and

 

(iv)            if
the Notice of Conversion is given after the fifth anniversary of the issuance of such Series 2 Redeemable Preferred Stock, then
a [●]% discount on the Conversion Price shall apply.

 

Notwithstanding
the foregoing, the Conversion Price shall in no event (including after the application of discount as specified above) be less
than $[●] per share, subject, however, to equitable adjustment upon stock dividends, subdivisions or combinations, by reclassification
or otherwise.

 

(c)          Mechanics
of Conversion.

 

(i)            Not
later than five business days after each Conversion Date (the “Share Delivery Date”), the Company shall
deliver, or cause to be delivered, to the converting Holder a certificate representing the Conversion Shares or shall deliver
Conversion Shares electronically through the Depository Trust Company or another established clearing corporation performing similar
functions. “Conversion Shares” means, collectively, the shares of common stock issued and issuable upon conversion
of the shares of Series 2 Redeemable Preferred Stock in accordance with the terms hereof.

 

(ii)            Failure
to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate(s) are not delivered to or as directed
by the applicable Holder by the Share Delivery Date, then such Holder shall be entitled to elect, by written notice to the Company
at any time on or before such Holder’s receipt of such certificate(s), to rescind such Conversion Notice, in which event
such Holder shall promptly return to the Company any common stock certificates issued to such Holder pursuant to the rescinded
Conversion Notice.

 

(iii)            Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its
authorized and unissued shares of common stock, for the sole purpose of issuance upon conversion of the Series 2 Redeemable Preferred
Stock as herein provided, free from preemptive rights or any other actual contingent-purchase rights, that number of shares of
common stock that would be issuable upon the conversion of all then-outstanding shares of Series 2 Redeemable Preferred Stock
eligible for conversion hereunder. The Company covenants that all shares of common stock so issuable shall, upon issuance, be
duly authorized, validly issued, fully paid and non-assessable.

 

    	 	11	 

     

    

 

(iv)            No
Fractional Common Shares. No fractional common shares or scrip representing fractional common shares shall be issued upon
the conversion of the Series 2 Redeemable Preferred Stock. As to any fraction of a common share which the Holder would otherwise
be entitled to receive upon a conversion, the Company shall, at its election, either pay a cash adjustment in respect of such
final fraction in an amount equal to such fraction multiplied by the Conversion Price, or round up or down to the nearest whole
share (with even halves rounded up).

 

(v)            Transfer
Taxes and Expenses. The issuance of certificates representing shares of the common stock issued upon conversion of the Series
2 Redeemable Preferred Stock shall be made without charge to any Holder for any documentary stamp or similar taxes that may be
payable in respect of the issue or delivery of such certificates; provided, however, that the Company shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon
conversion in a name other than that of the Holders; and provided, further, that the Company shall not be required to issue
or deliver such certificates unless or until the Holder requesting the issuance thereof has paid to the Company the amount of
such tax or has established to the satisfaction of the Company that such tax has been paid. The Company shall pay all transfer
agent fees required for the processing of any Notice of Conversion.

 

11.          No
Sinking Fund. The Company shall not be required to establish any sinking or retirement fund with respect to the shares of
Series 2 Redeemable Preferred Stock.

 

12.
        Fractional Shares. Series 2 Redeemable Preferred Stock may be issued in fractional
shares.

 

13.          Loss,
Theft or Destruction. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction, or mutilation
of certificates, if any, representing shares of Series 2 Redeemable Preferred Stock, and receipt of indemnity or security reasonably
satisfactory to the Company (or in the case of mutilation, upon surrender and cancellation of the mutilated certificate), the
Company shall cause to be made, issued and delivered, in lieu of such lost, stolen, destroyed or mutilated certificate, a new
certificate of like tenor.

 

14.          Holder
of Record Deemed Absolute Owner. The Company may deem the Holder in whose name shares of Series 2 Redeemable Preferred Stock
is registered upon the books and records of the Company to be, and may treat such Holder as, the absolute owner of the Series
2 Redeemable Preferred Stock for the purpose of paying Preferred Dividends, paying the Redemption Price, and for all other purposes,
and the Company shall not be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy
and discharge the liability of the Company in respect of the Series 2 Redeemable Preferred Stock to the extent of the sum or sums
so paid.

 

    	 	12	 

     

    

 

15.            Notices.
Unless otherwise provided herein, all notices or other communications or deliveries to be provided shall be given in writing and
delivered in person, by overnight courier, by first-class mail (registered or certified, return-receipt requested), by facsimile
or by email, in each case to the other’s address as provided below:

 

	 	If
        to the Company:

         
	GWG
        Holdings, Inc.

        220
        South Sixth Street, Suite 1200

        Minneapolis,
        MN 55402

        Attention:
        Chief Financial Officer

        Facsimile:
        (612) 746-0445

         

	 	If
    to a Holder:	such
    Holder’s address as shown on the books and records of the Company or a more recent address that such Holder may have
    provided in writing to the Company.

 

If
given in person, notice shall be treated as given when personally received or, if sent as provided above, the effective date of
the notice shall, as applicable, be (a) the date of the written receipt if delivered via overnight courier, (b) three days after
the date on which the notice is mailed by first-class mail (registered or return-receipt requested), (c) the date on which the
notice is transmitted by confirmed facsimile, or (d) the day after the notice is sent electronically to the email address on record
(without receipt of any failure notice).

 

16.            Reacquired
Shares. If any Series 2 Redeemable Preferred Stock is exchanged, redeemed, purchased or otherwise acquired by the Company
in any manner, then those shares shall be cancelled, and upon such cancellation shall be returned to the pool of authorized but
undesignated and unissued shares of preferred stock of the Company, and thereafter may be reissued as part of a new series of
preferred stock of the Company to be created by resolution of the Board as permitted by the DGCL and the Company’s Certificate
of Incorporation.

 

17.            Severability.
If any provision of this Certificate of Designation, or the application thereof to any person or entity or any circumstance, is
invalid or unenforceable, then (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so
far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision, and (ii) the remainder
of this Certificate of Designation and the application of such provision to other persons, entities or circumstances shall not
be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

*
* * * * * *

 

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, GWG Holdings, Inc. has caused this Certificate of Designation to be signed by the undersigned on this ___ day
of __________, 2017.

 

	 	GWG
    HOLDINGS, INC.
	 	 
	 	
	 	William
    Acheson
	 	Chief
    Financial Officer 

 

 

14

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