Document:

Exhibit 10.2

 

AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is
made and entered into on December 22, 2021 (the “Execution Date”), effective as of November 19, 2021 (the “Effective
Date”), by and between Georgette C. Nicholas (hereinafter referred to as the “Executive”),
and Midwest Holding Inc., a Delaware corporation (hereinafter referred to as “MHI”
or the “Employer”). Executive and MHI are sometimes
referred to in this Agreement individually as a “Party”
and together as the “Parties.”

 

WHEREAS, MHI operates as a
financial services holding company, and through its subsidiaries, MHI focuses on the underwriting, selling and servicing of life and annuity
insurance products (the “Business”);

 

WHEREAS, MHI has employed
Executive as its President and Chief Financial Officer (“CFO”),
on the terms and conditions set forth in Executive’s original Executive Employment Agreement effective as of September 8, 2021 (the
 “Original Agreement”);

 

WHEREAS, MHI now desires to
promote Executive to the position of Chief Executive Officer, on the terms and conditions hereinafter set forth;

 

WHEREAS, MHI intends for Executive
to immediately relinquish the title of President but to retain the title of CFO until a replacement may be found; and

 

WHEREAS, Executive desires
to accept employment as set forth above on the terms and conditions hereinafter set forth.

 

W I T N E S E T H

 

NOW, THEREFORE, the Parties,
in consideration of their respective promises and undertakings as herein set forth, agree as follows:

 

1.                 
Employment. As of the Effective Date, the Employer will employ Executive in her primary role as its Chief Executive Officer,
while continuing as its CFO until a replacement may be found, subject to the terms and conditions set forth herein.

 

2.                  Term.
The Employer shall employ Executive, and Executive shall serve the Employer, for a continuous term beginning on the Effective Date
of this Agreement and ending on the third anniversary of the Effective Date hereof (the “Initial
Term”). The Initial Term shall be extended automatically for additional one-year periods (each a “Renewal
Term”), on the same terms and conditions as set forth in this Agreement (as may be modified from time to time, in writing,
by the Parties), beginning on the third anniversary of the date hereof, unless either Party gives the other Party written notice of
such Party’s decision not to renew the terms of this Agreement
at least ninety (90) days prior to the end of the Initial Term or any Renewal Term. The Initial Term, together with all Renewal
Terms, are collectively referred to as the “Employment
Term.” Notwithstanding the foregoing, either Party may terminate this Agreement at any time prior to the expiration of the
Employment Term under the terms and conditions described in Section 6.

 

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3.           Duties.
The duties of Executive shall be those which are usually and customarily associated with the position of a Chief Executive Officer (and,
temporarily, a CFO) of a comparably sized company and the Executive will be expected to live within a 50-mile radius of Lincoln, Nebraska
and work in the Employer’s Lincoln, Nebraska office. Executive
will have the duties, responsibilities and authorities as detailed in Exhibit A attached hereto and incorporated herein, as well
as such other reasonably related duties, responsibilities and authorities as may be specified by MHI’s Board of Directors (the
 “Board”). Executive shall report directly to the Board for the performance of her duties. Executive shall devote substantially
all of her working time, attention, skill and reasonable best efforts to the performance of her duties hereunder in a manner that will
faithfully and diligently further the business and interests of MHI. During the Employment Term, Executive shall refrain from acting
as an employee, employer, consultant, agent, principal, partner, stockholder, officer, director, or in any other individual or representative
capacity own, operate, control, assist, or participate in any business that is in competition in any way with the Employer; provided,
that this prohibition shall not preclude Executive from: (i) serving as a member of the Board of Directors of one additional for-profit
company, if and only if the company is not engaged in the Business, does not constitute a conflict of interest and does not create an
appearance of impropriety; (ii) engaging in charitable, civic or other volunteer activities, or (iii) owning stock of any company whose
shares are listed for trading over any public or over-the-counter exchange if, and only if, (a) Executive does not own more than five
percent (5%) of such shares of any such company, and (b) Executive does not control such company, and (c) such ownership does not constitute
a conflict of interest, create an appearance of impropriety or otherwise violate any provision of applicable law. Executive acknowledges
and agrees that Executive’s employment relationship is solely with
Employer, that Employer retains all rights and authority to control Executive’s
activities in carrying out the terms of this Agreement, and that the subsidiaries of MHI and its affiliates shall not be considered a
joint employer of Executive for any purposes under this Agreement or under any federal, state or local laws.

 

4.           Compensation
for Services. In consideration for the services rendered to Employer, Executive shall be compensated as follows:

 

A.               
Base Salary. During the Employment Term, Executive shall be compensated at the annualized rate of $300,000.00 per calendar
year (“Base Salary”). Executive’s
Base Salary, subject to applicable withholding and authorized deductions, shall be paid in twenty-four (24) equal semi-monthly installments,
in accordance with the usual and customary payroll practices of the Employer. The Parties may discuss renegotiation of the Base Salary
each calendar year based on periodic performance reviews, but Employer retains sole and absolute discretion to maintain or modify the
Base Salary.

 

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B.                 Bonus.
In addition to the Base Salary, during the Employment Term, Executive shall be eligible to receive an annual target bonus of 75% of
the Base Salary as in effect for such year (“Target
Bonus”), and Executive’s actual annual bonus may
range from 0% to 150% of the Base Salary, and will be determined based upon achievement of performance goals established by the
Compensation Committee of the Board (after conferring with the Board and the Executive) annually at or near the beginning of each
calendar year during the Employment Term (the “Annual
Bonus”); provided that, it is understood that such performance goals shall be a meaningful test of Executive’s
and MHI’s performance. The determination (i) whether any
Annual Bonus will be paid by the Employer and (ii) if such Annual Bonus is to be paid by the Employer, whether the specified
performance goals have been satisfied, shall be made by MHI in its reasonable discretion. The Annual Bonus (if any) with respect to
any calendar year shall be payable in the following calendar year no later than the earlier of (i) 30 days after the date on which
audited financial statements covering such calendar year performance period become available to the Employer, or (ii) June 30 of the
following calendar year. For the 2021 performance year (if Executive was employed by Employer at the end of 2021), Executive will be
paid a minimum bonus of $100,000.00, which becomes payable on or before March 15, 2022. For the 2022 performance year (if Executive
was employed by Employer at the end of 2022), Executive will be paid a minimum bonus of $250,000.00, which becomes payable on or
before March 15, 2023. If Executive is not employed by Employer at the end of a calendar year, and except as otherwise provided in
Sections 9(B) or (C) below with respect to severance, a pro rata Target Bonus based on the period of employment may be paid at the
sole discretion of MHI; provided, that, a pro rata Target Bonus shall be paid to Executive (or to the heirs or estate of
Executive) if Executive’s employment ceases as a result of
Executive’s death or Employer’s
termination of Executive’s employment due to Permanent
Disability (as hereinafter defined). The pro rata Target Bonus, if any, shall be paid to Executive on the date on which the Target
Bonus would have been paid to Executive for such calendar year, but for Executive’s
termination.

 

C.                
Additional Compensation. In addition to any other compensation set forth in this Section 4, and any other stock options
granted by the terms of the Original Agreement, during the Employment Term, promptly following the Execution Date, Executive shall receive
stock options to purchase an additional 30,000 shares of common stock as of the Execution Date. Any such grant shall be subject to the
terms and conditions set forth in either the MHI 2019 or 2020 Long-Term Incentive Plan, as in effect and as amended from time to time
(the “Incentive Plan”), together with the Stock Option
Agreement between MHI and Executive. The stock options shall have an exercise price of the fair market value as of the date of the grant,
which shall be the Execution Date, and shall expire 10 years from the date of grant. The stock options will vest in equal installments
on each of the first seven anniversaries of the Effective Date, subject (except as otherwise provided herein or in the Incentive Plan)
to Executive’s continuous employment with the Employer through the
applicable vesting date, or as otherwise provided in Section 9 below. Additional equity grants to Executive may be made by MHI in its
reasonable discretion.

 

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D.         Benefits.
During Executive’s employment with Employer, subject to the provision in the final sentence of this Section 4(D), Executive shall
receive the following benefits (together, the “Other Benefits”):

 

(i)                 Employer
shall pay the full premium required to provide the Executive and Executive’s
spouse or domestic partner and family with coverage under Employer’s
group health and dental plan as per current practice with comparable executives employed by MHI.

 

(ii)             
Executive shall be eligible to participate in all leave policies and “fringe”
benefit programs, including, but not limited to, one (1) week sick leave, four (4) weeks of personal leave, insurance programs and/or
a 401(k) plan, as and to the extent the same are from time to time made available to employees of Employer.

 

Anything herein
to the contrary notwithstanding, however, the Other Benefits and the terms and conditions thereof may be hereafter modified or terminated
from time to time by MHI consistent with other similarly situated employees and without amending this Agreement, and the Executive’s
eligibility, participation and benefit entitlement for each of the foregoing policies, plans, programs or Other Benefits shall be subject
to all of the terms and conditions of each such policy, plan or program and any third party contracts, agreements or policies of insurance
which may be applicable thereto.

 

E.           Continuation of Salary During Illness. If Executive shall become ill or temporarily disabled and shall be absent from work
by reason thereof, Employer shall continue Executive’s semi-monthly
installments of her Base Salary during said period of illness or disability for up to a maximum of six (6) months or such lesser time
as required to permit Executive to qualify for any long disability income insurance maintained by Executive.

 

F.           Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other
compensation, paid to Executive pursuant to this Agreement or any other agreement or arrangement with MHI which is subject to recovery
under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback, limited
to the net after-tax repayment, as may be required to be made pursuant to the applicable “recovery” provision and to such
law, government regulation or stock exchange listing requirement (or any policy adopted by MHI pursuant to any such law, government regulation
or stock exchange listing requirement).

 

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5.            Expense
Reimbursement. Employer agrees to reimburse Executive, in accordance with Employer’s
usual and customary practices, for all other ordinary and necessary business expenses which are reasonably and necessarily incurred by
the Executive in the course of performing Executive’s duties on
Employer’s behalf under this Agreement. Employer will provide relocation
support and home purchase assistance up to $50,000, adjusted for tax impact. This will be subject to pro rata repayment, if Executive’s
employment with Company is terminated under Section 6(C) or Executive resigns without Good Reason, on or before December 31, 2023.

 

6.           Termination.
Nothing in this Agreement is intended to provide, nor shall this Agreement provide, Executive with any contractual rights to
employment for any specified period of time. Executive and Employer acknowledge and agree that the employment relationship between
Executive and Employer is and shall remain strictly “at-will”
during the Employment Term. This means that either Executive or Employer may, at any time, for any reason or no reason, terminate
the employment relationship between Executive and Employer, including any time before the end of the Initial Term and any Renewal
Term(s) noted in Section 2. In addition, and without limiting the foregoing, this Agreement may be terminated as follows:

 

A.           Death. This Agreement shall immediately terminate upon the event of Executive’s
death.

 

B.           Disability.
Subject to Section 4(D) with respect to applicable leave policies, this Agreement shall immediately terminate in the event Executive
is Permanently Disabled, has exhausted all available leave, and is unable to return to work and perform the essential functions of her
employment. “Permanently Disabled” shall mean a physical
or mental impairment rendering Executive substantially unable to carry out Executive’s
then currently assigned day-to-day functions as Chief Executive Officer for any period of six (6) consecutive months. Any dispute as
to whether Executive is Permanently Disabled, and the date on which such incapacity commenced, shall be resolved by MHI with the assistance
of a qualified physician mutually selected by the Parties, no later than thirty (30) days after the Parties dispute whether Executive
is Permanently Disabled, unless the Parties mutually agree in writing to extend this deadline. The decision of MHI shall be final and
binding upon Executive and Employer. If Executive does not (i) cooperate in selecting the physician, (ii) submit to examination by the
physician mutually selected by the Parties within the aforementioned thirty (30)-day deadline, or (iii) provide access to needed information
upon which such determination can be made, then MHI shall have no continued obligation to consult with such physician and will have the
authority to determine whether Executive is Permanently Disabled on its own.

 

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C.          Involuntary
Termination for Good Cause. Employer may terminate Executive’s employment at any time for Good Cause. “Good Cause”
shall be deemed to exist if, and only if:

 

(i)            Executive
willfully engages in acts or omissions determined by Employer to constitute fraud, breach of fiduciary duty or intentional wrongdoing
or malfeasance, including without limitation knowing falsification of the financial books or records of Employer (or its subsidiaries
or affiliates), embezzlement of funds from Employer (or its subsidiaries or affiliates) or other similar fraud; provided, however,
that a breach of fiduciary duty shall not be deemed to occur or exist as a result of any business decision made by Executive that is
protected by the “business judgment rule” as adopted by courts
applying the General Corporation Law of the State of Delaware;

 

(ii)            Executive is convicted of, or enters a plea of guilty or nolo contendere to charges of, any criminal violation involving
fraud, theft or dishonesty;

 

(iii)           Executive
is convicted of, or enters a plea of guilty or nolo contendere to charges of, any non-vehicular felony which has or is
substantially likely to have a material adverse effect on Executive’s
ability to carry out Executive’s duties under this Agreement
or on the reputation or activities of Employer (or its subsidiaries or affiliates);

 

(iv)           Executive
habitually abuses alcohol, illegal drugs or controlled substances or non-prescribed prescription medicine, and such abuse materially
and adversely interferes with the performance of Executive’s duties
and responsibilities to Employer, and such acts remain uncured for more than 30 days following receipt by Executive of written notice
from the Employer specifying the nature of such acts demanding cure thereof;

 

(v)            Executive
materially breaches the terms of any agreement between Executive and Employer (or its subsidiaries or affiliates) relating to Executive’s
employment, materially fails to adhere to significant policies of Employer applicable to all employees, including, without limitation,
policies prohibiting sexual harassment in the workplace, or materially fails to satisfy the conditions and requirements of Executive’s
employment with the Employer (or its subsidiaries or affiliates), and such breach or failure remains uncured for more than thirty (30)
days following receipt by Executive of written notice from Employer specifying the nature of such breach or failure and demanding cure
thereof;

 

(vi)           Executive
engages in acts or omissions constituting gross negligence by Executive in the performance (or non-performance) of Executive’s
duties hereunder, and such act or omission remains uncured for more than thirty (30) days following receipt by Executive of written notice
from Employer specifying the nature of such act or omission and demanding cure thereof; or

 

(vii)         
Executive materially fails in the performance of Executive’s
duties and/or responsibilities on behalf of Employer, and such failure remains uncured for more than thirty (30) days following receipt
by Executive of written notice from Employer specifying the nature of the failure and demanding cure thereof.

 

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7.                 
Effect of Termination. In the event Executive’s employment
is terminated pursuant to Section 6(A), 6(B) or 6(C) above, Executive shall only be entitled to receive that portion of Executive’s
Base Salary and Target Bonus which has been earned but remains unpaid up to the date of such termination, in addition to Other Benefits
through the date of such termination and the reimbursement of any expenses as provided in Section 5. For purposes of clarity, Executive
shall not be entitled to any remaining unpaid Base Salary following the date of such termination. In the event Executive’s
employment is terminated by Employer for reasons other than those provided in Section 6(A), 6(B) or 6(C), such as non-renewal of agreement
by the Employer as noted in Section 2, Executive shall be entitled to the amounts set forth in Section 9 below subject to the terms and
conditions contained therein.

 

8.                  Resignation;
Effect. In the event Executive resigns other than for Good Reason (as defined below), Executive (i) shall be entitled to receive
that portion of Executive’s Base Salary which has been earned
but remains unpaid up to the date of such termination, in addition to Other Benefits through the date of such termination and the
reimbursement of any expenses as provided in Section 5, and (ii) shall continue to receive Executive’s
Base Salary for up to a period of twelve (12) months after the effective date of Executive’s
resignation, provided that, Executive signs and does not revoke a Release as defined in Section 9(B) below and remains in
compliance with Section 12 below with respect to non-competition. Executive agrees that Executive will immediately report to
Employer any offer of employment accepted by Executive within twelve (12) months of Executive’s
resignation, including the date such employment is to commence, for the purpose of allowing Employer to determine compliance with
Section 12 of this Agreement. Employer’s obligation to pay or
continue payment of Base Salary shall cease in the event Executive is in breach of Section 12 of this Agreement. Alternatively,
Employer may at any time during the twelve (12)-month non-competition period contemplated by Section 12 immediately terminate its
continuing obligation to pay or continue payment of the Base Salary if Employer releases Executive from Executive’s
non-competition obligations under Section 12 by written notice to Executive. If the Executive resigns with Good Reason, Executive
shall be entitled to the amounts set forth in Section 9 below subject to the terms and conditions contained therein. For purposes of
this Agreement, “Good Reason” shall
mean:

 

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(i)                
the material diminution of any duties, responsibilities and authorities inconsistent in any respect with Executive’s
position as a Chief Exeutive Officer (and, temporarily, CFO) of a comparably sized company (including status, offices, titles and reporting
requirements), authority, duties or responsibilities as contemplated by Sections 1 and 3 of this Agreement, excluding for this purpose
an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by MHI within thirty (30) days after receipt
of notice thereof given by Executive;

 

(ii)             
any failure by MHI to comply with any of the provisions of Section 4 of this Agreement, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith and which is remedied by MHI within thirty (30) days after receipt of written notice thereof
given by Executive. For clarification purposes, MHI’s failure to
grant Executive the stock options described in Section 4(C)(i) and enter into the Stock Option Agreement within six (6) months following
the Execution Date shall constitute Good Reason under this Agreement provided that, MHI shall be entitled to the cure period described
in the preceding sentence; or

 

(iii)           
MHI materially breaches the terms of any agreement between Executive and Employer relating to Executive’s
employment, or materially fails to satisfy the conditions and requirements of this Agreement, and such breach or failure by its nature
is incapable of being cured, or such breach or failure remains uncured for more than thirty (30) days following receipt by Employer of
written notice from Executive specifying the nature of the breach or failure and demanding the cure thereof.

 

Notwithstanding
the foregoing, Executive shall not have Good Reason to terminate Executive’s
employment unless the event giving rise to Good Reason is not fully remedied within thirty (30) days after receipt by Employer of a
written notice from Executive of such event, specifying in detail the reason or reasons constituting Good Reason, which written
notice must be provided within ninety (90) days after the initial occurrence of such event. A termination for Good Reason cannot
occur later than one-hundred and twenty (120) days following the initial occurrence of the applicable event. For the purposes of
this Agreement, termination by Executive “without
Good Reason” shall mean termination by Executive of Executive’s
employment for any reasons other than a termination for Good Reason.

 

9.            Severance.

 

(A)       If
Employer terminates Executive’s employment under this Agreement
for reasons other than those provided in Sections 6(A), 6(B) and 6(C), or if Executive resigns and terminates this Agreement for Good
Reason as defined in Section 8 (each a “Qualifying Termination”),
Employer shall pay to Executive that portion of Executive’s Base
Salary and Target Bonus which has been earned up to the date of such termination, in addition to Other Benefits through the date of such
termination and the reimbursement of any expenses as provided in Section 5.

 

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(B)       In
connection with a Qualifying Termination that occurs at any time, and provided Executive signs and does not revoke as may be permitted
by law a general release of claims in a form similar to that attached as Exhibit C (the “Release”)
and remains in compliance with Section 12 below with respect to non-competition, Employer shall (i) pay to Executive on a quarterly basis
following the date of such termination an amount equal to the pro rata amount of (a) the Base Salary for each quarter of the Severance
Period (as hereinafter defined) commencing on the first payroll date falling after the Release becomes effective; and (b) the Target Bonus
for each quarter of the twelve (12) month period; (ii) continued vesting of stock options and other equity awards granted to Executive
pursuant to Section 4(C)(i) and (ii) above through the end of the Severance Period; and (iii) subject to Executive’s
timely election of continuation coverage under COBRA, pay to Executive a lump sum amount equal to the total monthly premiums that would
be necessary to continue Executive’s and Executive’s
eligible dependents’ participation in Employer’s
group health plan (to the extent permitted under applicable law and the terms of such plan) which covers Executive (and Executive’s
eligible dependents) on the date of Executive’s termination for
a period of twelve (12) months/during the Severance Period. All amounts payable under this Section 9(B) shall be treated as taxable payments.
The term “Severance Period” shall mean a period extending
from the date of termination and continuing through twelve (12) months after the date of termination.

 

(C)       The
payments and benefits provided for in Sections 8 or 9(B) are conditioned on Executive entering into the Release on or before the
sixtieth (60th) day following the date on which Executive’s
termination of employment becomes effective, and not revoking it. Employer shall be deemed to execute the Release on the date that
Executive executes the Release. If Executive fails to execute without revocation the Release, she shall be entitled to the benefits
set forth in Section 9(A) only and no other benefits under Sections 8 or 9(B). The installments of severance payable under Section 8
shall commence with the first payroll period following the date on which the Release becomes enforceable and irrevocable. The
installments of severance provided under Section 9(B) shall commence in the quarter ending in which the Release becomes enforceable
and irrevocable. If, however, the sixty (60) day period in which the Release must become enforceable and irrevocable begins in one
(1) year and ends in the following year, Employer shall commence payment of the severance installments in the following year. The
first installment of the severance shall include all amounts that would otherwise have been paid to Executive between Executive’s
termination date and Executive’s receipt of the first
installment, assuming the first installment would otherwise have been paid at the end of the quarter in which the Executive’s
employment terminates. 

 

(D)       Employer
and Executive agree that Executive shall have no duty to mitigate Executive’s
losses or obtain other employment for the purposes of this Section. If Executive obtains other employment, it shall not affect Executive’s
right to payment under this Section.

 

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10.             
Indemnification; Directors’ and Officers’ Liability Insurance. As and to the extent provided in MHI’s
bylaws, Executive will be entitled to the indemnification provided to other executive officers and directors of MHI. In addition, MHI
agrees to include Executive as a covered person on a directors’ and officers’ liability insurance policy or policies covering
Executive to the same extent that MHI provides such coverage for its other executive officers and directors.

 

11.             
Proprietary Matters Agreement. Prior to or concurrently with the execution of this Agreement, Executive has signed Employer’s
Proprietary Matters Agreement attached hereto as Exhibit B, the terms of which are expressly incorporated herein. The termination of this
Agreement or the termination of Executive’s employment with Employer for any reason shall in no way diminish Executive’s continuing
obligations under the Proprietary Matters Agreement signed by Executive.

 

12.             
Non-Competition. During Executive’s employment with Employer and for a period of twelve (12) months thereafter,
the Executive agrees that Executive shall not, within the United States, directly or indirectly, whether as an officer, director, stockholder,
partner, member, employee, proprietor, associate, representative, investor or consultant, or in any capacity whatsoever, engage in, become
financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other
entity that is engaged in the Business; provided, however, that the foregoing restriction shall not prevent Executive from owning
not more than two percent (2%) of the outstanding shares in any publicly traded corporation or from having an interest in or being employed
by an enterprise having multiple business segments, divisions or product lines one or more of which is in competition with Employer, provided
that Executive is not employed by, and does not render any services or support to or otherwise assist, the division or business segment
or product line of such enterprise that is in competition with Employer.

 

Executive
agrees and acknowledges that the time limitation and scope of activity to be restrained by the restrictions in this Section,
combined with the geographic scope, are reasonable. Executive also acknowledges and agrees that this Section is reasonably necessary
for the protection of Employer’s
Confidential Information and trade secrets, is supported by adequate consideration, and provides a reasonable way of protecting the
business value of the Employer.

 

13.         Remedies for Breach of Non-Competition Covenant. 

 

A.           Executive acknowledges that, because Executive’s services are personal and unique and because Executive shall have access
to and become acquainted with the Confidential Information of Employer, the damages that would be suffered by Employer as a result of
the breach of the provisions of this Agreement contained in Section 12 above may not be calculable, and that an award of a monetary judgment
to Employer for such a breach would be an inadequate remedy. Consequently, Employer shall have the right, in addition to any other rights
it may have under this Agreement or elsewhere at law, to obtain injunctive relief in any court of competent jurisdiction to restrain any
breach or threatened breach hereof or otherwise to specifically enforce any of the provisions of this Agreement.

 

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B.           The
covenants made by Executive in Section 12 above shall be construed as agreements independent of any other provisions of this Agreement
(with the exception of Section 11 and the Proprietary Matters Agreement), and the existence of any claim or cause of action of the Executive
against Employer, whether predicted on this Agreement or otherwise, shall not constitute a defense to the enforcement by MHI of these
covenants.

 

C.           If a court shall determine that any provision of (or portion of a provision of) Section 12 of this Agreement is unenforceable in
accordance with its terms, either because it extends for too long a period of time or over too great a range of activities or in too broad
a geographic area or for any other reason, it shall nonetheless be enforced on such terms as the court determines are equitable and legally
enforceable.

 

14.          Severability. Invalidity of any provision of this Agreement shall not render invalid any of the other provisions of this
Agreement, and if any part of this Agreement should be determined to be unlawful, unenforceable or against public policy, the remaining
parts shall continue to be fully effective and enforceable.

 

15.          Miscellaneous Provisions.

 

A.          Successor
and Assigns. This Agreement is personal in nature and Executive may not assign or delegate any rights or obligations hereunder without
first obtaining the express written consent of Employer. The rights, benefits and obligations of Employer under this Agreement and all
covenants and agreements pertaining thereto hereunder shall be assignable by Employer. Further, this Agreement shall inure to the benefit
of and be enforceable by or against the Parties’ successors and assigns, provided Employer shall remain liable to Executive for
the performance of all obligations to be performed by it hereunder.

 

B.           Entire
Agreement. This Agreement, together with the Proprietary Matters Agreement, Incentive Plan and Stock Option Agreement, contain
the entire agreement of the parties with respect to the subject matter hereof and supersede and replace all prior agreements or
understandings and all negotiations, discussions, arrangements, and understandings with respect thereto. For purposes of
clarification and the avoidance of doubt, Executive acknowledges and agrees that the terms and provisions contained with the
Proprietary Matters Agreement signed by Executive and attached as Exhibit B shall remain in full force and effect and shall survive
following Executive’s
employment with Employer.

 

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C.           Binding
Effect. This Agreement shall be binding upon the Parties and their respective heirs, personal representatives, administrators, trustees,
successors and permitted assigns.

 

D.          Amendment
or Modification. No amendment or modification of this Agreement shall be binding unless executed in writing by the Parties hereto.

 

E.            Governing
Law. Employer and Executive agree that this Agreement shall be governed by and construed according to the laws of the State of Delaware.

 

F.           Interpretations.
Any uncertainty or ambiguity existing herein shall not be interpreted against either Party because such Party prepared any portion of
this Agreement but shall be interpreted according to the application of rules of interpretation of contracts generally. The headings
used in this Agreement are inserted for convenience and reference only and are not intended to be an integral part of or to affect the
meaning or interpretation of this Agreement.

 

G.           Notices.
Any notice required to be given in writing by any Party to this Agreement may be delivered personally or by certified mail. Any such
notice directed to Employer shall be addressed to Employer at 2900 South 70th Street, Suite 400, Lincoln, Nebraska 68510,
Attention: Secretary, General Counsel; or to such other address as the Employer may from time to time designate in writing to Executive.
Any notice addressed to Executive shall be addressed to Executive’s
personal permanent residence at 494 E. Burr Pond Road, Brandon, Vermont 05733 or to such other address as Executive may from time to
time designate in writing to Employer.

 

H.           Survival. Anything herein to the contrary notwithstanding, the rights and obligations of the Parties hereunder which by
their terms contemplate or require performance or obligations which extend beyond or occur after the termination of this Agreement (specifically
including, but not limited to, the payments to Executive provided for in Sections 7, 8 and 9, the indemnification of Executive provided
for in Section 10, the non-competition provisions of Section 12 and the Proprietary Matters Agreement signed by Executive) shall survive
termination of this Agreement and shall be and remain fully enforceable as between the Parties in accordance with their terms.

 

I.            Voluntary
Execution; Conflict Waiver. Executive and Employer are signing this Agreement knowingly and voluntarily. Executive and Employer have
been given the opportunity to consult with independent counsel of their choice regarding their rights under this Agreement.

 

J.            Signatures. This Agreement may be executed in counterparts, both of which shall be one and the same Agreement.

 

    12 

     

    

 

 

K.               
Section 409A Compliance.

 

(i)       To
the extent that any of the payments or benefits provided for in Section 8 or 9(B) are deemed to constitute non-qualified deferred compensation
benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”),
the following interpretations apply to Section 8 or 9(B):

 

(a)       Any
termination of Executive’s employment triggering payment of benefits
under Section 8 or 9(B) must constitute a “separation from service”
within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) for interpreting a separation from service
before distribution of such benefits can commence. To the extent that the termination of Executive’s
employment does not constitute a separation of service, any benefits payable under Section 8 or 9(B) that constitute deferred compensation
under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service. For purposes
of clarification, this Section shall not cause any forfeiture of benefits on the Executive’s
part but shall only act as a delay until such time as a separation from service occurs.

 

(b)       If
Executive is a “specified employee” (as that term is used
in Section 409A of the Code and regulations and other guidance issued thereunder) on the date Executive’s
separation from service becomes effective, any benefits payable under Section 8 or 9(B) (if any) that constitute non-qualified deferred
compensation under Section 409A of the Code shall be delayed until the earlier of (1) the business day following the six-month anniversary
of the date Executive’s separation from service becomes effective,
and (2) the date of Executive’s death, but only to the extent necessary
to avoid penalties under Section 409A of the Code. On the earlier of (1) the business day following the six-month anniversary of the date
Executive’s separation from service becomes effective, and (2) Executive’s
death, Employer shall pay Executive in a lump sum the aggregate value of the non-qualified deferred compensation that Employer otherwise
would have paid Executive prior to that date under Section 8 or 9(B) of this Agreement.

 

(ii)       It
is intended that each installment of the payments and benefits provided under Section 8 or 9(B) be treated as a separate “payment”
for purposes of Section 409A of the Code. In particular, the installment severance payments set forth in Section 8 or 9(B) of this
Agreement shall be divided into two portions. The first portion will equal that number of installments commencing on the first
payment date set forth in Section 8 or 9(B) that are in the aggregate less than two times the applicable compensation limit under
Section 401(a)(17) of the Code for the year in which the termination of Executive’s
employment occurs (provided the termination of Executive’s
employment is also a separation from service) is payable in accordance with Treas. Reg. §1.409A-1(b)(9)(iii) as an involuntary
separation plan. The second portion will equal the remainder of the installments and shall be paid in accordance with Sections
15.K.i above.

 

    13 

     

    

 

(iii)       Neither
Employer nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409A of the Code.

 

(iv)        It
is the intention of both Employer and Executive that the benefits and rights to which Executive could be entitled pursuant to this Agreement
comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder, to the extent
that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner
consistent with that intention. If Executive or Employer believes, at any time, that any such benefit or right that is subject to Section
409A does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such
benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on Executive and on Employer)
to the extent allowed by applicable law. To the extent that any payment provided to Executive pursuant to this Agreement is subject to
adverse tax consequences under Section 409A (solely as a result of Employer’s action or inaction with
respect to such payment), Employer will make such additional payments to Executive (the “409A Gross Up Payments”) as
are necessary to provide Executive with sufficient funds to pay the additional taxes, interest and penalties imposed by Section 409A (collectively,
the “409A Tax”), as well as any additional taxes, including but not limited to additional 409A Tax, attributable to
or resulting from the payment of the 409A Gross Up Payments, with the end result that Executive will be in the same position with respect
to Executive’s tax liability as Executive would have been in if no 409A Tax had ever been imposed. Employer will make any payments
required by this paragraph no later than the last day of Executive’s taxable year next following Executive’s taxable year
in which the 409A Tax is remitted to the taxing authority. In no other event whatsoever will Employer be liable for additional tax, interest
or penalty that may be imposed on Executive by Section 409A or damages for any payments or benefits that fail to comply with Section 409A.

 

L.                
Excess Parachute Payments.

 

(i)       Notwithstanding
anything in this Agreement to the contrary, if any of the payments or benefits provided or to be provided by Employer to Executive
or for Executive’s benefit pursuant to the terms of this
Agreement or otherwise (“Covered Payments”) are
determined to constitute “excess parachute payments”
within the meaning of Section 280G of the Code and would, but for this Section 15(L) be subject to the excise tax imposed under
Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or
penalties with respect to such taxes (collectively, the “Excise
Tax”), then the Covered Payments shall either (a) be paid in full or (b) be reduced (but not below zero) to the minimum
extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of (a) or (b) maximizes
the after-tax results applicable to Executive. All determinations required to be made under this Section 15(L), including whether a
payment would result in an “excess parachute payment”
and the assumptions utilized in arriving at such determination, shall be made in writing by an accounting firm selected by Employer,
which writings shall be shared with Executive.

 

    14 

     

    

 

(ii)       If
a reduction in the Covered Payments is required by the foregoing provisions of this Section 15(L), the reduction shall occur in the following
order: (i) reduction of cash payments for which the full amount is treated as a parachute payment; (ii) cancellation of accelerated vesting
(or, if necessary, payment) of cash awards for which the full amount is not treated as a parachute payment; (iii) cancellation of any
accelerated vesting of equity awards; and (iv) reduction of any continued employee benefits. In selecting the equity awards (if any),
for which vesting will be reduced under clause (iii) of the preceding sentence, awards shall be selected in a manner that maximizes the
after-tax aggregate amount of Covered Payments, provided that if (and only if) necessary in order to avoid the imposition of an additional
tax under Section 409A of the Code, awards instead shall be selected in the reverse order of the date of grant. In no event shall
Executive have any discretion with respect to the ordering of payment reductions.

 

(iii)       If
the Covered Payments to Executive are reduced in accordance with this Section 15(L), as a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial reduction under Section 15(L), it is possible that Covered Payments to the Executive
which will not have been made by the Employer should have been made (“Underpayment”)
or that Covered Payments to Executive which were made should not have been made (“Overpayment”).
If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid by the Employer to or for the benefit of Executive.
In the event of an Overpayment, then Executive shall promptly repay to Employer the amount of any such Overpayment together with interest
on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor
thereto), from the date the reimbursable payment was received by Executive to the date the same is repaid to Employer.

 

[Remainder of Page Intentionally Left Blank
 – Signature Page Follows]

 

    15 

     

    

 

IN WITNESS WHEREOF,
Employer and Executive have caused this Agreement to be signed with the intent it be effective as of the Effective Date, fully intending
the same to be binding upon themselves and their respective heirs, personal representatives, trustees, successors, receivers and assigns.

 

	 	EXECUTIVE
	 	 	 
	 	By	/s/Georgette C. Nicholas
	 	 	Georgette C. Nicholas
	 	 	 
	 	MIDWEST HOLDING INC.
	 	 	 
	 	By:	John T. Hompe
	 	 	John T. Hompe
	 	 	Non-Executive Chair of Midwest
	 	 	Holding Inc.’s Board of Directors

 

    16 

     

    

 

Exhibit A

Duties, Responsibilities and Authorities

 

As Chief Executive Officer:

 

		-	Work with the Board in setting and executing on the long- and short-term strategic direction of the company, including the prioritization
of its resources.

		-	Lead the company and make major decisions for the organization.

		-	Communicate with stockholders, government entities, regulators, distribution partners and other key stakeholders.
		-	Negotiate or approve agreements and contracts for the organization.
		-	Oversee the Lincoln, NE office and New York, NY location.

		-	Develop and coach team of direct reports which shall currently include the following, but will be modified over time: President, Corporate
Strategy, Finance, Investment Operations, Policy Administration, HR, IT, Legal and Compliance

		-	Other duties as the Board deems appropriate.

 

    17 

     

    

 

Exhibit B

Proprietary Matters Agreement

 

    18 

     

    

 

PROPRIETARY MATTERS AGREEMENT

 

As a condition of my relationship
with Midwest Holding Inc., its affiliates, subsidiaries, and/or its successors or assigns (collectively, the “Company”),
and in consideration of the Confidential Information (as defined below) now and hereafter provided to me by the Company, and for other
good and valuable consideration (including my relationship and/or continued relationship with the Company), the receipt and sufficiency
of which are hereby acknowledged, I hereby agree as follows:

 

		1.	GENERAL. During my employment with the Company under the Employment Agreement, dated September 8, 2021 with the Company,
as it may be subsequently amended and/or restated (the “Employment
Term”), I agree

 

a.                  
not to engage, directly or indirectly, in any business, investment or activity that interferes or is contrary to the interests
of the Company

 

b.                 
to disclose current material outside business activities in the insurance and/or asset management industries and update the Company
on any future material outside business activities in the insurance and/or asset management industries; and

 

c.                  
to comply with all laws and regulations and all Company policies.

 

I accept, acknowledge and
agree that I received additional consideration pursuant to the terms and conditions of a related agreement I entered into with the Company.

 

		2.	CONFIDENTIAL INFORMATION.

 

a.                   COMPANY
INFORMATION. Except as set forth herein, I hereby agree, at all times during and following my relationship with the Company
during the Restricted Period (defined below), to hold in strictest confidence and not to use, except for the benefit of the Company
and as required in the ordinary course of performing my duties, or to disclose to any person, firm or corporation without written
authorization of the Company, any Confidential Information of the Company. I understand that “Confidential Information”
means any and all information furnished by the Company before or after the date of this Agreement, orally, in writing, or gathered
by inspection and regardless of whether or not specifically marked as “Confidential,” including, without limitation,
information relating to the Company’s past, present, or future research, development or business affairs such as trade
secrets, inventions (whether or not patentable), software, software and technology architecture, networks, business methodologies,
facilities, billing records, policies, financial and operational information, contracts, officer, director and shareholder
information, suppliers, client lists, marketing or sales prospects, projected projects and all copies, reproductions, notes,
analyses, compilations, studies, interpretations, summaries and other documents whether or not prepared by me. I also understand
that “Confidential Information” does not include any of the foregoing items which have become publicly known or
generally known in the industry and made generally available through no wrongful act of mine or of others who were under
confidentiality obligations with respect to the item or items involved. Notwithstanding anything to the contrary in this Agreement,
Confidential Information shall not include any information in my possession or known to me prior to my employment with the Company,
my professional knowledge and skill, or my contact lists, whether in electronic or paper form (e.g., rolodex, Outlook
contacts, etc.). To the extent I become a shareholder or an option holder of the Company, I agree that all information distributed
to me as a shareholder or option holder will be treated as Confidential Information, except as otherwise provided herein. I agree I
shall not use any Confidential Information in any manner which may reasonably be expected to materially injure or cause loss to the
Company, whether directly or indirectly.

 

     

     

    

 

b.                  
FORMER EMPLOYER INFORMATION. I hereby agree that I will not, during my relationship with the Company, improperly use or disclose
any proprietary information or trade secrets of any former or concurrent employer or other person or entity for whom I have worked in
the past, for whom I am now working or for whom I may work during the term of my relationship with the Company, and that I will not bring
onto the premises of the Company any unpublished document or proprietary information or property belonging to any such employer, person
or entity unless consented to in writing by such employer, person or entity. I represent and warrant that, except as set forth on Exhibit
1, I am not subject to any agreement, understanding or other duty (whether pursuant to any noncompetition, non-solicitation or confidentiality
agreement or otherwise) that would in any way restrict or hinder the performance of my duties to the Company.

 

c.                  
THIRD PARTY INFORMATION. I recognize that the Company has received, and in the future will receive, the confidential or proprietary
information of third parties subject to a duty of the Company to maintain the confidentiality of such information and to use it only for
certain limited purposes. I hereby agree to hold all such confidential or proprietary information in the strictest confidence and not
to disclose it to any person, firm, or corporation or to use it except as necessary in carrying out my work for the Company in accordance
with the Company’s agreements or other arrangements with any such
third parties.

 

3.       INVENTIONS.

 

a.                 
INVENTIONS RETAINED AND LICENSED. I have attached hereto, as Exhibit 1, a list describing all inventions, original works of
authorship, developments, improvements, and trade secrets which were made by me prior to my relationship with the Company, including those
conceived, developed or reduced to practice prior to execution of this Agreement, or which are owned by me (collectively referred to herein
as “Prior Inventions”), or, if no such list is attached, I
represent that there are no such Prior Inventions. If in the course of my relationship with the Company I incorporate into a Company product,
process, service or machine a Prior Invention owned by me or in which I have an interest, but which is not an Assigned Invention (defined
below), the Company is hereby granted a nonexclusive, transferable, royalty-free, fully paid, irrevocable, perpetual, worldwide license
to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, process or machine.

 

     

     

    

 

b.                 
 ASSIGNMENT OF INVENTIONS. I hereby agree that I have made or will promptly make full written disclosure to the Company of
all of my right, title, and interest in and to any and all inventions, original works of authorship, developments, concepts, improvements,
designs, “know how,” discoveries, ideas, trademarks or trade
secrets, whether or not patentable or registrable under copyright, trademark, or similar laws, which I solely or jointly have conceived,
developed or reduced to practice prior to the date hereof, conceive, develop or reduce to practice, or cause to be conceived or developed
or reduced to practice (collectively, “Inventions”), during
my relationship with the Company (collectively, “Assigned Inventions”).
To the extent permitted by applicable law, I hereby assign the Assigned Inventions to the Company. For the purposes of this paragraph,
Inventions shall not include inventions that I develop entirely on my own time without using the Company’s
equipment, supplies, facilities, or Confidential Information, except for those Inventions that either (i) relate at the time of conception
or reduction to practice of the Invention, to the Company’s business
or actual, anticipated or reasonably foreseeable research or development of the Company or to any customer or supplier of the Company’s
business, or (ii) result from any work performed by me for the Company. I understand and agree that the decision whether or not to commercialize
or market any Assigned Invention is within the Company’s sole discretion
and for the Company’s sole benefit and that no royalty will be due
to me as a result of the Company’s efforts to commercialize or market
any such Assigned Invention.

 

c.                  
MAINTENANCE OF RECORDS. I hereby agree to keep and maintain adequate and current written records of all Inventions made by
me during the term of my relationship with the Company. The records will be in the form of notes, sketches, drawings, whether in electronic
or hardcopy form, and any other format that may be specified by the Company. The records will be available to and remain the sole property
of the Company at all times.

 

d.                  FURTHER
ASSURANCES. I hereby agree to assist the Company, or its designee, at the Company’s
expense, in every proper way to secure the Company’s rights in
the Assigned Inventions and any copyrights, patents, trademarks, mask work rights or other intellectual property rights relating
thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect
thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall
deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, and its successors,
assigns, and nominees, the sole and exclusive rights, title and interest in and to such Assigned Inventions, and any copyrights,
patents, mask work rights or other intellectual property rights relating thereto. I further agree that my obligation to execute or
cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this
Agreement. If the Company is unable because of my mental or physical incapacity, death, absence, lack of cooperation or any other
reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright
registrations covering Assigned Inventions, then I hereby irrevocably designate and appoint the Company and its duly authorized
officers and agents as my agent and attorney-in-fact, to act for and in my behalf and stead to execute and file any such
applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright
registrations thereon with the same legal force and effect as if executed by me.

 

     

     

    

 

4.                 
COMPANY PROPERTY; RETURN OF COMPANY PROPERTY. I agree that during my relationship with the Company I shall not make, use
or permit to be used any Company Property otherwise than for the benefit of the Company. The term “Company Property” shall
include all notes, memoranda, reports, lists, records, drawings, sketches, specifications, software programs, software code, data, computers,
cellular telephones, pagers, credit and/or calling cards, keys, access cards, documentation or other materials of any nature and in any
form, whether written, printed, electronic or in digital format or otherwise, relating to any matter within the scope of the business
of the Company or concerning any of its dealings or affairs and any other Company Property in my possession, custody or control. I acknowledge
and agree that all Company Property shall be and remain the sole and exclusive property of the Company. I hereby agree that, at the time
of ceasing to work with the Company, I will immediately deliver to the Company (and will not keep in my possession, recreate or deliver
to anyone else) any and all Company Property, Confidential Information, devices, equipment, other documents or property, or reproductions
in any medium of any aforementioned items developed by me or received by me pursuant to my relationship with the Company or otherwise
belonging to the Company, or its successors or assigns. I further agree that I shall not, after the termination of my relationship with
the Company, use or permit others to use any such Company Property or Confidential Information. Notwithstanding anything to the contrary
in this Agreement, nothing herein shall prevent me from retaining my contact lists, whether in electronic or paper form (e.g., Outlook
contacts, rolodex, etc.) and any documents related to my compensation or benefits.

 

5.                 
NOTIFICATION OF NEW EMPLOYER. In the event my relationship with the Company ends, I hereby consent to notification by the
Company to my new employer regarding my rights and obligations under this Agreement and any other agreement by which I am bound.

 

6.                 
NOTIFICATION OF RIGHT TO DISCLOSE. I acknowledge receipt of notice that an individual may not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state,
or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. In
addition, I have been given notice that an individual may not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal. Finally, I acknowledge receipt of notice that an individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade
secret, except pursuant to court order.

 

     

     

    

 

7.                 
 REPRESENTATIONS. I hereby represent that my relationship with the Company and my performance of all the terms of this Agreement
will not result in a breach of any agreement with a third party, including the breach of any agreement to keep in confidence proprietary
information acquired by me in confidence or in trust prior to my relationship with the Company or to refrain from competing with any
third party. I have not entered into, and I agree I will not enter into, any oral or written agreement in conflict herewith.

 

8.                 
NON-SOLICITATION OF CLIENTS AND CUSTOMERS. I recognize and acknowledge that the Company has a legitimate business interest
in protecting the client and customer goodwill I develop or maintain during my relationship with the Company against solicitation activities
and unfair competition by me for a limited period of time after I leave the Company in order that the Company may maintain, renew or
restore its relationships with such clients or customers. I further recognize and acknowledge that the Company’s relationships
with its clients and customers are among the Company’s most important assets and constitute protectable Confidential Information.
Therefore, for a period of two (2) years following the termination of my direct employment relationship with the Company for any reason
whatsoever (whether by virtue of the Company’s termination, my voluntary termination, or otherwise) (the “Restricted Period”),
I shall not, either individually or on behalf of a person, firm, corporation, partnership, joint venture, association or other entity
whatsoever: (i) directly solicit, or divert business from or endeavor to entice away from the Company, or (ii) directly attempt to solicit
or divert business from, or endeavor to entice away from the Company, any person, firm, corporation, partnership or entity of any kind
whatsoever which was or is a client or customer of the Company and with whom I had personal contact, for which the Company performed
services, with respect to any business, product or service that is competitive with the business, products or services offered by the
Company, as of the date of the termination of the my relationship with the Company.

 

9.                 
NON-SOLICITATION OF VENDORS. To prevent the improper use of the Company’s
Confidential Information and the resulting unfair competition and misappropriation of goodwill and other proprietary interests, I agree
that during the Restricted Period, I shall not, either individually or on behalf of a person, firm, corporation, partnership, joint venture,
association or other entity whatsoever, directly interfere with, or otherwise directly cause any provider of services, business partner,
independent contractor, vendor, or supplier of the Company to curtail, sever, or alter its relationship or business with the Company.

 

10.             
NON-SOLICITATION OF EMPLOYEES. During the Restricted Period, I shall not, either individually or on behalf of a person, firm,
corporation, partnership, joint venture, association or other entity whatsoever, directly or indirectly, solicit, induce or attempt to
solicit or induce any of the Company’s managers, directors, officers,
employees, consultants or advisors with whom I had personal contact during my relationship with the Company and before my separation from
the Company, to discontinue his, her or its relationship with the Company, provided that I am not prohibited from recruiting or hiring
any person who responds to general advertisements in newspapers and/or electronic and online media of general circulation that are not
targeted specifically towards employees of the Company.

 

     

     

    

 

11.             
 REASONABLENESS. I acknowledge that the duration of the covenants contained in Sections 8, 9 and 10 is fair and reasonable
in light of the amount of compensation, specialized training, education and access to Confidential Information that I am receiving in
connection with my relationship with the Company. It is the Company and my desire and intent that the provisions of this Agreement be
enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect. I agree and understand that the covenants
in Sections 8, 9 and 10 are reasonable and necessary to protect the Company’s
Confidential Information and goodwill with its clients, customers and vendors as developed and maintained by me during my relationship
with the Company. I further agree that the provisions in Sections 8, 9 and 10 are reasonable and narrowly tailored to protect the Company’s
legitimate business interests and that I will not suffer any substantial hardship as a result of enforcement of these provisions. I further
acknowledge that I am capable of obtaining suitable employment following the termination of my relationship with the Company, even though
I have agreed not to disclose or use the Company’s Confidential
Information and have agreed to the non-solicitation provisions contained in this Agreement. I further agree that the terms of the non-solicitation
provisions, although they may limit future employment opportunities, do not amount to an industry-wide employment exclusion and, as such,
are neither unduly harsh nor oppressive in curtailing my legitimate efforts to earn a livelihood.

 

12.             
EQUITABLE REMEDIES. I AGREE THAT ANY BREACH OF THE COVENANTS SET FORTH IN THIS AGREEMENT WILL CAUSE THE COMPANY SUBSTANTIAL
AND IRREVOCABLE DAMAGE AND IRREPARABLE INJURY, AND THAT IT WOULD BE IMPOSSIBLE OR INADEQUATE TO MEASURE AND CALCULATE THE COMPANY’S
DAMAGES FROM ANY SUCH BREACH. ACCORDINGLY, I AGREE THAT IF I BREACH THIS AGREEMENT, THE COMPANY WILL HAVE AVAILABLE, IN ADDITION TO ANY
OTHER RIGHT OR REMEDY AVAILABLE, INCLUDING THE RECOVERY OF DAMAGES FROM ME, THE RIGHT TO SEEK AN INJUNCTION FROM A COURT OF COMPETENT
JURISDICTION RESTRAINING SUCH BREACH OR THREATENED BREACH AND TO SPECIFIC PERFORMANCE OF ANY SUCH PROVISION OF THIS AGREEMENT. I FURTHER
AGREE THAT NO BOND OR OTHER SECURITY SHALL BE REQUIRED IN OBTAINING SUCH EQUITABLE RELIEF AND I HEREBY CONSENT TO THE ISSUANCE OF SUCH
INJUNCTION AND TO THE ORDERING OF SPECIFIC PERFORMANCE.

 

     

     

    

 

 

13.              GOVERNING
LAW, ARBITRATION. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. THE
PARTIES AGREE TO USE THEIR BEST EFFORTS TO AMICABLY RESOLVE ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
RELATIONSHIP. ANY CONTROVERSY, CLAIM OR DISPUTE THAT CANNOT BE SO RESOLVED SHALL BE SETTLED BY FINAL BINDING ARBITRATION IN
ACCORDANCE WITH THE EMPLOYMENT RULES OF THE AMERICAN ARBITRATION ASSOCIATION AND JUDGMENT UPON THE AWARD RENDERED BY THE ARBITRATOR
MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. ANY SUCH ARBITRATION SHALL BE CONDUCTED IN NEW YORK CITY, NEW YORK OR SUCH
OTHER PLACE AS MAY BE MUTUALLY AGREED UPON BY THE PARTIES. WITHIN FIFTEEN (15) DAYS AFTER THE COMMENCEMENT OF THE ARBITRATION, THE
PARTIES SHALL MUTUALLY AGREE UPON A SINGLE ARBITRATOR, AND IF THEY CANNOT SO AGREE WITHIN SUCH TIME PERIOD, THE SINGLE ARBITRATOR
SHALL BE APPOINTED BY THE AMERICAN ARBITRATION ASSOCIATION. THE ARBITRATOR SHALL HAVE EXCLUSIVE AUTHORITY TO DETERMINE THE
FORMATION, EXISTENCE, VALIDITY, ENFORCEABILITY, INTERPRETATION OR SCOPE OF THE PARTIES’ AGREEMENT
TO ARBITRATE. UPON APPLICATION OF ANY PARTY, THE ARBITRATOR MAY REQUIRE SPECIFIC PERFORMANCE OF ANY PROVISION OF ANY AGREEMENT
BETWEEN THE PARTIES, INCLUDING THE AWARD OF EMERGENCY, TEMPORARY OR PRELIMINARY INJUNCTIVE RELIEF. A PARTY ALSO MAY, WITHOUT WAIVING
ANY OTHER REMEDY, SEEK FROM ANY COURT HAVING JURISDICTION ANY INTERIM OR PROVISIONAL RELIEF THAT IS NECESSARY TO PROTECT THE RIGHTS
OR PROPERTY OF THAT PARTY PENDING THE ARBITRATOR’S APPOINTMENT
OR DECISION ON THE MERITS OF THE DISPUTE. IN ADDITION, A PARTY MAY, WITHOUT WAIVING ANY OTHER REMEDY, SEEK RELIEF FROM ANY COURT
HAVING JURISDICTION FOR ANY CLAIM THAT IS NON-ARBITRABLE UNDER APPLICABLE STATE OR FEDERAL LAW. EACH PARTY SHALL BEAR ITS OWN COSTS
AND EXPENSES IN AN EQUAL SHARE OF THE ARBITRATOR’S EXPENSES
AND ADMINISTRATIVE FEES OF ARBITRATION. THE PARTIES AGREE (I) NO ARBITRATION PROCEEDING HEREUNDER SHALL BE CERTIFIED AS A CLASS
ACTION OR PROCEED AS A CLASS ACTION, COLLECTIVE ACTION OR ON A BASIS INVOLVING CLAIMS BROUGHT IN A PURPORTED REPRESENTATIVE CAPACITY
ON BEHALF OF OTHER PERSONS SIMILARLY SITUATED, AND (II) NO ARBITRATION PROCEEDING HEREUNDER SHALL BE CONSOLIDATED WITH, OR JOINED IN
ANY WAY WITH, ANY OTHER ARBITRATION PROCEEDING.

 

14.             
ASSISTANCE IN LITIGATION. During and following my relationship with the Company, I agree, upon reasonable notice and for a
reasonable time following the termination of my relationship with the Company, to furnish such information and proper assistance to the
Company as may be reasonably required by the Company with any litigation or audit in which it is, or may become, a party. The Company’s
requests pursuant to this Section shall take into consideration my personal and business commitments and the amount of notice provided
to me. The Company will also reimburse me, if legally permissible, for reasonable out of pocket and other incidental expenses that I incur
as a result of my cooperation pursuant to this paragraph (including reasonable attorneys’
fees, if reasonably necessary).

 

     

     

    

 

15.             
ENTIRE AGREEMENT. This Agreement sets forth the entire agreement and understanding between the Company and the undersigned
relating to the subject matter hereof and merges all prior discussions between the parties with respect to such subject matter.

 

16.              AMENDMENTS. The
parties hereby agree that, notwithstanding the provisions of the Electronic Signatures in Global and National Commerce Act, no
modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be effective unless in
writing signed by the party to be charged. Any subsequent change or changes in duties, salary, or compensation will not affect the
validity or scope of this Agreement.

 

17.             
SEVERABILITY. If one or more of the provisions in this Agreement are deemed void or voidable under applicable law, then the
remaining provisions will continue in full force and effect without the inclusion of any such provisions.

 

18.             
SUCCESSORS AND ASSIGNS. I agree that I will not assign this Agreement or any rights and obligations hereunder to any third
party. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit
of the Company and its successors and assigns.

 

19.             
HEADINGS. The section headings herein contained have been inserted for convenience of reference only and shall not be used
to interpret, construe or in any way affect the meaning or interpretation of the terms and provisions hereof. Without limiting the generality
of the foregoing, the restrictions and obligations set forth herein shall remain in full force and effect whether the undersigned’s
efforts on behalf of the Company are performed as an employee, consultant or as a member providing services for the benefit of the Company.

 

21.             
WAIVER. A waiver by any party hereto of any condition or the breach of any term, covenant, representation or warranty contained
in this Agreement, whether by conduct or otherwise, in any one or more instances, shall not be deemed or construed as a further or continuing
waiver of any such condition or the breach of any other term, covenant, representation or warranty set forth in this Agreement.

 

22.             
SURVIVAL. Sections 2, 4, 6, 8, 9, 10, 12, 13, 14, 15, 16, 17, 18 and 21 shall survive any termination or expiration of this
Agreement.

 

23.             
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

[Remainder of Page Intentionally
Left Blank – Signature Page Follows]

 

  

     

     

    

 

In Witness Whereof,
this Proprietary Matters Agreement has been executed with the intent it be effective as of November 19, 2021.

 

	 	MIDWEST HOLDING INC.
	 	 
	 	 
	 	By:	/s/ John T. Hompe
	 	Name:	 John T. Hompe
	 	Its:	 Non-Executive Chair of Midwest Holding Inc.’s Board of Directors
	 	 
	 	 
	 	GEORGETTE C. NICHOLAS
	 	 
	 	 
	 	By:	/s/ Georgette C. Nicholas
	 	Name:	 Georgette C. Nicholas
	 	Date:	 December 22, 2021

 

THIS AGREEMENT CONTAINS
AN ARBITRATION PROVISION

WHICH MAY BE ENFORCED

 

     

     

    

 

EXHIBIT
1

 

1.List of Prior Inventions and Original
Works of Authorship

 

	Title	 	 	 	Date	 	 	Identifying Number or
    Brief Description

 

 

If no Prior Inventions are listed above, I represent
that there are no such Prior Inventions.

 

2.       List of Prior Non-competition and Non-solicitation Restrictions

 

	Title	 	 	 	Date	 	 	Identifying Number or
    Brief Description

 

If no prior non-competition and non-solicitation
restrictions are listed above, I represent that there are no such restrictions.

 

	 	GEORGETTE C. NICHOLAS
	 	 
	 	 
	 	By:	/s/ Georgette C. Nicholas
	 	Name:	 Georgette C. Nicholas
	 	Date:	 December 22, 2021

 

     

     

    

 

Exhibit C

 

SEVERANCE AGREEMENT AND
RELEASE

 

This Severance Agreement
and Release (this “Agreement”) is entered into by and between
Georgette C. Nicholas (“Employee”) and Midwest Holding
Inc. (the “Company”). Employee and the Company are sometimes
collectively referred to as the “Parties.” All terms not otherwise
defined herein shall have the same meaning as set forth in the Employment Agreement between the Parties dated ________________, 2021.

 

1.                 
Employee’s employment with the Company is terminated effective
_____________, 20___ (the “Termination Date”). The Parties
have agreed to avoid and resolve any alleged existing or potential disagreements between them arising out of or connected with Employee’s
employment with the Company and the termination of such employment. The Company expressly disclaims any wrongdoing or any liability to
Employee.

 

2.                 
The Company acknowledges that it will pay Employee for Base Salary earned through the Termination Date and reimburse Employee for
properly documented and timely submitted business expenses, if any, pursuant to the Company’s
expense reimbursement policies. All benefits that Employee currently receives from the Company shall terminate on the Termination Date;
provided, however, that Employee’s health and dental benefits (if
applicable) may continue, consistent with Company policy, through the last day of the month that includes the Termination Date. Moreover,
the termination of any health insurance benefits is subject to Employee’s
rights under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).

 

3.                 
In exchange for Employee’s execution of this Agreement, and
Employee’s performance of his/her obligations hereunder, the Company
agrees to provide Employee the following severance benefits after the expiration of the revocation period described in Paragraph 20,
below, at which time this Agreement becomes effective (“Effective
Date”), provided Employee has not revoked this Agreement as described in Paragraph 20:

 

[Insert Applicable Severance Benefits]

 

Employee specifically
acknowledges and agrees that this consideration exceeds the amount Employee would otherwise be entitled to receive upon termination of
Employee’s employment and that such severance benefits are in exchange
for entering into and performing this Agreement. Employee agrees that Employee will not at any time seek consideration from the Company
other than what is set forth in this Agreement. Employee specifically acknowledges and agrees that the Company has made no representations
to Employee regarding the tax consequences of any amounts received by Employee or for Employee’s
benefit pursuant to this Agreement, and Employee has not relied on any representation or lack of representation by the Company. Employee
remains wholly responsible for the tax consequences regarding the amounts to be received.

 

     

     

    

 

4.                 
Except to the extent prohibited by law, Employee and Employee’s heirs, executors, administrators, successors and assigns
hereby fully RELEASE the Company and each of its direct and indirect subsidiaries, affiliates and parents and each of their respective
predecessors, successors and past and present direct and indirect stakeholders, directors, officers, employees, contractors, representatives,
agents and assigns (the “Company Releasees”) from any and all claims, complaints, causes of action or demands, of whatever
kind or nature, that Employee now has or has ever had against the Company or any of the Company Releasees, arising from or relating to
Employee’s employment with or discharge from the Company, whether known or unknown to Employee at the time of Employee’s execution
of this Agreement, including, but not limited to: wrongful or tortious termination, specifically including, but not limited to, actual
or constructive termination in violation of public policy; military leave, reinstatement, or related rights; claims under common law,
statute or contract, specifically including, but not limited to, implied or express employment contracts and/or estoppel; discrimination,
retaliation and/or any other claims under any federal, state or local statute or regulation, specifically including but not limited to
any claims Employee may have under the WARN Act, the Fair Labor Standards Act, the Age Discrimination in Employment Act, the Older Workers
Benefit Protection Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act
of 1991, 42 U.S.C. Section 1981, the Family and Medical Leave Act, and the Employee Retirement Income Security Act, all as amended; any
and all claims brought under any applicable state or local employment, discrimination or other statutes; any claims brought under any
federal, state or local statute or regulation with respect to nonpayment of wages, severance pay, or other compensation (including, but
not limited to, bonuses); and libel, slander, fraud, misrepresentation, or breach of contract other than a breach of this Agreement. THIS
AGREEMENT CONTAINS A GENERAL RELEASE OF ALL CLAIMS. This release specifically excludes claims, charges, complaints, causes of action or
demands of whatever kind or nature: (a) that arise after the Termination Date, including the right to enforce this Agreement; (b) that
cannot be released as a matter of law, including Employee’s rights to COBRA, workers’ compensation, and unemployment insurance;
(c) to accrued, vested benefits under any employee benefit, stock, savings, insurance or pension plan of the Company; or (d) to indemnification,
contribution, advancement or defense as provided by and in accordance with the terms of the Company by-laws, articles of incorporation,
liability insurance coverage, or applicable law.

 

5.                  Nothing
in this Agreement shall preclude or interfere with Employee’s
rights under federal, state or local civil rights or employment discrimination laws to file a complaint with any federal, state or
local agency or self-regulatory organization charged with enforcing such laws, including, but not limited, to the Equal Employment
Opportunity Commission (“EEOC”). Nor shall this
Agreement be construed to prevent Employee from assisting in, cooperating with or participating in any investigations or proceedings
by such agency or self-regulatory organization pursuant to a lawful subpoena or equivalent order. None of the foregoing acts by
Employee shall constitute a breach of any non-disparagement, confidentiality or cooperation clauses or any other clause of this
Agreement. Notwithstanding the foregoing, Employee acknowledges and agrees that Employee hereby waives any and all rights Employee
may have to recovery of any damages (whether monetary or otherwise) in connection with any complaint or charge Employee may file
pursuant to this Paragraph and that the amount specified in Paragraph 3 herein is sufficient consideration for any such claims.

 

     

     

    

 

6.                 
Employee represents and warrants that Employee has no pending disputes, differences, grievances, charges, complaints, litigation,
lawsuits, or actions against any of the Company Releasees or with any local, state or federal agency or court arising from or related
to Employee’s employment relationship with or separation from the
Company. Employee hereby warrants and represents that Employee has not assigned, alienated, hypothecated or in any other way transferred
(in whole or in part) to any other person, organization or entity any claims, demands, losses, actions or rights of action against the
Company, known or unknown, of whatever character and nature, arising from or related in any way to Employee’s
employment with or separation from the Company, or any claim Employee may have against any of the Company Releasees.

 

7.                 
Employee affirmatively states and represents that upon Employee’s
receipt of pay for Employee’s hours worked through Termination Date,
as provided in Paragraph 2 above, Employee will have received all compensation to which Employee became entitled during Employee’s
employment with the Company and that no other wages or compensation remain payable to Employee.

 

8.                 
Employee will not make any disparaging remarks regarding the Company, its business, products and services, or any of its directors,
officers, employees, contractors, representatives, agents and assigns, to any third party, whether in private or in public. The Company
will direct its’ directors and senior management not to make any
disparaging remarks regarding Employee, whether in private or in public. Nothing in this Paragraph is intended to restrict Employee from
engaging in activity protected by the National Labor Relations Act or prohibit Employee, the Company or any of its’
directors or senior managers from testifying truthfully under oath.

 

9.                  Employee
will not disclose any Confidential Information (as herein defined) and (a) shall not permit any third party access to the
Confidential Information; (b) shall use the same degree of care to protect the Confidential Information as the Company uses to
protect its Confidential Information; and (c) shall take any other actions that are reasonable, necessary or appropriate to ensure
the continued confidentiality and protection of the Confidential Information. “Confidential
Information” means proprietary information of the Company, including, but not limited to, customer information, customer or
vendor lists or information obtained through customer, customer or vendor contacts, trade secrets, business plans, marketing plans,
financial information or reports and any other information relating to the business of the Company or any affiliate that would be
detriment of the Company if disclosed or to any other third party; provided, however, that “Confidential
Information” shall not include information that is (i) part of the public domain (other than as a result of a breach of this
Agreement); (ii) generally known within the industry; or (iii) known to Employee prior to her employment with the Company. Employee
shall treat all Confidential Information and all other nonpublic information obtained during Employee’s
employment by the Company as confidential and shall not, without written authorization from the Company, release or share such
information with any third party, except as may be required by law or pursuant to an order by any court or tribunal of competent
jurisdiction.

 

     

     

    

 

10.             
Employee affirmatively states and represents that the Company has not taken any retaliatory personnel action against Employee because
Employee disclosed, or threatened to disclose, to any appropriate governmental agency, an activity, policy, or practice of the Company
that Employee believes to be in violation of a law, rule, or regulation; for providing information to, or testifying before, any appropriate
governmental agency, person, or entity conducting an investigation, hearing, or inquiry into an alleged violation of a law, rule, or regulation
by the Company; or for objecting to, or refusing to participate in, any activity, policy, or practice by the Company which Employee believes
to be in violation of a law, rule, or regulation.

 

11.             
Employee warrants that Employee has, or, prior to becoming entitled to any payment hereunder, Employee shall, deliver to the Company
all memoranda, notes, plans, records, reports, computer files, printouts and software and other documents and data (and copies thereof)
relating to the Confidential Information, or the business of the Company that Employee may then possess or have under his/her control;
provided, however, nothing herein shall prevent Employee from retaining documents related to her compensation and benefits. If Employee
fails or refuses to comply with the provisions of this Paragraph, the Company may, at its option, cancel and revoke this Agreement.

 

12.             
The Company requests that prior to reporting any actual or perceived violation of law to any governmental entity, Employee first
notify the Company of any potential legal or compliance issue to allow the Company the opportunity to investigate and appropriately report
any compliance matter brought to its attention by Employee. Nothing in this Paragraph is intended to impede Employee’s
right to report possible violations of law that are protected under the whistleblower provisions of local, state or federal law, including
reports to any governmental agency or entity, and Employee is not required to seek the Company’s
permission prior to making such reports.

 

13.             
Employee acknowledges receipt of notice that an individual may not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or
to an attorney solely for the purpose of reporting or investigating a suspected violation of law. In addition, Employee has been given
notice that an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
Finally, Employee acknowledges receipt of notice that an individual who files a lawsuit for retaliation by an employer for reporting a
suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the
court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret,
except pursuant to court order.

 

     

     

    

 

14.             
 In response to inquiries regarding Employee’s employment
with the Company, the Company, by and through its speaking agent(s), agrees to provide a neutral reference and to report the following
information: Employee’s date of hire, the date Employee’s
employment ended, and Employee’s rates of pay.

 

15.             
Employee warrants that no promise or inducement has been offered for this Agreement other than as set forth herein and that this
Agreement is executed without reliance upon any other promises or representations, oral or written.

 

16.             
This Agreement constitutes the entire understanding between the Parties on the subject matter contained herein and supersedes all
negotiations, representations, prior discussions and preliminary agreements between the Parties with respect to the subject matter herein.
This Agreement does not supersede any agreements, including, but not limited to, the Proprietary Matters Agreement or any restrictive
covenants that were in effect immediately prior to the date of this Agreement and which, by their terms, survive the termination of Employee’s
employment. Employee acknowledges that provisions contained within any agreements that Employee signed with the Company, and which expressly
survive Employee’s employment, shall remain in full force and effect
and survive his/her employment with the Company as provided by the terms of any such agreements. Such terms are expressly incorporated
herein.

 

17.             
If any provision of this Agreement or compliance by Employee or the Company with any provision of this Agreement constitutes a
violation of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law,
unenforceable or void, shall be modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and
such provision will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent
it is in violation of law, unenforceable or void, will be deemed severable from the remaining provisions of this Agreement, which remaining
provisions will remain binding on both Employee and the Company.

 

     

     

    

 

18.             
This Agreement will be governed by the laws of the State of Delaware (without regard to its choice-of-law provisions), which Employee
agrees bears a substantial relationship to the Parties and to this Agreement. The state and federal courts located in Wilmington, Delaware
shall have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s
employment with, or termination from, the Company, or arising from or relating to this Agreement, and Employee expressly consents to personal
jurisdiction in Delaware courts and waives any right to contest the same. The prevailing party in any such lawsuit will be entitled to
an award of attorneys’ fees and reasonable litigation costs. The
foregoing excludes any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act or charge asserting age discrimination.

 

19.             
Employee agrees that Employee will indemnify and hold the Company harmless from and against any and all losses, liabilities, costs,
damages or expenses incurred by the Company or any Company Releasee (including, without limitation, reasonable attorneys’
fees) arising out of or resulting from any breach of this Agreement by Employee. Employee further agrees that if Employee challenges
this Agreement, files any claims against the Company arising from or relating to Employee’s
employment with, or termination from, the Company, excluding any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act, or otherwise fails to abide by the terms of this Agreement, as determined
by a court of competent jurisdiction, (a) Employee will return all moneys and benefits received by Employee from the Company pursuant
to this Agreement and (b) the Company may elect, at its option and without waiver of any other rights or remedies it may have, not to
pay or provide any unpaid moneys or benefits.

 

20.             
Employee specifically agrees and acknowledges that (A) Employee’s
waiver of rights under this Agreement is knowing and voluntary as required under the Older Workers’
Benefit Protection Act and Age Discrimination in Employment Act; (B) Employee understands the terms of this Agreement; (C) Employee
has been advised in writing by the Company to consult with an attorney prior to executing this Agreement; (D) the Company has given Employee
a period of up to twenty-one (21) days within which to consider this Agreement and that if Employee executes this Agreement within such
period, Employee waives the remainder of the period and that modifications to this Agreement during such period, whether material or immaterial,
do not restart the running of such period; (E) following Employee’s
execution of this Agreement, Employee has seven (7) days in which to revoke Employee’s
agreement to this Agreement and that if Employee chooses not to so revoke, this Agreement shall then become effective and enforceable
and the payment and extension of benefits listed below shall then be made to Employee in accordance with the terms of this Agreement;
and (F) nothing in this Agreement shall be construed to prohibit Employee from filing a charge or complaint, including a challenge to
the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission or participating in any investigation
conducted by the Equal Employment Opportunity Commission; provided, however, that Employee has waived any right to monetary relief. To
cancel this Agreement, Employee understands that Employee must deliver a written revocation to 2900 South 70th Street, Suite
400, Lincoln, Nebraska 68510, Attention: General Counsel, by 5:00 p.m. on the seventh day after Employee executes this Agreement. If Employee
revokes this Agreement, it will not become effective or enforceable and Employee will not be entitled to any of the benefits set forth
in this Agreement.

 

21.             
EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT EMPLOYEE HAS HAD
AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE,
AND THAT EMPLOYEE SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING THE COMPANY AND ITS OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, REPRESENTATIVES,
AGENTS AND ASSIGNS FROM ANY AND ALL CLAIMS.

 

22.             
This Severance Agreement and Release shall inure to the benefit of and be binding upon the Parties, as well as their successors,
heirs and assigns.

 

23.             
 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, including any signed
electronic facsimile copies of this Agreement, and all such counterparts together shall be deemed to constitute one and the same instrument.

 

24.             
Changes in this Agreement, whether by additions, waivers, deletions, amendments or modifications, may be accomplished only by a
writing signed by both Employee and the Company.

 

[Remainder of Page Intentionally
Left Blank – Signature Page Follows]

 

     

     

    

 

ACCEPTED AND AGREED TO: 

 

	Midwest Holding Inc.	 	Georgette C. Nicholas
	 	 	 
	By:	 	 	By:	 
	[Name]	 	Georgette C. Nicholas
	[Title]	 	 
	Date:	 	 	Date:Exhibit
4.7

 

DESCRIPTION OF THE COMPANY’S SECURITIES

 

The following summary is a description of the
material terms of our capital stock. This summary is not complete, and is qualified by reference to our amended and restated articles
of incorporation, and our amended and restated bylaws, which are filed as exhibits to this Annual Report on Form 10-K and are incorporated
by reference herein. We encourage you to read our amended and restated articles of incorporation, our amended and restated bylaws and
the applicable provisions of the Nevada Revised Statutes for additional information.

 

Our amended and restated articles
of incorporation authorize us to issue up to 100,000,000 shares of common stock and 10,000,000 shares of preferred stock.

 

Common Stock

 

Shares of our common stock have the following rights,
preferences and privileges:

 

Voting

 

Each holder of common stock is entitled to one
vote for each share of common stock held on all matters submitted to a vote of stockholders. Any action at a meeting at which a quorum
is present will be decided by a majority of the voting power present in person or represented by proxy, except in the case of any election
of directors, which will be decided by a plurality of votes cast. There is no cumulative voting.

 

Dividends

 

Holders of our common stock are entitled to receive
dividends when, as and if declared by our board of directors out of funds legally available for payment, subject to the rights of holders,
if any, of any class of stock having preference over the common stock. Any decision to pay dividends on our common stock will be at the
discretion of our board of directors. Our board of directors may or may not determine to declare dividends in the future. The board’s
determination to issue dividends will depend upon our profitability and financial condition any contractual restrictions, restrictions
imposed by applicable law and the SEC, and other factors that our board of directors deems relevant.

 

Liquidation Rights

 

In the event of a voluntary or involuntary liquidation,
dissolution or winding up of the Company, the holders of our common stock will be entitled to share ratably on the basis of the number
of shares held in any of the assets available for distribution after we have paid in full, or provided for payment of, all of our debts
and after the holders of all outstanding series of any class of stock have preference over the common stock, if any, have received their
liquidation preferences in full.

 

Other

 

Our issued and outstanding shares of common stock
are fully paid and nonassessable. Holders of shares of our common stock are not entitled to preemptive rights. Shares of our common stock
are not convertible into shares of any other class of capital stock, nor are they subject to any redemption or sinking fund provisions.

  

 

 

 

    	 	1	 

     

    

 

Preferred Stock

 

We are authorized to issue up to 10,000,000 shares
of preferred stock. Our articles of incorporation authorizes the board to issue these shares in one or more series, to determine the designations
and the powers, preferences and relative, participating, optional or other special rights and the qualifications, limitations and restrictions
thereof, including the dividend rights, conversion or exchange rights, voting rights (including the number of votes per share), redemption
rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series. Our board of directors
could, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and
other rights of the holders of common stock and which could have the effect of making it more difficult for a third party to acquire,
or of discouraging a third party from attempting to acquire, a majority of our outstanding voting stock.

 

Series A Preferred Stock Offering

 

On September 30, 2021, the Company entered into
subscription agreements (the “Subscription Agreements”) with certain investors (the “Investors”). Pursuant to
the Subscription Agreements, the Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to such Investors
shares of Series A Convertible Preferred Stock (the “Preferred Stock”) for a purchase price of $1,000.00 per share (the “Private
Placement”). For each share of Preferred Stock issued, the Company issued the Investor a warrant to purchase 150% of the shares
of Company common stock underlying the Preferred Stock (the “Warrants”). The aggregate Private Placement, which was completed
on November 29, 2021 was $37,700,000.

 

The Preferred Stock is entitled to receive dividends,
at a rate of 14.0% per annum, in cash or in kind, which shall be payable quarterly in arrears on January 1, April 1, July 1 and October
1, beginning on the first such date after the issuance date and ending on the 18-month anniversary. With limited exceptions, the Preferred
Stock will have no voting rights. Upon any liquidation, dissolution or winding-up of the Company, the holders of the Preferred Stock shall
be entitled to receive out of the assets, whether capital or surplus, of the Company available to shareholders, an amount equal to the
greater of: (i) the purchase price for each share of Preferred Stock then held, or (ii) the amount the holders would have received had
the holders fully converted the Preferred Stock to Company common stock, in each case, before any distribution or payment shall be made
to the holders of the Company’s common stock. If, and only, if the Company receives shareholder approval, the Preferred Stock will
be convertible into Company common stock at an initial conversion price of $28.00 per share (“Conversion Price”); provided
that the Conversion Price is subject to anti-dilution protection upon any subsequent transaction at a price lower than the Conversion
Price then in effect. In addition, nine months from the issuance date (the “Adjustment Date”), the Conversion Price shall
be adjusted to the lesser of: (i) the Conversion Price in effect on the Adjustment Date, or (ii) 85% of the average closing price of the
Company’s common stock for the fifteen trading days prior to the Adjustment Date. If the Company’s EBITDA is equal to or greater
than $2,000,000 for the quarter ending March 31, 2022, then no adjustment pursuant to the foregoing sentence will cause the Conversion
Price to be less than $20.00.

 

Upon receipt of shareholder approval, the Warrants
will become exercisable and will expire on the fifth anniversary thereafter. The Warrants will initially be exercisable at an exercise
price of $30.00 per share, provided that the exercise price is subject to anti-dilution protection upon any subsequent transaction at
a price lower than the exercise price then in effect. The Warrants can be exercised on a cashless basis if there is no effective registration
statement registering, or no current prospectus available for, the resale of the shares of common stock underlying the Warrants.

 

The holders of the Preferred Stock and Warrants
will not have the right to convert or exercise any portion of the Preferred Stock and Warrants to the extent that, after giving effect
to such conversion, such holder (together with certain related parties) would beneficially own in excess of 4.99% of the Company’s
common stock outstanding immediately after giving effect to such conversion or exercise.

 

 

 

 

    	 	2	 

     

    

 

Warrants and Convertible Notes

 

On September 1, 2020, our wholly owned subsidiary,
ESEG Limited, entered into three domain purchase agreements. Each of the domain purchase agreements required the issuance of a 10% convertible
note in principal amount of $700,000 and the issuance of a warrant to purchase ordinary shares of ESEG. Two of these agreements also require
an additional cash payment after five years, totaling $675,000. Upon our acquisition of ESEG, we exchanged the ESEG securities issued
to the domain sellers for our securities. Accordingly, we issued each of the three domain seller a 10% convertible note in principal amount
of $700,000, which matures on March 1, 2022 and is convertible at the option of the holder at a conversion price of $0.50 per share, and
we issued the three domain sellers a five-year warrant to purchase 745,000 shares, 635,000 shares, and 635,000 shares, respectively, of
our common stock at an exercise price of $0.30 per share. Each of the foregoing convertible notes and warrants provide that no holder
of these notes or warrants will be permitted to convert such notes or exercise such warrants to the extent that the holder or any of its
affiliates would beneficially own in excess of 4.99% of our common stock after such conversion or exercise.

  

Articles of Incorporation and Bylaw Provisions

 

Our articles of incorporation and bylaws include
a number of anti-takeover provisions that may have the effect of encouraging persons considering unsolicited tender offers or other unilateral
takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include:

 

Advance Notice Requirements. Our bylaws
establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors
or new business to be brought before meetings of stockholders. These procedures provide that notice of stockholder proposals must be timely
and given in writing to our corporate Secretary. Generally, to be timely, notice must be received at our principal executive offices not
fewer than 120 calendar days prior to the first anniversary date on which our notice of meeting and related proxy statement were mailed
to stockholders in connection with the previous year’s annual meeting of stockholders. The notice must contain the information required
by the bylaws, including information regarding the proposal and the proponent.

 

Special Meetings of Stockholders. Our bylaws
provide that special meetings of stockholders may be called at any time by only the Chairman of the Board, the Chief Executive Officer,
the President or the board of directors, or in their absence or disability, by any vice president.

 

No Written Consent of Stockholders. Our
articles of incorporation and bylaws provide that any action required or permitted to be taken by stockholders must be effected at a duly
called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.

 

Amendment of Bylaws. Our stockholders may
amend any provisions of our bylaws by obtaining the affirmative vote of the holders of a majority of each class of issued and outstanding
shares of our voting securities, at a meeting called for the purpose of amending and/or restating our bylaws.

 

Preferred Stock. Our articles of incorporation
authorizes our board of directors to create and issue rights entitling our stockholders to purchase shares of our stock or other securities.
The ability of our board to establish the rights and issue substantial amounts of preferred stock without the need for stockholder approval
may delay or deter a change in control of us. See “Preferred Stock” above.

  

Nevada Takeover Statute

 

The Nevada Revised Statutes contain provisions
governing the acquisition of a controlling interest in certain Nevada corporations. Nevada’s “acquisition of controlling interest”
statutes (NRS 78.378 through 78.3793, inclusive) contain provisions governing the acquisition of a controlling interest in certain Nevada
corporations. These “control share” laws provide generally that any person that acquires a “controlling interest”
in certain Nevada corporations may be denied voting rights, unless a majority of the disinterested stockholders of the corporation elects
to restore such voting rights. These laws will apply to us if we were to have 200 or more stockholders of record (at least 100 of whom
have addresses in Nevada appearing on our stock ledger) and do business in the State of Nevada directly or through an affiliated corporation,
unless our articles of incorporation or bylaws in effect on the tenth day after the acquisition of a controlling interest provide otherwise.
These laws provide that a person acquires a “controlling interest” whenever a person acquires shares of a subject corporation
that, but for the application of these provisions of the NRS, would enable that person to exercise (1) one-fifth or more, but less than
one-third, (2) one-third or more, but less than a majority or (3) a majority or more, of all of the voting power of the corporation in
the election of directors. Once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over
the threshold and within the 90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling
interest become “control shares” to which the voting restrictions described above apply. These laws may have a chilling effect
on certain transactions if our amended and restated articles of incorporation or amended and restated bylaws are not amended to provide
that these provisions do not apply to us or to an acquisition of a controlling interest, or if our disinterested stockholders do not confer
voting rights in the control shares.

 

 

 

 

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Nevada’s “combinations with interested
stockholders” statutes (NRS 78.411 through 78.444, inclusive) provide that specified types of business “combinations”
between certain Nevada corporations and any person deemed to be an “interested stockholder” of the corporation are prohibited
for two years after such person first becomes an “interested stockholder” unless the corporation’s board of directors
approves the combination (or the transaction by which such person becomes an “interested stockholder”) in advance, or unless
the combination is approved by the board of directors and 60% of the corporation’s voting power not beneficially owned by the interested
stockholder, its affiliates and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such
two-year period. For purposes of these statutes, an “interested stockholder” is any person who is (1) the beneficial owner,
directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation, or (2) an affiliate or
associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of 10% or
more of the voting power of the then-outstanding shares of the corporation. The definition of the term “combination” is sufficiently
broad to cover most significant transactions between a corporation and an “interested stockholder”. These laws generally apply
to Nevada corporations with 200 or more stockholders of record. However, a Nevada corporation may elect in its articles of incorporation
not to be governed by these particular laws, but if such election is not made in the corporation’s original articles of incorporation,
the amendment (1) must be approved by the affirmative vote of the holders of stock representing a majority of the outstanding voting power
of the corporation not beneficially owned by interested stockholders or their affiliates and associates, and (2) is not effective until
18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder
on or before the effective date of the amendment. We have not made such an election in our original articles of incorporation or in our
amended and restated articles of incorporation.

 

Limitations on Liability and Indemnification of Officers and Directors

 

Our articles of incorporation and bylaws limit
the liability of our officers and directors and provide that we will indemnify our officers and directors, in each case, to the fullest
extent permitted by the Nevada Revised Statutes. We expect to obtain additional directors’ and officers’ liability insurance
coverage prior to the completion of this offering.

 

Listing

 

Our common stock is listed on the NASDAQ Capital
Market under the symbol “EBET.”

 

Transfer Agent

 

The transfer agent for our common stock is Continental
Stock Transfer and Trust located at 1 State Street, 30th Floor, New York, NY 10004.

 

 

 

 

 

 

 

 

 

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