Document:

Shareholders' Agreement with respect to Athena Structured Funds PLC

 Exhibit 10.15 
 DATED 11 JULY 2011 
 GWG HOLDINGS, INC. 

and 
 ATHENA SECURITIES GROUP
LIMITED 
 and 
 ATHENA
STRUCTURED FUNDS PUBLIC LIMITED COMPANY 
 SHAREHOLDERS’ AGREEMENT 
 (In relation to Athena Structured Funds Public Limited Company) 
 

 

 TABLE OF CONTENTS 

 

							
	 1
	  	INTERPRETATION	  	 	2	  
			
	 2
	  	COVENANTS CONCERNING THE COMPANY	  	 	4	  
			
	 3
	  	FUNDING OBLIGATIONS	  	 	7	  
			
	 4
	  	TRANSFER OF SHARES	  	 	7	  
			
	 5
	  	RIGHT TO INFORMATION AND CONFIDENTIALITY	  	 	8	  
			
	 6
	  	GENERAL	  	 	8	  
		
	 FIRST SCHEDULE
	  	 	13	  
			
		  	Part 1 - ATHENA NOMINEES	  	 	13	  
			
		  	Part 2 - SHAREHOLDINGS	  	 	13	  
		
	 SECOND SCHEDULE - ARTICLES OF ASSOCIATION
	  	 	14	  
		
	 THIRD SCHEDULE - DEED OF ADHERENCE
	  	 	15	  

  
 1 

 THIS AGREEMENT is made 11 July 2011  

BETWEEN: 
  

	(1)	 GWG HOLDINGS, INC. a Delaware limited liability company with a principal address at 220 South 6th Street, Suite 1200, Minneapolis, Minnesota (“GWG”);

  

	(2)	ATHENA SECURITIES GROUP LIMITED an Irish incorporated company having its registered office at 44 Upper Mount Street, Dublin 2, Ireland (“Athena
Securities”); and 

  

	(3)	ATHENA STRUCTURED FUNDS PUBLIC LIMITED COMPANY having its registered office at 18 Merrion Road, Ballsbridge Dublin 4, Ireland (the “Company”).

 WHEREAS: 
  

	A.	The Company is a public company limited by shares incorporated in the Republic of Ireland under company number 494433 under the Companies Acts, 1963 to 2009 on 1
February 2011 with authorised share capital of US$10,000,000 divided into 10,000,000 Ordinary Shares of US$1.00 each of which 60,000 shares are issued and held as set out in Part 2 of the First Schedule hereto. 

 

	B.	The Shareholders have agreed to enter into this Agreement for their joint participation in the Company and to regulate the operation and management of the Company and
the relationship between the Shareholders as shareholders in the Company. 

 NOW IT IS HEREBY AGREED that in consideration
of the mutual covenants conditions agreements hereinafter set forth or provided for and further good and valuable consideration receipt and sufficiency of which is hereby acknowledged the parties hereto respectively covenant with each other as
follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement (including the Recitals and Schedules hereto) unless the context otherwise requires the following expressions shall have the following meanings: 

 

			
	 the Articles
	  	the articles of association of the Company as set out in the Second Schedule and as same may be amended from time to time;
		
	 Athena Directors
	  	the directors of the Company appointed by Athena Securities and “Athena Director” shall be construed accordingly;
		
	 Athena Nominees
	  	 the persons whose names and addresses are set out in Part 1 of the First Schedule;

		
	 the Board
	  	the board of directors of the Company for the time being and from time to time;
		
	 Business
	  	the business of issuing investment securities to gain exposure to the market for US life insurance asset class;
		
	 Business Day
	  	a week day on which the main clearing banks in Dublin are open for business (excluding Saturdays) and

  
 2 

			
		  	“Business Days” shall be construed accordingly;
		
	Deed of Adherence	  	a deed in the form or substantially in the form set out in the Third Schedule or such other form as the Shareholders may agree from time to time;
		
	Director	  	an Athena Director or a GWG Director, as the case may require, and “Directors” shall be construed accordingly;
		
	GWG Director	  	a director of the Company appointed by GWG;
		
	Operating Costs	  	all costs incurred by the Company relating to the operation of the Business including all costs in relation to custodian services, trustee services, registrar/transfer agent
fees, paying agent fees, administration fees, legal fees and any other costs as may from time to time be agreed in advance in writing between the Shareholders;
		
	‘€’ or Euro	  	the lawful currency for the time being of Ireland;
		
	the Parties	  	the parties to this Agreement and “Party” means any of them;
		
	the Shareholders	  	GWG and Athena Securities and “Shareholder” shall mean any of them; and
		
	Shares	  	the ordinary shares in the capital of the Company;

  

	1.2	Construction 

  

	 	1.2.1	Any reference to a “subsidiary” or “holding company” shall be construed in accordance with Section 155 of the Companies Act 1963.

  

	 	1.2.2	Any reference to a document being in the “agreed form” is a reference to a document in a form agreed between the parties and for the purposes of
identification initialled by or on behalf of the parties. 

  

	 	1.2.3	Any reference to a Recital, Clause or Schedule is to the relevant Recital, Clause or Schedule of or to this Agreement and any reference to a sub-clause or paragraph is
to the relevant sub-clause or paragraph of the Clause or Schedule in which it appears. 

  

	 	1.2.4	Use of the singular includes the plural and vice versa. 

  

	 	1.2.5	Use of any gender includes the other genders. 

  

	 	1.2.6	Any reference to “persons” includes natural persons, firms, partnerships, companies, corporations, associations, organisations, governments, states,
foundations and trusts (in each case whether or not having separate legal personality). 

  

	 	1.2.7	 Words such as “hereunder”, “hereto”, “hereof and “herein”
and other words commencing with “here” shall unless the context otherwise requires, refer to the whole of this Agreement and not any particular Clause or paragraph thereof. 

  
 3 

	 	1.2.8	Any phrase introduced by the terms “including”, “include”, “in particular” or any similar expression shall be construed as
illustrative and shall not limit the sense of the words preceding those terms. 

  

	 	1.2.9	Any reference to any statute, statutory provision or to any order or regulation shall be construed as a reference to that statute, provision, order or regulation as
extended, modified, replaced or re-enacted from time to time (whether before or after the date of this Agreement) and all statutory instruments, regulations and orders from time to time made thereunder or deriving validity therefrom (whether before
or after the date of this Agreement). 

  

	 	1.2.10	Any reference to a person includes his successors, personal representatives and permitted assigns. 

 

	 	1.2.11	If any action or duty to betaken or performed under any of the provisions of this Agreement would fall to be taken or performed on a day which is not a Business Day
such action or duty shall be taken or performed on the Business Day next following such day. 

  

	 	1.2.12	For the avoidance of doubt, any reference to Ireland does not include Northern Ireland. 

 

	2	COVENANTS CONCERNING THE COMPANY 

  

	2.1	Mutual Covenant 

  

	 	Each of the Shareholders hereby covenants with the other that they shall take all necessary actions and exercise or procure the exercise of all such voting rights as it
may from time to time have or control in the Company so as to procure (so far as lies within its power of procurement individually or collectively with others) that the Company shall comply in full with the provisions of this Agreement.

  

	2.2	Business 

  

	 	The Company shall carry on the Business in an efficient and businesslike manner and to its best commercial advantage. 

 

	2.3	Management of the Company 

  

	 	The business of the Company shall be controlled by the Board (and/or any committee thereof appointed and operated in accordance with the provisions of this Agreement)
and the Company shall not enter into any contract, arrangement or transaction whereby any of its business will be controlled otherwise than by or under the authority of the Board (and/or any committee thereof appointed and operated in accordance
with the provisions of this Agreement). 

  

	2.4	Board of Directors 

  

	 	2.4.1	The Board shall be constituted in accordance with the provisions of this Clause 2.4 and (to the extent that they are not inconsistent herewith) the Articles.

  

	 	2.4.2	The Board shall comprise no more than five (5) directors. 

  

	 	2.4.3	 For so long as GWG continues to hold at least 9.9% of the issued voting share capital of the Company, GWG shall have the right exercisable by

  
 4 

	 	
notice in writing to the other Shareholder and the Company to appoint one (1) director of the Company from time to time and by like notice to require the removal of any such director and the
appointment of another person to act in place of such director. The first GWG Director shall be: 

  

	 	(a)	Paul Siegert; 

  

	 	2.4.4	For so long as Athena Securities and the Athena Nominees together or separately continue to hold 90.1% of the issued voting share capital of the Company, Athena
Securities shall have the right exercisable by notice in writing to require the appointment of four (4) directors of the Company from time to time and by like notice to require the removal of any such director(s) and the appointment of any
other person(s) to act in place of such director(s). The first Athena Directors shall be: 

  

	 	(a)	Marie Ainsworth; 

  

	 	(b)	Kenneth O’Reilly – Hyland; 

  

	 	(c)	Peter Gorman; and 

  

	 	(d)	Brian Tyrrell. 

  

	 	2.4.5	If GWG removes a Director appointed by it from office in accordance with the provisions of this Clause 2,4, GWG shall be responsible for and shall indemnify the Company
against any loss, liability or cost that it may suffer or incur as a result of any claim by such Director arising out of such removal. 

  

	 	2.4.6	If Athena Securities removes a Director appointed by it from office in accordance with the provisions of this clause 2.4, Athena Securities shall be responsible for and
shall indemnify the Company against any loss, liability or cost that it may suffer or incur as a result of any claim by such Director arising out of such removal. 

 

	 	2.4.7	The members of the Board shall not be entitled to any remuneration in their capacity as Directors of the Company. 

 

	 	2.4.8	The quorum for the transaction of business at any Board Meeting at which any of the reserved matters as set out in Clauses 2.8.1 (a) to 2.8.1 (i) are to be
discussed and or considered shall be any three (3) Directors, of whom at least one shall be a GWG Director and at least one shall be an Athena Director present in person or by telephone at the commencement and throughout such meeting.

  

	 	2.4.9	If within half an hour of the time appointed for a Board Meeting a quorum as referred to in Clause 2.4.8 is not present, the meeting shall be adjourned to the same day
of the next week at the same time and place. If at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the meeting shall be dissolved. For the avoidance of doubt the provisions of this Clause
2.4.9 shall apply only in respect of Board Meetings in respect of which the quorum requirements set out in Clause 2.4.8 apply. 

  
 5 

	2.5	Information 

 The Company
shall keep the Shareholders fully informed of the progress of its business and furnish to the Shareholders to such extent and in such form and detail as the Shareholders may from time to time require particulars of any matter concerned with or
arising out of the activities of the Company and in particular but without limiting the generality of the foregoing shall furnish to the Shareholders: 
  

	 	2.5.1	audited financial statements including a balance sheet and profit and loss account in respect of each financial year of the Company forthwith on the same becoming
available and in any event not later than the expiration of one hundred and eighty (180) days after the end of the financial year to which the profit and loss account in question relates together with the directors’ and auditors’
reports thereon; 

  

	2.6	Access 

 The Shareholders
shall be entitled at all reasonable times during normal business hours to free and full access to inspect, examine and copy any books, files, records and other documents belonging to or maintained by or on behalf of the Company and to full and free
access to the properties, buildings and other assets of the Company or the Shareholders where any such records are kept for the time being. 
  

	2.7	Reserved Matters 

  

	 	2.7.1	The Company shall not and the Shareholders shall exercise all voting rights and other powers of control available to them in relation to the Company so as to procure
(insofar as they are able by the exercise of such rights and powers) that at all times during the term of this Agreement the Company shall not (for as long as GWG continues to hold at least 9.9% of the total issued voting share capital of the
Company) take any of the following actions without the consent of GWG: 

  

	 	(a)	sell, lease, license, exchange or otherwise dispose of all or substantially all of the business, undertaking, property or assets of the Company, or agree to do so, or
agree to any merger or consolidation involving the Company and/or its business, undertaking, property or assets; 

  

	 	(b)	determine the terms and conditions of the sale and marketing of an investment security, including the selling expenses and commissions relating to such investment
security; 

  

	 	(c)	enter into any agreement material to the Business including, without limitation, any exclusive or non exclusive broker or selling agent agreement relating to the sale
of an investment security or the sale by the Company of or any products or services unrelated to the investment security; 

  

	 	(d)	enter into any borrowing, lending or financing agreement in relation to any amount exceeding Twenty Five Thousand Dollars ($25,000) (other than in relation to the
issuance of an investment security and trade payables in the ordinary course of business); 

  

	 	(e)	 enter into any scheme of arrangement or composition with its creditors or any class thereof or propose or pass any resolution for

  
 6 

	 	
the winding-up or present a petition for the appointment of an examiner to the Company or otherwise do or permit or suffer to be done any act or thing whereby the Company may be wound up (whether
voluntarily or compulsorily) save as otherwise provided for in this Agreement; 

  

	 	(f)	create or issue or agree to create or issue any share or loan capital or give or agree to give any option in respect of any share or loan capital;

  

	 	(g)	 pay or agree to pay to the Shareholders, employees or Directors of the Company any salary,
fee, emolument or other benefit in excess of Twenty Five
Thousand Dollars ($25,000) in aggregate; 

  

	 	(h)	establish capital reserves of the Company; and 

  

	 	(i)	pay or make any dividend or other distribution in excess of $25,000 in aggregate (except as envisaged by this Agreement). 

 

	3	FUNDING OBLIGATIONS 

 The
Shareholders shall agree from time to time on the most practical means of financing the Operating Costs of the Company. Unless otherwise agreed to in writing no Shareholder shall be responsible for such costs nor be obliged to guarantee the
obligations of the Company in relation to such costs. 
  

	4	TRANSFER OF SHARES 

  

	4.1	Restriction on Transfer of Shares 

 Each of the Shareholders undertakes with the other that, during the continuance of this Agreement, they shall not: 
  

	 	4.1.1	mortgage (whether by way of fixed or floating charge) pledge or otherwise encumber any legal or beneficial interest they may have in any of their Shares;

  

	 	4.1.2	sell, transfer or otherwise dispose of all or any of their Shares or any legal or beneficial interest therein or assign or otherwise purport to deal therewith or with
any interest therein; 

  

	 	4.1.3	enter into any agreement in respect of the voting rights attached to all or any of their Shares; or 

 

	 	4.1.4	agree, whether conditionally or otherwise, to any of the foregoing, 

  

	 	other than, in any case, with the consent in writing of the other Shareholder or in accordance with this Agreement. 

 

	4.2	Deed of Adherence 

 Each
of the Shareholders shall procure that prior to, and as a condition precedent of, any transfer of its Shares, any transferee shall execute a Deed of Adherence covenanting to the remaining parties to this Agreement to observe and be bound by the
terms of this Agreement. 

  
 7 

	5	RIGHT TO INFORMATION AND CONFIDENTIALITY 

  

	5.1	Disclosure of Confidential Information 

 Notwithstanding the duties owed by each of the Directors of the Company, any Director or any person designated for the purpose in writing by a Shareholder shall be entitled to disclose any information and
provide relevant documents and materials about the Company and discuss its affairs, finances and accounts with appropriate officers and senior employees of the Shareholder in question. Each of the Shareholders shall be entitled to disclose details
of the Company’s affairs, finances and accounts to that Shareholder’s professional and financial advisers who require to know the same to carry out their duties. Any information, documents and materials supplied to or by a Shareholder in
accordance with this Clause shall, subject to Clause 5.3 be kept strictly confidential. 
  

	5.2	Confidential 

 Subject to
Clause 5.3 and save as required by law or by any relevant national or supranational regulatory authority, each of the parties shall safeguard, treat as confidential, and not use for the purpose of its own business all information, documents and
materials which it acquires in connection with this Agreement and which relate to the business of the Company or to any of the other parties. 
  

	5.3	Continuation 

 The
obligations of confidentiality in this Section 5 shall survive the termination of this Agreement and shall continue unless and until any of the relevant confidential information enters the public domain through no fault of the relevant party or
of any other person (under the control of such Shareholder) owing a duty of confidentiality to the Company. 
  

	5.4	Delivery Up 

 A
Shareholder which ceases to be a Shareholder shall thereupon forthwith hand over to the Company all confidential information, documents and correspondence belonging to or relating to the business of the Company and shall, if so required by the
Company, certify that it has not kept records or copies thereof. 
  

	6	GENERAL 

  

	6.1	Survival of Obligations 

This Agreement shall be binding upon and shall enure for the benefit of each party’s successors and assigns. 

 

	6.2	No Partnership 

 Nothing
herein shall be taken to constitute a partnership between the parties hereto nor the appointment of one of the parties as the agent for the other. 
  

	6.3	Capacity 

 Each
Shareholder warrants and represents to the other Shareholders that it is duly empowered under its Memorandum of Association and has taken all appropriate corporate action to enter into this Agreement and carry out its obligations thereunder.

  
 8 

	6.4	Invalidity of Provisions 

  

	 	If at any time any one or more provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, in whole or in part, such provision or part
thereof shall to that extent be deemed not to form part of this Agreement but the enforceability of the remainder of this Agreement shall not be affected or impaired thereby. 

 

	6.5	Waiver 

  

	 	A Party’s failure to insist on strict performance of any provision of this Agreement shall not be deemed a waiver thereof or of any right or remedy for breach of a
like or different nature. Subject, as aforesaid, no waiver shall be effective unless specifically made in writing and signed by a duly authorised officer of the Party granting such waiver. 

 

	6.6	Announcements and Circulars 

  

	 	Subject as required by law or by any recognised Stock Exchange or relevant national or supranational regulatory authorities, all announcements and circulars by or on
behalf of the Parties relating to the subject matter of this Agreement shall be in terms to be agreed between the Parties in advance of issue. 

  

	6.7	Counterparts 

  

	 	This Agreement may be entered into in any number of counterparts and by the parties hereto on separate counterparts, each of which when executed and delivered shall be
an original, but all such counterparts shall together constitute one and the same instrument. 

  

	6.8	Continuation of Obligations 

  

	 	This Agreement shall cease to have effect in relation to a Shareholder which ceases to hold any Shares save in respect of: 

 

	 	6.8.1	any provision of this Agreement which is expressed to continue after such cessation; or 

 

	 	6.8.2	any liability which at the time of cessation has accrued to the other party or which may accrue in respect of any act or omission occurring prior to such cessation.

  

	6.9	Notices 

  

	 	6.9.1	Any notice or other document to be given under this Agreement shall be in writing and deemed duly given: 

 

	 	(a)	if to be given to GWG, if left at or sent by prepaid post, registered post, facsimile transmission or other means of telecommunications in permanent written form to the
following address or number: 

  

			
	Name:	  	GWG Holdings Inc.
		
	Address:	  	220 South Sixth Street
		  	Suite 1200

  
 9 

			
		  	Minneapolis, MN 55402
		  	(877) 494-2388
		
	Attention:	  	Chief Financial Officer
		
	Facsimile No:	  	(612) 746-0455

  

	 	 	or to such other address and/or number as such party may by notice to all the other parties hereto expressly substitute therefore. 

 

	 	(b)	if to be given to Athena Securities and/or the Athena Nominees if left at or sent by prepaid post, registered post, facsimile transmission or other means of
telecommunications in permanent written form to the following address or number: 

  

			
	Name:	  	Athena Securities Group Limited
		
	Address:	  	18 Merrion Road
		  	Ballsbridge
		  	Dublin 4
		  	Ireland
		
	Attention:	  	Chief Financial Officer
		
	Facsimile No:	  	00 312 05241269

  

	 	 	or to such other address and/or number as such party may by notice to all the other parties hereto expressly substitute therefore. 

 

	 	(c)	if to be given to the Company, if left at or sent by prepaid post, registered post, facsimile transmission or other means of telecommunications in permanent written
form to the following address or number: 

  

			
	Name:	  	Athena Structured Funds Public Limited Company
		
	Address:	  	18 Merrion Road
		  	Ballsbridge
		  	Dublin 4
		  	Ireland
		
	Attention:	  	Chief Financial Officer
		
	Facsimile No:	  	00 312 05241269

  

	 	 	or to such other address and/or number as such party may by notice to all the other parties hereto expressly substitute therefor. 

 

	 	6.9.2	 In proving the giving of a notice it shall be sufficient to prove that the notice was left or that the envelope containing such notice was properly

  
 10 

	 	
addressed and posted or that the applicable means of telecommunications was properly addressed and despatched (as the case may be). 

 

	 	6.9.3	The Company undertakes with each of the Shareholders that it will forthwith supply to each of the Shareholders a copy of any notice that may be given to or served on it
under this Agreement. 

  

	 	6.9.4	Subject as otherwise provided herein, this Agreement shall continue in full force and effect without limit in point of time unless and until the earliest of the date on
which: 

  

	 	(a)	the Shareholders agree in writing to terminate this Agreement; 

  

	 	(b)	an effective resolution is passed or a binding order is made for the winding up of the Company; or 

 

	 	(c)	GWG or Athena Securities cease to hold any Shares in the Company; 

  

	 	 	the provisions in Clause 5 of this Agreement shall remain in effect notwithstanding such termination. 

 

	6.10	Governing Law/Jurisdiction 

  

	 	6.10.1	This Agreement shall be governed by and construed in all respects in accordance with the laws of Ireland. 

 

	 	6.10.2	The parties hereto submit to the non-exclusive jurisdiction of the Courts of Ireland. 

 

	 	6.10.3	GWG hereby irrevocably authorises LK Shields Solicitors (or such other person, being a firm of solicitors resident in the Republic of Ireland as GWG may by notice to
all the other parties expressly substitute therefore) to accept service of all legal process arising out of or connected with this Agreement and service on LK Shields Solicitors (or such substitute) shall be deemed to be service on the party
concerned. 

  

	6.11	Conflict with Articles 

  

	 	In the event of any conflict between the terms of this Agreement and the provisions of the Articles, then, as between the Shareholders, the terms of this Agreement
shall prevail. 

  

	6.12	Amendments 

  

	 	Any amendment or modifications to the provisions of this Agreement shall be in writing signed by all the parties hereto. 

 

	6.13	Assignment 

  

	 	None of the parties shall assign any of their respective rights or obligations under this Agreement nor any of the documents referred to in this Agreement in whole or
in part. 

  

	6.14	Costs 

  

	 	Each of the parties hereto shall be responsible for its respective legal and other costs incurred in relation to the preparation of this Agreement.

  
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 IN WITNESS whereof these presents have been entered into the day and year first above written.

  
 12 

 FIRST SCHEDULE 

Part 1 

ATHENA NOMINEES 
  

			
	 Name of Registered
Shareholder
	  	 Shareholder Address

	 Marie Ainsworth
	  	8 Sandymount Road, Dublin 4
	 Kenneth O’Reilly – Hyland
	  	11 Pembroke Park, Ballsbridge, Dublin 4
	 Peter Gorman
	  	25 North Avenue, Mount Merrion, County Dublin
	 Brian Tyrrell
	  	16 Nashville Park, Howth, County Dublin
	 Marie Gorman
	  	25 North Avenue, Mount Merrion, County Dublin
	 Eimer O’Reilly – Hyland
	  	11 Pembroke Park, Ballsbridge, Dublin 4

 Part 2 
 SHAREHOLDINGS 
  

							
	 Name of Registered
Shareholder
	  	 Shareholder Address
	  	Number and Class
of Shares Held	 
	 Marie Ainsworth
	  	8 Sandymount Road, Dublin 4	  	 	1	  
	 Kenneth O’Reilly – Hyland
	  	11 Pembroke Park, Ballsbridge, Dublin 4	  	 	1	  
	 Peter Gorman
	  	25 North Avenue, Mount Merrion, County Dublin	  	 	1	  
	 Brian Tyrrell
	  	16 Nashville Park, Howth, County Dublin	  	 	1	  
	 Marie Gorman
	  	25 North Avenue, Mount Merrion, County Dublin	  	 	1	  
	 Emer O’Reilly – Hyland
	  	11 Pembroke Park, Ballsbridge, Dublin 4	  	 	1	  
	 Athena Securities Group Limited
	  	44 Upper Mount Street, Dublin 2, Ireland.	  	 	54,054	  
	 GWG Holdings Inc.
	  	220 South 6th Street, Suite 1200, Minneapolis, Minnesota, USA.	  	 	5,940	  

  
 13 

 ARTICLES OF ASSOCIATION 

  
 14 

 THIRD SCHEDULE 

DEED OF ADHERENCE 

THIS DEED OF ADHERENCE is made [            ] 20[   ] by [NAME, ADDRESS,
DETAILS] (hereinafter called the “Covenantor”) 
 WHEREAS: 
 This Deed is supplemental to a Shareholders Agreement dated             2011 and made between GWG Holdings Inc., Athena Securities Group
Limited, and Athena Structured Funds Public Limited Company (the “Company”) (the “Shareholders’ Agreement). 

NOW IT IS HEREBY AGREED as follows: 
  

	1	Unless otherwise defined, words and expressions defined in the Shareholders Agreement shall, where the context admits, have the same respective meanings in this Deed.

  

	2	The Covenantor hereby undertakes severally with each of the other parties to the Shareholders’ Agreement from time to time to observe, perform and be bound by the
terms of the Shareholders’ Agreement which are capable of applying to the Covenantor and which have not been performed at the date of this Deed, to the intent and effect that the Covenantor shall be deemed with effect from the date on which it
is registered as a member of the Company to be a party to the Shareholders Agreement and to be a Shareholder. 

  

	3	This Deed shall be governed by and construed in accordance with the laws of the Republic of Ireland. 

[insert relevant signature block for Deed of Adherence] 

  
 15 

	
	SIGNED BY    [illegible]
	 FOR AND ON BEHALF OF ATHENA SECURITIES GROUP LIMITED
 in the presence of:

	
	/s/ illegible
	Witness
	
	Name: [illegible]
	
	Address: 45 Castlemayne, Balgriffin, Dublin 13
	
	Occupation: Pension Trustee
	
	SIGNED BY    [illegible]
	 FOR AND ON BEHALF OF ATHENA STRUCTURED FUNDS PUBLIC LIMITED COMPANY
 in the presence of:

	
	/s/ illegible
	Witness
	
	Name: [illegible]
	
	Address: 45 Castlemayne, Balgriffin, Dublin 13
	
	Occupation: Pension Trustee
	
	SIGNED BY    [illegible]
	 FOR AND ON BEHALF OF ATHENA STRUCTURED FUNDS PUBLIC LIMITED COMPANY
 in the presence of:

	
	/s/ Lisa Dahlager
	Witness
	
	Name: Lisa Dahlager
	
	Address: 220 South sixth street, Ste 1200 Mpls, MN 55402
	
	Occupation: Admin

  
 16Amended and Restated Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED 
 AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT (the “Agreement”) dated as of August 23, 2011 (the “Effective Date”)
is by and among MakeMusic, Inc., a Minnesota corporation (the “Company”), LaunchEquity Partners, LLC, an Arizona limited liability company (“LEP”), and LaunchEquity Acquisition Partners, LLC Designated Series Education Partners,
a designated series of a Delaware series limited liability company (“LEAP”) (LEP and LEAP, and its Affiliates or Associates (as those terms are defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), are herein referred to collectively as “LaunchEquity”). This Agreement replaces and supersedes that certain Agreement (the “2010 Agreement”) by and between the Company and LaunchEquity, dated March 2, 2010, in
its entirety. 
 WHEREAS, LEP is the sole manager of LEAP, the Company’s largest shareholder; 

WHEREAS, LEP filed a Schedule 13D dated March 6, 2006 with regard to securities of the Company as subsequently amended on
December 13, 2006, January 30, 2007, November 7, 2007, November 17, 2008, December 15, 2008 and March 5, 2010 (as may be amended from time to time hereafter, the “LEP Schedule 13D”), in
which it indicated it may engage in certain transactions with the purpose or effect of acquiring or influencing control of the Company; 
 WHEREAS, without entering into this Agreement, certain provisions of the 2010 Agreement will expire immediately prior to the Company’s 2011 Annual Meeting of Shareholders, currently scheduled for
August 24, 2011; and 
 WHEREAS, in view of the LEP Schedule 13D, recent communications between LaunchEquity and the
Company regarding the composition of the Board of Directors of the Company (the “Board”) and the Board’s determination that it is in the Company’s interests to involve its largest shareholder in decisions regarding the strategic
direction of the Company, the Board believes it is in the best interests of the shareholders of the Company to amend and restate the 2010 Agreement, subject to the terms and conditions contained herein. 

NOW, THEREFORE, the parties hereto agree as follows: 
 1. Nominations for the Board of Directors; Board Size. 
 (a) From time to
time during the term of this Agreement, LEAP shall have the right to designate as nominees for election to the Board two (2) individuals (individually, a “LEAP Nominee,” and, collectively, the “LEAP Nominees”), by providing
written notice to the Company of such designation in accordance with this 

  
 6 

 
Agreement (a “Notice”). The Company acknowledges and agrees that Jeffrey A. Koch and Trevor D’Souza (the “Initial LEAP Nominees”) were originally nominated to serve as
directors of the Company pursuant to the 2010 Agreement and shall be deemed to be currently serving “LEAP Nominees” for all purposes under this Agreement. The Company acknowledges that the Initial LEAP Nominees have not acted, nor is it
their intention to act, as representatives of LaunchEquity. 
 (b) If a Notice specifies a LEAP Nominee and such LEAP Nominee is
reasonably deemed qualified in the good faith business judgment of the Company’s Board and Governance Committee in accordance with the Company’s policies and the directors’ fiduciary duties, the Board will nominate such LEAP Nominee
to stand for election at the Company’s next annual meeting of shareholders, publicly recommend that the Company’s shareholders elect such LEAP Nominee at such annual meeting of shareholders, and solicit proxies for the election of such
LEAP Nominee at such annual meeting of shareholders, provided that: 
 (i) if LEAP provides Notice to the Company less than 60
days prior to the anniversary date of the Company’s previous annual meeting of shareholders (the “Initial Deadline”), the Board shall nominate the LEAP Nominee for election at the following year’s annual meeting of shareholders,
publicly recommend that the Company’s shareholders elect such LEAP Nominee at such annual meeting of shareholders, and solicit proxies for the election of such LEAP Nominee at such annual meeting of shareholders; or 

(ii) if the date of the Company’s annual meeting of shareholders is changed by more than 30 days from the date on which it was held
in the prior year and LEAP provides Notice to the Company less than 30 days prior to the date on which the Company intends to mail its proxy materials (the “Extended Deadline” and, together with the Initial Deadline, the “Notice
Deadlines”), the Board shall nominate the LEAP Nominee for election at the following year’s annual meeting of shareholders, publicly recommend that the Company’s shareholders elect such LEAP Nominee at such annual meeting of
shareholders, and solicit proxies for the election of such LEAP Nominee at such annual meeting of shareholders. If the date of the Company’s annual meeting of shareholders is changed by more than 30 days from the date on which the annual
meeting of shareholders was held during the previous year, the Company shall provide notice to LEAP of the date on which it intends to mail its proxy materials at least 45 days prior to such date. 

To the extent (i) LEAP is advised by the Company that a proposed LEAP Nominee is not reasonably deemed qualified in the good faith business judgment
of the Company’s Board and Governance Committee, or (ii) a proposed LEAP Nominee who is reasonably deemed qualified by the Company’s Board and Governance Committee is unable or unwilling for any reason to stand for election, LEAP
shall as promptly as reasonably practicable submit to the Company the name of a new proposed LEAP Nominee for consideration by the Company’s Board and Governance Committee. The foregoing shall be conducted in an iterative manner until a
proposed LEAP Nominee is reasonably 

  
 7 

 
deemed qualified in the good faith business judgment of the Company’s Board and Governance Committee and stands for election. For the sake of clarity, if a Notice is received prior to an
applicable Notice Deadline, LEAP shall be deemed to have met such Notice Deadline regardless if such LEAP Nominee is deemed unqualified by the Company’s Board and Governance Committee or is unable or unwilling to stand for election.
Notwithstanding the foregoing, the Initial LEAP Nominees are hereby deemed qualified to stand for election at the Company’s 2011 annual meeting of shareholders. 
 (c) During the term of this Agreement, subject to the Board’s exercise of its fiduciary duties, if LEAP does not provide a Notice for any applicable annual meeting of shareholders or such Notice is
not timely received by the Company prior to the applicable Notice Deadline, then the Board shall nominate any currently serving LEAP Nominee(s) for reelection to the Board at the applicable annual meeting of shareholders, publicly recommend that the
Company’s shareholders vote for the reelection of such LEAP Nominee(s) at such annual meeting of shareholders, and solicit proxies for the reelection of such LEAP Nominee(s) at such annual meeting of shareholders. 

(d) The Company agrees that during the term of this Agreement, it shall not: (i) call any special meetings of shareholders for the
purpose of removing any LEAP Nominee or taking any action which would have the effect of disqualifying or curtailing the term of any LEAP Nominee, or (ii) recommend in favor of or implement any proposal, consent or other action seeking the
removal of any LEAP Nominee then serving as a director, or which would have the effect of disqualifying or curtailing the term of any LEAP Nominee. 
 (e) LEAP agrees that during the term of this Agreement, it: (i) shall cause all of its shares to be present at each of the Company’s annual meetings of shareholders for the purposes of
establishing a quorum, and (ii) shall not, and shall cause the LEAP Nominees not to, call any special meetings of the Company’s shareholders for the purpose of removing any incumbent member of the Board or take any action which would have
the effect of disqualifying or curtailing the term of any incumbent member of the Board. 
 (f) During the term of this
Agreement, the authorized number of directors constituting the Board shall not exceed seven (7). 
 2. Successor
Nominees. During the term of this Agreement, if any LEAP Nominee (or any successor nominee appointed pursuant to this Section 2) ceases for any reason to serve as a director of the Company (other than being replaced by a new LEAP Nominee
pursuant to Section 1 hereof), LEAP shall be entitled to designate a replacement for such LEAP Nominee who is reasonably deemed qualified in the good faith business judgment of the Company’s Board and Governance Committee in accordance
with the Company’s policies and the directors’ fiduciary duties, to hold office for the remaining unexpired term of such LEAP Nominee (or any successor nominee appointed pursuant to this Section 2). The Company shall take all
necessary action to cause the Board to 

  
 8 

 
appoint such successor nominee to the Board as promptly as practicable. Any such successor nominee who becomes a Board member pursuant to this Section 2 shall be deemed to be a “LEAP
Nominee” for all purposes under this Agreement. 
 3. Committee Representation. Within a reasonable time after
providing written notice to the Company of its desire to exercise its rights under this Section 3, LEAP shall be entitled, so long as at least one (1) LEAP Nominee is then serving on the Board, to have the Board designate one (1) LEAP
Nominee to serve on each standing and special committee of the Board, except where such representation would violate applicable director independence, other rules or regulations of the Securities and Exchange Commission or Nasdaq Stock Market,
corporate or fiduciary laws, the Minnesota Business Corporations Act or the Company’s corporate governance policies, as determined in the sole reasonable discretion of the Board. 

4. Standstill Agreement. During the term of this Agreement, neither LaunchEquity, the LEAP Nominees, nor any of their Affiliates
or Associates (collectively the “Interested Parties”), will, and they will not assist or encourage others (including by providing financing) to, directly or indirectly, (a) nominate a competing slate of directors at any meeting of the
Company’s shareholders, (b) solicit votes of the shareholders of the Company in opposition to the slate of directors nominated by the Company or any other item of business recommended by the Board to be voted on at any meeting of the
Company’s shareholders or (c) engage in, or participate in any way in, any transaction regarding control of the Company that has not been approved by the Board. Notwithstanding anything to the contrary contained in this Section 4, the
Interested Parties shall be permitted to nominate a competing slate of directors at the 2014 Annual Meeting of Shareholders of the Company (the “2014 Annual Meeting”) and solicit votes of the shareholders of the Company in opposition to
the slate of directors nominated by the Company or any other item of business recommended by the Board to be voted on at the 2014 Annual Meeting, provided, however, that in the event any Interested Party nominates a competing slate of directors at
the 2014 Annual Meeting, the Board’s nomination and recommendation of, and solicitation of votes for, the Board’s slate of directors shall not be deemed a violation of any of the Company’s obligations in this Agreement. 

5. Representations and Warranties. 
 (a) Each of the Company and LaunchEquity makes the following representations and warranties to the other party: 
 (i) Authority. It has the full legal right and power and all authority and approval required to enter into, execute and deliver this Agreement and to perform fully its obligations hereunder. This
Agreement has been duly authorized, executed and delivered by it and this Agreement constitutes the valid and binding obligation of it enforceable against it in accordance with the terms hereof. 

  
 9 

 (ii) Absence of Conflicts. Its execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby and its performance hereunder in accordance with the terms and conditions hereof do not and will not: (i) require the approval of any third party, including its shareholders or investors,
(ii) violate, conflict with or result in a breach of any provision of its articles of incorporation, by-laws or comparable governing documents, or (iii) violate any judgment, ruling, order, writ, injunction, award, decree, statute, law,
ordinance, code, rule or regulation of any court or foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority that is applicable to it. 

(b) LaunchEquity represents and warrants to the Company that LaunchEquity is acting independently of any third party, and not pursuant to
an agreement, arrangement, relationship, understanding or otherwise for the purpose of acquiring, owning, holding, voting or disposing of any shares of the Company, and the LaunchEquity parties do not constitute a single person with any third party
for purposes of the definition of an “Acquiring Person” in Section 302A.011 Subd. 37 of the Minnesota Business Corporation Act or “Beneficial Ownership” in Section 302A.011 Subd. 41(c) of the Minnesota Business
Corporation Act and do not constitute a “group” with any third party within the meaning of Rule 13d-5 under the Exchange Act. 
 6. Term and Termination. 
 (a) Unless earlier terminated pursuant to this
Section 6, the term of this Agreement shall commence on the Effective Date and shall terminate immediately prior to the Company’s 2014 Annual Meeting. 
 (b) This Agreement shall terminate on the date on which LEAP ceases to be the beneficial owner of more than 20% of the Outstanding Shares. The term “Outstanding Shares” means the number of
outstanding shares of common stock of the Company (the “Common Stock”) reported in the Form 10-Q filed by the Company with the Securities and Exchange Commission on August 12, 2011, as adjusted for any stock split, stock combination,
stock dividend, reclassification, or other reorganization. Notwithstanding anything to the contrary contained in this Section 6(b), this Agreement shall not terminate as a result of LEAP ceasing to be the beneficial owner of more than 20% of
the Outstanding Shares as a result of an Acquisition (as defined below), provided that the Acquirer (as defined below) agrees in writing to be bound by this Agreement. 
 7. Successors and Assigns. LaunchEquity may, without the Company’s consent, assign its rights and obligations under this Agreement to an individual or entity (the “Acquirer”) that
acquires beneficial ownership of 20% or more of the Outstanding Shares from LEAP (the “Acquisition”), provided that the Acquirer agrees in writing to be bound by this Agreement (the “Assignment”). For purposes of clarity, in the
event of an Assignment, LaunchEquity will not be liable for any failure by the Acquirer to comply with the terms of this Agreement, including, but not limited to, the standstill provisions contained in Section 4. Any discussions, negotiations
or agreements by LaunchEquity in furtherance of effectuating an Acquisition shall not be deemed to be a violation of the 

  
 10 

 
standstill provisions contained in Section 4. All other assignments by LaunchEquity shall be void and have no effect. This Agreement shall be binding upon and inure to the benefit of the
successors and permitted assigns of each party. 
 8. Further Assurances. Each party agrees to take or cause to be taken
such further actions, and to execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and to obtain such consents, as may be reasonably required or requested by the other party in order to
effectuate fully the purposes, terms and conditions of this Agreement. 
 9. Amendment. No amendment or waiver of any
provision of this Agreement shall be effective unless in writing and signed by all of the parties hereto. 
 10.
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

11. Notice. All notices, requests and demands to or upon a party hereto, to be effective, shall be in writing, and shall be sent
by certified or registered mail, return receipt requested, by personal delivery against receipt, by overnight courier or by facsimile and, unless otherwise expressly provided herein, shall be deemed to have been validly served, given, delivered or
received immediately when delivered against receipt, three (3) business days’ after deposit in the mail, postage prepaid, one (1) business day after deposit with an overnight courier or, in the case of facsimile notice, when sent with
respect to machine confirmed, addressed as follows: 
  

			
	If to Company:	  	 MakeMusic, Inc.
 7615 Golden
Triangle Drive, Suite M
 Eden Prairie, MN 55344-3848
 Attention: Chief Executive Officer
 Fax: (952) 937-9611

		
	With a copy to:	  	 Fredrikson & Byron, P.A.
 200 South Sixth Street, Suite 4000
 Minneapolis, MN 55402-1425

Attention: Melodie R. Rose
 Fax:
(612) 492-7077
 Email: mrose@fredlaw.com

  
 11 

			
	If to LaunchEquity:	  	 LaunchEquity Partners, LLC

4230 N. Oakland Avenue #317
 Shorewood, WI
53211-2042
 Attention: Andrew C. Stephens
 Fax: (414) 390-6127
 E-mail: andy.stephens@artisanpartners.com

		
	With a copy to:	  	 Olshan Grundman Frome Rosenzweig & Wolosky LLP
 Park Avenue Tower
 65 East 55th Street
 New
York, NY 10022
 Attention: Steve Wolosky

Fax: (212) 451-2222
 E-mail:
swolosky@olshanlaw.com

 or to such other address as each party may designate for itself by notice given in accordance with this Section 11.

 12. Third Party Beneficiaries. Nothing contained in this Agreement shall create any rights in, or be deemed to have
been executed for the benefit of, any person or entity that is not a party hereto or a successor or permitted assign of such a party. 
 13. Publicity; Public Announcements. Any public announcement or similar publicity regarding the subject matter of this Agreement by LaunchEquity or the Company, including by either party’s
Affiliates, Associates or advisors, shall be made only at such time and in such manner as the parties shall agree in advance; provided, however, that LaunchEquity shall be permitted to amend the LEP Schedule 13D to disclose this
Agreement or otherwise, and to make any other disclosure required by applicable law and the Company shall be permitted to disclose this Agreement on a Current Report on Form 8-K, and to make any other disclosure required by applicable law.

 14. Entire Agreement. This Agreement embodies the entire understanding and agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements, understandings and inducements, whether express or implied, oral or written. 
 15. Interpretation. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by
reason of such party having or being deemed to have structured or dictated such provision. 
 16. Governing Law; Consent to
Forum. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE). EACH PARTY HEREBY CONSENTS AND AGREES THAT ANY FEDERAL OR
STATE COURT LOCATED IN MINNEAPOLIS, MINNESOTA SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY ON THE ONE HAND AND LAUNCHEQUITY ON THE OTHER HAND

  
 12 

 
PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT. LAUNCHEQUITY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND LAUNCHEQUITY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL
OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR 3 DAYS AFTER
DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY ANY PARTY OF ANY
JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION. 
 17. Injunctive Relief. Each of the parties acknowledges that the other party will suffer irreparable harm if the first party breaches this Agreement. Accordingly, each party shall be entitled, in
addition to any other rights and remedies that it may have, at law or at equity, to an injunction, without the posting of a bond or other security, enjoining or restraining the other party from any violation of this Agreement. Each party hereby
consents to the other party’s right to the issuance of such injunction. 
 18. Waiver of Jury Trial. Each party
hereby irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to this Agreement or any of the actions contemplated hereby. 

19. Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute one and the same instrument. 

** Remainder of this page intentionally left blank—signature page to follow** 

  
 13 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this AGREEMENT to
be duly executed and delivered as of the date first above written. 
  

			
	MAKEMUSIC, INC.
		
	By:	 	 /s/ Karen T. van Lith

	Name:	 	Karen T. van Lith
	Title:	 	Chief Executive Officer
	
	LAUNCHEQUITY PARTNERS, LLC
		
	By:	 	 /s/ Andrew C. Stephens

	Name:	 	Andrew C. Stephens
	Title:	 	Managing Member
	
	 LAUNCHEQUITY ACQUISITION PARTNERS, LLC
 DESIGNATED SERIES EDUCATION PARTNERS

		
	By:	 	LaunchEquity Partners, LLC
		 	 its Manager

		
	By:	 	 /s/ Andrew C. Stephens

	Name:	 	Andrew C. Stephens
	Title:	 	Managing Member

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