Document:

Exhibit 4.2

  

SUPPLEMENTAL INDENTURE

dated as of August 10, 2018

to

 

AMENDED AND RESTATED INDENTURE

dated as of October 23, 2017, as amended

 

by and among

GWG HOLDINGS, INC., as obligor,

GWG LIFE, LLC, as Guarantor,

and

BANK OF UTAH, as trustee

   

 

 

Seller Trust L Bonds due 2023

   

 

 

THIS SUPPLEMENTAL INDENTURE,
dated as of August 10, 2018, is by and among GWG Holdings, Inc., a Delaware corporation (the “Company”), GWG
Life, LLC, a Delaware limited liability company (the “Guarantor”), and Bank of Utah, as trustee (the “Trustee”).

 

WHEREAS, the Company,
Guarantor and Trustee have heretofore executed and delivered an Amended and Restated Indenture dated as of October 23, 2017 (the “Original Indenture”)
providing for the issuance of debt securities of the Company (referred to in the Indenture as the “Securities”)
in unlimited amount, of different types and in separate classes or series;

 

WHEREAS, on March 27,
2018, the Company, Guarantor and Trustee executed and delivered an Amendment No. 1 to Amended and Restated Indenture that amended
the manner in which the “Debt Coverage Ratio,” as such term is defined in the Original Indenture, is calculated (the “Amendment,”
and the Original Indenture, as amended by the Amendment, being hereinafter referred to simply as the “Indenture”);

 

WHEREAS, the Company
and the Guarantor have entered into the Master Exchange Agreement (as such term is defined below), pursuant to which the Company
has agreed, subject to certain conditions, to issue a class of Securities under the Indenture;

 

WHEREAS, Section 9.1(c)
and Section 9.6 of the Indenture provide, among other things, that the Company and the Trustee may, without the consent of the
Holders, enter into indentures supplemental to the Indenture to provide for specific terms applicable to any different type, class
or series of Securities, and to add to the covenants of the Company for the benefit of the Holders of each type, class or series
of Securities;

  

     

     

    

 

WHEREAS, the Company
is entering into this Supplemental Indenture with the Trustee to add to and change certain provisions of the Indenture as shall
be necessary to provide for or facilitate the administration of the trusts thereunder, and reflect the terms and conditions of
“Seller Trust L Bonds” (as such term is defined below), which are the debt Securities to be issued in connection with
the Master Exchange Agreement; and

 

WHEREAS, all things
necessary to make the Seller Trust L Bonds, when the same shall have been executed by the Company, authenticated and delivered
by the Trustee, and issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture against payment
therefor, the valid, binding and legal obligations of the Company, and to make this Supplemental Indenture a valid, binding and
legal agreement of the Company, have been done;

 

NOW, THEREFORE, in
consideration of the above premises, the parties hereby agree as follows:

 

ARTICLE 1

APPLICATION AND EFFECT

OF SUPPLEMENTAL INDENTURE

 

Section 1.1Application
of this Supplemental Indenture

 

Notwithstanding any
other provision of this Supplemental Indenture, the provisions of this Supplemental Indenture are expressly and solely for the
benefit of, and solely apply to, the Seller Trust L Bonds.

 

Section 1.2Effect
of this Supplemental Indenture

 

With respect to the
Seller Trust L Bonds only, the Indenture shall be supplemented pursuant to Article 9 thereof to establish the terms of the Seller
Trust L Bonds as set forth in this Supplemental Indenture, including as follows:

 

		(a)	The definitions set forth in Article 1 of the Indenture shall be modified to the extent provided
in Article 2 of this Supplemental Indenture;

 

		(b)	The form and terms of the securities representing the Seller Trust L Bonds required to be established
pursuant to the Indenture shall be established in accordance with Sections 1.3 through Article 3 of this Supplemental Indenture;

 

		(c)	The Seller Trust L Bonds will not entitle their Holders to make “Repurchase Requests”
under the Indenture. Accordingly, Section 2.1(j) and Section 3.2 of the Indenture are not applicable to the Seller Trust L Bonds;

 

		(d)	The Seller Trust L Bonds shall not be subject to the automatic extension provisions of the Indenture.
Accordingly, Section 2.1(f), (g) and (h) are not applicable to the Seller Trust Bonds.

 

		(e)	The Seller Trust L Bonds will be issued in connection with the Initial Transfer (as defined below)
and pursuant to one or more exemptions from the registration requirements of the Securities Act. Accordingly, Section 2.2(b) of
the Indenture is not applicable to the Seller Trust L Bonds.

  

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Section 1.3Designation
and Amount of Seller Trust L Bonds

 

The Seller Trust L
Bonds shall be known and designated as the “Seller Trust L Bonds due 2023”. The initial maximum aggregate principal
amount of the Seller Trust L Bonds that may be authenticated and delivered under this Supplemental Indenture shall not exceed $403,234,866.

 

Section 1.4Terms;
Form of Security

 

		(a)	The Seller Trust L Bonds shall constitute a new class of “Security” for purposes of
the Indenture and this Supplemental Indenture. The Seller Trust L Bonds shall initially be in certificated form pursuant to Section
2.14 of the Indenture, and the Seller Trust L Bonds shall be in substantially the form of Exhibit A-2 attached hereto. The
terms and provisions contained in the form of Seller Trust L Bonds attached as Exhibit A-2 hereto shall constitute, and
are hereby expressly made, a part of this Supplemental Indenture, and the Company, by its execution and delivery of this Supplemental
Indenture, expressly agrees to such terms and provisions and to be bound thereto. The Seller Trust L Bonds may be issued in minimum
denominations of $1,000.

 

		(b)	Any of the Seller Trust L Bonds may have such letters, numbers or other marks of identification
and such notations, legends and endorsements as the Officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and are not inconsistent with the provisions of the Indenture or this Supplemental Indenture (and which
do not affect the rights, duties or immunities of the Trustee), or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which
the Seller Trust L Bonds may be listed for trading, or of any Depositary, or agreements to which the Company is subject or reasonably
required by usage. Any portion of the text of any Seller Trust L Bonds may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Seller Trust L Bonds.

 

Section 1.5Payment
of Principal and Interest

 

		(a)	The “Maturity Date” for the Seller Trust L Bonds shall be August 9, 2023.

  

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		(b)	The Seller Trust L Bonds shall bear simple interest at 7.50% per annum from and including
their Issue Date, or from the most recent Payment Date on which interest has been paid or provided for until the principal thereof
becomes due and payable. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest
on the Seller Trust L Bonds shall be payable monthly in arrears in U.S. Dollars on the 15th day of the calendar month next following
the month for which interest is due and payable. Payments of interest shall be made to the Person in whose name a Seller Trust
L Bond is registered at the close of business on the Regular Record Date immediately preceding a Payment Date.

 

		(c)	So long as the Final Closing has not occurred, the Redemption Price payable in respect of a redemption
effected by the Company pursuant to Section 3.1(a) of the Indenture after January 31, 2019 may be paid, at the option of the Company,
in the form of cash, the PIK Payoff Consideration, or a combination of any such cash or property, in each case as determined by
the Company in its sole discretion, in full satisfaction of the Seller Trust L Bonds to be redeemed.

 

		(d)	(i)At least 30 days prior to the Maturity Date for the Seller Trust L Bonds, the Company will
send to each Holder of Seller Trust L Bonds as of its Maturity Record Date a Notice of Maturity (via first class U.S. mail, facsimile
or electronic transmission). The Notice of Maturity will notify the Holder of the Security’s pending maturity and that the
Holder is entitled to make an election to receive a portion of the Applicable Cash Amount in connection with the payment of such
Holder’s Seller Trust L Bonds. A Holder shall be deemed to have waived its right to receive any portion of the Applicable
Cash Amount if the Holder fails to send to the Company, at least 15 days prior to the Maturity Date, a written election to receive
a portion of the Applicable Cash Amount, if any (an “Applicable Cash Election”).

 

		(ii)	Upon the Maturity Date, the Company shall repay the entire principal amount of, and accrued but
unpaid interest on, the Seller Trust L Bonds, at its option, in cash, PIK Payoff Consideration, or a combination of any such cash
or property, in each case as determined by the Company in its sole discretion, in full satisfaction of the Seller Trust L Bonds;
provided, that all Holders who have timely submitted an Applicable Cash Election shall be entitled to receive the Applicable Cash
Amount, if any, pro rata based on the ratio that the principal amount of such Holder’s Seller Trust L Bonds bears to the
total amount of outstanding Seller Trust L Bonds for which a timely Applicable Cash Election was received, in cash, and the balance
due, if any, in cash, PIK Payoff Consideration, or a combination of any such cash or property, in each case as determined by the
Company in its sole discretion.

 

		(e)	(i)After the second (2nd) anniversary of the date of the Final Closing, the Holders
shall have the right to cause the Company to repurchase, in whole but not in part, without penalty, the Seller Trust L Bonds held
by such Holder or such Holder’s beneficial interest in a Global Security, as the case may be, by delivering to the Company
a repurchase request (a “Seller Trust Repurchase Request”); provided, however, that in the case of a Seller
Trust Repurchase Request by a Beneficial Holder, such Seller Trust Repurchase Request shall be valid only if delivered through
the Depositary, in its capacity as the registered Holder of the Global Security with respect to which such Beneficial Holder holds
his or her beneficial interest in a Security.

  

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		(ii)	Upon receipt of a Seller Trust Repurchase Request under subsection (e)(i) above, the Company shall
designate a date for the repurchase of such Seller Trust L Bond (the “Seller Trust Repurchase Date”), which
date shall not be later than the 15th day of the month next following the month in which the Company receives a Seller Trust Repurchase
Request provided pursuant to subsection (e)(i) above, a date selected by the Company but no earlier than ten days and no later
than 45 days after the Company’s acceptance of the Seller Trust Repurchase Request. On the Seller Trust Repurchase Date,
the Company shall pay to such Holder its pro rata share (based on the ratio that the principal amount of such Holder’s Seller
Trust L Bonds bears to the total amount of outstanding Seller Trust L Bonds) of the principal amount of, and accrued and unpaid
interest on, the Seller Trust L Bonds to be repurchased in cash, PIK Payoff Consideration, or a combination of any such cash or
property, in each case as determined by the Company in its sole discretion, in full satisfaction of such Holder’s Seller
Trust L Bonds.

 

		(f)	All payments of principal and interest shall be made by the Company or a Paying Agent by wire transfer
of immediately available funds in U.S. Dollars or delivery of the other property specified herein to the accounts of the registered
Holders thereof in accordance with the provisions of this Section 1.5 of this Supplemental Indenture and Section 2.3 of the Indenture
and other relevant provisions of the Indenture.

 

		(g)	Prior to each Payment Date on any Seller Trust L Bond, the Company shall deposit with the Paying
Agent sufficient funds or other authorized property to pay principal and interest then so becoming due and payable. The Company
shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money or other property held by the Paying Agent for the payment of principal or interest on the
Seller Trusts, and will notify the Trustee promptly in writing of any default by the Company in making any such payment. While
any such default continues, the Trustee shall require a Paying Agent (if other than the Company) to pay all money or other property
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money or other property held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company) shall have no further liability for
the money or other property delivered to the Trustee. If the Company acts as Paying Agent, then the Company shall segregate and
hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. The Company shall notify the
Trustee in writing at least five days before the Payment Date of the name and address of the Paying Agent if a Person other than
the Trustee (or the Company) is named Paying Agent at any time or from time to time.

  

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Section 1.6Ranking

 

The Seller Trust L
Bonds shall be senior secured obligations of the Company, ranking junior only to all Senior Debt of the Company, pari passu
in right of payment and in respect of collateral with all “L Bonds” of the Company, and senior in right of payment
to all subordinated indebtedness of the Company.

 

Section 1.7ISSUANCE

 

The Seller Trust L
Bonds shall not be validly issued to a Person until the following shall have occurred: (i) such Person has delivered to the Company
or a duly authorized Agent all documentation required to be delivered under the Master Exchange Agreement, and otherwise required
to establish the ability of the Company to issue the Securities in conformity with the Securities Act and other applicable securities
law; (ii) the Initial Transfer under the Master Exchange Agreement shall concurrently be completed; (iii) an Account is established
by the Registrar in the name of such Person as the Holder of such Security in the Securities Register; and (iv) a certificate representing
the Seller Trust L Bonds has been prepared, executed and authenticated pursuant to the Indenture and this Supplemental Indenture.

 

Section 1.8Transferability

 

The Seller Trust L
Bonds shall constitute Restricted Indenture Securities under the Indenture and may be transferred solely in accordance with the
terms of Section 2.6(b) of the Indenture; provided, however, that the restrictions in Section 2.6(b) shall not apply to a resale
of the Seller Trust L Bonds that shall have been registered for resale pursuant to an effective registration statement under the
Securities Act.

 

Article
2

Definitions
and Incorporation by Reference

 

Section 2.1Definitions

 

		(a)	All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed
thereto in the Indenture.

 

		(b)	The following are definitions used in this Supplemental Indenture and to the extent that a term
is defined both herein and in the Indenture, the definition in this Supplemental Indenture shall govern with respect to the Seller
Trust L Bonds.

  

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“Amendment”
has the meaning set forth in the recitals of this Supplemental Indenture.

 

“Applicable
Cash Amount” shall mean the sum of (i) the total amount of cash proceeds to the Company from the sale of Beneficient
MLP Units owned by the Company as of the Initial Transfer and, if applicable, the Beneficient MLP Units issued to the Company in
exchange for the Exchangeable Note, plus (ii) the total amount of cash paid to the Company by Beneficient as a principal payment
in accordance with the terms of the Beneficient Loan, plus (iii) the total amount of cash paid to the Company by Beneficient as
a principal payment in accordance with the terms of the Beneficient Exchangeable Note, in each case of clauses (i), (ii) and (iii)
determined immediately prior to the Maturity Date.

 

“Applicable
Cash Election” has the meaning set forth in Section 1.5(d)(i).

 

“Beneficient” means The
Beneficient Company Group, L.P., a Delaware limited partnership.

 

“Beneficient Exchangeable Note”
means that certain Exchangeable Promissory Note issued by Beneficient to the Company on August 10, 2018.

 

“Beneficient Loan” means
the Commercial Loan Agreement, dated as of August 10, 2018, between the Guarantor and Beneficient.

 

“Beneficient MLP Unit”
means a master limited partnership unit of Beneficient of the class issued to the Company.

 

“Company”
means GWG Holdings, Inc., a Delaware corporation and the obligor hereunder.

 

“Final Closing”
shall have the meaning ascribed to such term in the Master Exchange Agreement.

 

“Guarantor”
means GWG Life, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company.

 

“Indenture”
is defined in the recitals of this Supplemental Indenture.

 

“Initial Transfer”
shall have the meaning ascribed to such term in the Master Exchange Agreement.

 

“Master Exchange
Agreement” means that certain Master Exchange Agreement, dated as of January 12, 2018, by and among the Company, the
Guarantor, Beneficient, MHT Financial SPV, LLC and each of the Exchange Trusts set forth on Schedule I thereto, as amended by the
First Amendment to Master Exchange Agreement, dated as of April 30, 2018, the Second Amendment to Master Exchange Agreement, dated
as of June 29, 2018, and the Third Amendment to Master Exchange Agreement, dated as of August 10, 2018, and as may be further amended
or restated from time to time on or after the date hereof.

 

“Maturity
Date” has the meaning set forth in Section 1.5(a) hereof.

  

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“Original
Indenture” has the meaning set forth in the recitals of this Supplemental Indenture.

 

“PIK Payoff
Consideration” means a pro rata portion (based on the ratio of the principal amount of Seller Trust L Bonds to be redeemed,
repurchased or retired on the Maturity Date, as applicable, bears to the total principal amount of Seller Trust L Bonds outstanding
at the Initial Transfer) of (i) the outstanding principal amount of, and accrued and unpaid interest on, the Beneficient Loan,
(ii) the outstanding principal amount of, and accrued and unpaid interest on, the Beneficient Exchangeable Note, and (iii) the
lesser of (A) all of the Beneficient MLP Units owned by the Company as of the Initial Transfer (and, if applicable, the Beneficient
MLP Units issued to the Company in exchange for the Exchangeable Note) and (B) such number of the Beneficient MLP Units owned by
the Company that, based on the value of such Beneficient MLP Units (valued as provided below), together with the amounts in clauses
(i) and (ii) and any cash payment that constitutes a part of the amounts to be paid to the Holders in connection with such redemption,
repurchase or retirement, equals the principal amount of, and accrued and unpaid interest on, the Seller Trust L Bonds to be redeemed,
repurchased or retired. The value of any Beneficient MLP Unit for purposes of clause (iii)(B) on the applicable Redemption Date,
Seller Trust Repurchase Date or Maturity Date, shall be (y) the average of the closing price per Beneficient MLP Unit on the five
(5) trading days prior to the applicable date on the principal domestic securities exchange on which the Beneficient MLP Unit are
then listed, or, if there have been no sales on such exchange on any such day, the average of the highest bid and lowest asked
prices at the end of such day, or if the Beneficient MLP Units are not listed on a securities exchange, the average of the highest
bid and lowest asked prices for the five (5) trading days prior to such date in the domestic over-the-counter market as reported
by OTC Markets Group Inc., or any successor organization, and (z) if the Beneficient MLP Units are not then listed on a securities
exchange or traded in the over-the-counter market, the amount determined by an independent, nationally recognized third party valuation
firm selected by the Company, which value shall be the cash price that an unaffiliated third party would pay to acquire the Beneficient
MLP Units in an arm’s-length transaction without any minority discount or discount for lack of marketability, assuming Beneficient
is a going concern and, to the extent applicable, taking into account comparable transactions. The costs of such third party valuation
firm shall be borne 50% by the Company and 50% by the Holders of the Seller Trust L Bonds. The Beneficient MLP Units included as
part of PIK Payoff Consideration may be subject to certain side-letter agreements between the Holders and third parties, but any
such side-letter agreements shall not have any effect or alter the rights or obligations of the Holders or the Company under this
Supplemental Indenture or the Indenture.

 

“Securities”
has the meaning set forth in the recitals of this Supplemental Indenture.

 

“Seller Trust
L Bonds” are the Securities authorized for issuance under this Supplemental Indenture, as described in Section 1.3 above.

 

“Seller Trust
Repurchase Date” has the meaning set forth in Section 1.5(e)(ii) hereof.

 

“Seller Trust
Repurchase Request” has the meaning set forth in Section 1.5(e)(ii) hereof.

  

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“Trustee”
has the meaning set forth in the recitals of this Supplemental Indenture.

 

Section 2.2Incorporation
by Reference of Trust Indenture Act

 

The Indenture is subject
to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of the Indenture.
The following Trust Indenture Act terms have the following meanings:

 

“indenture
securities” means the Seller Trust L Bonds.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Supplemental Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any other obligor on the indenture securities.

 

All other Trust Indenture
Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rule have the meanings assigned to them by such definitions.

 

Article
3

Miscellaneous

 

Section 3.1Trust
Indenture Act Controls

 

If any provision of
this Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in
this Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control.

 

Section 3.2Rules
by Trustee, Paying Agent and Registrar

 

The Trustee may make
reasonable rules for action by or a meeting of Holders. The Security Registrar and the Paying Agent or co-registrar may make reasonable
rules for their functions.

 

Section 3.3Payment
on Business Days

 

If a payment date is
not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the
intervening period. If a Regular Record Date is not a Business Day, the Regular Record Date shall not be affected.

  

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Section 3.4Governing
Law

 

THIS SUPPLEMENTAL INDENTURE
AND THE Seller Trust L Bonds SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, AND WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

 

Section 3.5No
Personal Liability of Directors, etc.

 

None of the Company’s
directors, officers, employees, incorporators or stockholders, as such, shall have any liability for any of the Company’s
obligations under the Seller Trust L Bonds, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Seller Trust L Bonds by accepting a Seller Trust L Bond waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Seller Trust L Bonds.

 

Section 3.6Successors

 

All agreements of the
Company in the Indenture and the Seller Trust L Bonds shall bind its successors. All agreements of the Trustee in the Indenture
shall bind its successors.

 

Section 3.7Counterparts

 

The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Supplemental Indenture.

 

Section 3.8Headings

 

The headings of the
Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not intended to
be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section 3.9SEVERABILITY

 

In case any provision
in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 3.10Trustee
Not Responsible for Recitals; TRUSTEE’S CAPACITY

 

The recitals contained
herein shall be taken as statements of the Company, and the Trustee does not assume any responsibility for their correctness. The
Trustee is executing this Supplemental Indenture solely in its capacity as Trustee and not in its individual capacity (except as
expressly stated herein). The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture,
except that the Trustee represents that it is duly authorized to execute and deliver this Supplemental Indenture and perform its
obligations hereunder. Furthermore, the Trustee shall not be liable for, or on account of, any of the covenants or obligations
of the Trustee under this Supplemental Indenture except to the extent of its own gross negligence or willful misconduct.

 

Section 3.11Adoption,
Ratification and Confirmation

 

The Indenture, as supplemented
and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

* * * * * * *

  

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IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

 

	 	OBLIGOR:
	 	 
	 	GWG HOLDINGS, INC.
	 	 
	 	By:	Jon
R, Sabes
	 	 	Jon R. Sabes
	 	 	Chief Executive Officer
	 	 
	 	GUARANTOR:
	 	 
	 	GWG LIFE, LLC
	 	 
	 	By:	Jon R, Sabes
	 	 	Jon R. Sabes
	 	 	Chief Executive Officer
	 	 
	 	TRUSTEE:
	 	 
	 	BANK OF UTAH
	 	(solely as Trustee, and not in its individual capacity)
	 	 
	 	By:	Peggy Hawkins
	 	 	Peggy Hawkins
	 	 	Assistant Vice President

 

Signature Page – Supplemental Indenture

  

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EXHIBIT A-2

 

FORM OF SELLER TRUST L BONDS DUE 2023

 

THIS SELLER TRUST L BOND DUE 2023 (THE
“BOND”) OF GWG HOLDINGS, INC. (THE “COMPANY”) IS SUBJECT TO THE TERMS OF THE INDENTURE, WHICH AMONG OTHER
PROVISIONS, CONTAINS REQUIREMENTS RELATING TO ANY TRANSFER OF THIS BOND BY THE HOLDER. THE COMPANY MAY REDEEM THIS BOND, IN WHOLE
OR IN PART, IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.

 

THESE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE. 

 

GWG HOLDINGS, INC.

Incorporated under the Laws of Delaware

 

L BOND DUE 2023

 

	Registered No.:                                          
              	 	Registered Principal Amount: $                   

	Issue Date:      August 10, 2018                            	 	Interest Rate:   7.50% per annum                 
	Term:   Five years                                                     	 	Interest Payment Schedule:   Monthly           
	Maturity Date:   August 9, 2023                            	 	Payment Date (for interest):   15th day of next following month, subject to Indenture 

 

GWG Holdings, Inc.,
a corporation created under the laws of the State of Delaware (the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to ______________________,
or registered assigns, the principal sum of ________________ Dollars ($_________) on the Maturity Date and to pay accrued
and unpaid interest hereon from the Issue Date set forth above, or from the most recent Payment Date to which interest has been
paid or duly provided for, beginning on the first Payment Date after the Issue Date (the “Initial Payment Date”) and
on each subsequent Payment Date thereafter at the Interest Rate set forth above, until the principal hereof is paid or made available
for payment, all subject to the terms of the Indenture. Simple interest shall accrue on the principal amount for the period from
the later of the Issue Date of this Bond or the last Payment Date upon which an interest payment was made until and including the
day before the following Payment Date. Capitalized terms used but not defined herein shall have the respective meanings given such
terms in the Indenture. For purposes hereof, that certain Amended and Restated Indenture dated as of October 23, 2017, as first
amended on March 27, 2018, and as supplemented by that certain Supplemental Indenture dated as of August 10, 2018, and as the same
may be amended or supplemented from time to time in the future in accordance with its terms, is referred to as the “Indenture.”

  

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The principal hereof
is subject to optional redemption by the Company, as provided in the Indenture, and if not so redeemed, shall be due and payable
in full on the Payment Date immediately following the Maturity Date, as more fully described in the Indenture. The principal and
interest so payable and punctually paid or duly provided for on any Payment Date, as provided in the Indenture, will be paid to
the Person in whose name this Bond is registered (the “Holder”) at the close of business on the Regular Record Date
(or Maturity Record Date, as applicable) for such Payment Date. Payment of the principal of and interest on this Bond will be made
at the office of the Paying Agent, or in such other office as may be selected in accordance with the Indenture, in such currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts or other property,
as provided in the Indenture, provided, however, that at the option of the Company payment of interest may be made in United States
dollars by wire or by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities
Register.

 

Reference is hereby
made to the further provisions of this Bond set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the Certificate
of Authentication hereon has been executed by or on behalf of the Trustee referred to on the reverse hereof by manual signature,
this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

No recourse shall be
had for the payment of the principal or interest of this Bond against any Company incorporator, stockholder, officer, director,
employee or agent by virtue of any statute or by enforcement of any assessment or otherwise; and any and all liability of incorporators,
stockholders, directors, officers, employees and agents of the Company being released hereby.

 

IN WITNESS WHEREOF,
the Company has caused this Seller Trust L Bond to be signed in its name by the manual or electronic signature of its Chief Executive
Officer and attested to by the manual or electronic signature of its Secretary.

 

GWG HOLDINGS, INC.

 

	By: 	 	 	 	 
	Name:  	 	 	 	 
	Title: 	 	 	Date: 	 	, 2018

 

	ATTEST:	 	 
	 	 	 
	 	Date:	 	, 2018
	Secretary	 	 

  

    	 	13	 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This Bond is one of the Seller Trust L Bonds
referred to in the within-mentioned Indenture.

 

BANK OF UTAH, Trustee

  

	By: 	 	 	 	 
	Name:  	 	 	 	 
	Title: 	 	 	Date: 	 	, 2018

  

    	 	14	 

     

    

 

[ REVERSE SIDE OF BOND ]

 

This Bond is one of
a duly authorized issue of debt securities of the Company formally designated as its Seller Trust L Bonds due 2023 (the “Bonds”)
to be issued under an Amended and Restated Indenture dated as of October 23, 2017, as first amended on March 27, 2018, as supplemented
by that certain Supplemental Indenture dated as of August 10, 2018, and as the same may be amended or supplemented from time to
time in the future in accordance with its terms (the “Indenture”), by and among the Company, GWG Life, LLC (as
guarantor), and Bank of Utah, as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture).
Reference is hereby made to the Indenture for a statement of the respective rights, limitation of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders, and for a statement of the terms upon which the Bonds are, and are to be,
authenticated and delivered. Capitalized and certain other terms used herein and not otherwise defined have the meanings set forth
in the Indenture.

 

The Bonds are general
and secured obligations of the Company. The payment of the principal of and interest on this Bond is expressly subordinated, as
provided in the Indenture, to the payment of all Senior Debt and, by the acceptance of this Bond, the Holder hereof agrees, expressly
for the benefit of the present and future holders of Senior Debt, to be bound by the provisions of the Indenture relating to such
subordination and authorizes and appoints as such Holder’s attorney-in-fact, the Trustee, to take such action on such Holder’s
behalf as may be necessary or appropriate to effectuate such subordination.

 

The Company may, at
its option, at any time redeem this Bond either in whole or from time to time in part prior to the Maturity Date by providing at
least 30 days written notice to the Holder. If this Bond shall be redeemed by call for redemption and payment be duly provided
therefor as specified in the Indenture, interest shall cease to accrue on this Bond.

 

This Bond may be transferred
and exchanged only as provided in the Indenture, which provides for the Company’s right to demand and receive an opinion
of Holder’s legal counsel (which counsel shall be reasonably acceptable to the Company) that the transfer does not violate
any applicable securities laws. The Company may also require a signature guarantee.

  

If an Event of Default
shall occur and be continuing, the outstanding principal of this Bond may be declared due and payable in the manner and with the
effect provided in the Indenture. The Company shall pay all costs of collection, whether or not judicial proceedings are instituted,
in the manner provided in the Indenture. The Indenture provides that such declaration and its consequences may, in certain events,
be waived by the Holders of a majority in principal amount of the Securities outstanding under the Indenture.

  

    	 	15	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
a majority in aggregate principal amount of Securities at the time outstanding under the Indenture. The Indenture also contains
provisions permitting the Holders of specified percentages of the aggregate principal amount of the Securities at the time outstanding
under the Indenture, on behalf of the Holders of all of such Securities, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Bond.

 

No reference herein
to the Indenture and no provision of this Bond or of the Indenture or amendment or modification hereof or thereof shall alter or
impair the obligation of the Company to pay the principal of and interest on this Bond at the times, place and rate and in the
coin or currency herein prescribed or in such other property as provided for in the Indenture.

 

In the event of a consolidation
or merger of the Company into, or of the transfer of its assets substantially as an entirety to, a successor entity in accordance
with the Indenture, such successor entity shall assume payment of the Bond and the performance of every covenant of the Indenture
on the part of the Company, and in the event of any such transfer, the Company (or the successor entity in the event of a subsequent
consolidation, merger or transfer) shall be discharged from all obligations and covenants in respect of the Bonds and the Indenture
and may be dissolved and liquidated, all as more fully set forth in the Indenture.

 

The Bonds are originally
issuable in such denominations as may be designated from time to time by the Company, but in no event in an original denomination
less than $1,000. Subject to the provisions of the Indenture, the transfer of this Bond is registerable in the Securities Register,
upon surrender of this Bond for registration of transfer at the office or agency of the Registrar duly endorsed by or accompanied
by a written instrument of transfer in the form printed on this Bond or in another form satisfactory to the Company and the Registrar
duly executed by the Holder hereof or such Holder’s attorney, duly authorized in writing, and thereupon one or more new Bonds,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Registrar may assess service charges for any such registration or transfer or exchange, and the Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Bond for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Bond shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to the conflict-of-law
provisions thereof.

  

    	 	16	 

     

    

 

GUARANTEE NOTATION

 

FOR VALUE RECEIVED,
the Guarantor (which term includes any successor Person under the Indenture) has, unconditionally guaranteed, to the extent set
forth in the Indenture and subject to the provisions in the Amended and Restated Indenture dated as of October 23, 2017, as first
amended on March 27, 2018, and as supplemented by that certain Supplemental Indenture dated as of August 10, 2018 (collectively,
the “Indenture”), by and among GWG Holdings, Inc. (the “Company”), the Guarantor party thereto, and
Bank of Utah, as trustee (the “Trustee”), (i) the due and punctual payment of the principal of, premium and interest
on, these Securities, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on
overdue principal of and interest on these Securities, if any, if lawful, and the due and punctual performance of all other obligations
of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (ii) in case of any extension
of time of payment or renewal of these Securities or any of such other obligations, that the same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise.

 

The obligations of
the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth
in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

GWG LIFE, LLC

  

	By: 	 	 	 	 
	Name:  	 	 	 	 
	Title: 	 	 	Date: 	 	, 2018

  

    	 	17	 

     

    

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such holder desires to transfer this Bond)

 

FOR VALUE RECEIVED the undersigned hereby
sells, assigns and transfers unto

  

 

  

 

  

 

 

this Bond, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint , as attorney-in-fact, to transfer the
within Bond on the books kept for registration of the issuing corporation, with full power of substitution.

 

	Dated:	 	 
	 	 	 
	Signature: 	 	 

 

(Signature must conform in all respects to name of holder as
specified on the face of the Bond)

 

Social Security or Other Identifying Number of Transferee: 

 

Signature Guarantee:

  

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934.

  

    	 	18Exhibit
10.1

 

Execution
Version

 

THIRD
AMENDMENT TO MASTER EXCHANGE AGREEMENT

 

THIS
THIRD AMENDMENT is dated as of August 10, 2018 (this “Third Amendment”), and amends in part that certain Master
Exchange Agreement, as amended and restated on January 18, 2018 with effect as of January 12, 2018 (the “Agreement”),
and further amended by the First Amendment thereto, dated April 30, 2018 (the “First Amendment”), and the Second
Amendment thereto, dated June 29, 2018 (the “Second Amendment”), by and among GWG HOLDINGS, INC., a Delaware
corporation (“GWG”), GWG LIFE, LLC, a Delaware limited liability company and wholly owned subsidiary of GWG,
THE BENEFICIENT COMPANY GROUP, L.P., a Delaware limited partnership, MHT FINANCIAL SPV, LLC, a Delaware limited liability company
and wholly owned subsidiary of MHT Financial, L.L.C., and each of the EXCHANGE TRUSTS that is a party to the Agreement (the “Seller
Trusts”), and as agreed to and accepted by Murray T. Holland and Jeffrey S. Hinkle, as trust advisors to the Seller
Trusts. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.

 

WITNESSETH:

 

WHEREAS,
the parties have entered into the Agreement, as amended to date;

 

WHEREAS,
pursuant to and in accordance with Section 11.10 of the Agreement, the parties wish to amend the Agreement further as set
forth in this Third Amendment in order to enable the parties to obtain the benefit of their bargain under the Agreement in an
expedited manner in light of certain regulatory delays to the consummation of the Agreement in full.

 

NOW,
THEREFORE, in consideration of the rights and obligations contained herein, and for other good and valuable consideration, the
adequacy of which is hereby acknowledged, the parties agree as follows:

 

Section
1.Amendments to the Agreement.

 

1.
The fourth WHEREAS clause is deleted in its entirety and replace with the following:

 

“WHEREAS,
upon the terms and subject to the conditions of this Agreement, (a) GWG desires to acquire the MLP Units owned by the Seller Trusts
at a price of $10.00 per unit in exchange for (i) up to 29.1 million shares of common stock, par value $0.001 of GWG (the “GWG
Common Stock”) (subject to adjustment as set forth in Section 8.4 hereof), the resale of which shall be registered
with the Securities and Exchange Commission (the “SEC”) and, subject to issuance, approved for listing on The
NASDAQ Capital Market (“NASDAQ”) (the “Stock Consideration”), (ii) a new series of L Bonds
issued by GWG (the “GWG L Bonds”) issued pursuant to a supplemental indenture (the “Supplemental Indenture”)
in an aggregate principal amount of up to $403,234,866 (the “Debt Consideration”), (b) the Seller Trusts desire
to exchange the MLP Units, on a pro rata basis based on their respective ownership of MLP Units, for such GWG Common Stock and
GWG L Bonds (the Stock Consideration and the Debt Consideration, collectively, the “Consideration”), (iii)
the Company shall issue to GWG an amount of securities or other instruments in an amount calculated in accordance with Section
2.4(a) hereof (the “Additional Consideration”), and (iv) GWG shall issue to the Company the Convertible
Preferred Stock (as defined in Section 2.4(b) hereof);”

 

     

     

    

 

2.
The fifth WHEREAS clause is hereby deleted in its entirety. The Parties agree further that all references to MHT Financial SPV,
LLC contained in the Agreement (other than as set forth in the last sentence of Section 5.6(a) hereto), together with all
rights and obligations relating thereto, are hereby deleted and that such entity shall, as of the effective date of this Third
Amendment withdraw and no longer be a party to the Agreement.

 

3.
The definition of “Transaction Agreements” in Section 1.1 is hereby deleted in its entirety and replaced with
the following:

 

“Transaction
Agreements” shall mean this Agreement, the Orderly Marketing Agreement, the Shareholders’ Agreement, the Commercial
Loan Agreement, the Exchangeable Note, the Supplemental Indenture, as each such term is defined herein, and the registration rights
agreements provided for in Sections 7.6 and 9.2(c)(iv).

 

4.
All references to that certain “Private Placement Memorandum, dated September 20, 2017,” shall be amended and replaced
with “Private Placement Memorandum, initially dated September 20, 2017, as amended through March 12, 2018.”

 

5.
ARTICLE II: EXCHANGES; CLOSING is hereby deleted in its entirety and replaced with the following:

  

Section
2.1“The Sale and Exchange.

 

(a)
Upon the terms and subject to the conditions of this Agreement, at the Closing, each Seller Trust shall sell, assign, transfer
and deliver to GWG, and GWG shall purchase and acquire from each Seller Trust, (i) those MLP Units set forth next to each Seller
Trust’s name on Schedule I or as otherwise identified in writing by the Company and agreed to by GWG, free and clear
of all Liens (other than Liens arising under the Securities Act and applicable state securities laws), at a price of $10.00 per
MLP Unit (the “MLP Unit Exchange Price”) in exchange for (A) satisfaction in full of the Exchangeable Note
(as defined in Section 2.3) and (B) aggregate Consideration to be delivered in the form of (i) the Stock Consideration,
free and clear of all Liens (other than Liens arising under the Securities Act and state securities laws), and (ii) the Debt Consideration
containing the terms set forth in Exhibit A hereto or as otherwise agreed by the parties, free and clear of all Liens (other
than Liens arising under the Securities Act and state securities laws), each in such amount as is set forth next to such Seller
Trust’s name on Schedule I or, if not set forth therein, as otherwise identified in writing by the Company and agreed
to by GWG. Such consideration shall be delivered to the Seller Trusts in two installments as follows: (i) the delivery of the
Debt Consideration at the Initial Transfer (as defined in Section 2.5 below), and (ii) the delivery of the Stock Consideration
and satisfaction of the Exchangeable Note at the Final Closing (as defined in Section 2.5 below).

 

    	 	2	 

     

    

 

(b)
The Stock Consideration and the Debt Consideration shall be issued in such amounts and proportions as GWG, the Company and the
Trust Advisors on behalf of the Seller Trusts shall determine not less than five (5) Business Days prior to the respective Closing,
or such other time as shall be agreed by the parties; provided, however, that in no event shall the aggregate amount of GWG Common
Stock issued as Stock Consideration exceed 29.1 million shares at a price per share of $10.00 and the aggregate principal amount
of GWG L Bonds issued as Debt Consideration exceed $405 million; and provided, further, that in no event shall the aggregate Consideration
received by the Seller Trusts be less than $550 million nor greater than $800 million.

 

Section
2.2Commercial Loan. On the Initial Transfer Date, the Company shall enter into the Loan Agreement with GWG Life in
a principal amount of $200 million, containing the principal terms as set forth in Exhibit B hereto, or as such parties
shall otherwise mutually agree as set forth in the definitive Loan Agreement. The parties agree that entry into the Loan Agreement
shall be in consideration for GWG and GWG Life entering into this Agreement and consummating transactions contemplated hereby
and neither GWG Life or nor any of its Affiliates shall provide any cash proceeds or advances in connection with the Loan Agreement.

 

Section
2.3 Exchangeable Note. On the Initial Transfer Date, the Company shall deliver to GWG a promissory note (the “Exchangeable
Note”) in the principal amount of $162,911,379. The Exchangeable Note shall accrue interest at a rate of 12.40% per
annum, calculated on the basis of a 360-day year, and compounded annually on each anniversary of the Initial Transfer Date. At
the earlier of the maturity date (as set forth in the Exchangeable Note) or the Final Closing, the outstanding principal balance
of the Exchangeable Note (the “Exchanged Amount”), shall be satisfied in full by (a) the transfer by the Company
to GWG of Common Units in an amount equal to the Exchanged Amount divided by the MLP Unit Exchange Price (the “Exchangeable
Note MLP Units”) and (b) the payment in cash of all accrued interest from the Initial Transfer Date to the date of such
payment (the “Accrued Interest”). The Company, GWG and GWG Life agree that, in lieu of payment of the Accrued
Interest at the Final Closing Date (or if, earlier, the maturity date of the Exchangeable Note), the Company may, at its option,
add an amount equal to such Accrued Interest to the then outstanding principal balance due under the Loan Agreement. The parties
agree that the Exchangeable Note shall be in consideration for GWG entering into this Agreement and consummating transactions
contemplated hereby and neither GWG or nor any of its Affiliates shall provide any cash proceeds or advances in connection with
the Exchangeable Note.

 

    	 	3	 

     

    

 

Section
2.4 Additional Consideration.

 

(a)
The Company shall issue to GWG the Additional Consideration on the Final Closing Date, free and clear of all Liens (other than
Liens arising under the Securities Act and applicable state securities laws). The Additional Consideration shall be an amount
of securities or other instruments, containing the same rights, preferences and privileges as the NPC-A Unit Accounts, equivalent
to seven percent (7%) of the total NPC-A Unit Accounts attributable to the Company Holdings’ founders and to Hicks Holdings
Operating, LLC, based upon the estimated allocation of such Unit Accounts as of the preliminary third party valuation of Company
Holdings, and subject to adjustment following the issuance of the Final Valuation (as defined below) or prior to the Final Closing
Date and made on a pro rata basis with the NPC-A Unit Accounts held by Hicks Holdings Operating, LLC.

 

(b)
The Company agrees to purchase $50 million of GWG’s convertible preferred stock (“Convertible Preferred Stock”),
payable in cash, on the Initial Transfer Date. The Convertible Preferred Stock will be non-voting, have no dividend rights, and
shall convert into GWG Common Stock (the “Conversion Shares”) at a conversion price of $10.00 per share immediately
following the Final Closing. GWG shall take such action as is necessary to obtain the requisite approval from its Board of Directors
for the terms as set out herein of the Convertible Preferred Stock and the issuance to the Company or, at the direction of the
Company, to the Seller Trusts, as contemplated hereby.

 

Section
2.5Closings; Deliverables.

 

(a)
Upon the terms and subject to the conditions of this Agreement, the “Initial Transfer” of the transactions
contemplated by this Agreement will take place as soon as practicable after the date hereof at 10:00 a.m., New York time, on such
date, place and time as the parties shall mutually agree in writing (the “Initial Transfer Date”), provided
that such date shall not be later than August 10, 2018, and the “Final Closing” of the transactions contemplated
hereunder will take place at 10:00 a.m., New York time, on such date, place and time subsequent to the Initial Transfer as GWG
and the Company shall mutually agree in writing (the “Final Closing Date”), provided that such date shall be
as soon as practicable following the expiration of the 20-day period provided for in Rule 14c-2(b) under the Securities Exchange
Act of 1934, as amended, following the mailing of the Information Statement to be prepared and delivered to GWG Stockholders in
accordance with Section 7.3 hereof, it being understood that a definitive Information Statement shall be filed with the
SEC and mailed to GWG Stockholders by GWG as soon as practicable following the delivery to GWG by the Company of the Company Financial
Statements (as defined in Section 6.6(a) hereof). The Initial Transfer and the Final Closing may be referred to herein
together as the “Closings” and, individually, as a “Closing,” as the context requires. References
in the Agreement to the Closing Date shall mean the Initial Transfer Date or the Final Closing Date, as the context requires.
Without limiting the generality of the foregoing, (i) for purposes of Articles III, IV and V, the term “Closing”
shall mean each of the Initial Transfer and the Final Closing, (ii) for purposes of Section 6.1, the term “Closing
Date” shall mean the Final Closing Date, (iii) for purposes of Section 6.2(a), the term “Closing Date”
shall mean the Initial Transfer Date and the term “Closing” shall mean the Initial Transfer, (iv) for purposes of
Section 6.2(b) and (c), the term “Closing” shall mean the Initial Transfer (for the restrictions on
any issuance and redemptions that occur on or prior to the Final Closing Date) and the Final Closing (for redemptions that occur
on or after the Final Closing Date), (v) for purposes of Section 6.4(b), the term “Closing” shall mean the
Final Closing, (vi) for purposes of Section 7.5, the term “Closing Date” shall mean the Final Closing Date,
(vii) for purposes of Section 7.6, the term “Closing” shall mean the Final Closing, (viii) for purposes of
Section 8.2, the term “Closing” shall mean the Final Closing, (xi) for purposes of Sections 8.4 and
8.8, the term “Closing Date” shall mean each of the Initial Transfer Date and the Final Closing Date and the
term “Closing” (for purposes of Section 8.4) shall mean each of the Initial Transfer and the Final Closing,
and (x) for purposes of Sections 8.6 and 11.14, the term “Closing” shall mean the Final Closing.

 

    	 	4	 

     

    

 

(b)
At the Initial Transfer:

 

(i)
(A) The Seller Trusts shall deliver, pro rata, to GWG a duly executed Assignment and Assumption of MLP Units, substantially in
the form attached hereto as Exhibit C, evidencing the transfer of an aggregate of 4,032,349 MLP Units by the Seller Trusts,
pro rata, to GWG, free and clear of all Liens (other than Liens arising under the Securities Act and applicable state securities
laws); (B) in connection therewith, GWG shall execute and deliver to the Company a joinder to the Amended and Restated Limited
Partnership Agreement; and (C) the Company shall record in its books and records the ownership of such MLP Units in the name of
GWG;

 

(ii)
GWG Life and the Company shall execute and deliver the Loan Agreement;

 

(iii)
The Company shall execute and deliver the Exchangeable Note to GWG;

 

(iv)
GWG shall deliver to each Seller Trust, pro rata, a duly executed certificate, registered in such name or names and in such amounts
as shall be designated by the Trust Advisors on behalf of the Seller Trusts not less than two (2) Business Days prior to the Initial
Transfer, evidencing the pro rata Debt Consideration issuable thereto;

 

(v)
GWG shall issue the Convertible Preferred Stock to the Company or, at the Company’s direction, to the Seller Trusts, and
deliver a duly executed certificate, registered in the name or names as directed by the Company;

 

(vi)
GWG shall record in its books and records the ownership of the Debt Consideration in such name or names as specified pursuant
to Section 2.5(b)(iv); and

 

(vii)
The appropriate parties shall deliver the items required to be delivered pursuant to Article IX.

 

(c)
At the Final Closing:

 

(i)
(A) The Seller Trusts shall deliver, pro rata, to GWG a duly executed Assignment and Assumption of MLP Units, substantially in
the form attached hereto as Exhibit C, evidencing the transfer of an aggregate of 40,485,230 MLP Units by the Seller Trusts,
pro rata, to GWG, free and clear of all Liens (other than Liens arising under the Securities Act and applicable state securities
laws); and (B) the Company shall record in its books and records the ownership of such MLP Units in the name of GWG;

 

(ii)
The Company shall transfer to GWG the Exchangeable Note MLP Units in full satisfaction of the Exchanged Amount, free and clear
of all Liens (other than Liens arising under the Securities Act and applicable state securities laws); (B) the Company shall record
in its books and records the ownership of such Exchangeable Note MLP Units in the name of GWG, and shall credit GWG’s capital
account associated therewith in an amount equal to the Exchanged Amount; and (C) the Company shall satisfy its obligation to pay
to GWG the Accrued Interest in accordance with the terms set forth in the Exchangeable Note;

 

(iii)
GWG shall confirm in writing the satisfaction in full by the Company of the Exchangeable Note and the cancellation thereof by
GWG;

 

(iv)
GWG shall deliver to each Seller Trust, pro rata, a duly executed stock certificate, registered in such name or names and in such
amounts as shall be designated by the Trust Advisors on behalf of the Seller Trusts not less than two (2) Business Days prior
to the Final Closing, and dated the Final Closing Date, evidencing the pro rata Stock Consideration issuable thereto, free and
clear of all Liens (other than Liens arising under the Securities Act and applicable state securities laws);

 

(v)
GWG shall record in its books and records the ownership of the Stock Consideration in such name or names as specified pursuant
to Section 2.5(c)(iv);

 

    	 	5	 

     

    

 

(vi)
The Company shall issue to GWG the Additional Consideration pursuant to Section 2.4(a);

 

(vii)
The appropriate parties shall deliver the items required to be delivered pursuant to Article IX; and

 

(viii)
Immediately following the Final Closing, GWG shall (A) deliver to each holder of Convertible Preferred Stock a duly executed stock
certificate, registered in such holder’s name evidencing the Conversion Shares issuable thereto, free and clear of all Liens
(other than Liens arising under the Securities Act and applicable state securities laws); and (B) cancel the corresponding shares
of Convertible Preferred Stock.”

 

4.
Section 3.2 of the Agreement is hereby amended by adding the following:

 

“(c)The
Exchangeable Note has been duly and validly authorized and approved by the general partner of the Company and, when executed and
delivered as contemplated therein, will have been duly and validly executed and delivered by it, will constitute a legal, valid
and binding obligation of the Company, enforceable against it in accordance with its terms, subject (i) to applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and
(ii) as to enforceability, to general principles of equity.”

 

5.
Section 3.6(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a)(i)
The partnership interests/units authorized for issuance by the Company are an unlimited number of common units under the Amended
& Restated Limited Partnership Agreement, of which 74,670,839 common units are outstanding as of the Initial Transfer Date.
All of such outstanding common units have been (A) duly authorized, validly issued, fully paid and nonassessable, (B) issued in
compliance in all material respects with applicable Laws and (C) issued without breach or violation of any preemptive rights or
any Contract. (ii) The Company is the general partner of Company Holdings and all of Company Holdings’ classes of partnership
interests/units (A) have been duly authorized and validly issued and are fully paid and non-assessable, (B) were issued in compliance
in all material respects with applicable Law and (C) were not issued in breach or violation of any preemptive rights or any Contract.
The NPC-A Unit Accounts to be issued to GWG as Additional Consideration shall be, as of the date of such issuance, (X) duly authorized,
validly issued, fully paid and non-assessable, (Y) issued in compliance with applicable Laws, and (Z) issued without breach or
violation of any preemptive rights or Contract.

 

    	 	6	 

     

    

 

6.
Section 3.10 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
3.10.  Financial Information. The certain unaudited financial information, including models, forecasts
and projections as included in the electronic data room under the heading “August 4-5 Financial Information” (the
“August 4 Information”), and as furnished to GWG, (i) fairly present in all material respects the historical, pro
forma and projected financial condition and results of operations of the Company and its consolidated Subsidiaries, as the case
may be, as of and for the dates thereof and the periods then ended, (ii) to the extent based on historical financial information,
such historical financial information was prepared consistent with GAAP, (iii) with respect to pro forma financial information,
have been properly presented consistent with GAAP and give effect to assumptions used in the preparation thereof on a reasonable
basis and in good faith and the adjustments used therein are appropriate to give effect to the transactions and circumstances
referred to therein and (iv) with respect to projected financial information, have been prepared consistent with GAAP and in good
faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time made; provided,
however that the August 4 Information may be subject to adjustment as a result of the Company’s final enterprise valuation
to be prepared by a third-party valuation firm (the “Final Valuation”). The only material adjustments to the
August 4 Information in the Final Valuation will be to (a) intangible assets and (b) NPC Unit Accounts of Company Holdings.”

 

7.
Section 3.17 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
3.17.Disclosure Documents; Acknowledgment. All written disclosure documentation furnished by or on behalf of the Company
to GWG in the electronic data room in connection with the transactions contemplated by this Agreement (including documentation
which amends or supersedes previously furnished information) is materially accurate as of the respective date of such documentation
and does not, as of such date, contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in light of the circumstances under which they were made, not misleading. Certain of
the financial information in the electronic data room, including information included under the heading “August 4-5 Diligence
Responses,” includes and relies upon projections, estimates, pro formas, forecasts and other forward-looking information
(collectively, “Forward-Looking Information”) and was prepared in good faith as of its respective date in reliance
upon such Forward-Looking Information. The representation and warranty set forth in this Section 3.17 with respect to financial
information that includes and relies upon Forward-Looking Information shall be deemed made only as of the Initial Transfer Date
and shall not apply to any such financial information if an updated version of such financial information is placed into the electronic
data room prior to the Initial Transfer Date (in which case the representation and warranty shall be made solely with respect
to the updated version of such financial information). The Company acknowledges and agrees that GWG and GWG Life have not made
and are not making any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Article V.”

 

    	 	7	 

     

    

 

8.
A new Section 3.18 of the Agreement is hereby added as follows:

 

“Section
3.18. MLP Units. As of the Initial Transfer Date, there have been no material changes in the terms of the MLP Units or
securities of Company Holdings from the terms reflected in the Private Placement Memorandum.

 

9.
A new Section 3.19 of the Agreement is hereby added as follows:

 

“Section
3.19. MLP Unit Tax Basis. The aggregate MLP Units to be transferred to GWG (i) in exchange for the GWG L Bonds, should
have a tax basis determined with reference to the issue price of the GWG L Bonds, (ii) in exchange for GWG Common Stock, should
have a tax basis determined with reference to the tax basis of such MLP Units in the hands of the Seller Trusts, and (iii) upon
settlement of the instrument to acquire MLP Units as Additional Consideration, should have a tax basis equal to the sum of the
amount paid by GWG and any amount includible in income with respect to such instrument. There is no built-in unrealized gain attributable
to any property underlying the MLP Units being transferred to GWG. ”

 

10.
Section 5.2(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)
The affirmative vote or consent of holders of a majority of the outstanding shares of GWG Common Stock to approve the issuance
of the shares (including shares issuable upon conversion of the Convertible Preferred Stock) for purposes of NASDAQ Rules 5635(a)
and (b) is the only vote or consent of any of GWG’s capital stock necessary in connection with the entry into this Agreement
by GWG and the consummation of the transactions contemplated hereby, including the Closing (the “GWG Stockholder Approval”).”

 

11.
Section 5.5 of the Agreement is hereby revised to replace the term “Proxy Statement” where it appears in such
section with the term “Information Statement.”

 

12.
Section 5.6(a) of the Agreement is hereby amended to add the following sentence at the end of such section:

 

“Notwithstanding
the foregoing, GWG and GWG Life make no representation or warranty regarding the information regarding the Company, the Seller
Trusts or MHT Financial SPV, LLC included or incorporated by reference in the GWG Reports.”

 

    	 	8	 

     

    

 

13.
Section 5.6(f) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(f)There
are no material Liabilities of GWG that would be required to be reflected on a balance sheet of GWG prepared in accordance with
GAAP, except for Liabilities (a) disclosed, reflected or reserved for in GWG’s consolidated balance sheet as of December
31, 2017 (or the notes thereto) included in the GWG Reports, (b) that have arisen since the date of the most recent balance sheet
included in the GWG Reports in the ordinary course of the financing and operation of the business of GWG or (c) arising under
any Contract, other than as a result of a breach thereof by GWG.”

 

14.
Sections 5.8(f) and (g) of the Agreement are hereby deleted in their entirety and replaced with the following:

 

“(f)
The shares of GWG Common Stock to be issued to the Seller Trusts, pro rata in accordance with this Agreement, shall be (i) duly
authorized and validly issued and are fully paid and nonassessable, (ii) issued in compliance with applicable Law, (iii) not issued
in breach or violation of any preemptive rights or Contract, (iv) fully vested and not otherwise subject to a substantial risk
of forfeiture and (v) free and clear of all Liens (other than Liens arising under the Securities Act and state securities laws).

 

(g)
The GWG L Bonds to be issued to the Seller Trusts, pro rata in accordance with this Agreement, shall (i) be duly authorized and
validly issued, (ii) be issued in compliance with the GWG Indenture and applicable Law, including the requisite approval of the
Supplemental Indenture by the Indenture Trustee, (iii) entitle the registered holders to the rights and entitlements set forth
therein (y) be issued free and clear of all Liens (other than Liens arising under the Securities Act and state securities laws),
and (iv) constitute valid and binding obligations of GWG, enforceable in accordance with their terms subject (A) to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally,
(B) as to enforceability, to general principles of equity.”

 

15.
Section 6.1 is hereby amended by (i) replacing the words “Closing Date” the first time such words appear in
such section with the words “Initial Transfer Date,” and (ii) deleting the words “during the Interim Period”
at the end of such section and in their place inserting the words “prior to the Final Closing Date.”

 

16.
A new Section 6.6 of the Agreement is hereby added as follows:

 

“Section
6.6. The Company Financial Statements.

 

“(a)All
financial statements of the Company provided by the Company or its Representatives for inclusion in the GWG Reports, including
the definitive Information Statement (the “Company Financial Statements”), to the extent the same shall be
required under the applicable rules and regulations of the SEC in the absence of any waiver relating thereto, shall be prepared
in accordance with GAAP and comply with the SEC requirements for such SEC Report, shall fairly present (subject, in the case of
the unaudited interim financial statements included therein, to normal year-end adjustments the impact of which is not material
and the absence of complete footnotes) in all material respects the financial position of the Company as of the respective dates
thereof and the results of its operations and cash flows for the respective periods then ended, and shall be provided to GWG as
soon as practicable after the date hereof; provided that, in the event such Company Financial Statements to be included in the
definitive Information Statement or the Opening Balance Sheet (as defined below) are not delivered to GWG on or before October
31, 2018, an amount equal to $50,000 per calendar day shall accrue commencing November 1, 2018 and be payable by the Company to
GWG in cash upon demand by wire transfer of immediately available funds to an account designated in writing by GWG until such
Company Financial Statements or Opening Balance Sheet have been delivered. The Company agrees that the actual damages likely to
result from the failure of the Company to provide such Company Financial Statements or Opening Balance Sheet are difficult to
estimate as of the date of this Agreement and would be difficult for GWG to prove. Accordingly, such amounts shall be deemed liquidated
damages for any such failure to compensate GWG for such failure and not a penalty and shall be nonrefundable by GWG.

 

    	 	9	 

     

    

 

(b)
The Company shall deliver to GWG (A) audited annual financial statements within sixty (60) days of the Company’s fiscal
year end of each year (for the prior years’ financial statements) and (B) unaudited quarterly financial statements within
twenty-five (25) days of each of the Company’s quarter end (other than the fourth quarter), until the later of (i) the repayment
in full of the Commercial Loan and (ii) the absence of any requirement under Regulation S-X of the Exchange Act to include Company
financial information in GWG Reports. In addition, the Company shall provide GWG with an audited opening balance sheet dated as
of May 31, 2018 and prepared in accordance with GAAP (the “Opening Balance Sheet”) on or before the earlier of the
Final Closing Date and October 31, 2018, and shall provide audited annual financial statements for the year ended December 31,
2018 on or before the date that is sixty (60) days following such year end.”

 

17.
A new Section 6.7 of the Agreement is hereby added as follows:

 

“Section
6.7. Limitations on Issuances of Equity Securities. Unless consented to by GWG (which consent will not be unreasonably
withheld) and except as otherwise provided in this Agreement, until the earlier of (a) the transfer, sale or conveyance of more
than eighty percent (80%) of the MLP Units owned by GWG as of the Initial Transfer or, if the Final Closing has occurred, as of
the Final Closing, and (b) such time as the Company completes at least one Qualified Public Offering which on its own or together
with any other public offering results in the Borrower receiving aggregate net proceeds (after underwriting discounts and commissions
and offering expenses) of at least $100 million, the Company will not (and will cause each of its Affiliates not to) (i) issue
any securities possessing terms that are materially different from the terms of the securities proposed to be offered under the
Private Placement Memorandum, or (ii) incur bank debt on terms that are other than commercially reasonable.” 

 

18.
The last sentence of Section 7.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Notwithstanding
any provision in this Agreement to the contrary, in no event shall GWG or GWG Life issue any debt or encumbrance of any nature
or kind senior to the GWG L Bonds issued under this Agreement unless and until the earlier of (i) the refinancing in full of the
aggregate principal amount outstanding of the GWG L Bonds issued under this Agreement and (ii) the resale of all such GWG L Bonds
by each of the Seller Trusts.”

 

19.
Section 7.3 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
7.3Preparation of SEC Documents.

 

(a)
GWG shall prepare and file with the SEC an information statement on Schedule 14C under the Exchange Act (as the same is amended
or supplemented in both its preliminary and definitive forms from time to time, the “Information Statement”),
to be sent in its definitive form to the GWG Stockholders in connection with the GWG Stockholder Approval.  GWG shall use
its reasonable best efforts to cause the Information Statement to comply with the rules and regulations promulgated by the SEC.
As promptly as practicable after the Information Statement shall have become finalized and filed in its definitive form, GWG shall
use its reasonable best efforts to cause the Information Statement to be mailed to its stockholders. No filing of, or amendment
or supplement to, the Information Statement will be made (in each case including documents incorporated by reference therein)
by GWG without providing the Company with a reasonable opportunity to review and comment thereon and each party shall give reasonable
and good faith consideration to any comments made by any other party and their counsel. The Company will be given a reasonable
opportunity to provide comment on or for the response to any SEC comments (to which reasonable and good faith consideration shall
be given), including by participating with GWG or their counsel in any discussions or meetings with the SEC.

 

(d)
If at any time prior to the Final Closing any information relating to GWG or any of its respective Affiliates, directors or officers,
should be discovered by GWG which should be set forth in an amendment or supplement to the Information Statement, so that the
Information Statement would not include any misstatement of a material fact or omit to state any material fact necessary to make
the statements therein, in light of the circumstances under which they are made, not misleading, GWG shall promptly notify the
other parties hereto and an appropriate amendment or supplement describing such information shall be promptly filed with the SEC
and, to the extent required by Law, disseminated to the GWG stockholders.

 

    	 	10	 

     

    

 

(e)
GWG will advise the other parties hereto promptly after it receives any oral or written request by the SEC for amendment of the
Information Statement, or comments thereon and responses thereto or requests by the SEC for additional information, and GWG will
promptly provide the other parties with copies of any written communication between it or any of its Representatives, on the one
hand, and the SEC, on the other hand, with respect to the Information Statement. GWG shall use its reasonable best efforts, after
consultation with each of the other parties, to resolve all such requests or comments with respect to the Information Statement,
as applicable, as promptly as reasonably practicable after receipt thereof. GWG shall notify the other parties hereto promptly
of the time when the Information Statement has cleared comments and has been mailed to the GWG stockholders.

 

(f)
All of the fees, costs and expenses incurred or payable to any other Person (other than legal fees and expenses, which shall be
subject to Section 11.5) in connection with the preparation and filing of the Information Statement, including all of the
fees, costs and expenses of the financial printer and other Persons for the printing and mailing of the Information Statement,
as applicable, shall be paid by GWG.”

 

20.
Section 7.4 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
7.4. GWG Stockholder Approval. Prior to the Initial Transfer, GWG shall have obtained the GWG Stockholder Approval
as contemplated by Section 5.2(b) of this Agreement.”

 

21.
Section 7.6 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
7.6. Resale Registration.

 

(a)
In connection with the Initial Transfer, GWG and the Seller Trusts will enter into a registration rights agreement in customary
and negotiated form but in any event containing (i) demand registration rights affording the assigns of the Seller Trusts rights
in respect to the resale registration of all of the L Bonds issued pursuant to this Agreement (subject, however, to limitations
that may be imposed by any regulatory agency), and (ii) piggyback registration rights affording the assigns of the Seller Trusts
the right to include (subject to customary cutback provisions) any L Bonds not otherwise included in the registration contemplated
by Section 7.6(a)(i). The Seller Trusts and their assigns shall be named express third-party beneficiaries of such registration
rights agreement.

 

(b)
In connection with the Final Closing, GWG and the Seller Trusts will enter into a registration rights agreement in customary and
negotiated form but in any event containing (i) demand registration rights affording the assigns of the Seller Trusts rights in
respect to the resale registration of all of the shares of GWG Common Shares issued pursuant to this Agreement (subject, however,
to limitations set forth in the Orderly Marketing Agreement entered into pursuant to Section 8.6, and subject further to
limitations that may be imposed by any regulatory agency), and (ii) piggyback registration rights affording the assigns of the
Seller Trusts the right to include (subject to customary cutback provisions) any shares of GWG Common Stock not otherwise included
in the registration contemplated by Section 7.6(b)(i). The Seller Trusts and their assigns shall be named express third-party
beneficiaries of such registration rights agreement.”

 

    	 	11	 

     

    

 

22.
Section 8.1(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
8.1 Consents and Approvals. Upon the terms and subject to the conditions set forth in this Agreement, each of the parties
agrees to use commercially reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done,
and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable to consummate and make
effective, as soon as possible following the date hereof and prior to the Initial Transfer or Final Closing, as the case may be
and as provided herein, the transactions contemplated by this Agreement, including using commercially reasonable best efforts
to (i) obtain all necessary actions, nonactions, waivers, consents, approvals and other authorizations from Governmental Authorities
prior to the Initial Transfer for the consummation of the actions contemplated herein to occur at the Initial Transfer, or the
Final Closing for the consummation of the actions contemplated herein to occur at the Final Closing, (ii) avoid an Action or proceeding
by any Governmental Authority, (iii) obtain all necessary consents, approvals or waivers from third parties, (iv) execute and
deliver any additional instruments necessary to consummate the transactions contemplated by this Agreement and (v) refrain from
taking any action that would reasonably be expected to impede, interfere with, prevent or materially delay the consummation of
the transactions contemplated by this Agreement.”

 

23.
The lead-in portion of the first sentence of Section 8.2 of the Agreement immediately prior to clause (a) thereto
is hereby deleted in its entirety and replaced with the following:

 

“Each
of the Trust Advisors with respect to the Seller Trusts and GWG agree to enter into a shareholders’ agreement (the “Stockholders’
Agreement”), subject to and conditioned upon the Closing of this Agreement, relating to certain matters in connection
with such Seller Trusts’ shareholding in GWG. Such agreement shall remain in effect for Trust Advisors for the benefit of
each of the Seller Trusts up until the termination of the Orderly Marketing Agreement, as contemplated by Section 8.6 below,
and shall contain provisions pursuant to which the Seller Trusts, and their respective assignees or transferees will agree as
follows:”

 

24.
Section 8.9 of the Agreement is hereby deleted in its entirety.

 

    	 	12	 

     

    

 

25.
Section 9.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
9.1Conditions to the Obligations of Each Party. The obligations of the Company, the Seller Trusts, GWG and GWG Life
to consummate, or cause to be consummated, the transactions contemplated hereby, are subject to the satisfaction of the following
conditions, any one or more of which may be waived (if legally permitted) in writing by all of such parties:

 

(a)
Immediately prior to the Initial Transfer:

 

(i)
There shall not be in force any Governmental Order or Law enjoining or prohibiting the consummation of the other transactions
contemplated hereby.

 

(ii)
The HSR waiting period (and any extension thereof) shall have expired or been terminated.

 

(iii)
There shall not have been commenced any Action against any of the parties relating to the transactions contemplated hereby.

 

(iv)
The GWG Stockholder Approval shall have been obtained.

 

(b)Immediately
prior to the Final Closing:

 

(i)
The Initial Transfer shall have occurred.

 

(ii)
There shall not be in force any Governmental Order or Law enjoining or prohibiting the consummation of the other transactions
contemplated hereby.

 

(iii)
There shall not have been commenced any Action against any of the parties relating to the transactions contemplated hereby.

 

(iv)
The waiting period under Rule 14c-2(b) for taking action by written consent shall have expired.”

 

26.
Section 9.2 of the Agreement shall be deleted in its entirety and replaced with the following:

 

“Section
9.2Conditions to the Obligation of GWG and GWG Life. The obligation of GWG and GWG Life to consummate, or cause to
be consummated, the transactions contemplated hereby is subject to the satisfaction of the following additional conditions, any
one or more of which may be waived in writing by GWG (on behalf of both GWG and GWG Life) which conditions for the Initial Transfer
shall be subject to satisfaction or waiver of the conditions set forth in Section 9.2(a), (b) and (c) and,
with respect to the Final Closing, shall be subject to the satisfaction or waiver of the conditions set forth in Section 9.2(a),
(b) and (d):

 

    	 	13	 

     

    

 

(a)
Representations and Warranties.

 

(i)
Each of the representations and warranties of (A) the Company contained in the first sentence of Section 3.1 (Organization),
Section 3.2 (Due Authorization) and Section 3.16 (Brokers’ Fees), and (B) the Seller Trusts and MHT SPV contained
in Section 4.1 (Organization), Section 4.2 (Due Authorization) and Section 4.10 (Brokers’ Fees) (collectively,
the “Company Specified Representations”) shall be true and correct
(without giving any effect to any limitation as to “materiality” or “Material Adverse Effect” or any similar
limitation set forth therein) in all material respects as of the respective Closing Date (which shall mean, as of the Initial
Transfer, the Initial Transfer Date and, as of the Final Closing, the Final Closing Date) as though made on such Closing Date
(except to the extent such representations and warranties expressly relate to an earlier date, in which case, they shall be true
and correct on and as of such earlier date).

 

(ii)
The representations and warranties of the Company contained in Section 3.6 (Capitalization) shall be true and correct as
of the respective Closing Date as though made on such Closing Date.

 

(iii)
Each of the representations and warranties of the Company and the Seller Trusts contained in this Agreement (other than the Company
Specified Representations, and the representations and warranties of the Company contained in Section 3.6 (Capitalization))
shall be true and correct (without giving any effect to any limitation as to “materiality” or “Material Adverse
Effect” or any similar limitation set forth therein) as of the respective Closing Date as though made on such Closing Date
(except to the extent such representations and warranties expressly relate to an earlier date, in which case, they shall be true
and correct on and as of such earlier date, or as otherwise expressly provided in Section 3.17), except, in either case,
where the failure of such representations and warranties to be so true and correct would not have a Material Adverse Effect on
the Company or its Subsidiaries, as a whole.

 

(b)
The Company and the Seller Trusts shall have complied, in all material respects, with all covenants required to be performed by
them as of or prior to such Closing.

 

(c)On
the Initial Transfer Date:

 

(i)
GWG shall have obtained the following written consents or approvals for the transactions contemplated hereby: (A) a consent from
the senior lender to GWG DLP Funding IV, LLC; (B) a consent from the holders of a majority in principal amount of outstanding
GWG L Bonds to effect an amendment to the GWG Indenture for the purpose of amending the manner in which the debt-coverage ratio
contained therein is calculated; (C) an approval from Bank of Utah, as trustee under the GWG Indenture, for a supplemental indenture
relating to the GWG L Bonds to be issued under this Agreement, and (D) confirmation from the GWG Board, not to be unreasonably
withheld or delayed, that all conditions to Closing have been reasonably satisfied.

 

    	 	14	 

     

    

 

(ii)
GWG Life and the Company shall have entered into and delivered the Loan Agreement as contemplated by Section 2.2 and the
Company shall have executed and delivered to GWG Life the Note (as such term is defined in the Loan Agreement).

 

(iii)
The Company shall have executed and delivered to GWG the Exchangeable Note.

 

(iv)
GWG and the Company shall have entered into a registration rights agreement in customary and negotiated form reasonably acceptable
to the parties, but in any event containing (a) piggyback registration rights affording GWG the right to include the MLP Units
(including those acquired at the Initial Transfer and those to be acquired at the Final Closing) for resale on any initial registration
statement that the Company files with the SEC under the Securities Act for an initial offering, if any, of Company partnership
interests/units (subject to customary cutback provisions) (the “Initial Registration”), and (b) demand
registration rights with respect to any MLP Units the resale registration of which is not obtained through the Initial Registration.

 

(v)
The GWG Board shall have received a fairness opinion from a nationally recognized valuation firm chosen by GWG to the effect that
the transactions contemplated by this Agreement are fair, from a financial point of view, to GWG and its stockholders.

 

(vi)
GWG shall have received a reasoned legal opinion of Willkie Farr & Gallagher LLP, special counsel to the Company, dated as
of the Initial Transfer Date and in form and substance reasonably satisfactory to GWG, to the effect that the Company is not,
and as a result of the consummation of the Initial Transfer will not be, required to register as an investment company under the
Investment Company Act.

 

(vii)
GWG shall have received the written opinion of Mayer Brown LLP, special tax counsel to the Company, dated as of the Initial Transfer
Date and in form and substance reasonably satisfactory to GWG, to the effect that the Company will be taxed as a partnership for
federal income-tax purposes after giving effect to the transactions effected at the Initial Transfer.

 

(viii)
The Company shall have delivered to GWG a true copy of the resolutions of its respective governing board or authority, as the
case may be, authorizing the execution of this Agreement and the consummation of the transactions contemplated herein, certified
by the respective secretary or similar officer thereof.

 

    	 	15	 

     

    

 

(ix)
Each of the Company and the Trust Advisors with respect to the Seller Trusts shall have delivered to GWG a certificate signed
by a respective officer of such entity (or trustee, as the case may be), dated as of the Initial Transfer Date, certifying that
the conditions applicable to it specified in Section 9.2(a) and Section 9.2(b) have been fulfilled.

 

(x)
The Company shall have delivered to GWG a USB drive containing a copy of the contents of the electronic data room made available
to GWG in connection with the transactions contemplated by this Agreement (the “Data Room”) as of the Initial Transfer
Date.

  

(d)
On the Final Closing Date:

 

(i)
GWG and the Trust Advisors for the benefit of the Seller Trusts (together with one or more investment banks selected by and reasonably
acceptable to the parties thereto) shall have entered into the Orderly Marketing Agreement respecting the resale of GWG Common
Stock in final negotiated form reasonably acceptable to the parties.

 

(ii)
GWG and the Seller Trusts shall have entered into a Stockholders’ Agreement containing, among others, the terms set forth
in Section 8.2.

 

(iii)
GWG shall have received a bring-down of the legal opinion of Willkie Farr & Gallagher LLP delivered at the Initial Transfer
pursuant to Section 9.2(c)(vi), dated as of the Final Closing Date, and in form and substance reasonably satisfactory to
GWG.

 

(iv)
GWG shall have received a bring-down of the written opinion of Mayer Brown LLP delivered at the Initial Transfer pursuant to Section
9.2(c)(vii), dated as of the Final Closing Date, and in form and substance reasonably satisfactory to GWG.

 

(v)
The Company shall have delivered to GWG an officer’s certificate confirming that there has been no change, amendment or
repeal of the authorizing resolutions certified pursuant to Section 9.2(c)(viii).

 

(vi)
Each of the Company and the Trust Advisors with respect to the Seller Trusts shall have delivered to GWG a certificate signed
by a respective officer of such entity (or trustee, as the case may be), dated as of the Final Closing Date, certifying that the
conditions applicable to it specified in Section 9.2(a) and Section 9.2(b) have been fulfilled.

 

(vii)
The Company shall have delivered to GWG a USB drive containing a copy of the contents of the Data Room as of the Final Closing
Date.”

 

    	 	16	 

     

    

 

27.
Section 9.3 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Section
9.3Conditions to the Obligations of Company and the Seller Trusts. The obligations of the Company and the Seller Trusts
to consummate the transactions contemplated hereby are subject to the satisfaction of the following additional conditions, any
one or more of which may be waived in writing by the Company and the Seller Trusts which conditions for the Initial Transfer shall
be subject to satisfaction or waiver of the conditions set forth in Section 9.3(a), (b) and (c) and, with
respect to the Final Closing, shall be subject to the satisfaction or waiver of the conditions set forth in Section 9.3(a),
(b) and (d):

 

(a)
Representations and Warranties.

 

(i)
Each of the representations and warranties of GWG and GWG Life contained in the first and third sentences of Section 5.1
(Corporate Organization), Section 5.2 (Due Authorization) and Section 5.19 (Brokers’ Fees) (the “GWG
Specified Representations”) shall be true and correct (without giving any effect to any limitation as to “materiality”
or “Material Adverse Effect” or any similar limitation set forth therein)
in all material respects as of the respective Closing Date as though made on such Closing Date (except to the extent such representations
and warranties expressly relate to an earlier date, in which case, they shall be true and correct on and as of such earlier date).

 

(ii)
Each of the representations and warranties of GWG and GWG Life contained in Section 5.8 (Capitalization) shall be true
and correct as of the respective Closing Date as though made on such Closing Date.

 

(iii)
Each of the representations and warranties of GWG and GWG Life contained in this Agreement (other than the GWG Specified Representations,
the representations and warranties of GWG contained in Section 5.8 (Capitalization)) shall be true and correct (without
giving any effect to any limitation as to “materiality” or “Material Adverse Effect” or any similar limitation
set forth therein) as of the respective Closing Date (which shall mean, as of the Initial Transfer, the Initial Transfer Date
and, as of the Final Closing, the Final Closing Date) as though made on such Closing Date (except to the extent such representations
and warranties expressly relate to an earlier date, in which case, they shall be true and correct on and as of such earlier date),
except, in either case, where the failure of such representations and warranties to be so true and correct would not a Material
Adverse Effect on GWG and its Subsidiaries, as a whole.

 

(b)
GWG and GWG Life shall have complied, in all material respects, with all covenants required to be performed by them as of or prior
to such Closing.

 

    	 	17	 

     

    

 

(c)
On the Initial Transfer Date:

 

(i)
Each of GWG and GWG Life shall have delivered to each of the Company and the Seller Trusts a certificate signed by an officer
of GWG and GWG Life, respectively, dated as of the Initial Transfer Date, certifying that the conditions specified in Section
9.3(a), Section 9.3(b) and Section 9.2(c)(i)(B) and (C) have been fulfilled and Section 9.2(c)(i)(A) is not
applicable.

 

(ii)
GWG shall have delivered to each of the Company and the Seller Trusts a true copy of the resolutions of the GWG Board authorizing
the execution of this Agreement, the designation and issuance of the Convertible Preferred Stock, and the consummation of the
transactions contemplated herein, certified by the secretary or similar officer of GWG.

 

(iii)
GWG Life shall have delivered to each of the Company and the Seller Trusts a true copy of the resolutions of the board of managers
of GWG Life authorizing the execution of this Agreement and the consummation of the transactions contemplated herein, certified
by the secretary or similar officer of GWG Life.

 

(iv)
GWG Life and the Company shall have entered into the Loan Agreement as contemplated by Section 2.2.

 

(v)
GWG shall have executed and delivered to the Company a joinder to the Amended & Restated Limited Partnership Agreement.

 

(vi)
GWG and the Seller Trusts shall have entered into a registration rights agreement in customary and negotiated form reasonably
acceptable to the parties, but in any event containing demand and piggyback registration rights affording the Seller Trusts the
right to have the GWG L Bonds registered for resale with the SEC under the Securities Act.

 

(vii)
GWG Life shall remain a wholly owned subsidiary of GWG as of such Closing Date.

 

(viii)
The Company shall have received a reasoned legal opinion of Mayer Brown LLP, counsel to GWG, dated as of the Initial Transfer
Date and in form and substance reasonably satisfactory to the Company, to the effect that, GWG is not, and as a result of the
consummation of the transaction contemplated by this Agreement will not be, required to register as an investment company under
the Investment Company Act.

 

(ix)
The GWG Stockholder Approval granted June 14, 2018, shall be in full force and effect and shall not have been rescinded, repealed
or voided in any respect.

 

    	 	18	 

     

    

 

(d)
On the Final Closing Date:

 

(i)
GWG and the Trust Advisors with respect to the Seller Trusts (together with one or more investment banks selected by and reasonably
acceptable to the parties thereto) shall have entered into the Orderly Marketing Agreement respecting the resale of GWG Common
Stock in final negotiated form reasonably acceptable to the parties.

 

(ii)
GWG and the Trust Advisors with respect to the Seller Trusts shall have entered into a Stockholders’ Agreement containing,
among others, the terms set forth in Section 8.2.

 

(iii)
GWG and the Seller Trusts shall have entered into a registration rights agreement in customary and negotiated form reasonably
acceptable to the parties, but in any event containing demand and piggyback registration rights affording the Seller Trusts the
right to have the Stock Consideration registered for resale with the SEC under the Securities Act.

 

(iv)
GWG shall have delivered to the Company the cancelled Exchangeable Note.

 

(v)
Each of GWG and GWG Life shall have delivered to each of the Company and the Seller Trusts a certificate signed by an officer
of GWG and GWG Life, respectively, dated as of the Final Closing Date, certifying that the conditions specified in Section
9.3(a) and Section 9.3(b) have been fulfilled.

 

(vi)
GWG shall have delivered to each of the Company and the Seller Trusts an officer’s certificate confirming that there has
been no change, amendment or repeal of the authorizing resolutions certified pursuant to Section 9.3(c)(ii) and confirming
that all actions have been taken for the conversion of the Convertible Preferred Stock in accordance with its terms immediately
subsequent to the Final Closing.

 

(vii)
GWG Life shall have delivered to each of the Company and the Seller Trusts an officer’s certificate confirming that there
has been no change, amendment or repeal of the authorizing resolutions certified pursuant to Section 9.3(c)(iii).

 

(viii)
The GWG Common Stock issuable as Stock Consideration to the Seller Trusts and the Conversion Shares shall have been approved for
listing on NASDAQ, subject to official notice of issuance.

 

(ix)
GWG Life shall remain a wholly owned subsidiary of GWG as of such Closing Date.

 

    	 	19	 

     

    

 

(x)
The Company shall have received a bring-down of the legal opinion of Mayer Brown LLP delivered pursuant to Section 9.3(c)(viii),
counsel to GWG, dated as of the Final Closing Date and in form and substance reasonably satisfactory to the Company.

 

(xi)
The GWG Stockholder Approval granted June 14, 2018, shall be in full force and effect and shall not have been rescinded, repealed
or voided in any respect.”

 

28.
Section 10.1(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)
by either the Company, the Trust Advisors on behalf of the Seller Trusts, or by GWG if this Agreement shall have failed to receive
the GWG Stockholder Approval, or such has been rescinded, repealed or withdrawn prior to the Initial Transfer;”

 

Section
2.No Further Changes; Ratification. All other terms and provisions of the Agreement are hereby ratified in full
and incorporated by reference herein, except to the extent that defined terms used throughout the Agreement shall be modified
or replaced consistent with the provisions and intent of this Third Amendment.

 

Section
3.No Third-Party Beneficiary. This Third Amendment shall be binding upon and inure solely to the benefit of the
parties hereto and their permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other
Person, any legal or equitable right, benefit or remedy of any nature whatsoever, including, without limitation, any rights of
employment for any specified period, under or by reason of the Agreement or this Third Amendment.

 

Section
4.Entire Agreement. This Third Amendment constitutes the entire agreement of the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with
respect to the subject matter hereof. Except as amended by this Third Amendment, the Agreement shall continue in full force and
effect.

 

Section
5.Counterparts. This Third Amendment may be executed in counterparts (and delivered by facsimile or electronic
transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Section
6.Governing Law. This Third Amendment, and all claims or causes of action based upon, arising out of, or related
to this Third Amendment or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws
of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules
would require or permit the application of Laws of another jurisdiction.

 

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

 

[Signature
Page Follows]

 

    	 	20	 

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed as of the date first set forth above.

 

	 	GWG
    HOLDINGS, INC.
	 	 	 
	 	By:	Jon
    Sabes
	 	 	Name:
    Jon Sabes
	 	 	Title:
    Chief Executive Officer

 

	 	GWG
    LIFE, LLC
	 	 	 
	 	By:	Jon
    Sabes
	 	 	Name:
    Jon Sabes
	 	 	Title:
    Chief Executive Officer

 

 

[Signature
Page to Third Amendment to Master Exchange Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed as of the date first set forth above.

 

	 	THE
    BENEFICIENT COMPANY GROUP, L.P.
	 	 	 
	 	By:	Brad
    K. Heppner
	 	 	Name:
    Brad K. Heppner
	 	 	Title:
    Chief Executive Officer
	 	 

MHT FINANCIAL SPV, LLC

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

 

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

 

[Signature
Page to Third Amendment to Master Exchange Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed as of the date first set forth above.

 

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

 

	 	THE
    LT-4 EXCHANGE TRUST,
	 	 	 
	 	By:	DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
    Vice President
	 	 	 
	 	THE LT-5 EXCHANGE TRUST,

	 	 	 
	 	By:	DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
    Vice President

 

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

 

[Signature
Page to Third Amendment to Master Exchange Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed as of the date first set forth above.

 

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

 

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

	 	THE
    LT-9 EXCHANGE TRUST,
	 	 	 
	 	By:	DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
    Vice President
	 	 	 
	 	THE
    LT-12 EXCHANGE TRUST,
	 	 	 
	 	By:	DELAWARE
    TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	 	Name:
    Alan R. Halpern
	 	 	Title:
    Vice President

 

[Signature
Page to Third Amendment to Master Exchange Agreement]

 

     

     

    

 

	 
	MURRAY
                                         T. HOLLAND, as Trust Advisor

	 	 
	 	Murray
    T. Holland

 

	 	JEFFREY
    S. HINKLE, as Trust Advisor
	 	 
	 	Jeffrey
    S. Hinkle

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