Document:

Amended and Restated Investment Agreement

 Exhibit 10.9 
 

 
  
 Exhibit
10.9 
 AMENDED AND RESTATED INVESTMENT AGREEMENT 

THIS AMENDED AND RESTATED INVESTMENT AGREEMENT dated as of September 3, 2009 (this “Agreement”), between
INSURANCE STRATEGIES FUND, LLC, a Delaware limited liability company (“ISF”) and GWG HOLDINGS, LLC, a Delaware limited liability company (“GWG Holdings”) and its wholly owned subsidiaries GWG LIFE SETTLEMENTS, LLC, a Delaware
limited liability company (“GWLIFE”), OPPORTUNITY BRIDGE FUNDING, LLC, a Delaware limited liability company (“OBF”), and UNITED LENDING, LLC a Minnesota limited liability company (“UNITED”) (all entities collectively
referred to herein as “GWG”). This Agreement shall be effective on the date first set forth above (as hereinafter defined) (“Effective Date”). 
 RECITALS 
 WHEREAS, ISF is a limited liability
company that wishes to make investments in GWLIFE that GWLIFE will in turn invest in GWG DLP Funding I, LLC and GWG DLP Funding II, LLC (the “Funds”). 
 WHEREAS, GWG agrees that all distributions, cash flows and proceeds realized by GWG from or in respect to its membership interests (of whatever class) in the Funds be paid and distributed
to ISF, except to the extent that they are required to be used to pay amounts outstanding under certain senior lenders to which the membership interests are properly subordinated under Sections 6 and 7 hereof. 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Recitals. The
Recitals set forth above are agreed to be true and correct and incorporated herein by this reference as part of the body of this Agreement. 
 Investment Requests. GWLIFE may request an investment from ISF under this Agreement from time to time by delivering a written investment request to ISF, in substantially the form attached
hereto as Exhibit A (the “Request”). Requests shall be delivered to ISF at least ten (10) business days in advance of the requested funding date and shall specify and allocate the amount to be directed towards the specific investments
set forth on attached Schedule A, all of which are operated as wholly-owned subsidiaries of GWG Holdings or GWLIFE. ISF, in its sole and absolute discretion, shall determine whether to make such investment and shall notify GWG of such acceptance,
modification or refusal prior to the requested funding date set forth in the Request; provided, however, any failure by ISF to provide a response to GWG of whether to accept an investment shall not be a breach of this Agreement, but shall rather
constitute notice to GWG that ISF declines to fund that specific investment request. Both parties agree to keep true and accurate books and records reflecting the investments made by ISF and the repayments made by GWG. 

No Commitment. This Agreement is not a commitment and does not entitle GWG to receive any loans, equity investments or
other funding hereunder unless and until ISF approves such investment in its sole discretion. ISF shall not have any liability whatsoever to GWG, any officer, director, employee, agent, customer, vendor, subsidiary, creditor or member of GWG, or any
other person by reason of this Agreement, any failure to make any investment requested by GWG hereunder, any demand for (or failure to demand or delay in demanding) repayment of any investment. 

4. Fees Paid to GWG. This Agreement shall set forth the fee amounts GWG may charge in 

conjunction with the acquisition of assets which ISF shall provide investments pursuant to Schedule A. 

	 1
	  
	 

 

 
  
 a. With
respect to the purchase of life insurance policies owned by and through GWLIFE. GWLIFE shall receive an amount equal to no more than 2.5% of the death benefit amount of each policy purchased (which amount shall then be capitalized into the price of
the policy) and become part of the investment in the life settlement. 
 b. With respect to the origination and
acquisition of premium finance loans secured by life insurance policies. UNITED shall receive an amount equal to 10% of the available gross commission collected by UNITED, all additional commissions shall at the direction of ISF, either: (i) be
paid to reduce JSF’s net investment, or (ii) be paid directly to ISF. 
 c. With respect to the
origination and acquisition of secured, but unperfected, bridge loans for transacting life insurance policies, OBF shall receive an amount equal to 1.5% of the loan amount in the form of an origination fee with each bridge loan (which amount shall
then be capitalized into the loan amount) and become part of the investment in the bridge loan. 
 5.
Representations and Warranties of GWG. 
 a. GWG is a limited liability company duly organized and validly
existing under the laws of the state Delaware. GWG are qualified to do business, in good standing and properly licensed in each jurisdiction in which the character and location of the assets or the nature of the business transacted by GWG makes such
qualification necessary, except for when the failure to qualify would not have a material adverse effect on the business, operations or financial condition of GWG. GWG has all the requisite corporate power and authority to own or lease and operate
their properties and carry on their business as presently being conducted. 
 b. The execution, delivery and
performance of this Agreement by GWG and consummation of the transactions contemplated hereby have been duly and effectively authorized by the Board of Governors of GWG and no other corporate proceedings are necessary to authorize this Agreement and
the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by GWG and constitutes the valid and binding obligation of GWG in accordance with its terms. There are no consents, notices,
registrations or filings of any kind that must be made or obtained in order to complete the transactions contemplated by this Agreement. 
 c. The execution, delivery and performance of this Agreement by GWG and consummation by GWG of the transactions contemplated hereby will not, with or without the giving of notice and the
lapse of time, or both, (a) violate any provision of law, statute, rule or regulation to which GWG is subject, (b) violate any judgment, order, writ or decree of any court applicable to GWG, or (c) result in the breach of or conflict
with any material term, covenant, condition or provision of, result in the modification or termination of, or constitute a default under the Certificate of Organization, Operating Agreement or other organizational document of GWG, or any other
commitment, contract or other agreement or instrument, to which the GWG is a party. 
 d. There is no claim,
action, suit, proceeding, arbitration, investigation or hearing or notice of hearing pending or, to the knowledge of GWG, threatened, relating to or affecting GWG, or the transactions contemplated by this Agreement; nor are any facts known to GWG
which may give rise to any such claim, action, suit, proceeding, arbitration, investigation or hearing which may have any material adverse effect upon the operations or business of GWG or the transactions contemplated by this Agreement. 

e. No consent, approval, license, authorization or order of or declaration or registration or filing with any governmental
authority is required to be made or obtained by GWG in 

	 2
	  
	 

 

 
  
 connection
with the execution, delivery or performance of this Agreement, or the consummation of the transactions contemplated hereby or thereby, except such as have been duly made, effected or obtained. 

f. GWG are solvent and will not become insolvent after giving effect to the transactions contemplated by the Agreement.
GWG is paying its debts as they become due and after giving effect to the transactions contemplated by the Agreement will have adequate capital to conduct its business. 
 g. GWG has prepared and filed, with the appropriate federal, state and local tax authorities, all income, employment, excise and other tax returns required to be filed as of the date
hereof and have paid all taxes shown on such returns to be due or which have become due pursuant to any assessments, deficiency notice, 30 day letter or similar notice received by them, other than those taxes which are being contested in good faith
and by proper proceedings and as to which appropriate reserves arc being maintained in accordance with GAAP. To GWG’s knowledge, (i) there are no claims pending or threatened for taxes against GWG, (ii) no waivers of statutes of
limitations have been granted, and (iii) all federal, state and local income, profits, franchise, employment, sales, use, occupation, property, excise or other taxes attributable to GWG have been fully paid or adequate reserves have been
provided therefore. 
 h. GWG is, and at all times has been, in full compliance with all laws, ordinances,

 regulations, orders and other requirements that are or were applicable to the conduct or operation of its
business including, without limitation, the Internal Revenue Code of 1986, the Occupational Safety and Health Act and the National Environmental Policy Act. No event has occurred or circumstance exists that (with or without notice or lapse of time)
(i) may constitute or result in a material violation by GWG of, or a failure on the part of GWG to comply with, any such laws, ordinances, regulations, orders or other requirements, or (ii) may give rise to any obligation on the part of GW
to undertake, or to bear all or any portion of the cost of, any remedial action of any nature, and (c) GWG has not received any written notice or other communication (whether oral or written) from any governmental authority or any other person
regarding (i) any actual, alleged, possible or potential violation of, or failure to comply with, any such laws, ordinances, regulations, orders or other requirements, or (ii) any actual, alleged, possible or potential obligation on the
part of GWG to undertake, or to bear all or any portion of the cost of, any remedial action of any nature. 
 i.
All written information heretofore originated and furnished by GWG to ISF for 
 purposes of or in connection
with this Agreement, or any transaction contemplated hereby or thereby is, and all such written information hereafter originated and furnished by GWG to ISF, when taken as a whole, will be, to the knowledge of GWG, true and accurate in all material
respects, on the date as of which such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein, taken as a whole and
in context, not misleading. 
 6. Subordination to Senior Banks. ISF acknowledges that pursuant to secured credit

 facilities with DZ Bank AG Deutsche Zentral-Genossenschaftsbank (“DZ Bank”) and WestLB AG
(“WestLB”), DZ Bank and WestLB have security interests in certain of the assets of GWG and ISF’s investments under this Agreement will be made through and accordingly the payment of any amounts to ISF on such investments is subject to
the prior rights of DZ Bank and WestLB pursuant to the respective credit facilities. The right of any party to payment of any amounts owing hereunder is hereby expressly subordinated to the prior rights of DZ Bank and WestLB pursuant to the
respective credit facilities. 
 7. Subordination to Noteholder and Other Senior Interests. ISF acknowledges that
GWG is presently seeking to raise additional funds to purchase life insurance assets through an offering of notes (“LifeNotes”) as described in the Offering Memorandum dated [August 25th], 2009, as amended or 

	 3
	  
	 

 

 
  

supplemented from time to time (the “Offering Memorandum”). To the extent GWG issues Life Notes pursuant to the
current offering contemplated by the Offering Memorandum and the funds are used to purchase life insurance assets in the Funds. ISF’s investments under this Agreement may be subject and subordinate to rights of the LifeNote holders which shall
be senior in interest. ISF’s investment shall not be subordinated to any other indebtedness and GWG covenants and agrees not to incur any additional indebtedness that may impact ISF’s investments beyond the present WestLB, DZ Bank and
LifeNotes facilities or offerings without the prior written consent of ISF. 
 8. ISF Senior to GWG. GWG
acknowledges that pursuant to this Agreement, ISF’s 
 investments under this Agreement will be senior to
the rights of GWG to receive any payments from its assets herein owned, or subsequently acquired. GWG’s right of any party to payment of any amounts owing hereunder is hereby expressly subordinated to the prior rights of ISF pursuant to this
Agreement. 
 Non-Exclusive. Nothing in this Agreement is intended to or shall, preclude (i) GWG from
seeking or obtaining debt or equity funding from any person, subject to the limitations of this Agreement including Sections 6 and 7, or (ii) ISF from providing or offering to provide debt or equity funding to GWG or any other person, in each
case on such terms and conditions as the parties to any such funding transaction shall from time to time determine, and whether on to any or all such terms an conditions, individually or in the aggregate are more or less favorable to ISF than the
terms and conditions applicable to the investment terms set forth on Schedule A. 
 No Joint Venture. No party
hereunder is an agent, partner or joint-venturer of any party, and no agency, partnership, joint venture, trust or similar relationship shall be established or deemed to be established by this Agreement, any investment requested, made, or repaid
hereunder, or any other action or transaction contemplated hereby. 
 11. Further Assurances. From time to time,
as requested by ISF, GWG shall execute and deliver, or cause to be executed and delivered all such documents and instruments and will take, or cause to be taken, all such reasonable actions, as ISF may reasonably deem necessary or desirable to
consummate the transactions contemplated by this Agreement. 
 12. Notices. Any notice or other communication
required or permitted pursuant to this Agreement shall be deemed given (i) when personally delivered to any officer of the party to whom it is addressed, (ii) on the earlier of actual receipt thereof or five (5) days following posting
thereof by certified mail, postage prepaid, return receipt requested, or (iii) upon actual receipt thereof when sent by a recognized overnight delivery service, or (iv) upon actual receipt thereof when sent by facsimile to the number set
forth below with electronic confirmation of receipt and subsequently confirmed by registered or certified mail, return receipt requested, or by recognized overnight delivery service to the address set forth below, in each case addressed to the
applicable party at its address set forth below or at such other address as has been furnished in writing by such party to the other by like notice: 
 if to GWG: 
 220 South Sixth Street, Suite 1200
Minneapolis, Minnesota 55402 Attn: Jon Sabes, Its President Facsimile No.: 612-746-0445 Telephone No.: 612-746-1914 
 if to ISF: 
 220 South Sixth Street, Suite 1200

	 4
	  
	 

 

 
  

Minneapolis, Minnesota 55402 
 Ann: ISF Management, LLC, Its Manager 
 Facsimile
No.: 612-746-0445 
 Telephone No.: 612-746-1944 

or at such other address, facsimile or telephone number or to the attention of such other individual or department as the
party to which such information pertains may hereafter specify for the purpose in a notice to the other specifically captioned “Notice of Change of Address.” 
 13. Confidentiality. Each party agrees that it will not, without the prior consent of the other party, disclose to any person not a party hereto any of the terms of this Agreement and will
use all reasonable efforts to have all such information kept confidential, except that each party may use, retain, and disclose any such information (a) to its counsel, accountants, auditors, lenders, members and their respective legal counsel
or other agents who agree to hold such information confidential, (b) that has been publicly disclosed (other than by such party in breach of this Section) or has rightfully come into the possession of such party on a nonconfidential basis, or
(c) as required by law, rule, regulation, or any governmental agency or authority. 

	 14.
	  
	 Complete Agreement; Waivers and Modification. 

This Agreement together with the exhibits hereto and thereto dated the date hereof between the parties hereto, constitute
the complete and entire agreement between the parties regarding the subject matter hereof. All agreements, contracts, promises, representations and statements, if any, between the parties hereto or their representatives with respect to the subject
matter hereof are merged into this Agreement. 
 No waiver or modification of the terms hereof shall be valid
unless in a writing signed by all of the parties hereto. 
 No failure or delay on the part of any party in
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof or the exercise of any other rights, power or
remedy hereunder. 
 15. Construction, Headings. All pronouns and any variations thereof shall be deemed to refer
to the masculine, feminine, neuter, singular or plural as the identity of the persons, entity or entities may require. Unless the context otherwise requires, references to agreements shall be deemed to mean and include such agreements as the same
may be amended, supplemented or otherwise modified from time to time. Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and
shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

Severability. The provisions of this Agreement are intended to be severable, if for any reason any provision of this
Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity
or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 

Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Minnesota without giving effect to its conflicts of law principles. 

	 5
	  
	 

 

 
  

Jurisdiction. Each party hereby irrevocably submits to the non-exclusive jurisdiction of any Minnesota State or United
States Federal Court sitting in Hennepin County over any action or proceeding arising out of or relating to this Agreement, and each party hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined
in such Minnesota State or Federal Court. Each party irrevocably consents to the service of any and all process in any such action or proceeding by the serving of copies of such process to such party at its address. Each party agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each party further waives any objection to venue in such state and any objection
to an action or proceeding in such state on the basis of forum non conveniens. Each party further agrees that any action or proceeding brought against any other party shall be brought only in Minnesota State or United States Federal Court sitting in
Hennepin County. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Third Party Beneficiary. The members of ISF are expressly made third party 

beneficiaries under this Agreement and shall be entitled to enforce ISF’s rights hereunder to the extent ISF refuses
or is unable to effectively enforce or protect them. 
 20. Binding Effect; No Assignment. This Agreement shall
become effective when it shall have been executed by the parties. No party shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the other parties. 

[Signatures on the following page] 

	 6
	  
	 

 

 
  
 IN WITNESS
WHEREOF, each of the undersigned has duly executed this Agreement, or has caused this Agreement to be duly executed on its behalf, on the date first above written. 
 INSURANCE STRATEGIES FUND LLC 
 By: ISF Management,
LLC, its Manager 
 By: /s/ Jon Sabes 
 Name: Jon Sabes 
 Title: CEO 

GWG HOLDINGS. LLC 
 By: /s/ Jon Sabes 
 Name: Jon Sabes 

Title: CEO 
 GWG LIFE SETTLEMENTS, LLC 
 By: /s/ Jon Sabes

 Name: Jon Sabes 
 Title: CEO 
 UNITED LENDING, LLC 

By: /s/ Jon Sabes 
 Name: Jon Sabes 
 Title: CEO 

OPPORTUNITY BRIDGE FUNDING, LLC 
 By: /s/ Jon Sabes 
 Name: Jon Sabes 

Title: CEO 

 

 
  
 SCHEDULE A

 GWG Holdings, LLC—Working Capital Loans 

ISF will provide working capital loans to GWG Holdings, LLC (“GWG Holdings”) for general working capital needs
and expenses including, but not limited to, fees and expenses related to the establishment of and operation of the DZ Bank and WestLB facilities. It is the express intent of the parties that the investments made pursuant to working capital loans be
classified as debt for accounting purposes. ISF’s loans shall be evidenced by a Note in the form attached in Exhibit X-1. 
 GWG LIFE SETTLEMENT, LLC—Life Settlement Investment 
 GWG Life Settlement, LLC (“GWLife”) hereby issues to ISF, redeemable preferred, Series I embership Interests in GWLife in an initial amount equal to $100, plus the principal
amount of any additional investment made by ISF. Subject to the terms of this Agreement, GWLife’s Series I Membership Interests shall entitle ISF to receive all the economic benefits, including cash flow, proceeds and distributions of or from
the current assets owned or hereafter acquired, directly or indirectly by GWLife, including in or through the Funds. It is the express intent of the parties that the investments made pursuant to the Series I Membership Interests be classified as
equity for accounting purposes. Distributions of net cash flow realized directly or indirectly by GWLife, including from the Funds or otherwise in respect to life settlement investments, shall be made on or in respect to the Series I Membership
Interests as follows: 
 First to any senior lender permitted hereunder according to the terms of such the senior
facility: 
 Second, to any LifeNote holder permitted under this Agreement; and 

Third, to ISF all remaining cash flow. 
 Such distributions shall be made on a monthly or more frequent basis as appropriate. The Series I Membership Interests shall be redeemable only with the express authorization of ISF and
IPF Investments, LLC. 
 Opportunity Bridge Funding, LLC— Bridge Loans 

Opportunity Bridge Funding, LLC (“OBF”) hereby issues to ISF, redeemable preferred, Class A Membership
Interests in OBF in an amount equal to the principal amount of the investment made by ISF. Subject to the terms of this Agreement and OBF’s operating agreement, the Class A Membership Interests shall entitle ISF to all the economic benefit
of the assets herein owned or acquired by OBF. It is the express intent of the parties that the investments made pursuant to Class A Membership Interests be classified as equity for accounting purposes. The priority of payments under the
Class A Membership Interests’ with respect to bridge loan investments shall be as follows: 
 First to
any senior lender according to the terms of such the senior facility; 
 Second, to ISF all remaining cash flow
from bridge loan investments. 
 The Class A Membership Interests shall be redeemable only with the express
authorization of ISF. 
 United Lending, LLC—Premium Finance Investments 

 

 
  
 United
Lending, LLC (“UNITED”) hereby issues to ISF, redeemable preferred, Class A Membership Interests in UNITED in an amount equal to the principal amount of the investment made by ISF. Subject to the terms of this Agreement and
UNITED’s operating agreement. UNITED’s Class A Membership Interests shall entitle ISF to all the economic benefit of the assets herein owned or acquired by UNITED. It is the express intent of the parties that the investments made
pursuant to Class A Membership Interests be classified as equity for accounting purposes. The priority of payments under the Class A Membership Interests’ with respect to premium finance loan investments shall be as follows:

 First to any senior lender according to the terms of such the senior facility; 

Second, to any note holder or party who has been granted a security interest in the assets; 

Third, to UNITED to the extent of any subordinate investment amounts to be released upon 100% realization of the premium
finance loan; and 
 Fourth, to ISF all remaining cash flow from premium finance loans. 

The Class A Membership Interests shall be redeemable only with the express authorization of ISF. 

 

 
  
 Exhibit A

 Investment Request Form 
             , 2008 
 GWG HOLDINGS, LLC 
 WORKING CAPITAL LOAN

 The undersigned, a duly authorized officer of GWG HOLDINGS, LLC, a Delaware limited liability company
(“GWG Holdings”) requests INSURANCE STRATEGIES FUND, LLC, make the following investments pursuant to the terms of that certain Investment Agreement, dated             ,

 2008: 
 The working loan investment request is: 

$             

As of the date of this working loan investment request, the aggregate amount of the outstanding principal balance of
working capital loans owed by GWG Holdings (prior to, and not inclusive of this request) is: 

$             

As of the date of this working loan investment request, the aggregate amount of accrued and unpaid interest on working
capital loans owed by GWG Holdings is: 

$             

IN WITNESS WHEREOF, the undersigned has been duly authorized to execute this investment request. 

GWG HOLDINGS, LLC 
 By: 
 Its: 

ACCEPTED AND AGREED UPON 
 INSURANCE STRATEGIES FUND, LLC 
 By: 

Its: 
 Date:             

 

 
  
 Investment
Request Form 
             , 2008 

GWG LIFE SETTLEMENTS, LLC 
 SERIES I MEMBERSHIP PURCHASE 
 The undersigned, a
duly authorized officer of GWG Life Settlements, LLC, a Delaware Limited liability company (“GWLife”) requests INSURANCE STRATEGIES FUND, LLC, make the following investments pursuant to the terms of that certain Investment Agreement, dated
, 2008: 
 The amount of Series I membership interest purchase: 

$             

As of the date of this investment request, the aggregate amount Series I membership interests in GWLife, LLC purchased by
INSURANCE STRATEGIES FUND, LLC (prior to, and not inclusive of this request) is: 

$             

IN WITNESS WHEREOF, the undersigned has been duly authorized to execute this investment 

request. 
 GWG LIFE SETTLEMENTS, LLC 
 By:
             
 Its:
             
 ACCEPTED AND AGREED UPON 

INSURANCE STRATEGIES FUND, LLC 
 By: 
 Its: 

Date: 

 

 
  
 Investment
Request Form 
             , 2008 

UNITED LENDING, LLC 
 CLASS A MEMBERSHIP PURCHASE 
 The undersigned, a
duly authorized officer of UNITED LENDING, LLC, a Minnesota limited liability company (“UNITED”) requests INSURANCE STRATEGIES FUND, LLC, make the following investments pursuant to the terms of that certain Investment Agreement, dated ,
2008: 
 The amount of Class A membership interest purchase: 

$             

As of the date of this investment request, the aggregate amount Class A membership interests in UNITED LENDING, LLC
purchased by INSURANCE STRATEGIES FUND, LLC (prior to, and not inclusive of this request) is: 

$             

IN WITNESS WHEREOF, the undersigned has been duly authorized to execute this investment request. 

UNITED LENDING, LLC 
 By:              
 Its:              
 ACCEPTED AND AGREED UPON 
 INSURANCE STRATEGIES
FUND, LLC 
 By: 
 Its: 
 Date: 

 

 
  
 Investment
Request Form 
 __, 2008 
 OPPORTUNITY BRIDGE FUNDING, LLC 
 CLASS A
MEMBERSHIP PURCHASE 
 The undersigned, a duly authorized officer of OPPORTUNITY BRIDGE FUNDING, LLC, a Delaware
limited liability company (“OBF”) requests INSURANCE STRATEGIES FUND, LLC, make 
 the following
investments pursuant to the terms of that certain investment Agreement, dated , 
 2008: 

The amount of Class A membership interest purchase: 

$             

As of the date of this investment request, the aggregate amount Class A membership interests in OPPORTUNITY BRIDGE
FUNDING, LLC purchased by INSURANCE STRATEGIES FUND, LLC (prior to, and not inclusive of this request) is: 

$             

IN WITNESS WHEREOF, the undersigned has been duly authorized to execute this investment request. 

OPPORTUNITY BRIDGE FUNDING, LLC 
 By:              
 Its:              
 ACCEPTED AND AGREED UPON 
 INSURANCE STRATEGIES
FUND, LLC 
 By:              

Its:              

Date:              

 

 
  
 EXHIBIT
X-1 FORM NOTE 
 Hennepin County, Minnesota 

$             

Effective            ,
            Date 
 Interest Rate: 

Due on             ,
             
 GWG HOLDINGS, LLC 

GWG HOLDINGS, LLC (the “Issuer”), for value received, hereby promises to pay to the order of INSURANCE
STRATEGIES LEND, LLC (the “Holder”), at such location as may be designated by 
 Holder from time to
time, the principal amount of             Dollars ($ ), and to pay interest 
 on the unpaid balance thereof from the date hereof, in lawful money of the United States, as follows: 
 From the effective date shown above, Holder shall be paid simple annual interest at the rate set forth above per annum. All interest paid hereunder shall be based on a three hundred sixty
(360) day year, consisting of twelve (12) months, each consisting of thirty (30) days. Interest shall be payable at maturity 
 The principal amount hereof, and any interest not theretofore paid, shall be due and payable on the due date set forth above. The Issuer may prepay this Note at any time without penalty.

 This Notes is issued pursuant to that certain Investment Agreement (the “Investment Agreement”)
between the issuer and the Holder. The terms of the Notes include those stated in the Investment Agreement and the Notes are subject to all such terms. 
 Under the Investment Agreement, the Issuer assigns and pledges to the Holder; to secure the payment of the principal and interest on the Notes, and the performance of all covenants made by
the Issuer under the Investment Agreement and grants to the Holder a security interest in all assets of the Issuer. 
 Payments made to Holder shall be credited first on interest then due, and the remainder, if any, on principal and interest shall thereupon cease upon the principal so credited. Should
default be made on payment of any installment when due, or of any obligation or covenant or warranty of the Issuer in the Investment Agreement, the whole sum of principal and interest shall become immediately due and payable, at the option of the
Holder of this Note. All principal and interest shall be payable in lawful money of the United States. 
 Any
notice required or permitted under this Note shall be given in writing and shall be deemed effectively given upon personal delivery or sent by first class mail, postage prepaid; to the party to be notified at the address indicated herein, or at such
other address as such party may designate by ten (10) days’ advance written notice to the other parties. 
 Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Holder. Any amendment or waiver effected in accordance with this section shall be binding upon the Holder and each future Holder of this Note. 

 

 
  
 This Note
shall be binding upon the heirs, assigns, successors in interest, agents and employees of the parties hereto. The Issuer agrees to pay any and all attorneys’ fees and costs incurred by Holder and/or the Holder associated with the enforcement of
the terms of this Note. 
 If one or more provisions of this Note are held to be unenforceable under applicable
law; such provision shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

This Note shall be governed and construed and enforced in accordance with the laws of the State of Minnesota. 

GWG HOLDINGS, LLC, a Delaware limited liability corporation 

By:              

Name:              

Title:Purchase and Sale Agreement with Athena Securities Group Ltd.

 Exhibit 10.14 
 PURCHASE AND SALE AGREEMENT 
 THIS PURCHASE AND SALE
AGREEMENT (the “Agreement”) is entered into effective as of the 11th day of July, 2011 by and among GWG HOLDINGS, INC., a Delaware corporation with a principal address at 220 South 6th Street. Suite 1200, Minneapolis, Minnesota
(“GWG”), ATHENA SECURITIES GROUP LTD, an Irish company with its registered office at 44 Upper Mount Street, Dublin 2, Ireland (“Athena Securities”) and ATHENA STRUCTURED FUNDS PLC, an
Irish company incorporated by Athena Securities and currently owned 100% by Athena Securities with its registered office at 18 Merrion Road, Ballsbridge, Dublin 4, Ireland (“Athena Funds”). 

RECITALS: 

WHEREAS, Athena Securities has experience and expertise providing financial services internationally related to structured
investments and fund creations, and asset management, with specific expertise involving the issuance and selling of bonds backed by life insurance policies and managing related life insurance policy assets; 

WHEREAS, GWG is a specialty finance company engaged in the purchasing and financing of life insurance policies acquired in the
secondary; 
 WHEREAS, GWG is seeking to expand its purchasing and financing of life insurance policies acquired in the
secondary market by accessing global capital markets; 
 WHEREAS, prior to the date of this Agreement, Athena Securities
incorporated Athena Funds for the purpose of raising capital from global capital markets outside the USA for the exclusive purpose of purchasing and financing life insurance policies acquired in the secondary market in the United States and managing
the assets; 
 WHEREAS, Athena Securities required domestic agents and expertise purchasing and life insurance policies
acquired in the United States secondary market and GWG retains such expertise and capabilities; 
 WHEREAS, Athena
Securities and GWG desire to work together to collectively access global capital markets and as a result Athena Securities desires to sell and transfer to GWG, and GWG desires to purchase and acquire from Athena Securities, a nine and nine-tenths
percent (9.9%) ownership interest in Athena Funds comprising 5,940 shares of $1.00 each in Athena Funds, of which $0.25 per share has been called up (the “Athena Funds Equity”); 

WHEREAS, Athena Securities and GWG desire to work together to collectively access global capital markets and as a result GWG
desires to sell and transfer to Athena, and Athena desires to purchase and acquire from GWG, a nine and nine-tenths percent (9.9%) ownership interest in GWG comprising 494,500 shares of $0.001 each in GWG (the “GWG
Equity”); 

 WHEREAS, the parties desire to set forth certain terms concerning the purchase and
sale of the Athena Funds Equity and the governance and business of Athena Funds, all as set forth in this Agreement. 
 NOW
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, GWG and Athena Securities agree as follows: 
 1. Transfer of Equity. 
 1.1 Transfer of Athena
Funds Equity. Subject to the terms and conditions of this Agreement. GWG shall pay to Athena Securities on the Closing Date (as herein defined) $0.25 for each share comprising the Athena Funds Equity and at the same time Athena Securities
shall sell, assign, transfer and convey to GWG the Athena Funds Equity. At the Closing, Athena Securities and Athena Funds will execute, deliver, file, or record such agreements, instruments, certificates and other documents and will perform such
other and further acts and things as may be necessary or proper to evidence the transfer of the Athena Funds Equity, to consummate the transactions contemplated hereby and to carry out the provisions of this Agreement. 

1.2 Transfer of GWG Equity. Subject to the terms and conditions of this Agreement, Athena shall pay to GWG
on the Closing Date (as herein defined) $0.001 for each share comprising the GWG and at the same time GWG shall sell, assign, transfer and convey to Athena the GWG Equity. At the Closing, GWG will execute, deliver, file, or record such agreements,
instruments, certificates and other documents and will perform such other and further acts and things as may be necessary or proper to evidence the transfer of the GWG Equity, to consummate the transactions contemplated hereby and to carry out the
provisions of this Agreement. 
 2. Representations and Warranties of Athena Securities and Athena Funds. Athena
Securities and Athena Funds, jointly and severally, represent and warrant to GWG as follows: 
 2.1.
Organization and Good Standing: Organizational Documents. Each of Athena Securities and Athena Funds is duly formed, validly existing and in good standing under the laws of Ireland, and is duly authorized to conduct business in each
jurisdiction, state, country and territory where the character of its property or the nature of its activities makes such qualification necessary, except where failure to do so could not reasonably be expected to cause a material adverse effect.
True, correct and complete copies of the formation, organization or incorporation, and copies of all governing documents related to Athena Funds, as amended to date and currently in effect, have been delivered to GWG. 

2.2. Share Capital and Ownership of Athena Funds. The issued shares of Athena Funds comprise 60,000 ordinary shares
of $1.00 each nominal value, of which $0.25 per share only has been called up. Athena Funds has no other class of equity capital. All the shares of Athena Funds are held by Athena Securities and by certain other persons who are nominees of Athena
Securities. Athena Securities is the sole beneficial owner of Athena Funds as of the Closing Date and there have never been any other owners. Athena Securities and Athena Funds are not and have

  
 2 

 
not been party to any option, warrant, purchase right or other contract or commitment (other than this Agreement) which would require either to sell, issue, transfer or otherwise dispose of any
ownership interests in Athena Funds. As of the Closing Date, Athena Securities owns beneficially and has good and valid title to all the issued shares of Athena Funds, free and clear of any liens, security interests, charges or other encumbrances,
except as may be created by this Agreement and for any restrictions on sales of securities under applicable securities laws. 
 2.3. Authorization, Execution and Enforceability. Athena Funds and Athena Securities (a) have duly authorized, executed and delivered this Agreement, and (b) have the requisite power and
authority to consummate the instant transaction. The execution and delivery of this Agreement by Athena Funds and Athena Securities has been duly authorized by all necessary action required on the part of the Athena Funds and Athena Securities and
its owners, and this Agreement constitutes its valid and binding obligation enforceable against them in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, moratorium, insolvency and similar laws
affecting the rights of creditors generally, and by general principles of equity, regardless of whether considered in a proceeding at law or in equity. 
 2.4. No Conflict. The execution, delivery and performance by Athena Funds and Athena Securities of this Agreement will not (a) contravene any law or any order, writ, decree or injunction of
any governmental authority, (b) conflict with, or result in a material breach of any term, covenant, condition or provision of, or constitute a default under, any agreement or instrument to which either is a party or by which any of their
respective properties are bound, (c) violate any provision of the organizational documents of Athena Funds or of Athena Securities. 
 2.5. Investment Intent. 
 (a) In connection with the
execution of this Agreement, Athena Securities has had access to information about the business and financial condition of GWG and has had the opportunity to ask questions of, and receive answers from, the management of GWG as to the business and
financial condition of GWG. 
 (b) Athena Securities has been advised by GWG that as to the GWG Equity, Athena
Securities must bear the economic risk of the investment for an indefinite period of time because the GWG Equity have not been registered under the Securities Act of 1933 and cannot be sold unless subsequently registered or unless an exemption from
such registration is available with respect to any such sale, and that the transfer of the GWG Equity are restricted pursuant to the bylaws of GWG. 
 (c) Athena Securities is acquiring the GWG Shares without a view to the distribution thereof, solely for Athena Securities’ own account and not for the account of any other person or persons and
Athena Securities will not sell or otherwise dispose of such GWG Equity in a manner inconsistent with such representations. 
 (d) Athena Securities has been advised and acknowledges that it has limited influence on the management, control and direction of GWG and that its ownership percentage in GWG is subject to dilution in the
event GWG issues additional Shares. 

  
 3 

 2.6. No Violation of Law. The business of Athena Funds is not being
conducted, and will not be conducted, in violation of any applicable federal, state, local or foreign law, ordinance, regulation, judgment, decree, injunction or order or requirement of any court or other governmental entity. 

3. Representations and Warranties of GWG. GWG represents and warrants to Athena Securities and Athena Funds as
follows: 
 3.1. Organization and Good Standing; Organizational Documents. GWG is duly formed, validly
existing and in good standing under the laws of Delaware, and is duly authorized to conduct business in each jurisdiction where the character of its property or the nature of its activities makes such qualification necessary, except where failure to
do so could not reasonably be expected to cause a material adverse effect. 
 3.2. Authorization, Execution
and Enforceability. GWG (a) has duly authorized, executed and delivered this Agreement, and (b) has the requisite company power and authority to consummate the instant transaction. The execution and delivery of this Agreement by GWG
has been duly authorized by all necessary company action required on the part of GWG and its members and managers, and this Agreement constitutes its valid and binding obligation enforceable against GWG in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, moratorium, insolvency and similar laws affecting the rights of creditors generally, and by general principles of equity, regardless of whether considered in a proceeding at law or in equity.

 3.3. No Conflict. The execution, delivery and performance by GWG of this Agreement will not
(a) contravene any law or any order, writ, decree or injunction of any governmental authority, (b) conflict with, or result in a material breach of any term, covenant, condition or provision of, or constitute a default under, any agreement
or instrument to which either is a party or by which any of their respective properties are bound, (c) violate any provision of the organizational documents of GWG. 

3.4. Partly Paid Shares. GWG acknowledges that the 5,940 shares comprising the Athena Funds Equity are partly paid
shares whereby Athena Securities has already paid $1,485 to Athena Funds in consideration for such shares and that consequently upon Athena Funds calling upon its shareholders for payment of the remaining nominal value of such shares GWG will be
liable to discharge its proportionate part of such call, which amounts to an additional $4,455 that will be payable by GWG to Athena Funds. 
 3.5. Share Capital and Ownership of GWG. Prior to the date hereof, there were 4,500,000 shares of common stock. $.001 par value per share, GWG issued and outstanding. Upon the Closing date, there
will be 4,994,500 shares of common stock, $001 par value per share, issued and outstanding. All outstanding shares of GWG have been duly authorized, validly issued and fully paid and are non-assessable and have been issued pursuant to valid
exemptions from the registration requirements of the Securities Act and appropriate state blue sky laws. 

3.6 Investment Intent. 

  
 4 

 (a) In connection with the execution of this Agreement, GWG has had access
to information about the business and financial condition of Athena Funds and has had the opportunity to ask questions of, and receive answers from, the management of Athena Securities as to the business and financial condition of Athena Funds.

 (b) GWG has been advised by Athena Securities that as to the Athena Funds Equity, GWG must bear the economic
risk of the investment for an indefinite period of time because the Athena Funds Equity have not been registered under the Securities Act of 1933 and cannot be sold unless subsequently registered or unless an exemption from such registration is
available with respect to any such sale, and that the transfer of the Athena Funds Equity are restricted pursuant to the bylaws of Athena Funds. 
 (c) GWG is acquiring the Athena Funds Equity without a view to the distribution thereof, solely for GWG’s own account and not for the account of any other person or persons and GWG will not sell or
otherwise dispose of such Athena Funds Equity in a manner inconsistent with such representations. 
 (d) GWG has
been advised and acknowledges that it has limited influence on the management, control and direction of Athena Funds. 
 4.
The Closing. 
 4.1 Closing and Closing Date. The closing of the transactions contemplated
hereby (the “Closing”) shall take place contemporaneously with the execution of this Agreement (the “Closing Date”). 
 4.2 Closing Transactions. At the Closing: 
 (a) GWG shall
pay Athena Securities an amount equal to $1,485 in consideration for the Athena Funds Equity; 
 (b) Athena
Securities shall pay GWG an amount equal to $4,945 in consideration for the Athena Funds Equity; 
 (c) Athena
Securities and Athena Funds will execute, deliver, file, or record such agreements, instruments, certificates and other documents and will perform such other and further acts and things as may be necessary or proper to evidence the transfer of the
Athena Funds Equity to GWG, to consummate the transactions contemplated hereby and to carry out the provisions of this Agreement, including execution of the Shareholder Agreement referenced in Section 5.2; 

(d) The parties shall execute and deliver such other certificates, instruments or documents as any party may reasonably
request in order to effect and document the transactions contemplated by this Agreement. 

  
 5 

 5. Post-Closing Covenants and Obligations of Athena Securities, Athena Funds and
GWG. 
 5.1. Global Capital Markets. Athena Securities agrees to work exclusively with GWG and use
commercially reasonable efforts to develop an investment security which can be offered and sold to global capital markets outside the United States for the purpose of purchasing and financing life insurance policy related assets within the United
States. In furtherance thereof, the parties agree: (i) to use commercially reasonable efforts to agree upon, develop and execute proper definitive documentation relating to the offer and sale of any such investment security; and (ii) that
any marketing of any such investment security by Athena Securities shall be conducted exclusively outside the United States of America. In connection therewith and with the operations of Athena Funds and Athena Securities, and their respective
employees, agents and representatives, will comply with all applicable rules, regulations and other requirements of all applicable securities or other laws. Neither Athena Securities nor Athena Funds, nor their respective employees, agents and
representatives, shall take any action in conflict with, or omit to take any action the omission of which would cause any such party to be in conflict with, the conditions and requirements of any applicable rule, licensing or regulatory requirement
or applicable law. 
 5.2. Shareholder Agreement of Athena Funds. Athena Securities and GWG shall, at
Closing, enter into a shareholder agreement in respect of their respective shareholdings in Athena Funds to the effect that: 

(i) Athena Funds shall not have the authority to take any of the actions set forth in this Section 5.2(i) without the prior written
consent of GWG, as follows: 
  

	 	(a)	selling, leasing, licensing, exchanging or otherwise disposing of all or substantially all of the assets of Athena Funds, or any merger or consolidation involving
Athena Funds; 

  

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

  

	 	(c)	entering into any material agreement of Athena Funds including, without limitation, any exclusive or non-exclusive broker or selling agent agreement related to the sale
of an investment security or the sale by Athena Funds of any products or services unrelated to the investment security; 

  

	 	(d)	executing any borrowing, lending or financing agreement in excess of Twenty-Five Thousand Dollars ($25,000) (other than the issuance of an investment security already
approved hereunder and trade payables in the ordinary course of business) with respect to which Athena Funds is a party or is or may become obligated at some future time; 

  
 6 

	 	(e)	filing any petition or commencing any proceeding for relief under bankruptcy or insolvency laws, or any laws relating to relief of debtors, readjustment of
indebtedness, reorganization, composition or extension of indebtedness or making an assignment for the benefit of the creditors; 

  

	 	(f)	Issuing any additional ownership interests of Athena Funds; 

  

	 	(g)	approving, determining or establishing distributions, dividends or other payments, consideration, salaries and wages to be paid to the owners, employees or directors of
Athena Funds where such consideration is in excess of Twenty-Five Thousand Dollars ($25,000) in the aggregate, as well as the establishment of reserves of Athena Funds; and 

 

	 	(h)	Any dissolution or liquidation of Athena Funds. 

 Provided any such requirement to obtain the consent of GWG shall be without prejudice to the obligations of the directors and/or secretary of Athena Funds or any of them to take or omit to take any course
of action pursuant to the laws of Ireland. 
 (ii) The Board of Directors of Athena Funds shall consist of four (4) people
and GWG shall in addition have the right to designate one (1) Director, and shall have the right to remove the Director designated by it, and to designate a replacement Director for any vacancy caused by the death, resignation, removal or
incapacity of the Director designated by GWG. Athena Funds agrees to take such other actions as necessary to document the election of the Director designated by GWG to the Board of Directors of Athena Funds and carry out the terms of this provision,
including without limitation, the execution of written records of action and other instruments. 
 5.3 Adherence of Nominee
Shareholders of Athena Funds. Athena Securities shall procure the adherence of every other person holding shares in Athena Funds, other than GWG, to the shareholder agreement referred to in Section 5.2. 

5.4 Election to Board of Directors of GWG. The Board of Directors of GWG agrees to elects Brian Tyrrell to serve as a Director of
GWG until his successor Director is duly elected and has qualified, or until his earlier death, resignation, removal or disqualification as governed by the bylaws of the GWG. GWG agrees to take such other actions as necessary to document the
election of Brian Tyrrell to the Board of Directors of GWG and carry out the terms of this provision, including without limitation, the execution of written records of action and other instruments. 

5.5 Election to Board of Directors of Athena Funds. The Board of Directors of Athena Funds GWG agrees to and hereby elects Paul
Siegert to serve as a Director of Athena Funds until his successor Director is duly elected and has qualified, or until his earlier death, resignation, removal or disqualification as governed by the terms of the bylaws of Athena Funds. 

  
 7 

 Athena Funds agrees to take such other actions as necessary to document the election of Paul Siegert to the
Board of Directors of Athena Funds and carry out the terms of this provision, including without limitation, the execution of written records of action and other instruments. 
 6. Indemnification 
 (a) Survival. All of the
representations, warranties, indemnities and covenants of GWG, Athena Funds and Athena Securities shall survive the Closing. 
 (b) Indemnification Provisions for GWG and Athena Securities. Athena Funds agrees to indemnify, defend, reimburse and hold GWG and Athena Securities and their subsidiaries, affiliates, members,
agents, representatives, successors and assigns, harmless from and against the entirety of any charges, complaints, actions, suits, damages (excluding consequential damages and loss of investment), claims, costs, amounts paid in settlement, taxes,
liens, expenses or fees, including all attorneys’ fees and court costs, which result from, arising out of, relate to or are caused by: (i) any breach of any of the representations, warranties and covenants of Athena Funds contained in this
Agreement or the parities, and (ii) the operation of Athena Funds and the sale of an investment security, including the failure to properly comply with laws, regulatory and licensing requirements in all material respects, except where such
charges, complaints, actions, suits, damages, claims, costs, amounts paid in settlement, taxes, liens, expenses or fees arise out of the fraud or gross negligence of GWG or Athena Securities or breach by GWG or Athena Securities of any of the terms
or their obligations under this Agreement or in any future agreements. We can express the indemnities in the future Agreements 
 (c) Indemnification Provisions for GWG and Athena Funds. Athena Securities agrees to indemnify, defend, reimburse and hold GWG and Athena Funds and their subsidiaries, affiliates, members, agents,
representatives, successors and assigns, harmless from and against the entirety of any charges, complaints, actions, suits, damages (excluding consequential damages and loss of investment), claims, costs, amounts paid in settlement, taxes, liens,
expenses or fees, including all attorneys’ fees and court costs, which result from, arising out of, relate to or are caused by any breach of any of the representations, warranties and covenants of Athena Securities contained in this Agreement
or . 
 (c) Indemnification Provisions for Athena Funds and Athena Securities. GWG agrees to indemnify,
defend, reimburse and hold Athena Funds and Athena Securities and their respective subsidiaries, affiliates, members, agents, representatives, successors and assigns, harmless from and against the entirety of any charges, complaints, actions, suits,
damages (excluding consequential damages and loss of investment), claims, costs, amounts paid in settlement, taxes, liens, expenses or fees, including all attorneys’ fees and court costs, which result from, arising out of, relate to or are
caused by any breach of GWG’s representations, warranties and covenants contained in this Agreement. 
 (d)
Procedures. If any party has an indemnification claim or any third party shall notify any Party (the “Indemnified Party”) with respect to any matter which may give rise to a claim for indemnification against the other Party (the
“Indemnifying Party”), then the 

  
 8 

 
Indemnified Party shall notify the Indemnifying Party thereof promptly; provided, however, that no delay on the part of the Indemnified Party in notifying any Indemnifying Party shall relieve the
Indemnifying Party from any liability or obligation hereunder unless (and then solely to the extent) the Indemnifying Party is damaged. The Indemnifying Party will have the right, at its expense, to assume the defense of any such third party claim,
demand, action or proceeding (“‘Third Party Claim”) using counsel reasonably acceptable to the Indemnified Party. The Indemnified Party shall have the right to participate in, at its own expense, but not control, the defense of any
Third Party Claim. In connection with any Third Party Claim, Athena Securities and GWG shall cooperate with each other. No Third Party Claim shall be settled without the prior written consent of the Indemnified Party; provided, however, that if a
firm, written offer is made to settle any Third Party Claim and the Indemnifying Party proposes to accept such settlement and the Indemnified Party refuses to consent to such settlement, then the Indemnifying Party shall be excused from, and the
Indemnified Party shall be solely responsible for, all further defense of such Third Party Claim, and the maximum liability of the Indemnifying Party relating to such Third Party Claim shall be the amount of the proposed settlement if the amount
thereafter recovered from the Indemnified Party on such Third Party Claim is greater than the amount of the proposed settlement. 
 (e) Offset. Each party shall have the right to set off against any payments due and owing from the Indemnified Party to the Indemnifying Party, to the extent the Indemnified Party has made a claim
for indemnity under this Article. 
 7. Amendment and Modification. This Agreement may not be amended, modified,
supplemented or changed in any respect except by a writing duly executed by the parties hereto. 
 8.
Miscellaneous. 
 8.1 Headings. The headings of the sections and subsections of this Agreement
are inserted for convenience only and shall not constitute a part hereof. 
 8.2 Law Governing; Venue.
This Agreement has been entered into in the State of Minnesota without regard to choice of law provisions, and all questions relating to its validity, construction, performance and enforcement shall be determined in accordance with the laws of said
state. Any judicial proceeding brought against any of the parties to this Agreement or any dispute arising out of this Agreement or matter related hereto will be brought solely in the courts of the State of Minnesota or in the United States District
Court having jurisdiction over the City of Minneapolis, Minnesota, and each party accepts and consents to the exclusive jurisdiction of such courts. 
 8.3 Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their successors or assigns; provided, however, Athena Securities and Athena Funds may
not assign this Agreement, or any of its obligations, duties or responsibilities, without the prior written consent of GWG, and GWG correspondingly may not assign this Agreement or any of the obligations duties or responsibilities of GWG without the
consent of Athena Securities (unless to an affiliate of GWG or pursuant to a merger, 

  
 9 

 
reorganization, spin-off or transaction involving the sale of substantially all of the assets or interests of GWG). 

8.4 Notices. All notices, requests, demands and other communications hereunder shall be deemed to have been duly
given if in writing and either delivered personally, sent by facsimile or electronic transmission (receipt confirmed) or by courier service, or mailed by postage prepaid, registered or certified mail, return receipt requested, and shall be effective
upon personal delivery or facsimile transmission thereof or upon delivery by registered or certified mail or three business days following deposit with an air courier service. 

8.5 Severability. Whenever possible, each provision of this Agreement shall be construed so as to be interpreted in
such manner as to be effective and valid under applicable law. If any provisions of this Agreement or the application thereof to any party or circumstance shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition without invalidating the remainder of such provision or any other provision of this Agreement or the application of such provision to other parties or circumstances. 

8.6 Waiver. No delay on the part of any party in the exercise of any right or remedy shall operate as a waiver
thereof, and no single or partial exercise of any right or remedy by any party shall preclude any other or further exercise thereof, or exercise of any other right or remedy. Waiver of any right hereunder shall not be effective unless in writing and
signed by the party against whom enforcement is sought. 
 8.7 Counterparts; Electronic Signatures. This
Agreement may be executed in counterparts, each of which shall be an original, but each of which, when taken together, shall constitute one and the same instrument. The parties agree that this Agreement will be considered signed by a party when such
party’s signature is delivered by facsimile or electronic mail transmission to the counterparty. Such facsimile or electronic mail signature shall be treated in all respects as having the same effect as an original signature. 

[Signatures on the following page] 

  
 10 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set
forth above. 
  

									
	GWG Holdings, Inc.	 		 	Athena Securities Group Ltd:
					
	By	 	/s/ Jon Sabes	 		 	By	 	/s/ Marie Ainsworth
		 	Name: Jon Sabes	 		 	Name:	 	Marie Ainsworth
		 	Title: Chief Executive Officer	 		 	Title:	 	Director

  

			
	Athena Structured Funds PLC
		
	By:	 	/s/ Illegible
	Name:	 	
	Title:	 	Director

 The undersigned, Athena Securities Ltd. (an Affiliate of Athena Securities Group Ltd.), hereby guarantees the payment and
performance of indemnification obligations of Athena Funds and Athena Securities contained in Section 6 herein. 
  

			
	Athena Securities Ltd.
		
	By:	 	/s/ Illegible
	Name:	 	
	Title:	 	Director

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]