Document:

EXHIBIT
10.21

  

GWG
HOLDINGS, INC.

220
South Sixth Street Suite 1200

Minneapolis,
Minnesota 55402

 

December
[●], 2014

  

Emerson
Equity LLC 

155 Bovet
Rd. Suite 725

San Mateo,
CA 94402

  

RE: First
Amended and Restated Managing Broker-Dealer Agreement

  

Ladies and
Gentlemen:

  

This
letter confirms and comprises the agreement (the “Agreement”) between GWG Holdings, Inc., a Delaware corporation (the
“Company”), and Emerson Equity LLC, a California limited liability company (the “Managing Broker-Dealer”),
regarding the offering and sale (the “Offering”) of up to $1,000,000,000 of secured bonds (the “L
Bonds”) of the Company to be sold pursuant to a Registration Statement on Form S-1 filed with the United States Securities
and Exchange Commission (the “SEC”), as the same is later declared effective by the SEC and as it may be amended
and supplemented from time to time (SEC File No. 333-197227, the “Registration Statement”). The prospectus
that forms a part of the Registration Statement is hereinafter referred to as the “Prospectus.” References to the
Registration Statement include all exhibits to the Registration Statements and any documents incorporated into the Registration
Statement by reference.

 

Capitalized
terms used herein and not otherwise defined herein shall have the same meaning as described in the Registration Statement.

  

1.    Appointment
of Managing Broker-Dealer.

 

1.1    On
the basis of the representations and warranties and covenants herein contained, and subject to the terms and conditions set forth
herein and in the Prospectus, the Company hereby appoints the Managing Broker-Dealer as its exclusive agent for purposes of offering
and selling the L Bonds upon the terms and conditions set forth herein, including without limitation compliance and conformity
with Accepted L Bonds Practices; and the Managing Broker-Dealer hereby accepts such exclusive appointment and agrees to use its
best efforts as such agent to offer and sell the L Bonds to Investors until the later of the termination of the Offering or the
sale of all of the L Bonds, or until the termination of this Agreement, if earlier. In connection with the offer and sale of L
Bonds under this Agreement, the Managing Broker Dealer will carry out the duties provided for herein and as described in the Prospectus
as being carried out by the Managing Broker-Dealer. The Managing Broker- Dealer is exclusively authorized to enlist as participating
dealers other members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and other authorized agents
appointed by the Managing Broker-Dealer (collectively, the “Selling Group Members”) to offer and sell L Bonds,
subject to Section 4.1.

 

    	 

    	 

    

 

1.2    It
is understood that no sale of L Bonds shall be regarded as effective unless and until the Company shall have accepted a subscription
for such L Bonds in the manner prescribed under the Indenture. The Company reserves the right in its sole discretion to accept
or reject any subscription for L Bonds as described in the Indenture. L Bonds will be offered during a period commencing on the
effectiveness of the Registration Statement, and continuing thereafter until the earlier of (i) the date that $1,000,000,000 in
L Bonds shall have been sold or (ii) the date on which the Company, in its sole and absolute discretion, terminates the Offering
(as applicable, the “Offering Termination Date”).

 

1.3    The
following capitalized terms shall have the meanings set forth below:

 

(a)    “Accepted
L Bonds Practices” means, as applicable to the context in which this term is used, those procedures and practices with
respect to the offering, marketing and selling the L Bonds that: (i) meet at least the same demonstrable standards that the Managing
Broker-Dealer or any Selling Group Member would follow in exercising reasonable care in offering, marketing and selling similar
programs for publicly offered securities; (ii) comply with all Governmental Rules; and (iii) comply with the provisions of this
Agreement

 

(b)    “Governmental
Rules” means any law, rule, regulation, ordinance, order, code, interpretation, judgment, decree, policy, binding decision
or guideline of any governmental agency, court or authority.

 

(c)    “Indenture”
means that certain Indenture, as amended, by and between the Company and the Bank of Utah, as trustee, with respect to the L Bonds.

 

2.    Representations
and Warranties of the Company. The Company hereby represents, warrants and covenants to the Managing Broker-Dealer that:

 

2.1    The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with corporate power and authority to own, lease and operate its properties and conduct its business as described in the Registration
Statement. The Company is duly qualified to do business and is in good standing in each jurisdiction in which the ownership or
lease of its properties or the conduct of its business requires such qualification and in which the failure to be qualified or
in good standing would be expected to have a material adverse effect on the condition (financial or otherwise), earnings, operations
or business of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”), and has all requisite
authority to enter into this Agreement.

 

2.2    The
L Bonds will have been registered with the SEC upon the effectiveness of the Registration Statement. So far as is under the control
of the Company, the L Bonds will be offered and sold consistent with the description contained in the Prospectus.

 

2.3    The
Company shall provide to the Managing Broker-Dealer and to Selling Group Members for delivery to offerees and purchasers and their
representatives the information and documents that the Company deems appropriate, or that the Managing Broker-Dealer or any Selling
Group Member reasonably requests to comply with all laws, rules, regulations and judicial and administrative interpretations in
all jurisdictions in which the L Bonds are offered and sold.

 

    	2

    	 

    

 

2.4    Except
as disclosed in the Prospectus, no defaults exist in the due performance and observance of any material obligation, term, covenant
or condition of any agreement or instrument to which the Company is a party or by which it is bound.

 

2.5    The
holders of the L Bonds (the “Holders”) will have the rights set forth in the Indenture.

 

2.6    This
Agreement has been duly and validly authorized, executed and delivered by the Company and is a valid and binding agreement on
the part of the Company, enforceable against the Company in accordance with its terms subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and to general principles of equity. The performance of this Agreement and the consummation of the transactions herein contemplated
will not result in a breach or violation of any of the terms and provisions of, or constitute a default under: (i) any indenture,
mortgage, deed or trust, voting trust agreement, note, lease or other agreement or instrument to which the Company or any subsidiary
is a party or by which the Company or any subsidiary or their respective properties may be bound; (ii) the certificate of incorporation
or bylaws of the Company; or (iii) any applicable law, order or Governmental Rule, except in any case for any breach, violation
or default that would not have a Material Adverse Effect and no consent, approval, authorization or order of any court or governmental
agency or body or under any Governmental Rules has been or is required by the Company for the performance of this Agreement or
the consummation of the transactions contemplated hereby (except as may be required under the Securities Act, as defined below,
or from FINRA).

 

2.7    The
Registration Statement, in the form in which it becomes effective and also in such form as it may be when any post-effective amendment
thereto shall become effective, and the Prospectus, and any supplement or amendment thereto when filed with the SEC under Rule
424 under the Securities Act of 1933 (the “Securities Act”), complied and will comply with the provisions of
the Securities Act and the Trust Indenture Act of 1939, and did not and will not at any such times contain an untrue statement
of material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein,
in light of the circumstances in which they were made, not misleading, except that this representation and warranty does not apply
to any statements in, or omissions from the Managing Broker-Dealer Disclosure Statements (as defined in Section 5.6 below), in
the Registration Statement or the Prospectus, or any amendment thereof or supplement thereto.

 

2.8    The
L Bonds have been duly authorized for issuance and sale pursuant to the Indenture and this Agreement and, when issued and delivered
against payment therefor in accordance with the terms of the Indenture and this Agreement, will constitute valid and legally binding
obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity.

 

2.9    There
is no material action, suit or proceeding pending or, to the knowledge of the Company, threatened, to which the Company is a party,
before or by any court or governmental agency or body which adversely affects the Offering.

 

    	3

    	 

    

 

3.    Covenants
of the Company. The Company hereby agrees that:

 

3.1    The
Company will notify the Managing Broker-Dealer promptly of the time when the Registration Statement or any post-effective amendment
to the Registration Statement has become effective or any supplement to the Prospectus has been filed, and of any request by the
SEC for any post-effective amendment or supplement to the Registration Statement or Prospectus. In addition, the Company will
prepare and file with the SEC, promptly upon the Managing Broker-Dealer’s reasonable request, any amendments or supplements
to the Registration Statement or Prospectus that, in the Managing Broker-Dealer’s opinion may be reasonably necessary or
advisable in connection with the Offering or the L Bonds. The Company will also provide promptly to the Managing Broker-Dealer
copies of any correspondence received from the SEC and advance copies of any correspondence to the SEC (which the Managing Broker-Dealer
shall have the right to provide comments to). The Company will provide the Managing Broker-Dealer with an advance copy of any
the Registration Statement (including any amendment or supplement thereto), and provide the Managing Broker-Dealer with the opportunity
to provide comments to any such filings.

 

3.2    The
Company will advise the Managing Broker-Dealer, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
by the SEC of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification
of the L Bonds for offering or sale in any jurisdiction, or of the initiation or receipt of any specific threat of any proceeding
for any such purpose, and will use commercial reasonable efforts to prevent the issuance of any such order and, if any such order
is issued, to obtain the removal thereof as promptly as possible.

 

3.3    Within
the time during which a Prospectus relating to the L Bonds is required to be delivered under the Securities Act, the Company will
use commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act as promptly as possible,
so far as necessary to permit it the continuance of sales of or dealings in the L Bonds as contemplated by the provisions hereof
and the Prospectus. If, during the longer of such period or the term of this Agreement, any event or change occurs that is material
to the Offering or that causes any of the representations and warranties of the Company contained herein to be untrue in any material
respect, or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if, during
such period, it is necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act,
then the Company will promptly notify the Managing Broker-Dealer, and, if necessary, will amend the Registration Statement or
supplement the Prospectus (at the sole expense of the Company) so as to correct such statement or omission or effect such compliance.

 

3.4    The
Company will furnish to the Managing Broker Dealer copies of the Registration Statement, the Prospectus, and all amendments and
supplements to such documents, in each case as soon as available and in such quantities as the Managing Broker-Dealer may from
time to time reasonably request.

 

3.5    If
at any time any event occurs as a result of which the Registration Statement would include an untrue statement of a material fact
or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements
therein not misleading, the Company will promptly in writing notify the Managing Broker-Dealer thereof, promptly prepare an amendment
to the Registration Statement correcting such statement or omission, and promptly deliver to Managing Broker-Dealer as many copies
of such amended Registration Statement as Managing Broker-Dealer may reasonably request

 

    	4

    	 

    

 

3.6    The
Company will deliver to the Managing Broker-Dealer one copy of each report furnished to the Holder at the time that such reports
are furnished to the Holders, and such other information concerning L Bonds as may reasonably be requested.

 

3.7    The
Company shall use reasonable efforts in taking all necessary action and filing all necessary forms and documents deemed reasonable
by it in order to qualify or register L Bonds for offer and sale under the securities laws of the jurisdictions in which the Managing
Broker-Dealer is intending to offer. Notwithstanding the foregoing, the Company may in its sole discretion elect not to qualify
or register L Bonds in any jurisdiction in which it deems the qualification or registration unwarranted for any reason. The Company
or its counsel shall inform the Managing Broker-Dealer as to the jurisdictions in which the L Bonds have been qualified for sale
or are exempt under the respective laws of those jurisdictions. The Company will, at the Managing Broker-Dealer’s request,
furnish the Managing Broker-Dealer with copies of all material documents and correspondence sent to or received from such jurisdictions
(including, but not limited to, summaries of telephone calls and copies of facsimiles or emails) and will promptly advise the
Managing Broker-Dealer as soon as the Company obtains knowledge thereof to the effect that the L Bonds are qualified for offering
and sale in each such jurisdiction. The Company will promptly advise the Managing Broker- Dealer of any request made by the securities
administrators of each such jurisdiction for revising the Registration Statement or the Prospectus or for additional information
or of the issuance by such securities administrators of any stop order preventing or suspending the use of the Prospectus or of
the institution of any proceedings for that purpose, and will use its commercially reasonable efforts to prevent the issuance
of any such order and if any such order is issued, to obtain the removal thereof as promptly as possible.

 

3.8    In
addition to and apart from the Prospectus, the Company may use certain supplemental sales material in connection with the offering
of the L Bonds. This material, prepared by the Company, may consist of sales literature, advertising, or presentations highlighting
and explaining various features of the Offering or the Company. Any such sales literature shall be approved by the Managing Broker-Dealer
and, to the extent required or otherwise determined by the Managing Broker-Dealer, be filed with and approved by the appropriate
securities agencies and bodies and with FINRA. Any and all Approved Sales Literature did not or will not, at the time provided
for use, include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. Such sales literature shall be categorized as either: (i) “Broker/Dealer
Use Only” educational materials, which are, for purposes of this Agreement, materials prepared for or by the Company for
the sole purpose of educating the Managing Broker-Dealer or Selling Group Members, as the case may be, in preparation to solicit
sales of the L Bonds and shall not be used with members of the general investing public (collectively, “B/D Use Only
Approved Sales Literature”), or (ii) “Investor” sales materials, which are, for purposes of this Agreement,
materials prepared for or by the Company and may be used by the Managing Broker-Dealer or Selling Group Members, as the case may
be, with members of the general investing public (collectively, “Investor Use Approved Sales Literature” and,
together with the B/D Use Only Approved Sales Literature, the “Approved Sales Literature”). Although it is
believed that the information contained in the Approved Sales Literature will not conflict with any of the Information set forth
in the Prospectus, the Approved Sales Literature will not purport to be complete, and should not be considered as a part of the
Prospectus, or as incorporated in the Prospectus by reference, or as forming the basis of the Offering.

 

    	5

    	 

    

 

4.    Covenants
of the Managing Broker-Dealer. The Managing Broker-Dealer hereby agrees that:

 

4.1    The
Managing Broker-Dealer will use “best efforts” in the offering, sale and distribution of L Bonds. The Managing Broker-Dealer
may offer L Bonds as an agent, but all sales shall be made by the Company acting through the Managing Broker-Dealer as an agent,
and not by Managing Broker-Dealer as a principal. The Managing Broker-Dealer shall have no authority to appoint any person or
other entity as an agent or sub-agent of the Managing Broker-Dealer or the Company, except to appoint Selling Group Members not
objectionable to the Company in its sole and absolute discretion. The Managing Broker-Dealer will not enter into participating
dealer agreements, however denominated, with other Selling Group Members without first providing the Company with a meaningful
opportunity to review and comment on the same; provided, however, that the Managing Broker-Dealer will not be required to provide
the Company with an opportunity to review and comment on a participating dealer agreement the form of which has been earlier received,
reviewed and commented upon by the Company.

 

4.2    Within
the shorter of the time during which a Prospectus relating to the L Bonds is required to be delivered under the Securities Act
or the term of this Agreement, the Managing Broker-Dealer will comply with all requirements imposed upon it by the Securities
Act, so far as is necessary to permit the continuance of sales of or dealings in the L Bonds as contemplated by the provisions
hereof and the Prospectus. If, during the shorter of such period or the term of this Agreement, to the Managing Broker-Dealer’s
actual knowledge, any event or change occurs that could reasonably be considered material to the Offering or that causes any of
the representations and warranties of the Managing Broker-Dealer contained herein to be untrue in any material respect, or as
a result of which the Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances then existing not misleading, or if, during such period, to the
Managing Broker-Dealer’s actual knowledge, it is necessary to amend the Registration Statement or supplement the Prospectus
to comply with the Securities Act, then the Managing Broker-Dealer will promptly notify the Company, and, if necessary, use reasonable
efforts to assist the Company in amending the Registration Statement or supplementing the Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance.

 

4.3    The
Managing Broker-Dealer shall make no representations to any prospective investor or purchaser other than those contained in the
Registration Statement, and will not allow any other written materials to be used to describe the potential investment to prospective
purchasers or investors other than the Registration Statement and Approved Sales Literature.

 

    	6

    	 

    

 

4.4    The
Managing Broker-Dealer, directly or indirectly through participating Selling Group Members, will limit the Offering to persons
whom the Managing Broker-Dealer has reasonable grounds to believe meet appropriate financial suitability standards together with
any other purchaser suitability requirements set forth in the Prospectus.

 

4.5    The
Managing Broker-Dealer, in coordination with the Company, will request and arrange for the Company to send to Selling Group Members
all necessary due diligence materials as well as Registration Statements and Prospectuses, supplements thereto, marketing materials,
and support Selling Group Members regarding the Company and the Offering.

 

4.6    The
Managing Broker-Dealer, directly or indirectly through participating Selling Group Members, will provide each prospective investor
or purchaser with a copy of the Prospectus and supplements thereto during the course of the Offering, and before a related sale,
advise each such prospective purchaser at the time of the initial offering to him or her that the Company and/or its agents and
consultants will, during the course of the Offering and prior to any sale, afford said purchaser and his or her purchaser representative,
if any, the opportunity to ask questions of and to receive answers from the Company and/or its agents and consultants concerning
the terms and conditions of the Offering and to obtain any additional information, which information is possessed by the Company
or may be obtained by it without unreasonable effort or expense and which is necessary to verify the accuracy of the information
contained in the Prospectus.

 

4.7    The
Managing Broker-Dealer and indirectly through participating Selling Group Members, shall maintain in its files, for a period of
six years following the Offering Termination Date, documents disclosing the basis upon which the above determination of suitability
was reached as to each purchaser.

 

4.8    The
Managing Broker-Dealer and indirectly through participating Selling Croup Members, will comply in all respects with the subscription
procedures and plan of distribution set forth in the Prospectus.

 

4.9    In
the event the Managing Broker-Dealer receives any customer funds for the purchase of L Bonds, the Managing Broker- Dealer will
transmit such customer funds, not later than noon of the next business day following receipt of such funds, to such account as
determined by the Company pursuant to the Subscription Agreement of each potential purchaser of L Bonds.

 

4.10    When
any Selling Group Members are utilized in the Offering, the Managing Broker-Dealer agrees to cause such Selling Group Members
to comply with all of the obligations of the Managing Broker-Dealer set forth in this Agreement (including the obligations set
forth in this Article 4), as if such Selling Group Members were a party to this Agreement. In this regard, the Managing Broker-Dealer
will provide each Selling Group Member with a true, correct and complete copy of this Agreement and will obtain the written acknowledgment
and agreement of each participating Selling Group Member to abide by the obligations contained herein.

 

4.11    In
the event the Company has paid the Managing Broker-Dealer any compensation or expense reimbursements under this Agreement, the
Managing Broker-Dealer shall be obligated to pay all Selling Group Members from such funds on the next business day following
the receipt of such funds from the Company. For purposes of this Agreement, “receipt of such funds” shall mean such
funds that have cleared normal banking channels and have been settled in the form of cash in the Managing Broker Dealer’s
bank account.

 

    	7

    	 

    

 

4.12    The
Managing Broker-Dealer agrees to allow Company wholesalers to maintain necessary licensing with the Managing Broker-Dealer and
to receive sales compensation related to the Offering. Notwithstanding the foregoing, the Managing Broker-Dealer shall have the
right to refuse any wholesaler in its sole discretion.

 

5.    Representations
and Warranties of the Managing Broker-Dealer. The Managing Broker-Dealer hereby represents and warrants to the Company as
follows:

 

5.1    The
Managing Broker-Dealer (i) has been duly organized, is validly existing and in good standing in the State or California, (ii)
has qualified to do business as a foreign limited liability company and is in good standing in each jurisdiction where the character
of its properties or the nature of its activities makes such qualification necessary, and (iii) has full power, authority and
legal right to own its property, to carry on its business as presently conducted, and to enter into and perform its obligations
under this Agreement. The Managing Broker-Dealer is a member in good standing of FINRA.

 

5.2    The
Managing Broker-Dealer has full power and authority to enter into this Agreement and perform the transactions contemplated hereby.
This Agreement has been duly authorized, executed and delivered by the Managing Broker-Dealer and is a valid and binding agreement
on the part of the Managing Broker-Dealer, enforceable against it in accordance with its terms subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity. The performance of this Agreement and the consummation of the transactions herein
contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under: (i)
any material agreement to which the Managing Broker-Dealer is a party or by which it or its properties may be bound; (ii) the
articles or certificate of formation or operating agreement of the Managing Broker-Dealer; or (iii) any applicable law, order
or Governmental Rules.

 

5.3    The
Managing Broker-Dealer has obtained all governmental consents, licenses, approvals and authorizations, registrations and declarations
which are necessary for the execution, delivery, performance, validity and enforceability of the Managing Broker-Dealer’s
obligations under this Agreement. The Managing Broker-Dealer is a registered broker-dealer in good standing under the appropriate
laws and regulations of each of the states in which offers or solicitations of offers to subscribe for the L Bonds will be made
by the Managing Broker-Dealer (or is exempt from such registration).

 

5.4    There
are no actions, suits or proceedings pending or, to the knowledge of the Managing Broker-Dealer, threatened against or affecting
the Managing Broker-Dealer, before or by any court, administrative agency, arbitrator or governmental body with respect to any
of the transactions contemplated by this Agreement, or which will, if determined adversely to the Managing Broker-Dealer, materially
and adversely affect it or its business, assets, operations or condition, financial or otherwise, or adversely affect the Managing
Broker-Dealer’s ability to perform its obligations under this Agreement. The Managing Broker Dealer is not in default with
respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect
the transactions contemplated by this Agreement.

 

    	8

    	 

    

 

5.5    The
Managing Broker-Dealer has obtained all necessary consents, approvals, waivers and notifications of creditors, lessors and other
nongovernmental persons in connection with the execution and delivery of this Agreement, and the consummation of all the transactions
herein contemplated.

 

5.6    The
Managing Broker-Dealer Disclosure Statements in the Prospectus (as amended or supplemented, if the Company shall have filed with
the SEC any amendment thereof or supplement thereto) will not and did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
in which they were made, not misleading. For purposes of this Agreement, the “Managing Broker-Dealer Disclosure Statements”
means any statements or disclosures included within or the subject of the Registration Statement or the Prospectus, which, when
filed with the SEC and at all times subsequent thereto, are either (i) included within the disclosure under the heading “Plan
of Distribution” in the Prospectus, or (ii) based upon and conform to written information relating to the Managing Broker-Dealer
furnished in writing to the Company by the Managing Broker-Dealer specifically for use in the preparation of the Prospectus, or
any supplement to the Prospectus, with respect to any of which the Managing Broker-Dealer shall have the rights set forth in Section
3.1.

 

5.7    The
Managing Broker-Dealer has operated and is operating in material compliance with all authorizations, licenses, certificates, consents,
permits, approvals and orders of and from all state, federal and other governmental regulatory officials and bodies necessary
to conduct its business as contemplated by and described in this Agreement, all of which are, to the Managing Broker Dealers knowledge,
valid and in full force and effect. The Managing Broker-Dealer is conducting its business in substantial compliance with all applicable
laws and Governmental Rules of the jurisdictions in which it is conducting business, and the Managing Broker Dealer is not in
material violation of any applicable laws or Governmental Rules.

 

5.8    The
Managing Broker-Dealer has not distributed, and will not distribute prior to the completion of the Offering, any offering material,
in connection with the Offering, other than the Prospectus, the Registration Statement, the incorporated documents, Approved Sales
Literature and other materials, if any, permitted by and in compliance with the Securities Act.

 

6.    Conditions.

 

6.1    The
obligation of the Managing Broker-Dealer to sell the L Bonds on a best-efforts basis as provided herein shall be subject to the
accuracy of the representations and warranties of the Company hereunder, to the performance by the Company of its obligations
hereunder, and to the satisfaction of the following additional conditions:

 

(a)    The
Registration Statement shall be effective, and no stop order suspending the effectiveness thereof shall have been issued and no
proceedings for that purpose shall have been initiated or, to the knowledge of the Company or the Managing Broker-Dealer, threatened
by the SEC or any state securities commission or similar regulatory body. Any request by the SEC for additional information (to
be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the satisfaction of
the Managing Broker- Dealer.

 

    	9

    	 

    

 

(b)    The
Indenture shall have been duly authorized, executed and delivered by the Company and the trustee, and duly qualified under the
Trust Indenture Act of 1939.

 

(c)    The
Managing Broker-Dealer shall have received from the Company a certificate, dated as of the initial date of effectiveness of the
Registration Statement (the “Initial Effective Date”), of an executive officer of the Company, as to: (i) the
accuracy of the representations and warranties of the Company in this Agreement, compliance by the Company with all the agreements
and satisfaction of all the conditions to be performed or satisfied by the Company under this Agreement; (ii) the absence of any
stop order or similar order or related proceedings; and (iii) the absence of any material adverse change in the condition (financial
or otherwise), earnings, operations or business of the Company and its subsidiaries taken as a whole or might materially and adversely
affect its properties, assets or rights, except as contemplated in the Prospectus or related documents.

 

(d)    The
Managing Broker-Dealer shall have received a certificate of Secretary of the Company, dated as of the Initial Effective Date,
certifying as to (i) the certificate of incorporation and bylaws of the Company, and (ii) the resolutions of the Board of Directors
of the Company relating to the preparation and signing of the Registration Statement and this Agreement, the issuance and sale
of the L Bonds and other related matters. The Managing Broker-Dealer may waive in writing the performance of any one or more of
the conditions specified in this Section or extend the time for their performance. If any of the conditions specified in this
Section shall not have been fulfilled when and as required by this Agreement to be fulfilled, and if the fulfillment of said condition
has not been waived by the Managing Broker-Dealer, then this Agreement and all obligations of the Managing Broker-Dealer hereunder
may be canceled at, or at any time prior to, the Initial Effective Date by the Managing Broker-Dealer.

 

7.    Compensation.
Subject to Section 12, as compensation for services rendered by the Managing Broker Dealer hereunder, the Managing Broker-Dealer
will be entitled to receive from the Company the following:

 

7.1    A
“Dealer-Manager Fee” and “Selling Commission” based upon the principal amount of a L Bond
sold during the term of the Agreement (specifically including (i) all L Bonds sold pursuant to the Registration Statement and
(ii) L Bonds sold upon the renewal of issued and outstanding L Bonds regardless of whether the L Bond being renewed was originally
sold pursuant to the Registration Statement), in accordance with the following table:

 

	Term of L Bond	 	Dealer-Manager Fee	 	 	Selling Commission	 
	Six months	 	 	0.50	%	 	 	0.75	%
	One year	 	 	0.50	%	 	 	1.50	%
	Two Years	 	 	0.50	%	 	 	4.00	%
	Three years	 	 	0.50	%	 	 	5.00	%
	Five years	 	 	0.50	%	 	 	5.90	%
	Seven years	 	 	0.50	%	 	 	6.00	%

 

    	10

    	 

    

 

7.2    A
“Wholesale Commission” that the Company may agree to pay certain specified wholesalers in amounts not to exceed
2.50% of the principal amount of the L Bonds sold, regardless of the maturity term of the bond, but subject in all cases to the
limitations prescribed under Section 7.6 and the final paragraph of Section 8.

 

7.3    Any
and all Dealer-Manager Fees, Commissions and Wholesale Commissions (collectively, the “Fees”), together with
any expenses reimbursable pursuant to Sections 8 and 9 below, shall be payable regularly once every two weeks.

 

7.4    The
Company shall pay all Fees and Accountable Expenses (as defined in Section 8) as directed on any invoice provided by the Managing
Broker-Dealer, and the Managing Broker-Dealer shall, with respect to any disputes arising among or between the Managing Broker-Dealer
and any Selling Group Members or any wholesalers, hold the Company harmless for any such payments made as directed on such invoices.

 

7.5    The
Company and Managing Broker-Dealer expect to come to an arrangement where the Managing Broker-Dealer’s proprietary key accounts
and wholesale sales force will assist in the further expansion of the Selling Group by introducing new broker-dealers currently
not in the Selling Group and by providing wholesale support to such new broker-dealers who become new Selling Group Members. The
specific terms of the Dealer-Manager Fee and Wholesale Commissions payable to the Managing Broker-Dealer for such services shall
be memorialized in a separate agreement between the parties, but such fees and commissions shall be payable to the Managing Broker-Dealer
for the life of the Offering.

 

7.6    Notwithstanding
anything else to the contrary contained in this Agreement, under no circumstance will the aggregate of all Dealer-Manager Fees,
Commissions, Wholesale Commissions, Accountable Expenses, the Pre-Offering Monthly Retainer, non-transaction-based and non-cash
selling compensation (collectively, the “Total Compensation”), exceed Eight Percent (8.00%) of gross offering
proceeds. The Company shall prepare comprehensive sales data and e-mail such data to the Managing Broker-Dealer every two weeks,
five days before each payment date for any Fees. The Managing Broker-Dealer shall use such data to constantly calculate and insure
that the Total Compensation paid to the Managing Broker-Dealer and Selling Group Members does not exceed Eight Percent (8.00%)
of gross offering proceeds. The Managing Broker-Dealer will create an invoice for Fees, which shall be presented to the Company
at least two days before each payment date for Fees. The Managing Broker-Dealer shall have the right to actively advise Company
as to how to remedy the Offering variables if the Total Compensation paid at any given time is over Eight Percent (8.00%) of gross
offering proceeds, and Company agrees to work in cooperation with the Managing Broker-Dealer until such time the remedy begins
to work. The Company and the Managing Broker-Dealer will, in good faith and in a timely manner, negotiate any dispute relating
to any Fees or any other amounts payable hereunder. Disputes that cannot be resolved by discussion will be resolved through FINRA
binding arbitration.

 

    	11

    	 

    

 

8.    Accountable
Expenses. Subject to Section 13, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their
expenses, on an accountable basis, in an amount equal to up to 2.5% of the principal amount of the L Bond sold, regardless of
the maturity term, but subject to the final paragraph of this Section 8. The accountable expenses reimbursable under this Section
8 are referred to as “Accountable Expenses.” The Company and Managing Broker-Dealer shall work proactively
with each other to insure that each are timely informed of all Accountable Expenses and commitments to pay such expenses as they
are made. Accountable Expenses shall be payable in the same manner and on the same terms as Fees are payable under Section 7.

 

In
addition, the Company will pay the Managing Broker-Dealer a $5,000 monthly retainer, payable in advance on or before the third
business day of each month, to reimburse anticipated due-diligence and travel-related expenses prior to the commencement of the
Offering (the “Pre-Offering Monthly Retainer”); provided, however, that the maximum amount of Pre-Offering
Monthly Retainer payable to the Managing Broker-Dealer will be $30,000. The Pre-Offering Monthly Retainer will no longer be payable
by the Company, and shall be terminated, effective as of the month next following the month in which the Offering is declared
effective by the SEC (regardless of whether or not the $30,000 maximum shall have then been attained). In the event that the Offering
is terminated or abandoned such that the Pre-Offering Monthly Retainer paid to the Managing Broker-Dealer exceeds the amount of
permitted Accountable Expenses hereunder, the Managing Broker-Dealer will reimburse the Company the amount of such excess.

 

Finally
(and notwithstanding the first paragraph of this Section 8), the aggregate amount of Wholesale Commissions, Accountable Expenses,
the Pre-Offering Monthly Retainer, non-transaction-based and non-cash selling compensation will not aggregate to exceed the sum
of the lesser of (i) 2.50% of the aggregate principal amount of L Bonds sold, regardless of their maturity term, or (ii) such
lower amount as is necessary to ensure compliance with the Total Compensation limitation set forth in Section 7.6.

 

9.    INTENTIONALLY
OMITTED.

 

10.    Company
Expenses. The Company will pay all fees and expenses incident to the performance of its obligations under this Agreement.
Without limiting the foregoing, the Company’s obligations hereunder to pay for expenses will include, but not be limited
to, the payment of:

 

(a)    any
SEC filing or registration fees;

 

(b)    expenses
of printing the Registration Statement, the Prospectus and any amendment or supplement thereto and the expense of furnishing to
the Managing Broker-Dealer copies of the Registration Statement, the Prospectus and any amendment or supplement thereto, all sales
materials and any other documents in connection with the Offering, purchase, sale and delivery of the L Bonds as herein provided;

 

(c)    fees
and expenses of the Company’s accountants and counsel in connection with the Offering;

 

    	12

    	 

    

 

(d)    the
FINRA filing fee;

 

(e)    all
state Blue Sky registration fees;

 

(f)    all
DTC fees associated with the Offering;

 

(g)    all
transfer agent fees associated with the Offering; and

 

(h)    all
of the Company’s other own expenses in connection with the Offering, including, but not limited to, the salaries, travel
expenses and similar expenses of Company employees and personnel incurred in connection with the Offering.

 

11.    Offering.
The Offering of L Bonds shall be at and upon the terms and conditions set forth in the Registration Statement and the exhibits
and appendices thereto and any amendments or supplements thereto.

 

12.    Conditions
to Payment of Fees and Expense Reimbursements.

 

12.1    No
selling commissions, allowances, reimbursements or other compensation will be payable with respect to any subscriptions for L
Bonds that are rejected by the Company, or if the Company terminates the Offering for any reason whatsoever or for no reason.
No selling commissions, allowances, reimbursements or other compensation will be payable by the Company with respect to any sale
of L Bonds unless and until such time as the Company has received the total proceeds of any such sale.

 

12.2    With
the exception of the expenses described in Section 9, all attorneys’ fees and all other costs and expenses incurred by the
Managing Broker-Dealer in the performance of any obligations hereunder, including but not limited to expenses otherwise related
to the Offering, shall be the sole and exclusive responsibility of the Managing Broker-Dealer unless otherwise approved by the
Company and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason.

 

12.3    No
Dealer-Manager Fee will be payable with respect to any subscriptions for L Bonds that are sold to non-U.S. investors unless otherwise
agreed in writing by the Company.

 

13.    Indemnification
of the Managing Broker-Dealer.

 

13.1    Subject
to the conditions set forth below, the Company agrees to indemnify and hold harmless (i) the Managing Broker- Dealer, each Selling
Group Member, their affiliates and each of their respective officers, directors, owners, members, managers, partners, employees,
agents and (ii) each person, if any, who controls the Managing Broker-Dealer and Selling Group Member (all of the foregoing persons
described in clauses (i) and (ii) being collectively referred to as the “Selling Parties”), against any and
all loss, liability, claim, damage and expense (including reasonable legal and other expenses incurred in investigation and defending
such claims or liabilities) whatsoever arising out of or based upon the following:

 

(a)    Any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (Including any post-effective
amendment or supplement thereto), in any Approved Sales Literature, or in any application or other document filed in any jurisdiction
in order to qualify or register the L Bonds in connection with the Offering (in all cases, other than Managing Broker-Dealer Disclosure
Statements);

 

    	13

    	 

    

 

(b)    The
omission or alleged omission from the Registration Statement, in any Approved Sales Literature, or in any application or other
document filed in any jurisdiction in order to quality or register the L Bonds in connection with the Offering of a material fact
required to be stated therein or necessary to make the statements therein not misleading (in all cases, other than omissions from
Managing Broker-Dealer Disclosure Statements);

 

(c)    Any
verbal or written representations in connection with the Offering made by the Company or its agents (other than by the Managing
Broker-Dealer, the Selling Group Members, or any of their respective employees or affiliates), employees or affiliates in violation
of the Securities Act, or any other applicable federal or state securities laws and regulations; or

 

(d)    A
material inaccuracy in a representation or warranty contained herein by the Company, a material breach by the Company of any term,
condition, representation, warranty or covenant of this Agreement, or a material failure by the Company to comply with state or
federal securities laws and regulations applicable to the Offering (in all cases, other than with respect to included or omitted
Managing Broker-Dealer Disclosure Statements).

 

13.2    If
any action (including any third-party action) is brought against the Managing Broker-Dealer or Selling Group Member in respect
of which indemnity may be sought hereunder, the Managing Broker-Dealer, upon obtaining actual knowledge of such action shall promptly
notify the Company in writing of the institution of such action.

 

13.3    Upon
proper notice from an indemnified Selling Party, the Company will be entitled to participate therein and, to the extent that it
may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party, at the Company’s
sole cost and expense. After notice from the Company of its election to assume the defense thereof, the Company will not be liable
to the Selling Party under Section 13.1 for any legal or other expenses subsequently incurred by such Selling Party in connection
with the defense thereof; provided, however, that if the defendants in any such action include both a Selling Party and the Company,
and the Selling Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified parties
which are different from or additional to those available to the Company, then the Selling Party or Parties shall have the right
to select one separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on their
behalf, in which event the fees and expenses of such separate counsel shall be borne by the Company. In no event shall the Company
be liable for fees and expenses of more than one counsel for each Selling Party separate from the Company’s own legal counsel.
The Company shall not be liable to any Selling Party on account of any settlement of any claim or action effected without the
consent of such Selling Party.

 

13.4    The
Company agrees to promptly notify the Managing Broker-Dealer of the commencement of any litigation or proceedings against the
Company, or any of its officers, directors, employees or agents in connection with the issuance and sale of L Bonds, or in connection
with the Registration Statement

 

    	14

    	 

    

 

13.5    The
indemnity provided to the Selling Parties pursuant to this Section 13 shall not apply to any such person or entity to the extent
that any loss arises out of or is based upon any untrue statement or alleged untrue statement of material fact made by the Selling
Parities or any of their respective agents; provided, that indemnification shall apply to the extent that the untrue statement
or alleged untrue statement in question is contained in the Registration Statement (including any post-effective amendment or
supplement thereto), or in any application or other document filed in any jurisdiction in order to qualify or register the L Bonds
in connection with the Offering

 

14.    Indemnification
of the Company.

 

14.1    Subject
to the conditions set forth below, the Managing Broker-Dealer agrees to indemnify and hold harmless: (i) the Company, (ii) its
directors, officers, employees and agents, and (iii) each person, if any, who controls the Company and its own directors, officers,
owners, employees, agents, and each of their respective attorneys and accountants (all of the foregoing persons described in clauses
(i) through (iii) being collectively referred to as the “Company Parties”), against any and all loss, liability,
claim, damage and expense whatsoever arising out of or based upon:

 

(a)    Any
unauthorized verbal or written representations in connection with the Offering made by the Managing Broker-Dealer (other than
by the Company or its employees or agents), or its employees or agents (including any Selling Group Members) in violation of the
Securities Act or any other applicable federal or state securities laws and regulations;

 

(b)    The
material breach by the Managing Broker-Dealer of any term, condition, representation, warranty, or covenant of this Agreement,
other than those breaches committed in reliance on any violation by the Company hereof; or

 

(c)    Any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement and comprising a Managing
Broker-Dealer Disclosure Statement, or any omission or alleged omission from the Registration Statement of a material fact required
to be stated therein or necessary to make the statements therein not misleading, which omission or alleged omission related to
a Managing Broker-Dealer Disclosure Statement.

 

14.2    If
any action (including any third-party action) is brought against a Company Party in respect of which indemnity may be sought hereunder,
the Company shall promptly notify the Managing Broker-Dealer in writing of the institution of such action.

 

    	15

    	 

    

 

14.3    Upon
proper notice from an indemnified Company Party, the Managing Broker-Dealer will be entitled to participate therein and, to the
extent that it may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party.
After notice from the Managing Broker-Dealer of its election to assume the defense thereof, the Managing Broker-Dealer will not
be liable to the Company Party under Section 14.1 for any legal or other expenses subsequently incurred by such Company Party
in connection with the defense thereof; provided, however, that if the defendants in any such action include both a Company Party
and the Managing Broker-Dealer, and the Company Party shall have reasonably concluded that there may be legal defenses available
to it or other indemnified parties which are different from or additional to those available to the Managing Broker-Dealer, then
the Company Party or Parties shalt have the right to select one separate counsel to assume such legal defenses and to otherwise
participate in the defense of such action on their behalf, in which event the fees and expenses of such separate counsel shall
be borne by the Managing Broker-Dealer, in no event shall the Managing Broker-Dealer be liable for fees and expenses of more than
one counsel for each Company Party separate from the Managing Broker-Dealer’s own legal counsel. The Managing Broker-Dealer
shall not be liable to any Company Party on account of any settlement of any claim or action effected without the consent of such
Company Party.

 

14.4    The
Managing Broker-Dealer agrees to promptly notify the Company of the commencement of any litigation or proceedings against the
Managing Broker-Dealer or any of the Managing Broker-Dealer’s officers, directors, partners, affiliates, or agents in connection
with the offer or sale of L Bonds or in connection with the Registration Statement.

 

14.5    The
indemnity provided to the Company Parties shall not apply to any such person or entity to the extent that any loss arises out
of or is based upon any untrue statement or alleged untrue statement of material fact made by the Company or any of its agents
(or a Company Party).

 

14.6    The
Managing Broker-Dealer agrees to require that each Selling Group Member enter into an agreement (i) providing indemnity to the
Company consistent with the indemnity provided by the Managing Broker-Dealer pursuant to the provisions of this Section 14, and
(ii) containing an express third-party beneficiary clause permitting the Company to rely on and enforce such indemnity.

 

15.    Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections
13 and 14 is for any reason held to be unavailable from the Company, the Managing Broker-Dealer or a Selling Group Member, as
the case may be, the Company, the Managing Broker-Dealer and the Selling Group Member, shall contribute to the aggregate losses,
liabilities, claims, damages and expenses (including any amount paid in settlement of any action, suit, or proceeding or any claims
asserted) in such amount as a court of competent jurisdiction may determine (or in the case of settlement, in such amounts as
may be agreed upon by the parties) in such proportion to reflect the relative fault of the Company, the Managing Broker-Dealer
or such Selling Group Member, in connection with the events described in Sections 13 and 14, as the case may be, which resulted
in such losses, liabilities, claims damages or expenses, as well as any other equitable considerations. The relative fault of
the parties shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, the Managing
Broker-Dealer or a Selling Group Member, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such omission or statement. Any persons entitled to indemnification hereunder shall be entitled to receive,
from a party obligated to indemnify under Section 13 or 14, contribution hereunder.

 

    	16

    	 

    

 

16.    Representations
and Agreements to Survive Sale and Payment. Except as the context otherwise requires, all representations, warranties and
agreements contained in this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering
Termination Date, and such representations, warranties and agreements by the Managing Broker-Dealer or the Company, including
the indemnification and contribution covenants contained herein, shall remain operative and in full force and effect regardless
of any investigation made by the Managing Broker-Dealer or the Company and/or any controlling person, and shall survive the sale
of and payment for L Bonds.

 

17.    Costs
of Offering. Except for the compensation payable to the Managing Broker-Dealer described in Section 7, the expense reimbursements
described in Sections 8 and 9, and the Company’s own expenses generally described in Section 10, the Managing Broker-Dealer
will pay all of its own costs and expenses, including but not limited to all expenses necessary for the Managing Broker-Dealer
to remain in compliance with any applicable federal, state or FINRA laws, rules or regulations in order to participate in the
Offering as a broker-dealer, and the fees and costs of the Managing Broker-Dealer’s legal counsel. The Company agrees to
pay all other expenses incident to the performance of its respective obligations hereunder, including all expenses incident to
filings with federal and state regulatory authorities and to the exemption of L Bonds under federal and applicable state securities
laws, including fees and disbursements of the Company’s counsel, all costs of reproduction and distribution of the Prospectus
and any amendment or supplement thereto, and all costs of attorneys’ fees and other expenses.

 

18.    Termination.
This Agreement is terminable by any party only “for cause” before the end of the 13th month following effectiveness
of the Registration Statement, and without cause thereafter. Cause shall be defined as: (a) the failure of the Managing Broker-Dealer
to provide the services set forth in this Agreement, or any breach by the Managing Broker-Dealer of any of its representations
or warranties set forth in this Agreement; or (b) the receipt by the Managing Broker-Dealer or the Company of a regulatory notice
from FINRA or the SEC that makes either party incapable of fulfilling their respective duties hereunder without harming the reputation
of the other party.

 

Any
termination under this Section shall not affect the indemnification agreements set forth in Sections 13 and 14, or the contribution
obligations under Section 15. In the event that the Company terminates the Managing Broker-Dealer pursuant to paragraph (a) or
(b) above, the Company shall reimburse the Managing Broker-Dealer for any expenses that are otherwise reimbursable hereunder and
pay all commissions to which the Managing Broker-Dealer is or becomes entitled under this Agreement at such time as the commissions
become payable until the date of such termination.

 

19.    Confidentiality.
The Managing Broker-Dealer agrees that all non-public information pertaining to the Company, including but not limited to the
Selling Group Members, compensation, wholesalers. business plans, employee lists, financial statements of the Company and its
subsidiaries and affiliates (collectively, the “Confidential Information”) will be held by the Managing Broker-Dealer
in confidence and solely for use of the Managing Broker-Dealer’s personnel, clients and advisors of clients, in the course
of performing the obligations of the Manager Broker-Dealer hereunder, and will not be provided to any other persons or entities
without the prior written approval of the Company. Any parties receiving Confidential Information from the Managing Broker-Dealer,
including any Selling Group Members, must expressly agree in writing to be bound by the restrictions set forth in this Section
(with an express third-party beneficiary clause permitting the Company to rely on and enforce the same); provided, however, that
Confidential Information shall not include information that (i) is or becomes publicly available other than as a result of acts
by the Managing Broker-Dealer in breach of this Agreement, (ii) is in the Managing Broker-Dealer’s possession prior to disclosure
by the Company or is independently derived by the Managing Broker-Dealer without the aid, application or use of the Confidential
Information, (iii) is disclosed to the Managing Broker-Dealer by a third party on a non-confidential basis that the Managing Broker-
Dealer did not know was subject to, or bound by, confidentiality obligations with respect to, or (iv) the Managing Broker-Dealer
determines is required to be disclosed by Governmental Rules.

 

    	17

    	 

    

 

20.    Governing
Law. This Agreement shall be governed by, subject to and construed in accordance with, the internal laws of the State of Delaware
without regard to conflicts-of-law provisions.

 

21.    Severability.
If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible (a) the remainder
of this Agreement shall be considered valid and operative and (b) effect shall be given to the intent manifested by the portion
held invalid or inoperative.

 

22.    Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and which together shall constitute
one and the same instrument.

 

23.    Modifications
or Amendment. This Agreement may not be modified or amended except by written agreement executed by the parties hereto.

 

24.    Notices.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing
Broker-Dealer, shall be mailed or delivered to Emerson Equity LLC, 155 Bovet Rd, San Mateo, CA 94402; and if sent to the Company
shall be mailed or delivered to 220 South Sixth Street, Suite 1200, Minneapolis, MN SS402. The notice shall be deemed to be received
on the date of its actual receipt by the party entitled thereto or, if mailed, on the third day after mailing by both first class
U.S. mail and certified U.S. mail with return receipt requested.

 

25.    Parties.
This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and their respective successors, legal
representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy
or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained: provided, however, that the
provisions of Section 13, 14 and 15 are also intended for the benefit of the Selling Parties and Company Parties, as applicable,
although the provisions of any such Section may be amended without the consent of any such Persons. Neither party may assign any
of its hereunder, or delegate any of its duties hereunder, without the prior and express written consent of the other party.

 

26.    Delay.
Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege
under this Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect
to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

    	18

    	 

    

 

27.    Attorney’s
Fees. Except as set forth in Sections 13 and 14 hereof, if any legal action or other proceeding is brought for the enforcement
of this Agreement or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions
of this Agreement each party shall be responsible for paying its own attorneys’ fees.

 

28.    Entire
Agreement. This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings
or written or oral agreements between them respecting the subject matter hereof.

 

If
the foregoing correctly sets forth the understanding between the Company and the Managing Broker-Dealer, please so indicate in
the space provided below for that purpose, and return one of the signed.

 

Very truly
yours,

  

GWG HOLDINGS,
INC.

a Delaware
corporation

 

 

	Jon
    Sabes	 

Chief
Executive Officer

 

AGREED AND
ACCEPTED:

 

EMERSON
EQUITY LLC

a California
limited liability company

 

	By:	 	 

Brent Barton

Executive
Vice President-MBD Services

 

 

19Exhibit 10.22

 

MICHAEL
D. FREEDMAN

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into on this 22nd day of September 2014, by
and between GWG Holdings, Inc., a Delaware corporation (the Company") and Michael D. Freedman (the "Executive")

 

RECITALS

 

A.
The Company desires to employ Executive; and

 

B.
Executive desires to become employed by the Company.

 

NOW,
THEREFORE, in consideration of the recitals above and the mutual covenants and promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the Company and Executive (collectively
the "Parties" and each a "Party") agree as follows:

 

	1.	Title, Duties and Term of Employment:

 

(a)Executive
will serve as the Executive Vice President and General Counsel of the Company reporting to the Company's Chief Executive Officer
and Board of Directors. Executive understands and agrees that the Company is a rapidly growing and changing organization and the
precise nature of the work asked to be completed on behalf of the Company may be adjusted from time to time, but in any event,
the duties and responsibilities will include those duties and responsibilities normally associated with and appropriate for someone
in the position of Executive Vice President and General Counsel, which shall include, but not be limited to: review and provide
day-to-day effective oversight of all legal and regulatory matters, ensuring operational integrity and best practices; helping
the Company to achieve and exceed strategic and operating goals; responsibility for formulating overall legal, regulatory and
legislative strategies, policies and tactics for the organization in alignment with current and future business strategies and
objectives of the Company; developing and maintaining intra- and inter- industry relationships; advising the Board of Directors
("Board") and the Chief Executive Officer concerning such matters as Company initiatives and developments in the industry,
while helping the Board understand any significant, complex or unique business, legal or regulatory issues; working with outside
legal counsel, advisors, lobbyists, other vendors and auditors, as appropriate; and travel as needed and requested by the Company,
including working out of the Minneapolis office to perform duties.

 

(b)Executive
shall perform his duties and responsibilities to the best of his professional skill and ability. In all such matters, Executive
will act in good faith, in the best interests of the Company.

 

(c)Executive's
employment under this Agreement shall commence on the date of execution of the Agreement by the Executive and the Company (the
"Commencement Date"). Executive's employment shall continue thereafter until the third anniversary of the Commencement
Date (the "Initial Term"); and shall be automatically extended for one (1) additional year (a "Renewal Term")
at the end of the Initial Term, and an additional one (1) year Renewal Term at the end of each Renewal Term (the last day of the
Initial Term and each such Renewal Term is referred to herein as a "Term Date"), unless either Party provides written
notice to the other of its non-renewal of this Agreement not later than sixty (60) days prior to a Term Date, or Executive's employment
is terminated sooner under paragraph 3 of this Agreement. The period during which Executive's employment continues in effect pursuant
to this Agreement is hereinafter referred to as the "Employment Period."

 

    	Page 1 of 13

    	 

    

 

	2.	Compensation: During the Employment Period, Executive shall
be compensated as follows:

 

(a)Base
Salary: As used in this Agreement, the term "Base Salary" refers to the annual amount of Executive's salary, and
does not include any other amounts. For example, Base Salary does not include option or incentive compensation or bonus awards.
For the services to be rendered by Executive as the Executive Vice President and General Counsel of the Company, the Company agrees
to pay Executive a Base Salary of $350,000 per year, subject to all payroll deductions as required by law. Executive's Base Salary
shall be reviewed annually, and may be increased to $500,000 per year upon the promotion of the Executive to an officer of the
Company, which the parties agree is an appropriate target base salary for the position of an officer of the Company, at the sole
discretion of the Board of Directions. The Base Salary may not be decreased except upon written agreement of the parties.

 

(b)Signing
Bonus: The Company agrees to pay Executive a signing bonus in the amount $200,000, subject to all payroll deductions as required
by law ("Signing Bonus"). The Signing Bonus shall be paid as follows: (i) $100,000 on the first regular payroll date
following the 30-day anniversary of the Commencement Date of which $50,000 shall be applied to repay a loan made to the Executive
for purposes of purchasing common stock of the Company in its initial public offering; and (ii) $100,000 not later than the first
regular payroll date following the 270-day anniversary of the Commencement Date; provided, however that any unpaid portion of
the Signing Bonus shall not be paid: (iii) unless Executive remains employed on the applicable payment date(s) and (iv) to the
extent any civil action or litigation contemplated by subparagraph 9(d) of this Agreement is commenced on or before either of
the aforementioned payment dates, payment and the payment date(s) shall be postponed until the first ordinary payroll date following
final resolution of said civil action or litigation, with the understanding that the Company shall be permitted to and shall offset
from any remaining balance of the Signing Bonus any amounts which the Company has incurred relative to the defense, indemnification
or settlement of any such action or litigation.

 

(c)Incentive
Compensation: Beginning on January 1, 2015, Executive shall participate in the Company's Incentive Compensation Plan. If the
Company continues the current or a substantially similar version of its Incentive Compensation Plan, when calculating Executive's
Quarterly Incentive Bonus under that plan during 2015, the Company shall use an Individual Performance Rating of 10 if the Company
exceeds 100% of its base line plan performance plan set forth in Exhibit A.

 

(d)Options:
On the Commencement Date, the Company shall provide Executive with an initial grant of options for 318,000 shares of the Company's
common stock, at the initial public offering price of the Company's common stock pf $12.50 per share, which shall vest as follows:
(i) options for 159,000 shares shall vest on a pro-rata basis over the Initial Term ("Time Release Options");
and (ii) options for 159,000 shares over the Initial Term ("Incentive Options") of which 53,000 shall
be eligible to vest each year during the Initial Term based upon the performance of the Company's closing stock price at each
fiscal quarter end over the initial public offering price of the Company's common stock in any calendar quarter according to the
following formula:

 

	Stock Price	 	% Vest
	$ 25.00	 	100%
	$ 22.00	 	80%
	$ 20.00	 	65%
	$ 18.00	 	50%
	$ 16.00	 	35%
	$ 15.00	 	25%
	$ 14.00	 	15%
	$ 13.50	 	10%
	$ 13.00	 	5%
	$ 12.50	 	Initial Public Offering Price

 

    	Page 2 of 13

    	 

    

 

By
way of example, if the stock price of the common stock reached $21.00 per share on March 31, 2015, then 65% of the options for
53,000 shares (34,450 shares) would vest and options for 18,550 shares the grant would remain eligible to vest in 2015. If stock
price is subsequently $15.00 per share on June 30, 2015, then up to 25% of the options for 53,000 shares (13,250) would vest and
5,300 shares of the grant would remain eligible to vest in 2015. If the stock price is subsequently $12.50 per share at September
31, 2015, then 0% of the options for 5,300 shares would vest and 5,300 shares of the grant would remain eligible to vest in 2015.
If stock price is subsequently $15.00 per share on December 31, 2015, then up to 25% of the options for 53,000 shares (13,250)
would vest but since only 5,300 shares are available to vest in 2015 which would be the final vesting option grant of the year.

 

In
another example, if the stock price of the common stock reached $10.00 per share on March 31, 2015, then 0% of the options for
53,000 shares would vest and options for 53,000 shares the grant would remain eligible to vest in 2015. If stock price is subsequently
$25.00 per share on June 30, 2015, then 100% of the options for 53,000 shares would vest and no additional shares of the grant
would remain eligible to vest in 2015.

 

The
options granted herein are subject in all respects to the Company's Stock Option Plan.

 

Upon
termination of employment for any reason, all unvested Options shall terminate and be forfeited pursuant to the Stock Option Plan.

 

All
options shall become fully vested immediately prior to a Change in Control as defined below. As used in this Agreement, the term
"Change in Control" shall mean: (i) the sale of substantially all of the assets of the Company to another person or
entity (other than a subsidiary or other affiliate of the Company), (ii) the acquisition of actual or beneficial ownership of
more than fifty percent of the total combined voting power of all classes of Company stock entitled to vote by a person or group
of persons acting in concert (other than a subsidiary or other affiliate of the Company) who did not own more than fifty percent
of such on the date of this Agreement, or (iii) the merger of the Company into another entity (other than a subsidiary or other
affiliate of the Company), where the Company's shareholders (determined as of the date of merger) own (directly or indirectly)
less than fifty percent of the shares of the surviving entity.

 

(e)Benefit
Plans and Programs: Beginning on the Commencement Date, Executive shall be entitled to participate in all employee benefit
plans and programs made available by the Company to the Company's executive employees generally, including, without limitation:
health insurance, dental insurance, life insurance, disability insurance, 401k plan and health spending account (HSA) plan. During
the Employment Period, the Company shall pay the same portion of the costs of such benefits and programs as other senior executive
employees for Executive. In the event that the provision of, or payment for, such benefits is prohibited or otherwise adversely
impacted by the Patient Protection and Affordable Care Act or other similar laws, the Parties shall negotiate in good faith to
determine an equitable benefit in lieu thereof.

 

    	Page 3 of 13

    	 

    

 

(f)Other
Fringe Benefits: Beginning on the Commencement Date, Executive shall be entitled to participate in all other fringe benefit
plans and programs provided by the Company to executive employees, and shall be provided with: cellular phone and payment of related
expenses; laptop computer and payment of related expenses; individual membership in two airline executive clubs of Executive's
choice; one class upgrade from coach service for all business travel flights of cumulative length of three hours or greater and
one-class upgrade for all rail travel of two hours or greater; and personal use of any frequent flier miles earned through business
travel, provided that Executive endeavors to use such frequent flyer miles to obtain the class upgrades noted above.

 

(g)Vacation
and Personal _ Days: Executive shall accrue paid vacation during the Employment Period at an annual rate of four (4) weeks
per year. While Executive shall not be able to carry over unused vacation from one year to the next, nor shall Executive be paid
upon termination for anything other than that remainder of that year's complement of vacation (i.e., his remaining accrued, but
unused vacation), Executive shall accrue or earn the full four week complement at the outset of employment and on each anniversary
date thereafter.

 

(h)Location:
The Company acknowledges and accepts that the Executive's current place of residence is located in Ambler, Pennsylvania, and
that Executive will not be required to relocate during the Employment Period. Executive acknowledges and accepts that Executive
will need to travel to Minneapolis, Minnesota and otherwise on a regular basis as part of providing the services contemplated
by this Agreement, and that the need for sometimes frequent travel in order to provide those services shall not be deemed a requirement
by the Company to relocate, as the term is used in the preceding sentence. In other words, it is understood that Executive's primary
office will be Ambler, Pennsylvania and that he will work remotely on a regular basis, but the duties and responsibilities outlined
in Section (1)(a) of this Agreement require frequent travel.

 

(i)Reimbursement:
Executive is authorized to incur reasonable expenses in carrying out the Executive's duties for the Company under this Agreement
and shall be entitled to reimbursement for all reasonable business expenses that Executive incurs during the Employment Period.
Per the preceding paragraph, the Parties anticipate that Executive shall travel to the Company's offices in Minneapolis, Minnesota
and otherwise on a regular basis in the performance of Executive's duties. Accordingly, the Company agrees that reasonable expenses
shall include, without limitation, costs for such transportation, costs for lodging and membership in a fitness club in the Minneapolis
area. To the extent that any reimbursements are includable in Executive's income for tax purposes, the Company shall "gross
up" such payments to offset any taxes payable by Executive.

 

	3.	Termination of Employment:

 

(a)Terms
Applicable to Any Type of Termination: In the event of a termination of Executive's employment, the Company shall pay Executive:
(A) any unpaid Base Salary on the Company's regular payday, prorated to the effective date of termination; and (B) the dollar
value of all accrued and unused vacation benefits based upon Executive's Base Salary, unless Executive's employment is terminated
within six months of Commencement, in which case Executive will not be asked to reimburse the Company for any already-used vacation,
but also will not be paid for any accrued, but unused vacation. The Company shall also reimburse Executive in accordance with
and subject to the requirements of the Company's expense reimbursement practices for any reasonable and necessary business expenses
incurred by Executive on behalf of the Company on or before the date on which his employment terminates, and reported and properly
documented on expense reports.

 

    	Page 4 of 13

    	 

    

 

(b)Termination
Without Cause: The Company shall have the right to terminate Executive's employment without cause during the Employment Period
upon notice to Executive.

 

(i)One
Year or Less From the Commencement Date: In the event of a Termination Without Cause one year or less from the Commencement Date,
the Company will pay Executive severance compensation in an amount equal to one-half of the annual amount of Executive's Base
Salary in effect on the date on which Executive's employment is terminated, payable in a lump sum within thirty (30) days after
the date of the termination. If Executive is eligible for and elects to continue group health coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company will pay the premiums for the first six (6) months
of such coverage. The Company will also pay Executive a bonus under the Incentive Compensation Plan prorated based upon the number
of days for which Executive was employed during the period for which such payments are made (e.g., quarter), and any Time Release
Options shall fully vest on the date of termination.

 

(ii)More
than One Year After the Commencement Date: In the event of a Termination Without Cause more than one year after the Commencement
Date, the Company will pay Executive severance compensation in an amount equal to the annual amount of Executive's Base Salary
in effect on the date on which Executive's employment is terminated, payable in a lump sum within thirty (30) days after the date
of the termination. If Executive is eligible for and elects to continue group health coverage under COBRA, the Company will pay
the premiums for the first twelve (12) months of such coverage. The Company will also pay Executive a bonus under the Incentive
Compensation Plan prorated based upon the number of days for which Executive was employed during the period for which such payments
are made (e.g., quarter) and any Time Release Options shall fully vest on the date of termination.

 

(iii)Any
payment pursuant to this Section 3(b) shall be conditioned upon Executive's execution and non-rescission of a full and
final waiver and release of any and all employment and compensation related claims in a form provided by the Company, and no payment
shall be made, other than that contemplated by paragraph 3(a), shall be due or required to the extent Executive does not satisfy
this condition precedent to payment, provided, however, that such waiver and release shall not include any rights of Executive
under the Company's Stock Option Plan or employee benefit plans.

 

(c)Termination
For Cause: The Company shall have the right immediately to terminate Executive's employment for cause during the Employment
Period upon notice to Executive.

 

(i)Termination
For Cause shall mean:

 

(A)A
material breach by Executive of any term of this Agreement or of Executive's fiduciary duties to the Company, which breach, where
susceptible to cure, remains uncured more than thirty (30) days after Executive receives written notice from Company specifying
such breach;

 

    	Page 5 of 13

    	 

    

 

(B)The
willful or repeated neglect of Executive's duties or responsibilities as Executive Vice President or General Counsel which remains
uncured more than thirty (30) days after Executive receives written notice from Company specifying such neglect;

 

(C)Executive's
violation of any law, statute or regulation relating to the operation of the Company's business;

 

(D)The
commission of, or conviction for (or its procedural equivalent), or the entering of a guilty plea or plea of no contest with respect
to, a crime or any conduct of Executive which involves moral turpitude; or

 

(E)Executive
resigns for Good Reason in order to or otherwise within thirty days of separation accepts any position, employment or role which
either (i) violates the restrictive covenants set forth in this agreement or (ii) is with a person, business or entity that competes
in the same markets, segments or businesses as the Company. For purposes of this paragraph, competitive markets, segments or businesses
includes any in which the Company has been working or involved for the one year period prior to separation or in which the Company
was planning to enter at the time of separation.

 

(ii)If
Executive's employment is Terminated For Cause the Company shall have no obligation under this Agreement to make payments of any
kind to Executive, except as set forth in subparagraph 3(a).

 

(d)Resignation
for Good Reason: Executive shall have the right to resign from employment with the Company for Good Reason during the Employment
Period upon notice to the Company.

 

(i)As
used in this Agreement, the term "Good Reason" means (a) a material breach of this Agreement by the Company which breach,
where susceptible to cure, has not been cured within thirty (30) days after written notice to the Company setting forth the particulars
of such alleged breach; (b) a reduction in Executive's Base Salary absent written agreement by Executive; (c) assignment to Executive
of duties inconsistent with the Executive's position, or a diminution in Executive's authority, responsibility, status, title,
or offices which assignment or diminution has not been cured within thirty (30) days after written notice to the Company setting
forth the particulars of the alleged assignment or diminution; (d) failure of the Board of Directors to consider the promotion
of the Executive to a higher leadership position within the Company not more than six months from the Commencement Date (e) requiring
Executive to relocate from the executive's current place of residence in Ambler, Pennsylvania in contravention of paragraph 2(h)
of the Agreement; (f) receipt by the Company of a "Wells Notice" from the United States Securities and Exchange Commission
or the Financial Industry Regulatory Authority or such similar notice from any state or federal government agency, or the filing
of a lawsuit or any administrative enforcement action against the Company by a federal or state agency, related to any act, omission
or other conduct by the Company, or the Company's employees, affiliates or assigns that occurred or began prior to the Commencement
Date; (g) a mutual agreement between Executive and the Company that Executive may resign for Good Reason, which agreement
is approved by the Board; or (i) a Change in Control.

 

(ii)One
Year or Less From the Commencement Date: In the event of a Resignation for Good Reason one year or less from the Commencement
Date, Executive shall be entitled to all payments and other benefits provided under subparagraphs 3(a) and 3(b)(i) above.

 

(iii)More
than One Year After the Commencement Date: In the event of a Resignation for Good Reason more than one year from the Commencement
Date, Executive shall be entitled to all payments and other benefits provided under subparagraphs 3(a) and 3(b)(ii) above.

 

    	Page 6 of 13

    	 

    

 

(e)Voluntary
Resignation:Executive may voluntarily resign Executive's employment under this Agreement without Good Reason at any time;
however Executive agrees to provide at least thirty (30) days advance written notice to the Company. In the event of a Voluntary
Resignation without Good Reason, Executive shall be entitled to all payments and other benefits provided under subparagraph 3(a)
above. Upon receipt of notice of voluntary resignation without Good Reason, the Company shall be entitled to accelerate Executive's
separation, in which case Executive would only be entitled to the payments and benefits provided under subparagraph 3(a) above
through the accelerated termination date.

 

(f)Death:
If Executive's employment ends through Executive's death, Executive shall be entitled to all payments and other benefits provided
under subparagraph 3(a) above. The Company will also pay Executive's estate a bonus under the Incentive Compensation Plan prorated
based upon the number of days for which Executive was employed during the period for which such payments are made (e.g., quarter).

 

	4.	Confidential Information:

 

(a)Confidential
Information: As used in this Agreement, the term "Confidential Information" means information in whatever form,
pertaining to the business of the Company that is not generally known outside of the Company, or that is known outside of the
Company through improper means. Without limiting the foregoing definition, Confidential Information includes, but is not limited
to: (i) technical information, formulas, teaching and development techniques, methodologies, processes, trade secrets, computer
programs, electronic codes, designs, product development information, inventions, improvements, all portfolio information (including
methodologies and estimates), and research projects; (ii) information about finances, costs, profits, markets, proposals, sales,
and lists of customers or clients; (iii) business, marketing, and strategic plans; and (iv) employee personnel files and compensation
information.

 

(b)Non-Disclosure
of Confidential Information: During the Employment Period, Executive agrees to hold all Confidential Information in strict
confidence and trust for the sole benefit of the Company and Executive agrees that Executive will not disclose any Confidential
Information, directly or indirectly, to anyone outside of the Company, and Executive will not use, copy, publish, summarize, or
remove from Company premises Confidential Information except to the extent necessary to carry out Executive's responsibilities
as an employee of the Company. After Executive's employment with the Company ends, Executive will not, directly or indirectly,
use or disclose any Confidential Information to any person or entity, except as authorized in advance by an officer of the Company
in writing. The restrictions in this subparagraph, however, will not apply to Confidential Information that is or has become known
to the public generally through no fault of or breach by Executive, or was previously known to Executive other than as a result
of employment with the Company.

 

    	Page 7 of 13

    	 

    

 

	5.	Non-Solicitation Covenants:

 

(a)Non-Solicitation
of Employees: Executive agrees that, during the Employment Period, and for a period of twelve (12) months following the termination
of Executive's employment, regardless of the reason for such termination, Executive will not, directly or indirectly, solicit,
or attempt to solicit, for employment, with Executive or with any other person or entity, any employee of the Company.

 

(b)Non-Solicitation
of Customers or Financing Relationships: Executive agrees that, during the Employment Period, and for a period of twelve (12)
months following the termination of Executive's employment, regardless of the reason for such termination, Executive will not,
directly or indirectly, solicit any business for Executive, or for any other person or entity, from any client or financing relationship
of the Company with which Executive had contact within the twelve (12) months prior to the termination of Executive's employment
with the Company or concerning which Executive had access to Confidential Information, during and by virtue of Executive's employment
with the Company.

 

	6.	Resolution of Disputes:

 

(a)Mediation.
Should the Parties to this Agreement have any dispute as to any aspect of this Agreement, or arising out of, or related to or
connected with Executive's employment, compensation or benefits, or the termination thereof, the Parties will make a good faith
attempt to resolve any and all claims and disputes by submitting them to mediation in Minneapolis, Minnesota before resorting
to arbitration or any other dispute resolution procedure. The mediation of any claim or dispute must be conducted in accordance
with the then-current American Arbitration Association ("AAA") national rules for the resolution of employment disputes
pertaining to mediation, by a mediator who has had both training and experience as a mediator of general employment and commercial
matters. If the Parties cannot agree on a mediator, then the mediator will be selected by the AAA in accordance with the criteria
described in this provision. Within 30 days after the selection of the mediator, the Parties and, if they choose, their respective
attorneys will meet with the mediator for one mediation session of at least four hours. If the claim or dispute cannot be settled
during such mediation session or mutually agreed continuation of the session, either party may give the mediator and the other
party to the claim or dispute written notice declaring the end of the mediation process. All discussions connected with this mediation
provision will be confidential and treated as compromise and settlement discussions. Nothing disclosed in such discussions, which
is not independently discoverable, may be used for any purpose in any later proceeding. The Company shall pay the filing fees
and costs for the mediator.

 

(b)Arbitration.
If any dispute has not been resolved by Mediation as provided in subparagraph 6(a) of this Agreement, the Parties will submit
such dispute to final and binding arbitration pursuant to the then-current AAA national rules for the resolution of employment
disputes before a neutral arbitrator selected from the list of Arbitrators. THE PARTIES EXPRESSLY AGREE THAT SUCH ARBITRATION
SHALL BE THE EXCLUSIVE REMEDY FOR ANY DISPUTE INVOLVING THIS AGREEMENT, THE EXECUTIVE'S EMPLOYMENT, TERMINATION, COMPENSATION,
OR BENEFITS AND HEREBY EXPRESSLY WAIVE ANY RIGHT THEY HAVE, OR MAY HAVE, TO A COURT TRIAL OR A JURY TRIAL OF ANY SUCH DISPUTE.
In making an award, the arbitrator shall have no power to add to, delete from or modify this Agreement, or to enforce purported
unwritten or prior agreements, or to construe implied terms or covenants into the Agreement. In reaching a decision, the arbitrator
shall adhere to the relevant law and applicable precedent, and shall have no power to vary therefrom. In construing this Agreement,
its language shall be given a fair and reasonable construction in accordance with the intention of the parties and without regard
to which party drafted it. At the time of issuing a decision, the arbitrator shall (in the decision or separately) make specific
findings of fact, and shall set forth such facts as support the decision, as well as conclusions of law, and the reasons and bases
for the opinion. In the event the arbitrator exceeds the powers or jurisdiction here conferred, or fails to issue a decision in
conformance herewith, it is specifically agreed that the aggrieved party may petition a court of competent jurisdiction to correct
or vacate such award, and that the arbitrator's act of exceeding his or her powers shall be grounds for granting such relief.
If any one or more provisions of this arbitration clause shall for any reason be held invalid or unenforceable, it is the specific
intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid
and enforceable.

 

    	Page 8 of 13

    	 

    

 

	7.	Jurisdiction and Venue:

 

To
the extent that either party is permitted to file any action in court that involves any aspect of this Agreement, or arises out
of, or is related to or connected with Executive's employment, compensation or benefits, or the termination thereof, the parties
agree that such action must be brought in either federal court in Minnesota, or in state courts of the Fourth Judicial District
(Hennepin County), and the parties irrevocably consent to jurisdiction and venue in such courts.

 

	8.	Attorneys' Fees:

 

Should
any arbitration or litigation commence between the parties concerning this Agreement or the rights and obligations of either party,
whether it be an action for damages, equitable or declaratory relief, the prevailing party in any arbitration or litigation shall
be entitled to, as an element of its costs, in addition to other relief as may be granted by the arbitrator or court, reasonable
sums as and for attorneys' fees, or such prevailing party may recover such attorneys' fees in a separate action brought for that
purpose, in accordance with applicable law.

 

	9.	Miscellaneous Provisions:

 

(a)All
payments required to be made by the Company to Executive (or his heirs, executors, administrators, or estate) shall be subject
to the withholding of such amounts, if any, relating to federal, state and local taxes and other payroll deductions as the Company
may reasonably determine it should withhold pursuant to any applicable law, regulation or order.

 

(b)The
Company's or Executive's refraining from exercising any right under this Agreement for a reasonable period of time when it is
permissible for the Company or Executive to exercise such right shall not constitute a waiver by either of them of any such right,
unless so provided in a writing signed by both Parties and shall not prevent the Company or Executive from exercising any such
right at any time.

 

(c)Executive
agrees to keep the financial terms of this Agreement confidential; provided, however, that Executive may disclose the financial
terms of this Agreement to his attorney, accountant, financial advisor and spouse, and to government agencies for the purpose
of payment or collection of taxes or application for unemployment compensation benefits. Executive may also disclose the financial
terms of this Agreement if required to do so by lawful subpoena, in any proceeding to enforce the terms of this Agreement, or
in any mediation or arbitration under the terms of this Agreement. Executive may also disclose the existence and terms of the
covenants in paragraphs 4 and 5 of this Agreement to any prospective or subsequent employer.

 

    	Page 9 of 13

    	 

    

 

(d)If
any claim is asserted or any litigation is threatened or pursued against Executive by a previous employer or an affiliate of a
previous employer related to Executive's employment with the Company, the Company shall either: (i) defend and indemnify Executive,
and hold Executive harmless, against and in respect of any and all such demands, judgments, costs, and expenses (including reasonable
attorneys' fees), losses, and damages arising from such claim or litigation; or (ii) terminate Executive's employment Without
Cause as provided under subparagraph 3(b) of this Agreement. It is agreed and understood that this provision is included in this
Agreement not because either party believes any such claim would be meritorious or made in good faith, but rather out of an abundance
of caution.

 

(e)
Notwithstanding anything in this Agreement to the contrary, all payments to be made upon a termination of employment under
this Agreement shall only be made upon a "separation from service" within the meaning of Section 409A of the Internal
Revenue Code (the "Code"). To the maximum extent permitted under Section 409A of the Code and its corresponding regulations,
the cash severance benefits payable under this Agreement are intended to meet the requirements of the short-term deferral exemption
under Section 409A of the Code and the "separation pay exception" under Treas. Reg. §1.409A-1(b)(9)(iii). For purposes
of the application of Treas. Reg. § 1.409A-1(b)(4)(or any successor provision), each payment in a series of payments to the
Executive will be deemed a separate payment. With respect to any expense, reimbursement or in-kind benefit provided pursuant to
this Agreement that constitutes a "deferral of compensation" within the meaning of Section 409A of the Code and its
implementing regulations and guidance, (i) the expenses eligible for reimbursement or in-kind benefits provided to the Executive
must be incurred during the Employment Period (or applicable survival period), (ii) the amount of expenses eligible for reimbursement
or in-kind benefits provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement
or in-kind benefits provided to the Executive in any other calendar year, (iii) the reimbursements for expenses for which the
Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year
in which the applicable expense is incurred, and (iv) the right to payment or reimbursement or in-kind benefits hereunder may
not be liquidated or exchanged for any other benefit.

 

(f)All
notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been given if delivered personally or sent by Federal Express or UPS next-day delivery, or by certified express mail,
return receipt requested, postage prepaid, to the parties to this Agreement as the following addresses or to such other address
as either party may specify by notice to the other:

 

If
to the Company:

 

Chief
Executive Officer

GWG Holdings, Inc.

220 S 6th St #1200

Minneapolis, MN 55415

 

If
to the Executive:

 

Michael
D. Freedman

505 Bell Lane

Ambler, PA 19002

 

    	Page 10 of 13

    	 

    

 

	10.	Prior Obligations and Information of Others:

 

(a)Prior
Obligations: Executive represents and warrants that he is free to enter into this Agreement and accept employment with
the Company upon the terms and conditions set forth in this Agreement, and that the terms and conditions in this Agreement will
not cause Executive to violate any obligation that Executive owes to any prior employer.

 

(b)Information
of Others: During Executive's employment with the Company, Executive will not disclose to the Company, or use, or induce the
Company to use, any confidential or proprietary information of any prior employer in violation of any obligation that Executive
owes to such prior employer.

 

	11.	Effective Date: Each of the Parties is signing this Agreement
with the intent to be legally bound by it. This Agreement shall become effective upon the date on which Executive executes a copy
of this Agreement that has already been signed by the President on behalf of the Company, and delivers the executed Agreement
to the Company..

 

	12.	Construction: Except as may be expressly provided herein,
the validity, interpretation, construction, performance and enforceability of this Agreement shall be governed in all respects
by the laws of the State of Minnesota, without application of its conflict of laws principles.

 

	13.	Successors and Assigns: This Agreement shall be binding upon
the parties' heirs, successors and assigns. The obligations and covenants of the Executive under this Agreement, being personal,
may not be delegated or assigned.

 

	14.	Severability: If any provision of this Agreement is held
invalid or unenforceable by any court of competent jurisdiction or by an arbitrator, the other provisions of this Agreement will
remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.

 

	15.	Entire Agreement and Survival: This Agreement is the entire
agreement between the parties concerning the terms of Executive's employment and supersedes any and all prior agreements or understandings
between them concerning its subject matter, oral or written. This Agreement may be not changed or terminated orally, and no change,
termination or attempted waiver of any of the provisions hereof shall be binding unless in writing signed by Executive and the
President. Notwithstanding anything else to the contrary in this Agreement, it is understood and agreed that the provisions
of this Section 15, as well as the provisions and obligations set forth in Sections 4, 5, 6, 7, 8, 9, 10, 13 and 16 of this Agreement
shall survive the termination of this Agreement and/or Executive's employment with the Company.

 

	16.	No Waiver: The waiver by either party of any term, condition
or provision of this Agreement shall not be construed as a waiver of any other or subsequent term, condition or provision of this
Agreement.

 

	17.	Voluntary Agreement: Executive and the Company represent
and agree that each has reviewed all aspects of this Agreement, each has carefully read and fully understands all provisions of
this Agreement, each has had opportunity to review any and all aspects of this Agreement with the legal, tax, or other advisors
of such party's choice, and each is voluntarily entering into this Agreement.

 

    	Page 11 of 13

    	 

    

 

	18.	Photocopies: Photocopies of this signed Agreement are as
binding and as legally enforceable as a signed original.

 

	 	For
    GWG Holdings, Inc
	 	 
	 	By:	/s/
    Jon Sabes
	 	 	Jon
    Sabes
	 	 	CEO
	 	 	 
	 	 	9/22/14
	 	 	Date
	 	 	 
	 	By:	/s/
    Michael D. Freedman
	 	 	Michael
    D. Freedman
	 	 	 
	 	 	SEPTEMBER
    22, 2014
	 	 	Date

 

    	Page 12 of 13

    	 

    

 

EXHIBIT
A

 

	Three Year Base Plan

 

	 	 	Purchased Life Insurance	 	 	Estimated Subordinate	 
	YEAR	 	Benefit Amount	 	 	Capital Raised	 
	2015	 	$	350,829,496	 	 	$	151,602,849	 
	2016	 	$	751,177,234	 	 	$	195,439,385	 
	2017	 	$	774,002,904	 	 	$	195,439,385	 
	Total	 	$	1,876,009,635	 	 	$	542,481,619	 

 

 

Page 13 of 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]