Document:

Exhibit 10.28

 

Form of Restricted Stock Unit Agreement

(Non-employee Director)

 

This Restricted Stock Unit Agreement (this
“Agreement”) is made and entered into as of June 18, 2019 (the “Grant Date”) by and between
GWG Holdings, Inc., a Delaware corporation (the “Company”) and [__________________](“Grantee”).

 

BACKGROUND

 

The Company has adopted the GWG Holdings,
Inc. 2013 Stock Incentive Plan (as amended, the “Plan”) pursuant to which awards of restricted stock units
may be granted. Grantee is commencing service or is currently serving as a member of the Board of Directors of the Company (the
“Board”) and is not an employee of the Company or any of its subsidiaries and the Company desires to award Grantee
for his or her services to the Company by granting restricted stock units to Grantee upon the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, the parties hereby agree
as follows:

 

1.
Incorporation
of Plan by Reference. The terms and conditions of the Plan, a copy of which is being delivered to Grantee concurrently
with this Agreement, are hereby incorporated into this Agreement by this reference. In particular, the provisions of Section 9.13
of the Plan, respecting any sale of the Company, govern the terms and conditions of this Agreement. In the event of any direct
conflict or inconsistency between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall govern
and control. By its terms, the Plan may be amended subsequent to the date of this Agreement, in which case the Plan as so amended
shall continue to govern and control the terms and conditions of this Agreement in the case of any direct conflict or inconsistency.
Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan.

 

2.
Grant
of Restricted Stock Units.

 

2.1 The Company
hereby irrevocably grants to Grantee from the Plan, on the Grant Date, 8,169 Restricted Stock Units (the “Restricted Stock
Units”). Each Restricted Stock Unit represents the right to receive one share of Company common stock (the “Common
Stock”) subject to the terms and conditions set forth in this Agreement and the Plan.

 

2.2 The Restricted
Stock Units shall be credited to a separate account maintained for Grantee on the books and records of the Company (the “Account”).
All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.

 

3. Vesting
of
Restricted Stock Units. Except as otherwise provided herein, provided that Grantee continuously remains a member of
the Board and/or employed by or engaged as a consultant to the Company or one of its subsidiaries through the one year anniversary
of the Grant Date, the Restricted Stock Units will vest in their entirety on such one year anniversary (such one year vesting period
is referred to herein as the “Restricted Period”). Once vested, the Restricted Stock Units become “Vested
Units.”

 

     

     

    

 

4. Events Affecting
the Vesting of the Restricted Stock Units. The events described in this Section 4 shall alter the provisions of Section 3 as
set forth below:

 

4.1 Sale
Transaction. If a “Sale Transaction,” as defined in the Plan, occurs and the acquiring entity or
successor to the Company does not assume the obligations of the Company under this Agreement or replace the grant herein set forth
with a substantially equivalent incentive award, then the entirety of the Restricted Stock Units will immediately become Vested
Units, regardless of whether Grantee thereafter remains in the service of the Company or one of its subsidiaries; provided,
however, that the “Committee,” as defined in the Plan, may in its sole discretion and without the consent
of Grantee, determine that Grantee will receive cash consideration, if any, as is described in Section 9.13(b) of the Plan (but
only after giving effect to the vesting in full of the Restricted Stock Units immediately prior to the Sale Transaction).

 

4.2 Mandatory
Retirement. If the Company establishes a mandatory retirement age applicable to Grantee, as a result of which Grantee’s
service to the Company y or one of its subsidiaries ends, then the entirety of the Restricted Stock Units will immediately become
Vested Units.

 

4.3 Death
or Disability. If Grantee dies or becomes disabled during his or her term of service with the Company or one of its subsidiaries,
then (i) the entirety of the Restricted Stock Units will immediately become Vested Units.

 

4.4 Notwithstanding
the vesting schedule set forth in Section 3, if Grantee ceases to remain a member of the Board and/or employed by or engaged as
a consultant to the Company or one of its subsidiaries for any reason, other than pursuant to Section 4.1, 4.2, or 4.3, at any
time before the Vesting Date, Grantee’s unvested Restricted Stock Units shall be automatically forfeited upon such cessation
and the Company shall have no further obligations to Grantee under this Agreement.

 

5.
Transferability;
Other Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period
and until such time as the Restricted Stock Units are settled in accordance with Section 7, the Restricted Stock Units or the rights
relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee. Any
attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating
thereto shall be wholly ineffective.

 

    2

     

    

 

6.
Rights
of Grantee; Dividend Equivalents.

 

6.1 Grantee
shall not have any rights of a stockholder with respect to the shares of Common Stock underlying the Restricted Stock Units unless
and until the Restricted Stock Units vest and are settled by the issuance of such shares of Common Stock in accordance with Section
7.

 

6.2 Upon
and following the settlement of the Restricted Stock Units in accordance with Section 7, Grantee shall become the record owner
of the shares of Common Stock underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed
of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights).

 

6.3 For purposes
of this Agreement, “Dividend Equivalents” are cash, shares of stock or other property equal in value to dividends
paid with respect to the number of shares of Common Stock represented by the Restricted Stock Units.

 

6.4 If, prior
to the settlement date in accordance with Section 7, the Company declares a cash dividend on the shares of Common Stock, then,
on the payment date of the dividend, Grantee’s Account shall be credited with Dividend Equivalents in an amount equal to
the dividends that would have been paid to Grantee if one share of Common Stock had been issued on the Grant Date for each Restricted
Stock Unit granted to Grantee as set forth in this Agreement. The Dividend Equivalents credited to Grantee’s Account will be deemed
to be reinvested in additional Restricted Stock Units (rounded to the nearest whole share, with a half share treated as a whole
share) and will be subject to the same terms and conditions as the Restricted Stock Units to which they are attributable and shall
vest or be forfeited (if applicable) at the same time as the Restricted Stock Units to which they are attributable. Such additional
Restricted Stock Units shall also be credited with additional Restricted Stock Units as any further dividends are declared.

 

7. Settlement
of Restricted Stock Units. Subject to Section 10 hereof, as soon as administratively practicable following the Vesting
Date, but in no event later than ten business days following the Vesting Date, the Company shall (a) issue and deliver to Grantee
the number of shares of Common Stock equal to the number of Vested Units; and (b) enter Grantee’s name on the books of the
Company as the stockholder of record with respect to the shares of Common Stock delivered to Grantee.

 

8.
No
Right to Continued Service. Nothing contained in this Agreement shall be deemed to grant Grantee any right to continue
in the service of the Company or any of its subsidiaries for any period of time or any right to continue his or her present or
any other rate of compensation, nor shall this Agreement be construed as giving Grantee, Grantee’s beneficiaries or any other
person any equity or interests of any kind in the assets of the Company or any of its subsidiaries or creating a trust of any kind
or a fiduciary relationship of any kind between the Company or any subsidiary and any such person.

 

9.
Adjustments.
If any change is made to the outstanding Common Stock or the capital structure of the Company, if required, the Restricted Stock
Units shall be adjusted or terminated in any manner as contemplated by Section 9.6 of the Plan.

 

    3

     

    

 

10.
Tax
Liability and Withholding; Grantee Representations.

 

10.1 Grantee
shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to Grantee pursuant
to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action
as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit
Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of
such means:

 

(a) tendering
a cash payment.

 

(b) authorizing
the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to Grantee as
a result of the vesting of the Restricted Stock Units; provided, however, that no shares of Common Stock shall be
withheld with a value exceeding the maximum amount of tax required to be withheld by law.

 

(c) delivering
to the Company previously owned and unencumbered shares of Common Stock.

 

10.2 Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding
(“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains Grantee’s responsibility
and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with
the grant, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (b) does not commit to
structure the Restricted Stock Units to reduce or eliminate Grantee’s liability for Tax-Related Items.

 

10.3 Grantee
hereby represents and warrants to the Company that Grantee has reviewed with his or her own tax advisors the federal, state and
local tax consequences of the transactions contemplated by this Agreement, including the grant by the Company of the Restricted
Stock Units. Grantee is relying solely on such advisors and not on any statements or representation of the Company or any of its
agents. Grantee understands that Grantee will be solely responsible for any tax liability that may result to Grantee as a result
of the transactions contemplated by this Agreement, including the grant by the Company of the Restricted Stock Units. Grantee further
understands that, as to matters involving an interpretation under the Plan, the Board (or an applicable committee thereof) has
complete authority to definitively interpret the Plan, which interpretation shall be final, conclusive and binding upon Grantee.

 

    4

     

    

 

11. Compliance
with Law.

 

11.1 The
issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and Grantee with all applicable requirements
of federal and state securities laws (collectively, the “Securities Laws”) and with all applicable requirements
of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued
or transferred unless and until any then applicable requirements of the Securities Laws and regulatory agencies have been fully
complied with to the satisfaction of the Company and its counsel.

 

11.2 Grantee
acknowledges that the shares of Common Stock to be received upon the vesting of any Restricted Stock Units may not have been registered
under the Securities Act of 1933 or other applicable Securities Laws of any state. If such shares of Common Stock shall have not
been so registered, Grantee acknowledges and understands that the Company is under no obligation to register, under the Securities
Laws, the shares of Common Stock received by Grantee or to assist Grantee in complying with any exemption from such registration
if Grantee should at a later date wish to dispose of the shares of Common Stock. Grantee acknowledges that, if not then registered
under the Securities Laws, any certificates representing the shares of Common Stock shall bear a legend restricting the transferability
thereof in substantially the following form:

 

The shares
represented by this certificate have not been registered or qualified under federal or state securities laws. The shares may not
be offered for sale, sold, pledged or otherwise disposed of unless so registered or qualified, unless an exemption exists or unless
such disposition is not subject to the federal or state securities laws. In its discretion, the Company may require that the availability
of any exemption or the inapplicability of such securities laws be established by an opinion of counsel, the form and substance
of which opinion shall be reasonably satisfactory to the Company.

 

12. Notices.
All notices and other communications required under this Agreement will be in writing and will be deemed to have been duly given
two days after mailing, via certified mail return-receipt requested, to the applicable party at the following addresses:

 

	If to the Company:	GWG Holdings, Inc.
	 	Attention:  Chief Executive Officer and 
	 	Chief Financial Officer
	 	220 South Sixth Street, Suite 1200
	 	Minneapolis, MN 55402
	 	Facsimile:  (612) 746-0445
	 	 
	If to Grantee:	 
	 	 
	 	 
	 	 

 

    5

     

    

 

13.
Dispute Resolution.

 

13.1 The
parties will endeavor to resolve any disputes relating to the Agreement through amicable negotiations. Failing an amicable settlement,
any controversy, claim or dispute arising under or relating to this Agreement, including the existence, validity, interpretation,
performance, termination or breach of this Agreement, will finally be settled by binding arbitration before a single arbitrator
(the “Arbitration Tribunal”) jointly appointed by the parties. The Arbitration Tribunal shall self-administer
the arbitration proceedings using the Commercial Rules of the American Arbitration Association (“AAA”); provided,
however, the AAA shall not be involved in administration of the arbitration. The arbitrator must be a retired judge of a state
or federal court of the United States or a licensed lawyer with at least 15 years of corporate or commercial law experience and
have at least an AV rating by Martindale Hubbell. If the parties cannot agree on an arbitrator, either party may request a court
of competent jurisdiction to appoint an arbitrator, which appointment will be final.

 

13.2
The arbitration will be held in Dallas, Texas. Each party will have discovery rights as provided by the Federal Rules of
Civil Procedure within the limits imposed by the arbitrator; provided, however, that all such discovery will be commenced and concluded
within 45 days of the selection of the arbitrator. It is the intent of the parties that any arbitration will be concluded as quickly
as reasonably practicable. Once commenced, the hearing on the disputed matters will be held four days a week until concluded, with
each hearing date to begin at 9:00 a.m. and to conclude at 5:00 p.m. The arbitrator will use all reasonable efforts to issue the
final written report containing award or awards within a period of five business days after closure of the proceedings. Failure
of the arbitrator to meet the time limits of this Article will not be a basis for challenging the award. The Arbitration Tribunal
will not have the authority to award punitive damages to either party. Each party will bear its own expenses, but the parties will
share equally the expenses of the Arbitration Tribunal. The Arbitration Tribunal shall award attorneys’ fees and other related
costs payable by the losing party to the successful party. This Agreement will be enforceable, and any arbitration award will be
final and non-appealable, and judgment thereon may be entered in any court of competent jurisdiction.

 

14. General
Provisions.

 

14.1 The
Restricted Stock Units are granted pursuant to the Plan and are governed by the terms thereof. The Company shall at all times during
the term of this Agreement reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the
requirements of this Agreement.

 

14.2 Nothing
herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation,
other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

14.3 Each
party agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

14.4 This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same agreement.

 

14.5
This Agreement, in its interpretation and effect, shall be governed by the laws of the State of Delaware applicable to contracts
executed and to be performed therein, and without regard to any of such state’s conflicts-of-law provisions.

 

Signature
page follows.

 

    6

     

    

 

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

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ William Acheson
	 	Name: 	William Acheson
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRANTEE
	 	 	 
	 	By:	 
	 	Name:	 

 

 

7EXHIBIT 4.2

 

FIRST SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE, dated as of July 9, 2019 (this “Supplemental Indenture”), by and between Red Hat, Inc., a Delaware corporation, as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), supplements the Indenture dated October 7, 2014 (the “Indenture”), between the Company and the Trustee.

RECITALS OF THE COMPANY

WHEREAS, pursuant to the Indenture, the Company issued $805,000,000 aggregate principal amount of 0.25% Convertible Senior Notes due 2019 (the “Notes”);

WHEREAS, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 28, 2018, among International Business Machines Corporation, a New York corporation (“IBM”), Socrates Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of IBM (“Sub”), and the Company, Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of IBM (the “Merger”);

WHEREAS, pursuant to the Merger Agreement, at the Effective Time (as defined in the Merger Agreement) (the “Effective Time”), each share of Company Common Stock (as defined in the Merger Agreement) (“Common Stock”) issued and outstanding immediately prior to the Effective Time, other than Canceled Shares, Dissenting Shares and Subsidiary Converted Shares (each as defined in the Merger Agreement), will be converted into the right to receive $190.00 in cash, without interest;

WHEREAS, pursuant to Section 14.07(a) of the Indenture, the Merger constitutes a Share Exchange Event, and the Company and the Trustee are required to enter into a supplemental indenture providing that from and after the Effective Time the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the units of Reference Property;

WHEREAS, pursuant to the terms of the Merger Agreement and Section 14.07(a) of the Indenture, each unit of Reference Property consists of $190.00 in cash;

WHEREAS, Section 10.01(g) of the Indenture provides that the Company and the Trustee may enter into a supplemental indenture, without the notice to or consent of the Holders of any of the Notes at the time outstanding, in connection with any Share Exchange Event to provide that the Notes are convertible into Reference Property, subject to the provisions of Section 14.02 of the Indenture, and to make related changes to the terms of the Notes to the extent expressly required by Section 14.07 of the Indenture;

WHEREAS, the Board of Directors has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture;

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

 

WHEREAS, all conditions precedent provided for in the Indenture relating to the execution of this Supplemental Indenture have been complied with.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders as follows:

ARTICLE I

TERMS

Section 1.01    Definitions.  Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.  In accordance with Section 14.07 of the Indenture and pursuant to the terms of the Merger,

“Daily VWAP” shall mean $190.00;

“Last Reported Sale Price” shall mean $190.00;

“Reference Property” shall mean cash;

“Stock Price” shall mean $190.00; and

“unit of Reference Property” shall mean $190.00 in cash.

ARTICLE II

EFFECT OF MERGER

Section 2.01    Conversion Right.  Pursuant to Section 14.07(a) of the Indenture, from and after the Effective Time, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into a number of units of Reference Property equal to the Conversion Rate as of the date hereof.

ARTICLE III

ACCEPTANCE OF SUPPLEMENTAL INDENTURE

Section 3.01    Trustee’s Acceptance.  The Trustee hereby accepts this Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

ARTICLE IV

MISCELLANEOUS PROVISIONS

Section 4.01          Governing Law; Waiver of Trial by Jury.  THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

2

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 4.02    Benefits of Supplemental Indenture.  Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.

Section 4.03    Execution in Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section 4.04    Ratification of Indenture.  The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein provided.

Section 4.05    The Trustee.  The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.

Section 4.06    Effect on Successors and Assigns.  Notwithstanding Section 17.08 of the Indenture, all agreements of the Company, the Trustee, the Note Registrar, the Paying Agent and the Conversion Agent in this Supplemental Indenture will bind their respective successors.

Section 4.07    Headings, Etc. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

[Signature Pages Follow]

 

3

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

	 	RED HAT, INC.	 
	 	 	 	 	 
	
 

	
By: 

	/s/ Eric R. Shander	 
	 	 	Name: 	Eric R. Shander	 
	 	 	Title: 	
Executive Vice President and Chief Financial Officer

	 
	 	 	 	 	 

 

[Signature Page to Supplemental Indenture]

	 	U.S. BANK NATIONAL ASSOCIATION as Trustee	 
	 	 	 	 	 
	
 

	
By: 

	/s/ Paul Vaden	 
	 	 	Name: 	Paul Vaden	 
	 	 	Title: 	Vice President	 
	 	 	 	 	 

 

 

 

[Signature Page to Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]