Effective March 31, 2022, the Midwest Holding Inc.'s Chief Risk Officer, Eric Del Monaco, resigned as an employee of the Company to spend time with his family and to pursue other interests. In connection with the terms of his Employment Agreement, the Company entered into a Severance Agreement and Release (the “Agreement”) with Mr. Del Monaco. The following is a summary of the material terms of the Agreement and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 10.1 to this Report.

Also on March 31, 2022, Debra Havranek, Principal Accounting Officer, announced her retirement effective June 30, 2022.