Document:

Exhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

July 9, 2015

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust, Defensive 50 Equities Trust,
Series 4

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for Smart Trust, Defensive 50 Equities Trust, Series 4 set forth above (the “Trust”).
We enclosed a list of the Securities to be deposited in the Trust on the date hereof. The prices indicated therein reflect our
evaluation of such Securities as of close of business on July 8, 2015, in accordance with the valuation method set forth in the
Trust Indenture and Agreement. We consent to the reference to The Bank of New York Mellon as the party performing the evaluations
of the Trust Securities in the Registration Statement (No. 333-204203) filed with the Securities and Exchange Commission with respect
to the registration of the sale of the Trust Units and to the filing of this consent as an exhibit thereto.

 

 

Very truly yours,

 

/s/ GERARDO CIPRIANO________________

Gerardo Cipriano

Vice PresidentExhibit 4.3

 

Consent of Independent Registered
Public Accounting Firm

We consent to the
reference made to our firm under the caption “Independent Registered Public Accounting Firm” in Part B of the Prospectus
and to the use of our report dated July 9, 2015, in this Registration Statement (Form S-6 No. 333-204203) of Smart Trust, Defensive
50 Equities Trust, Series 4.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

July 9, 2015Exhibit
10.8

 

SEPARATION
AGREEMENT AND RELEASE

 

This
Separation Agreement and Release (“Agreement”) is made by and between Paul Price (“Executive”) and Creative
Realities, Inc. (the “Company”), both of whom hereby enter into this Agreement intending to be legally bound and agree
as follows.

 

1.       Background.
The facts set forth in this Section 1 are part of this Agreement.

 

(a)      The
Company ended Executive’s employment as Chief Executive Officer, and terminated the Executive Employment Agreement, as defined
below, effective April 13, 2015 (the “Termination Date”), but agreed to allow Executive’s employment with the
Company to continue until the close of business on Friday, April 17, 2015. Termination was without “Cause” as defined
in the “Executive Employment Agreement” dated effective August 20, 2014, between Executive and the Company. A termination
of the Executive Employment Agreement without Cause entitles Executive to receive certain post-employment pay and benefits if
Executive enters into this Separation Agreement and Release.

 

(b)      Executive
and the Company now desire to fully and finally reach agreement on an amicable separation and resolve any and all disputes between
them on the terms and conditions of this Agreement.

 

(c)      In
accordance with the Executive Employment Agreement, the Company paid or will pay Executive his final annualized “Base Salary,”
as defined in the Executive Employment Agreement, through the Termination Date and through the close of business on Friday, April
17, 2015. The Company has also reimbursed, or will reimburse, Executive for reasonable business expenses that he incurred prior
to the Termination Date, subject to and in the manner provided by current Company expense-reimbursement policy.

 

2.       The
Company’s Obligations. In return for “Executive’s Obligations,” described in Section 3 below, the
Company hereby extends to Executive the following consideration, each and all of which are referred to herein as the “Company’s
Obligations,” as long as Executive signs and dates this Agreement, does not exercise his right to revoke this Agreement
as described in Section 5(c) below, and returns it to the Company on or prior to June 12, 2015.

 

(a)      Severance
Pay. The Company will pay Executive “Severance Pay” in the amount of twelve (12) months of his final annualized
Base Salary (i.e., $400,000). Payments will be gross, less applicable income tax and other legally required withholding and any
deductions that Executive voluntarily authorizes in writing. The Company will pay the Severance Pay as follows: (i) on June 12,
2015, the Company will make a lump-sum payment for 60 days of the Severance Pay (i.e., one-sixth of the total Severance Pay payable
hereunder); (ii) subject to the proviso at the end of this paragraph (a), for the next four months thereafter, the Company will
pay one-third of the total Severance Pay payable hereunder in equal installments on successive regular Company paydays, beginning
on the first such payday after June 12, 2015, and (iii) thereafter, the Company will pay the remaining one-half of Severance Pay
payable hereunder in equal installments over the course of the next successive ten (10) months on successive regular Company paydays,
with such payments ceasing once the full Severance Pay has been paid;

 

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provided,
however, that if Executive obtains employment during or prior to the payment of all Severance Pay under clause (ii) above, then
all then-remaining payments contemplated under such clause (ii) will be delayed by (1) adding such remaining payments to the amounts
payable under clause (iii) above and (2) extending the total number of months during which payments are to be made under clause
(iii) above by the number of payments under clause (ii) that are so delayed. So for example, if Executive obtains employment after
having received two months of regular payments under clause (ii) (aggregating to approximately $66,667), then the remaining approximately
$66,666 of payments to be made under clause (ii) would instead be delayed and added to the payments made under clause (iii) such
that there would be a total of 12 payments made under clause (iii) (in equal installments over the course of 12 months) aggregating
to approximately $266,666.

 

All
payments of Severance Pay will be made via direct deposit to the same account to which the Company has most recently made Base
Salary payments to Executive prior to the Termination Date or in accordance with such other written instructions as Executive
may provide.

 

(b)      COBRA.
If Executive elects to continue to participate in the Company’s group medical insurance program for himself and his eligible
dependents, and Executive continues to pay his current share of the cost of that coverage, the Company will continue to pay its
share of the cost of that coverage through May 31, 2016 or until Executive obtains comparable replacement coverage, whichever
occurs first. Executive understands that he must complete and return to the Company or its insurance administrator the required
paperwork to receive this benefit and that this requirement is his obligation and not an obligation of the Company.

 

(c)      Release
of Claims. The Company hereby fully and finally releases and waives to the maximum extent permitted by applicable law the
following legal and equitable claims against Executive up to the moment that he signs and delivers this Agreement to the Company
(except as described in the proviso at the end of this sentence): (i) all claims the Company has now, whether or not the Company
now knows about or suspects the claims; (ii) all claims for attorney’s fees, costs and disbursements; (iii) all claims arising
from Executive’s employment and the termination of his employment; and (iv) any other claims of any nature or description
that the Company may have against Executive; provided, however, that the Company is not hereby releasing Executive from any claims,
or any rights to sue Executive, relating to (A) the enforcement of this Agreement, or (B) the enforcement of any other written
agreement that Executive and the Company may enter into after the Termination Date, or (C) any claims for fraud or embezzlement.

 

(d)      The
Company will provide Executive with a written draft of the public disclosure the Company intends to release through the SEC’s
EDGAR system (whether on Form 8-K or otherwise) for the purpose of obtaining his comments and suggestions for such disclosure.

 

(e)      The
Company will cause the first one year’s worth of options scheduled for vesting in October 2015 to vest, effective as of
the Termination Date (with all other options thereunder, being unvested as of the Termination Date, terminating as of the Termination
Date), and Executive shall be permitted to exercise such options until the expiration date for exercise provided in the option
award provided to Executive, subject, however, to (i) the condition subsequent that Executive execute and deliver this Agreement
to the Company and fully perform the Executive’s Obligations, as described in Section 3 immediately below, hereunder, and
(ii) the other terms and conditions of the option award, including the relevant terms and conditions of the Company’s 2015
Stock Incentive Plan pursuant to which such option award was issued.

 

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(f)      The
Company will ensure that Executive shall continue to be indemnified against all claims or causes of action that may have arisen
while he was employed by the Company, in accordance with, and subject to, current Company policies and applicable law, and shall
continue to maintain director’s and officer’s liability insurance coverage for Executive with respect to his employment
with the Company.

 

3.       Executive’s
Obligations. In return for the Company’s Obligations described in Section 2 above, Executive hereby extends to the Company
the following consideration, each and all of which are referred to herein as the “Executive’s Obligations.”

 

(a)      Release
of Claims. Executive hereby fully and finally releases and waives to the maximum extent permitted by applicable law the following
legal and equitable claims against the Company up to the moment that he signs and delivers this Agreement to the Company:

 

 (i)      all
claims that Executive has now, whether or not he now knows about or suspects the claims, including securities or common law claims
relating to purchases of securities of the Company, and claims relating to Executive’s share ownership in the Company;

 

 (ii)     all
claims for attorney’s fees, costs and disbursements;

 

 (iii)    all
rights and claims for discrimination, harassment and retaliation under any applicable federal, state or local statute, law, regulation,
or ordinance, including, for example, rights and claims of age discrimination, harassment, and retaliation under the federal Age
Discrimination in Employment Act (“ADEA”), Older Workers Benefit Protection Act (“OWBPA”), and New York
Human Rights Law (“NYHRL”); and discrimination, harassment, and retaliation claims under the Americans with Disabilities
Act, Title VII of the Civil Rights Act of 1964, and the NYHRL;

 

 (iv)    all
claims arising from Executive’s employment and the termination of his employment, including but not limited to breach of
contract, breach of implied contract, breach of the implied covenant of good faith and fair dealing, illegal termination, termination
in violation of public policy, promissory estoppel, wrongful termination, negligence, defamation, retaliation, invasion of privacy,
fraud, and infliction of emotional distress;

 

 (v)     all
claims for any other unlawful employment practices arising out of or relating to Executive’s employment or separation from
employment;

 

 (vi)    all
claims for any other form of pay or compensation that is not provided in this Agreement including, for example, bonus pay and
commission pay; and

 

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 (vii)   all
claims under the Employee Retirement Income Security Act of 1974, as amended.

 

The
money and benefits that Executive is receiving in this Agreement as the Company’s Obligations are full and fair payment
for the release and waiver of the above legal and equitable claims, and they have a value that is greater than anything else to
which he was already entitled if he did not enter into this Agreement.

 

The
Company hereby advises Executive that the above release and waiver does not apply to any claim that may arise under the ADEA after
the date on which he signs and delivers this Agreement to the Company.

 

(b)      Covenant
Not to Sue. Except as provided in the next two paragraphs, Executive will not sue the Company in court as to any matter known,
unknown, suspected, or unsuspected up to the moment that he signed this Agreement.

 

 (i)      Limitations
on Covenant Not to Sue. The Company hereby advises Executive that this promise not to sue does not apply in the following
circumstances: (i) If Executive chooses to exercise his legal right to challenge the validity of this Agreement, he will not be
penalized or have an obligation to notify the Company; (ii) if it is necessary for Executive to sue to enforce the provisions
of this Agreement; and/or (iii) if Executive’s agreement not to sue the Company is invalid under applicable law. Nevertheless,
Executive understands and agrees that he will not be entitled to receive or retain the payments and other benefits that comprise
the Company’s Obligations if this Agreement is deemed to be invalid.

 

 (ii)     Additional
Legal Rights. Executive also understands that, without being penalized or having an obligation to the Company, this Agreement
does not prohibit him from filing an administrative charge of discrimination with, or cooperating or participating in an investigation
or legal proceeding conducted or initiated by, the Equal Employment Opportunity Commission or other federal, state, or local regulatory
or law enforcement agency. If he has filed or files a charge or complaint, he agrees that the money and benefits that he received
in this Agreement as the Company’s Obligations completely satisfy any and all claims in connection with such charge or complaint,
and he is not entitled to any other monetary relief of any kind with respect to the claims that he has released in this Agreement
unless his waiver and release of claims were deemed unlawful or otherwise invalid.

 

For
purposes of the above Release of Claims and Covenant Not to Sue, the “Company” means Creative Realities, Inc., and
all and each of its past and present parents, subsidiaries, and affiliates; and all and each of the respective past and present
representatives, managers, members, governors, agents, officers, directors, employees, committees, insurers, attorneys, indemnitors,
successors and assigns of any and all of the foregoing entities. Also for purposes of this Section 3, “Executive”
means Paul Price, and any person who has or obtains legal rights or claims against the Company through Paul Price.

 

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(c)      Executive
will make himself reasonably available for consultation and assistance to the Company until October 13, 2015 within the meaning
and spirit of Article 6.09 of the Executive Employment Agreement and, to the extent necessary, Executive shall be reimbursed for
any reasonable out-of-pocket expenses incurred in providing such consultation or assistance.

 

(d)      Executive
will communicate with Company customers, employees, vendors or contractors (including but not limited to by email) (each a “Contact”)
regarding his separation from the Company, or in connection with his efforts to transition business or close sales opportunities,
only in collaboration with the Company’s interim Chief Executive Officer, Controller, and senior salespersons (Ms. Warren
and Mr. Hasenzhal); provided, however, that, the foregoing shall not apply with respect to any Contact engaged in by Executive
after he has obtained a new position and such Contact is for the purpose of advising such individuals of his new position and
providing them with his contact information, so long as Executive observes the requirements of Sections 4(a) and 4(h) below.

 

4.       Additional
Agreements and Understandings.

 

(a)      Non-Disparagement.
Article 6.04 of the Executive Employment Agreement is no longer in effect. Executive now agrees that he will not disparage or
make any negative comments about the Company’s technologies, hardware, software, services, or solutions for a period of
12 months after the Termination Date; provided, however, that this obligation does not restrict or prohibit Executive from making
statements to, expressing opinions to, or in any other manner communicating with the Equal Employment Opportunity Commission,
the National Labor Relations Board, or any other federal, state, or local law enforcement or regulatory agency. In return, the
Company’s directors and officers will not disparage Executive or Executive’s skills, ability, experience, or performance
of Executive’s job duties and responsibilities at the Company for a period of 12 months after the Termination Date; provided,
however, that information which a Company director or officer is required to make or disclose regarding Executive to comply with
laws or regulations, or makes in a pleading on the advice of litigation counsel, and information which a Company director or officer
needs to disclose for legitimate business reasons (for example disclosure to the Company’s insurers or business associates)
shall not constitute a disparaging statement.

 

(b)      Resignation
from Positions. Executive confirms that, as of the Termination Date and by virtue of the controlling language in the Executive
Employment Agreement, Executive has resigned from all other positions Executive held as an officer, director or independent contractor
of the Company or any of its subsidiaries or affiliates, unless otherwise agreed by the Company and Executive in writing, and
Executive will execute all documents reasonably requested of him to confirm such resignations.

 

(c)      No
Fault and Non-Admission. The Company does not admit that it is responsible or legally obligated to Executive, and in fact
the Company denies that it is responsible or legally obligated to Executive even though he will receive money and benefits under
this Agreement as the Company’s Obligations for the release and waiver of the above claims.

 

(d)      Surviving
Benefits. Nothing in this Agreement affects Executive’s rights in any benefit plan or program in which he was a participant
while employed by the Company. The terms and conditions of the plans and programs control his and the Company’s rights and
obligations.

 

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(e)      Unemployment
Compensation. If asked to do so, the Company will report to the State the severance payments that it paid in this Agreement
for purposes of calculating Executive’s unemployment compensation benefits, and the Company will respond to any statement
with which it disagrees that Executive makes in support of his claim.

 

(f)      Return
of Property. Executive has returned to the Company all of the property and documents of the Company in any form or media that
were in Executive’s possession or under Executive’s control, including without limitation the following: all property
and documents containing any Confidential Information, computers and computer accessories, iPads, iPhones, BlackBerry devices,
credit cards, security cards and keys, badges, strategic plans, marketing plans, business development plans, operational plans,
financial information, customer lists and information, pricing information, and any and all like-kind information or information
directly or indirectly related to the foregoing, software in any and all formats, designs, drawings, specifications, any and all
other know-how, techniques, documentation, diagrams, flow charts or similar information pertaining to its technologies, hardware,
software, services, or solutions, and any and all copies, descriptions and summaries of the foregoing, whether created by Executive
or the Company. Executive hereby represents that he has not retained any copies or duplicates of the foregoing, nor has Executive
downloaded any of the Company’s documents, files or other information from the hard-drive of any computer pertaining to
the foregoing, except to the extent necessary in the performance of his duties. Notwithstanding the foregoing, once Executive
shall have returned his Company issued iPad and laptop and the Company shall have ensured that all Company software, documentation,
and Confidential Information has been removed therefrom, the Company will return such iPad and laptop to Executive for him to
keep.

 

(g)      Confidentiality.
Executive will keep the financial terms of this Agreement confidential and make no disclosures to any other parties except as
follows: (1) he may disclose the financial terms to his spouse, attorney, tax accountant, and financial planner; and (2) he may
disclose the financial terms if required by law to do so. This provision does not prohibit Executive from filing an administrative
charge of discrimination with, or cooperating or participating in an investigation or legal proceeding conducted or initiated
by, the Equal Employment Opportunity Commission or other federal, state, or local regulatory or law enforcement agency.

 

(h)      Affirmation
of Post-Employment Obligations in the Executive Employment Agreement. Executive hereby affirms that his post-employment obligations
in the Executive Employment Agreement, including but not limited to those in Article 8 (nondisclosure and inventions) and Article
9 (non-competition, non-interference and non-solicitation), survive the termination of Executive’s employment and remain
in full force and effect, and Executive further affirms that he will comply with these and all related post-employment obligations.
Any other provisions of the Executive Employment Agreement that by their terms contemplate or require performance or compliance
after the Termination Date also remain in full force and effect.

 

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5.       Legal
Rights.

 

(a)      Right
to Counsel. This is a legal document. The Company hereby advises Executive to consult with an attorney prior to signing
this Agreement.

 

(b)      Right
to Consider Agreement. Executive understands that he has 21 days to consider this Agreement, including his waiver of rights
and claims of age discrimination, harassment, and retaliation under the ADEA and OWBPA, beginning on the date Executive receives
this Agreement.

 

(c)      Right
to Revoke. If Executive signs this Agreement, then for a period of seven days following the day on which he signed it, he
understands that he will then be entitled to revoke this Agreement, and this Agreement will not become effective or enforceable
until the seven-day period has expired.

 

Executive
understands that if he exercises his right to revoke as provided above, this Agreement will be cancelled. Executive’s employment
will still end on the Termination Date, and he will not receive any the Company’s Obligations or, or, to the extent that
he may have earlier received, he will not be entitled to retain them.

 

6.       Representations
of the Company. The Company hereby represents and warrants to Executive that, by virtue of applicable state law, he will remain
entitled to corporate indemnity after the Termination Date for acts and omissions during his service as a director and the Company’s
Chief Executive Officer, subject, however, to the state law limitations on such indemnity (e.g., acts undertaken in bad faith,
etc.). The Company further represents and warrants that his acts and omissions during his service as a director and the Company’s
Chief Executive Officer will remain covered under the Company’s current director and officer liability insurance policy.

 

7.       Governing
Law and Venue. The parties agree that this Agreement shall be interpreted, construed, governed and enforced under and pursuant
to the laws of the State of New York without regarding to such state’s conflicts-of-law principles. Executive irrevocably
consents to the exclusive jurisdiction of courts in New York for the purposes of any action arising out of or related to his employment,
or any actions for temporary, preliminary, and permanent equitable relief.

 

8.       Binding
Effect. This Agreement will bind and benefit Executive and anyone who has or claims any legal rights through him.

 

9.       Assigns.
Executive may not assign his rights in this Agreement.

 

10.     Entire
Agreement. No modification or amendment of this Agreement will be binding unless executed in writing by both parties. This
Agreement, and the surviving provisions of the Executive Employment Agreement as described in Section 4(h) above, constitute the
entire understanding between Executive and the Company, and supersede all prior discussions, representations, agreements, guidelines
and/or negotiations between them with respect to the matters herein.

 

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11.     Knowing,
Voluntary Agreement. Executive read this Agreement carefully and understands all of its terms. He has had the opportunity
to discuss this Agreement with his own attorney prior to signing it, and enters into this Agreement voluntarily without any pressure
or coercion from the Company. Nobody coerced Executive to agree to sign this Agreement. In signing this Agreement, Executive has
not relied on any statements by the Company, its employees, or attorneys, other than the Company’s Obligations in this Agreement.

 

	Date	April
    24, 2015	/s/
    Paul Price
	 	 	Paul
    Price

 

	Date	May
    5, 2015	Creative
    Realities, Inc.
	 	 	 	 
	 	 	By	/s/
    John Walpcuk
	 	 	 	 
	 	 	Its	interim
    Chief Executive Officer

 

 

 

8

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