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

 

 

 

November 29, 2017

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust 354

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the series of Smart Trust 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 November 28, 2017, in accordance with the valuation method set forth in the Standard Terms
and Conditions of Trust and Trust 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. 333-220275) 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 November 29, 2017, in this Registration Statement (Form S-6 No. 333-220275) of Smart Trust 354,
comprising Smart Trust, High 20 Dividend Strategy Trust, Series 18.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

November 29, 2017EX-10.9

 Exhibit 10.9 
  

 
 CASH-BASED INCENTIVE COMPENSATION PLAN 

FISCAL YEAR 2018 

OFFICERS AND SELECTED EXECUTIVES 

LEVEL 7 
  

	I.	PURPOSE 

 The purpose of this cash-based incentive compensation plan (the
“Plan”) is to define a mechanism for stimulating and rewarding the achievement of business goals by eligible employees, as proposed by the Compensation Committee of the Board of Directors of the Company (the “Board”) and agreed
by the Board. 
  

	II.	SCOPE 

 This Plan includes elected officers and certain other executives (collectively
“Executives”) of Meridian Bioscience, Inc. and its subsidiaries (the “Company”). 
  

	III.	ELIGIBILITY REQUIREMENTS 

 Eligibility for participation in this Plan is limited to
elected officers and the executives of the Company as determined in the sole discretion of the Compensation Committee of the Board (the “Participants”). 
  

	 	1.	Executives hired after March 31, 2018 will be eligible to receive a bonus only if designated as eligible by the Compensation Committee. 

 

	 	2.	Executives hired after October 1, 2017 but before March 31, 2018 are eligible for a pro-rated bonus. 

 

	 	3.	Executives who terminate before September 30, 2018 for any reason are not eligible for a bonus unless the Compensation Committee approves eligibility prior to termination and subject to the terms of any applicable
Change in Control Agreement executed with the terminating executive. 

	IV.	PERFORMANCE TARGETS AND PAYOUT PERCENTAGES 

 The Plan consists of two performance
targets: consolidated Net Revenues and non GAAP Net Earnings with 50% weighting assigned to each of the targets. The Plan is designed to payout 25% of base salary at target. The Compensation Committee may not increase compensation payable under this
Plan in excess of amounts provided herein. As soon as practicable after the Compensation Committee determines the targets have been met, each Participant shall receive a cash lump sum payment of the bonus, less required withholding. In no event
shall payment be made later than two and one-half (2  1⁄2) months following the date the Compensation Committee
determines the targets have been met; provided ̧ however, the Participant may make the deferral election described in Section VI. Except as otherwise permitted in Section III, no bonus shall be paid to any Participant who is not actively
employed by the Company on the date the bonus is paid. 
  

																	
	Net Revenue Targets and Payout Percentages	 
	 Net Revenues
	  	Achievement
Factor	 	 	Target
Bonus	 	 	Net
Revenue
Weighting	 	 	Payout
%	 
	 $***** to $*****
	  	 	50	% 	 	 	25	% 	 	 	50	% 	 	 	6.25	% 
	 $***** to $*****
	  	 	100	% 	 	 	25	% 	 	 	50	% 	 	 	12.5	% 
	 >$*****
	  	 	150	% 	 	 	25	% 	 	 	50	% 	 	 	18.75	% 
	
	Non GAAP Net Earnings Targets and Payout Percentages	 
	 Net Earnings
	  	Achievement
Factor	 	 	Target
Bonus	 	 	Non
GAAP Net
Earnings
Weighting	 	 	Payout
%	 
	 $***** to $*****
	  	 	50	% 	 	 	25	% 	 	 	50	% 	 	 	6.25	% 
	 $***** to $*****
	  	 	100	% 	 	 	25	% 	 	 	50	% 	 	 	12.5	% 
	 >$*****
	  	 	150	% 	 	 	25	% 	 	 	50	% 	 	 	18.75	% 

	V.	NON GAAP MEASUREMENT 

 Non GAAP items shall consist of items disclosed in the
Company’s Non GAAP Financial Measures disclosures in the fiscal 2018 Form 10-K. 
 In the event
of an acquisition during the Plan year, to the extent not already captured in the non GAAP disclosures noted above, the Board, upon the proposal of the Compensation Committee, may in its discretion consider restructuring, purchase accounting and
extraordinary charges associated with such acquisitions as disclosed in the Company’s Form 10-K to be considered in the calculation of non GAAP earnings. If the acquisition provides accretive earnings,
the Board may, in its discretion, include for purposes of bonus calculations as a means to incent management to pursue accretive acquisitions and in recognition of the significant time and effort necessary to complete such acquisitions. Upon the
completion of acquisitions, interest income assumed in the fiscal plan will be adjusted to reflect the cash used. 
 The Compensation
Committee shall evaluate certain events, in its discretion, for determination of treatment in the bonus calculation. Examples include the impact of tax legislation and the impact of implementing new accounting standards. 

 

	VI.	DEFERRAL OF BONUS PAYMENT 

 Executives may elect to defer payment of bonus to no later
than January 15, 2019. Such election must be made in writing prior to March 31, 2018. 
  

	VII.	GENERAL PROVISIONS 

  

	 	1.	The Plan is subject to all applicable federal and state laws, rules and regulations as may be required. 

  

	 	2.	A Participant’s rights and interests under the Plan may not be assigned, pledged or transferred. 

  

	 	3.	Nothing in the Plan shall confer upon any Participant the right to continue in the employment of the Company or affect the right of the Company to terminate the employment of any Participant. 

 

	 	4.	The Company shall have the right to withhold from any bonus payment any federal, state or local and/or payroll taxes required by law to be withheld and to take such other action as the Compensation Committee deems
advisable to enable the Company and Participant to satisfy obligations for the payment of withholding taxes and other tax obligations relating to a bonus. 

  

	 	5.	It is intended that payments under the Plan qualify as short-term deferrals exempt from the requirements of Section 409A of the Code.EX-10.10

 EXHIBIT 10.10 

MERIDIAN BIOSCIENCE, INC. 

2012 STOCK INCENTIVE PLAN 

RESTRICTED SHARE UNIT AWARD AGREEMENT 

TIME-BASED (U.S. EMPLOYEES) 
 Summary of
Restricted Share Unit Award Grant 
 Meridian Bioscience, Inc., an Ohio corporation (the “Company”), grants to the Grantee
named below, in accordance with the terms of the Meridian Bioscience, Inc. 2012 Stock Incentive Plan (the “Plan”) and this Restricted Share Unit Award Agreement (the “Agreement”), the following number of Restricted Share Units of
the Company (the “Restricted Units”), on the Grant Date set forth below: 
  

			
	Name of Grantee:	 	                                     
                                   
		
	Number of Units:	 	                                    

		
	Grant Date:	 	November 8, 2017
		
	Vesting Date:	 	November 15, 2021

 Terms of Agreement 

1.    Grant of Restricted Share Unit Awards. Subject to and upon the terms, conditions, and restrictions set
forth in this Agreement and in the Plan, the Company hereby grants to the Grantee as of the Grant Date, the total number of Restricted Units set forth above. The Restricted Units shall be credited in a book entry account established for the Grantee
until payment in accordance with Section 4 hereof. 
 2.    Vesting of Restricted Units. 

(a)    Except as otherwise provided in this Agreement, this grant of Restricted Units shall vest in full on the Vesting
Date above. Prior to the Vesting Date, no portion of the award is vested, except as otherwise provided in Section 2(b) or (c). 

(b)    All of the Restricted Units shall vest in full prior to the Vesting Date upon the occurrence of any of the
following: (i) the Grantee dies while in the employ of the Company; (ii) the Grantee satisfies the requirements for Retirement, including separation from employment with the Company; (iii) the Grantee has a Disability; or
(iv) there is a Change in Control event described in Section 2(g) of the Plan. 
 (c)    The Committee may, in
its sole discretion, accelerate the time at which the Restricted Units become vested and non-forfeitable to a time other than the Vesting Date as provided in Section 2(a) or to a time other than provided
in Section (2)(b)(i), (ii), (iii) or (iv) on such terms and conditions as it deems appropriate in accordance with the terms and conditions of the Plan, provided such acceleration does not result in an impermissible acceleration of payments
under Section 409A of the Code. 

 3.    Forfeiture of Restricted Units. 

(a)    The Restricted Units that have not yet vested pursuant to Section 2 shall be forfeited automatically without
further action or notice if the Grantee ceases to be employed by the Company other than as provided in Section 2(b) or (c) hereof. 

(b)    The Grantee hereby acknowledges that in order for the Restricted Units to vest, Grantee must, prior to the first
Vesting Date identified on the first page hereof under “Summary of Restricted Share Unit Award Grant”, (i) accept the Restricted Units online or by telephone in accordance with the procedures established by the Company and Merrill Lynch,
and; (ii) open a Merrill Lynch brokerage account through the system maintained on behalf of the Company. If the Grantee has not completed both of the tasks prior to the first Vesting Date identified on the first page hereof under “Summary
of Restricted Share Unit Award Grant”, the Restricted Units shall be forfeited as of such date. 

4.    Payment. 

(a)    Except as otherwise provided in this Agreement, the Company shall deliver to the Grantee one share of its common
stock (“Share”) for each vested Restricted Unit within thirty (30) days following the earlier of: 

(i)    the Vesting Date identified on the first page hereof under “Summary of Restricted Share Unit Award
Grant”; 
 (ii)    the date of the Grantee’s death; (iii) the date of the Grantee’s Disability, provided
such Disability also constitutes a “disability” within the meaning of Section 409A of the Code with respect to a Grantee whose Restricted Units are subject to Section 409A of the Code; 

(iii)    the date of Grantee’s termination of employment with the Company as a result of Retirement or a Change in
Control event described in Section 2(g)(i) or (ii) of the Plan, provided such termination of employment also constitutes a “separation from service” within the meaning of Section 409A of the Code with respect to a Grantee
whose Restricted Units are subject to Section 409A of the Code; or 
 (iv)    the date of an event described in
Section 2(g)(iii) or (iv) of the Plan, provided such event also constitutes a “change in control event” within the meaning of Section 409A of the Code with respect to a Grantee whose Restricted Units are subject to
Section 409A of the Code. 
 If the Grantee is a “specified employee” within the meaning of Section 409A of the Code on the date of the
Grantee’s separation from service and the Grantee’s Restricted Units are subject to Section 409A of the Code, then payment under (iv) above shall be made on the first day of the seventh month following the Grantee’s
separation from service, or, if earlier, the date of the Grantee’s death. 
 (b)    The Company’s obligations
with respect to the Restricted Units shall be satisfied in full upon the delivery of its Shares pursuant to Section 4(a) herein. 

5.    Transferability. The Restricted Units may not be transferred and shall not be subject in any manner to
assignment, alienation, pledge, encumbrance or charge, until all restrictions are removed or have expired, unless otherwise provided under the Plan. Any purported Transfer or encumbrance in violation of the provisions of this Section 5 shall be
void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Units. 

  
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 6.    Voting and Other Rights. The Grantee will not have any
rights of a shareholder of the Company with respect to the Restricted Units until the delivery of the underlying Shares. The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to
deliver Shares in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement. 

7.    Dividend Equivalent Payment Rights. The Grantee shall possess dividend equivalent payment rights with
respect to the Restricted Units granted pursuant to this Agreement as of the Grant Date. Any dividend equivalent payment on the Restricted Units shall be based on the number of Restricted Units credited to the Grantee as of the dividend record date
and such credited dividend equivalent payment amount shall be paid in accordance with quarterly dividend declarations by the Board of Directors on the Company’s common stock. 

8.    Continuous Employment. Unless otherwise specified by the Plan, for purposes of this Agreement, the
continuous employment of the Grantee with the Company shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company, by reason of the transfer of his employment among the Company or
a leave of absence approved by the Committee. 
 9.    No Employment Contract. Nothing contained in this
Agreement shall confer upon the Grantee any right with respect to continuance of employment by the Company, nor limit or affect in any manner the right of the Company to terminate the employment or adjust the compensation of the Grantee. 

10.    Relation to Other Benefits. Any economic or other benefit to the Grantee under this Agreement or the
Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company and shall not affect the amount of any life
insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company.  

11.    Taxes and Withholding. To the extent that the Company is required to withhold any federal, state,
local, foreign or other tax in connection with the Restricted Units or dividend equivalent payments thereon pursuant to this Agreement, it shall be a condition to earning the award that the Grantee make arrangements satisfactory to the Company for
payment of such taxes required to be withheld. With respect to payments under Section 4 herein, the Committee may, in its sole discretion, require the Grantee to satisfy such required withholding obligation by surrendering to the Company a
portion of the Shares earned by the Grantee hereunder, and the Shares so surrendered by the Grantee shall be credited against any such withholding obligation at the Fair Market Value of such Shares on the date of surrender. 

12.    Adjustments. The number and kind of Shares deliverable pursuant to a Restricted Unit are subject to
adjustment as provided in Section 8 of the Plan.  
 13.    Compliance with Law.
While the Company shall make reasonable efforts to comply with all applicable federal and state securities laws and listing requirements with respect to the Restricted Units or Shares that may be delivered pursuant to Section 4 herein, the
Company shall not be obligated to deliver any Restricted Units or Shares pursuant to this Agreement if the delivery thereof would result in a violation of any such law or listing requirement. 

14.    Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement upon written
notice to the Grantee. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, no amendment of the Plan or this Agreement shall adversely
affect the rights of the Grantee under this Agreement without the Grantee’s consent unless the Committee determines, in good faith, that such amendment is required for the Agreement to either be exempt from the application of, or comply with,
the requirements of Section 409A of the Code, or as otherwise may be provided in the Plan. 

  
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 15.    Section 409A of the Code. It is intended that the
Restricted Units shall be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The terms of this Agreement shall be construed, administered, and governed in a manner that effects such intent, and the
Committee shall not take any action that would be inconsistent with such intent. Without limiting the foregoing, the Restricted Units shall not be deferred, accelerated, extended, paid out, settled, adjusted, substituted, exchanged or modified in a
manner that would cause the award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A of the Code or otherwise would subject the Grantee to the additional tax imposed under Section 409A of the
Code. 
 16.    Severability. In the event that one or more of the provisions of this Agreement shall be
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

 17.    Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. This
Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in respect
thereto. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern except with respect to Section 2(a) of this Agreement. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Plan. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise in connection with the
grant of the Restricted Units. 
 18.    Successors and Assigns. Without limiting Section 5, the
provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company. 

19.    No Advice Regarding Award. The Company is not providing any tax, legal or financial
advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan or the acquisition or sale of the underlying securities. The Grantee is hereby advised to consult with the Grantee’s personal tax,
legal or financial advisors regarding the decision to participate in the Plan before taking any action related to the Plan. 

20.    Governing Law. 

(a)    The interpretation, performance, and enforcement of this Agreement, including tort claims, shall be governed by the
laws of the State of Ohio, without giving effect to the principles of conflict of laws thereof. 
 (b)    Any party
bringing a legal action or proceeding against another party arising out of or relating to this Agreement may bring the legal action or proceeding only in the United States District Court for the Southern District of Ohio and any of the courts of the
State of Ohio, in each case sitting in Cincinnati, Ohio. 
 (c)    Each of the Company and the Grantee waives, to the
fullest extent permitted by law, (i) any objection which it may now or later have to the laying of venue of any legal action or proceeding arising out of or relating to this Agreement brought in any court of the State of Ohio sitting in
Cincinnati, Ohio or the United States District Court for the Southern District of Ohio sitting in Cincinnati, Ohio, including, without limitation, a motion to dismiss on the grounds of forum non conveniens or lack of subject matter
jurisdiction; and (ii) any claim that any action or proceeding brought in any such court has been brought in an inconvenient forum. 

  
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 (d)    Each of the Company and the Grantee submits to the exclusive
jurisdiction (both personal and subject matter) of (i) the United States District Court for the Southern District of Ohio sitting in Cincinnati, Ohio and its appellate courts, and (ii) any court of the State of Ohio sitting in Cincinnati,
Ohio and its appellate courts, for the purposes of all legal actions and proceedings arising out of or related to this Agreement. 

21.    Language. If the Grantee receives this Agreement or any other document related to the Plan translated
into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

22.    Electronic Delivery. The Grantee hereby consents and agrees to electronic delivery of any documents
that the Company may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in
connection with this and any other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the Secretary of the Company, this consent shall be effective for the duration
of the Agreement. The Grantee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all materials referred to above at no charge. The Grantee hereby consents to any and all
procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and
shall have the same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the
Plan. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the
Grantee has also executed this Agreement, as of the Grant Date. 
  

			
	MERIDIAN BIOSCIENCE, INC.
		
	By:	 	  

	Name:	 	Bryan T. Baldasare
	Title:	 	Vice President, Corporate Controller and Treasurer

  
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