Document:

Exhibit 10.1

 

EMERGENT CAPITAL, INC.

5355 Town Center Road

Suite 701

Boca Raton, Florida 33486

 

July 10, 2018

 

SB Holdings, Inc.

Sherman, Clay & Co.

1111 Bayhill Drive, Suite 450

San Bruno, CA 94066

 

Re:                             Project Mozart

 

Ladies and Gentlemen:

 

We refer to the Stock Purchase (the “Agreement”), dated as of January 22, 2018, by and among Emergent Capital, Inc. (“Emergent”), SB Holdings, Inc. (“Holdings”) and Sherman, Clay & Co. (“Company”).  Capitalized terms used and not defined herein shall have their respective meanings set forth in the Agreement.

 

As discussed, this will confirm that Emergent, Holdings and the Company have agreed that (a) the Agreement is hereby terminated by mutual written consent pursuant to Section 7.01 thereof, (b) pursuant to Section 7.04 of the Agreement, the Agreement has become void and has no further effect, and the transactions contemplated thereby are deemed to be abandoned without further action by any party, (c) no party to the Agreement, their respective Subsidiaries or their respective officers, directors, Affiliates, shareholders, agents and employees shall have any further liability or obligation resulting from, arising out of, or incurred in connection with, the Agreement and (d) no Person shall have any rights, remedies or claims against Emergent, Holdings, the Company, their respective Subsidiaries and their respective officers, directors, Affiliates, shareholders, agents and employees resulting from, arising out of, or in connection with the Agreement, in contract, in tort or otherwise, including without limitation rights, remedies or claims resulting from, arising out of, or incurred in connection with Article VIII of the Agreement or the termination of the Agreement.

 

 

This letter agreement may be executed in any number of counterparts, all of which will be one and the same agreement. Transmission of a signed counterpart of this letter agreement by facsimile or other electronic means shall be the equivalent of delivery of a manually executed original.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
EMERGENT CAPITAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Patrick J. Curry
    
	
 
    	
 
    	
Patrick J. Curry
    
	
 
    	
 
    	
Chief Executive Officer
    

 

 

	
SB HOLDINGS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By
    	
/s/ Fred W. Concklin
    	
 
    
	
 
    	
Name:
    	
Fred W. Concklin
    	
 
    
	
 
    	
Title:
    	
President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SHERMAN, CLAY & CO.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By
    	
/s/ Eric Schwartz
    	
 
    
	
 
    	
Name:
    	
Eric Schwartz
    	
 
    
	
 
    	
Title:
    	
Exec. VP
    	
 
    

 

2Exhibit 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 16, 2018

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust 389 (the “Fund”)

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the Fund, consisting of the unit investment trust (the “Trust”) included in
the Registration Statement relating to the Fund. 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 13, 2018, in accordance
with the valuation method set forth in the applicable 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. 333-224602) filed with the Securities and Exchange Commission with respect to the registration of the sale of the
Units of the Trust 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 have issued our
report dated July 16, 2018, with respect to the financial statement of Smart Trust 389 contained in Amendment No. 1 to the Registration
Statement on Form S-6 (File No. 333-224602) and related Prospectus. We consent to the use of the aforementioned report in the Registration
Statement and Prospectus, and to the use of our name as it appears under the caption “Independent Registered Public Accounting
Firm”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

July 16, 2018Exhibit 101 (2019 Employee Bonus Plan)

		
			Exhibit 10.1
		

		
			﻿
		

		
			SIGMATRON INTERNATIONAL, INC.
		

		
			﻿
		

		
			EMPLOYEE BONUS PLAN FOR FISCAL YEAR 2019
		

		
			﻿
		

			
	
			
				 1.
			

			
	
			
			PURPOSE.  The purpose of the Employee Bonus Plan for Fiscal Year 2019 of SigmaTron International, Inc., a Delaware Corporation (the “Company”) is to align stockholder and employee objectives, motivate employees, and increase stockholder value.  

		
			﻿
		

			
	
			
				 2.
			

			
	
			
			DEFINITIONS.  Capitalized terms shall have the meanings ascribed in this Section 2 or as otherwise defined in this Plan:

		
			﻿
		

			
	
			
				 a.
			

			
	
			
			“Award Year” shall mean the Company’s fiscal year to which bonuses under this Plan relate.

			
	
			
				 b.
			

			
	
			
			“Board” shall mean the Board of Directors of the Company.

			
	
			
				 c.
			

			
	
			
			“CEO” shall mean the Chief Executive Officer of the Company.

			
	
			
				 d.
			

			
	
			
			“CFO” shall mean the Chief Financial Officer of the Company.

			
	
			
				 e.
			

			
	
			
			“Committee” shall mean the Compensation Committee of the Company.

			
	
			
				 f.
			

			
	
			
			“Executive Officer” shall mean any employee designated by the Company as an executive officer pursuant to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.   

			
	
			
				 g.
			

			
	
			
			“GAAP” shall mean U.S. Generally Accepted Accounting Principles.

			
	
			
				 h.
			

			
	
			
			“Pre-Tax Income” shall mean income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

			
	
			
				 i.
			

			
	
			
			“Officer” shall mean any full-time Company employee with a corporate ranking of Vice-President or higher who is not designated as an Executive Officer.

			
	
			
				 j.
			

			
	
			
			“Participant” shall mean any U.S. payroll employee, Officer, or Executive Officer, except for employees under a collective bargaining agreement, who are not covered by this Plan.

			
	
			
				 k.
			

			
	
			
			“Plan” shall mean this Employee Bonus Plan for Fiscal Year 2019.

		
			﻿
		

			
	
			
				 3.
			

			
	
			
			ADMINISTRATION.  The Board shall have the power to adopt, modify and revoke such rules for the administration, interpretation and application of the Plan as are consistent therewith.  Except as otherwise directed herein, the Board shall administer and interpret the Plan in accordance with its provisions.

		
			﻿
		

			
	
			
				 4.
			

			
	
			
			TIMING AND ELIGIBILITY REQUIREMENTS FOR BONUS PAYOUTS.

		
			﻿
		

			
	
			
				 a.
			

			
	
			
			Bonuses pursuant to this Plan shall be determined at the end of the Award Year and paid as soon as practicable after the Bonus Pool is calculated and awards under the Plan are approved.  

		
			﻿
		

		 

		

			 

		

		

			 

		

 

			
	
			
				 b.
			

			
	
			
			To be eligible for a bonus pursuant to this Plan, each Participant must be on the Company’s payroll on the last day of the Award Year, absent special circumstances approved by the Board.

		
			﻿
		

		
			﻿
		

			
	
			
				 5.
			

			
	
			
			BONUS POOL; DETERMINATION AND CALCULATION OF BONUS AWARDS.

		
			﻿
		

			
	
			
				 a.
			

			
	
			
			The aggregate bonus pool fund from which bonuses shall be awarded under this Plan (“Bonus Pool”) shall be calculated as a percentage of Pre-Tax Income pursuant to a graduated scale as further stated in Exhibit A attached hereto and incorporated herein.

			
	
			
				 b.
			

			
	
			
			The Committee, in its sole discretion, may recommend to the Board for its approval adjustments to the calculation of Pre-Tax Income.  Any such adjustments to the calculation of Pre-Tax income recommended by the Committee and subsequently approved by the Board will be made no later than the end of the Award Year.

			
	
			
				 c.
			

			
	
			
			As soon as reasonably practicable after approval of the Plan, and during the first quarter of each fiscal year thereafter, the CEO shall identify and submit to the Committee for its recommendation to the Board Award Year target objectives for each Executive Officer (“Target Objectives”).  The CEO’s Target Objectives shall be identified by mutual agreement of the Committee and CEO which the Committee shall then recommend to the Board for approval.  The bonus amount awarded to an Executive Officer shall be based, in part and at the sole discretion of the Board, after receiving the recommendation of the Committee, on such Executive Officer achieving his/her Target Objectives during the Award Year.  

			
	
			
				 d.
			

			
	
			
			During any Award Year, the CEO may recommend to the Committee, the Committee may recommend to the Board and the Board may approve changes to the Target Objectives.

			
	
			
				 e.
			

			
	
			
			As soon as reasonably practicable after the Bonus Pool is calculated, the CEO shall recommend and submit to the Committee for its recommendation to the Board a percentage or dollar allocation of the Bonus Pool for: (1) each Executive Officer and Officer, individually; and (2) all other Participants, in the aggregate.  The total allocation to Participants will in no event be less than 100% of the Bonus Pool.

			
	
			
				 f.
			

			
	
			
			Awards shall be granted and paid to the Participants only upon satisfaction of the following condition:

		
			﻿
		

			
	
			
				 i.
			

			
	
			
			At the end of the Award Year, the Company is in compliance with all covenants under its primary credit facility (currently with U.S Bank National Association), or has obtained a waiver of covenant compliance from the bank.

		
			﻿
		

		 

		

			 

		

		

			 

		

 

			
	
			
				 6.
			

			
	
			
			RESTATEMENT OF FINANCIAL STATEMENTS FOR A FISCAL YEAR TO WHICH A BONUS RELATES.  

		
			﻿
		

			
	
			
				 a.
			

			
	
			
			CLAWBACK.  If the Company is required to restate all or a portion of its financial statements (“Restated Financial Statements”) due to material non-compliance with financial reporting requirements under securities laws for a fiscal year to which bonuses were previously awarded (“Awarded FY”), and the amount of the Bonus Pool for the Awarded FY (“Awarded Bonus Pool”) would have been lower had the financial results been properly reported, the Board shall require reimbursement from each Executive Officer who received a bonus from the Awarded Bonus Pool (“Awarded Bonus”) equal to the difference between the amount of the Awarded Bonus and the bonus that would have been paid if calculated according to the Restated Financial Statements. 

		
			﻿
		

			
	
			
				 b.
			

			
	
			
			CLAWBACK LIMITATIONS.  The clawback provisions of paragraph 6(a) of this Plan shall be limited to 3 years from the date on which the Company is required to prepare the Restated Financial Statements.

		
			﻿
		

			
	
			
				 c.
			

			
	
			
			CLAWBACK NOTICE.  In the event of any such required reimbursement, the Company shall give written notice thereof to each Executive Officer stating the amount of the required reimbursement and the reasons therefor.  Each Executive Officer shall make such reimbursement within 45 days from the date notice is delivered.

		
			﻿
		

			
	
			
				 d.
			

			
	
			
			RESTATED FINANCIAL STATEMENTS RESULTING IN HIGHER BONUS POOL.  If the Company restates all or a portion of its financial statements for an Awarded FY, and the amount of the Awarded Bonus Pool would have been greater had the financial results been properly reported, the Board may add the difference between the amount of the bonus pool calculated according to the Restated Financial Statements and Awarded Bonus Pool to the Bonus Pool for the fiscal year in which the Restated Financial Statements are completed.  Bonus awards pursuant to this subparagraph 6(d) shall be awarded pursuant to paragraph 5 of this Plan. 

		
			﻿
		

			
	
			
				 7.
			

			
	
			
			EMPLOYMENT AND PLAN RIGHTS.  This Plan shall neither be deemed to give any Participant the right to be employed by the Company, nor impair the Company’s right to discharge any Participant at any time, subject to the terms of an employment agreement between a Participant and the Company, if any.

		
			﻿
		

			
	
			
				 8.
			

			
	
			
			AMENDMENT, SUSPENSION OR TERMINATION.  This Plan may be amended, suspended, or terminated, at any time or from time to time, by the Board of Directors.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]