Document:

Document

Exhibit 10.2

Mary Beech

January 4th, 2022

Dear Mary:

It is my pleasure to confirm your employment with Scholastic Corporation as Chief Marketing and Transformation Officer, reporting to me. You will receive a base salary at the rate of $725,000 per annum, which will be paid to you on a bi-weekly basis. Your start date is  January 1, 2022.

We will recommend to the compensation committee of our Board of Directors that you receive annual equity incentive grants under the Scholastic Corporation 2021 Stock Incentive Plan with a value of $500,000 per year in 2022, 2023 and 2024. The grant dates are expected to be in March 2022, September 2023,September 2024 and such value to be paid 60% in restricted stock units and 40% in stock options. The number of stock options granted will be determined based on the Black Scholes model of calculating the fair value of a stock option on the date of each grant, and the number of restricted stock units awarded will be determined by using the fair market value of the Scholastic common stock on the date of each grant. These grants will vest in three equal annual installments over three years, with the first installment vesting on the first anniversary of the date of the applicable grant.  You will continue to be eligible for long term equity incentives thereafter. Your performance and salary will also be reviewed annually, starting in October 2022 during our common merit review process.

You will be eligible to participate in our Scholastic Short Term Incentive Plan (STIP) with a bonus target percentage of 50% of your base salary. The bonus opportunity is based on corporate and divisional performance each fiscal year (June 1- May 31) and will be prorated to reflect the actual term of employment during the first fiscal year. You must be an active employee of Scholastic in order to receive payment. You will receive a one-time sign-on bonus of $200,000, which will be paid to you when you join the company.  

You will receive four weeks of vacation annually.

Your medical coverage, life insurance and 401(k) benefits will commence the day you begin work, provided you enroll within the first 31 days of employment. Scholastic is committed to helping our employees and their families lead healthy, productive lives. Our benefits packages and wellness programs help our employees succeed at work and at home. We offer an array of flexible plans with options that allow employees to select the plan most appropriate for them. Following your acceptance of this offer, l will arrange for someone to provide initial orientation in New York and introduce you to our benefits programs and how 
to enroll, as well as to take you through the payroll and other forms and policies which will need to be accomplished in order for your paycheck to be processed.

In addition, please return to me a scanned copy of this offer letter, signed by you, along with valid identification  (i.e., social security card and driver's license or passport, visa or green card) as proof of employment eligibility, which will also be required as part of the onboarding process. 

Employment at Scholastic is at the will of the Company and/or you and as such this letter does not create a contract of permanent employment. If you have any other questions, please do not hesitate to contact me.

And finally, welcome to Scholastic! I am both pleased and excited by your joining the Company and am confident that you will make a significant contribution to Scholastic's success and will play an important role within our Company. I am looking forward to working with  you.

Sincerely,

/s/ Peter Warwick                    
Peter Warwick
President and Chief Executive Officer

/s/ Mary Beech                    January 4, 2022
Mary BeechDocument

Exhibit 10.3

M E M O R A N D U M

TO: Rose Else-Mitchell
    
FROM: Peter Warwick

DATE: January 20, 2022
    
SUBJECT: Three Year Supplemental Incentive Plan Agreement

At its December 2021 meeting, the Human Resources Compensation Committee (“HRCC”) of the Scholastic Board of Directors, approved a Three Year Supplemental Incentive Plan as a bridge between your current annual bonus target of 50% and your prior annual bonus target of 75%. The plan is effective for FY 2022, FY2023 and FY 2024. This plan will be curtailed if, during this period, the Corporate Bonus Plan (“STIP”) is replaced with a scheme that pays out 75% or more of salary of your salary at target.  

Three Year Supplemental Incentive Plan:

The Supplemental Incentive Plan will be funded based on the metrics and goals set each year. The financial metrics for year one will be set on the basis of FY2022 Forecast 2 and for years two and three on the basis of the final budget for FY 2023 and FY 2024.  

YEAR 1 Metrics and Bonus Payout:

•Metric 1 - 50% Revenue growth of Education Solutions – FY2022 Budget revenue (target) F2 forecast is $356M.
•The Bonus payout for performance above the revenue threshold up to the maximum revenue target, the bonus payout will be determined proportionately. 

						
	Supplemental Bonus $	Revenue Target ($M)
	Threshold	$314m
	$15.0k	$324m
	$30.0k	$334m
	$50.0k	$344m
	$75.0k	$354m
	$110.0k Cap	$364m

•Metric 2 - Operational Execution Components – A bonus will be paid for each component if achieved  (all-or-nothing payout)

						
	Operational Execution Components	Bonus $
	Florida New Worlds Reading Initiative is profitable in FY 2022	$25k
	Florida New Worlds Reading Initiative produces $1m operating profit in FY 2022	$50k
	Achieve digital subscription revenues of $18,773,674	$25k
	Achieve targeted Divisional SKU reduction by end FY2022	$25k
	Maximum bonus	$125k

•The maximum combined bonus payout for FY2022 is $235,000. 

YEAR 1 Pay Date:

This Plan will pay out annually after the results for each fiscal year are finalized. The bonus pay date for the FY2022 bonus will be the pay date on or before August 15, 2022. 

By: /s/ Peter Warwick                                Date: February 8, 2022
       Peter Warwick, Chief Executive Officer and President

By signing below, you indicate your agreement with the terms.

AGREED TO AND ACCEPTED:

By:  /s/ Rosamund Else-Mitchell                        Date: February 8, 2022
       Rosamund Else-Mitchell, President Education Solutions
-1-Exhibit 4.1

 

  

THE
BANK OF NEW YORK MELLON

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

   

 

 

240
Greenwich Street, 22W Floor, New York, NY 10286

  

 

 

March
18, 2022

 

 

Hennion & Walsh, Inc. 

2001
Route 46, Waterview Plaza 

Parsippany,
New Jersey 07054

 

SmartTrust
558 (the “Fund”)

 

 

 

Dear
Sirs:

 

The
Bank of New York Mellon is acting as trustee for the Fund, consisting of the unit investment trusts (the “Trusts”)
included in the Registration Statement relating to the Fund. We enclosed a list of the securities to be deposited in the Trusts
on the date hereof. The prices indicated therein reflect our evaluation of such securities as of close of business on March 17,
2022, in accordance with the valuation method set forth in the applicable Standard Terms and Conditions of Trust and Trust Agreements.
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. 333-261717) filed with the Securities and Exchange Commission with respect to the registration
of the sale of the Units of the Trusts 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 March 18, 2022, with respect to the financial statement of SmartTrust 558 contained in Amendment
No. 1 to the Registration Statement on Form S-6 (File No. 333-261717) 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 

March
18, 2022Exhibit 10.1

 

PROMISSORY NOTE

 

Dated: December 10, 2021

 

FOR VALUE
RECEIVED, and intending to be legally bound, Aspen-1 Acquisition Inc., a Delaware corporation (the “Maker”), with
an address at 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431, hereby unconditionally and irrevocably promises to pay to the order
of Mark Tompkins, an individual (the “Payee”) with an address at Apt. 1, Via Guidino 23, 6900 Lugano, Paradiso, Switzerland,
in lawful money of the United States of America, the sum of any and all amounts that the Payee may advance to the Maker or any other third
parties on behalf of the Maker as set forth on Schedule A attached hereto, which may be amended from time to time as funds are
advanced (the “Principal Amount”) on or before the date (the “Maturity Date”) that the Maker (or
a wholly owned subsidiary of the Maker) consummates a business combination with a private company in a reverse merger or reverse takeover
transaction or other transaction after which the Maker would cease to be a shell company (as defined in Rule 12b-2 under the Securities
Exchange Act of 1934, as amended) (“Transaction”). In the event a Transaction is consummated, the proceeds received
by the Maker or a subsidiary of the Maker shall first be used to repay the entire outstanding unpaid Principal Amount and then any accrued
unpaid interest on this Note.

 

Interest shall not
accrue on the outstanding Principal Amount of this Promissory Note unless as set forth below in the event of an Event of Default (as defined
below). This Promissory Note may be prepaid in whole or in part at any time or from time to time prior to the Maturity Date.

 

For purposes of this
Promissory Note, an “Event of Default” shall occur if the Maker shall: (i) fail to pay the entire Principal Amount
of this Promissory Note when due and payable, (ii) admit in writing its inability to pay any of its monetary obligations under this Promissory
Note, (iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow any proceeding to be instituted by or
against it seeking relief from or by creditors, including, without limitation, any bankruptcy proceedings.

 

In the event that
an Event of Default has occurred, the Payee or any other holder of this Promissory Note may, by notice to the Maker, declare this entire
Promissory Note to be forthwith immediately due and payable, without presentment, demand, protest or further notice of any kind, all of
which are hereby expressly waived by the Maker. In the event that an Event of Default consisting of a voluntary or involuntary bankruptcy
filing has occurred, then this entire Promissory Note shall automatically become due and payable without any notice or other action by
Payee. Commencing five days after the occurrence of any Event of Default, interest shall accrue on the outstanding Principal Amount of
this Promissory Note and any other amounts payable hereunder (including costs of collection) at the rate of eighteen percent (18%) per
annum on the basis of a 360-day year.

 

The non-exercise
or delay by the Payee or any other holder of this Promissory Note of any of its rights hereunder in any particular instance shall not
constitute a waiver thereof in that or any subsequent instance. No waiver of any right shall be effective unless in writing signed by
the Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any right on any other occasion.

 

     

     

    

 

Should any part of
the indebtedness evidenced hereby be collected by law or through an attorney-at-law, the Payee or any other holder of this Promissory
Note shall, if permitted by applicable law, be entitled to collect from the Maker all reasonable costs of collection, including, without
limitation, attorneys’ fees.

 

All notices and other
communications must be in writing to the address of the party set forth in the first paragraph hereof and shall be deemed to have been
received when delivered personally (which shall include via an overnight courier service) or, if mailed, three (3) business days after
having been mailed by registered or certified mail, return receipt requested, postage prepaid. The parties may designate by notice to
each other any new address for the purpose of this Promissory Note.

 

Maker hereby forever
waives presentment, demand, presentment for payment, protest, notice of protest, and notice of dishonor of this Promissory Note and all
other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Promissory Note.

 

This Promissory Note
shall be binding upon the successors and assigns of the Maker, and shall be binding upon, and inure to the benefit of, the successors
and assigns of the Payee.

 

This Promissory Note
shall be governed by and construed in accordance with the internal laws of the State of Delaware.

 

[The remainder
of this page has been intentionally left blank.]

 

    2

     

    

 

IN WITNESS WHEREOF,
the undersigned Maker has executed this Promissory Note as of the date first written above.

 

	 	MAKER:
	 	 	 
	 	ASPEN-1 ACQUISITION INC. 
	 	 	 
	 	By:	/s/ Ian Jacobs
	 	 	Ian Jacobs
	 	 	President

 

    3

     

    

 

Schedule A

 

(as of December 10,
2021)

 

	 	 	Amount	 	 	Date of
 Advance
	 	 	 	 	 	 
	Advanced	 	$	10,000	 	 	December 10, 2021
	 	 	 	 	 	 	 
	Aggregate Principal Amount	 	$	10,000	 	 	 

 

 

4

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