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 27, 2019

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

SmartTrust 454 (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 November 26, 2019, 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. 333-233546) 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 November 27, 2019, with respect to the financial statement of SmartTrust 454 contained in Amendment No. 1 to the Registration
Statement on Form S-6 (File No. 333-233546) 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

November 27, 2019Exhibit 10.1

 

AMENDMENT

TO THE

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Amendment No. 1 (this “Amendment”),
dated as of November 27, 2019, to the Investment Management Trust Agreement (as defined below) is made by and between Trident Acquisitions
Corp. (the “Company”) and Continental Stock Transfer & Trust Company, as trustee (“Trustee”). All terms
used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

 

WHEREAS, the Company and the Trustee
entered into an Investment Management Trust Agreement dated as of May 29, 2018 (the “Trust Agreement”);

 

WHEREAS, Section 1(i) of the Trust
Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;

 

WHEREAS, at an annual meeting of stockholders
of the Company held on November 26, 2019, the Company stockholders approved (i) a proposal to amend (the “Charter Amendment”)
the Company’s amended and restated certificate of incorporation to provide that the date by which the Company shall be required
to effect a Business Combination to be extended two times for three months and (ii) a proposal to extend the date on which to commence
liquidating the Trust Account in the event the Company has not consummated a business combination; and

 

WHEREAS, on the date hereof, the Company
is filing the Charter Amendment with the Secretary of State of the State of Delaware.

 

NOW THEREFORE, IT IS AGREED:

 

1. Section 1(i) of the Trust Agreement
is hereby amended and restated to read in full as follows:

 

“(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and
the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received by
the Trustee by the 21-month anniversary of the closing of the IPO (“Closing”) or, in the event that the Company extended
the time to complete the Business Combination for an additional 3-month period by depositing an additional $500,000 in the Trust
Account, for up to 24-months from the closing of the IPO, but has not completed the Business Combination within the applicable
monthly anniversary of the Closing (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.”

 

2. A new Section 1(j) is hereby
inserted in the Trust Agreement immediately following Section 1(i) as follows:

 

“(j). Upon receipt
of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least ten days prior to February
18, 2020, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension
Letter on or prior to February 18, 2020, to follow the instructions set forth in the Extension Letter.”

 

3. Section 2(b) of the Trust
Agreement is hereby amended and restated to read in full as follows:

 

“(b) The limited distributions
referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided in Section 2(a),
no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) and 2(d) hereof.”

 

    

     

    

 

4. A new Section 2(d) is hereby inserted
in the Trust Agreement immediately following Section 2(c) as follows:

 

“(d) Upon the receipt
of an Amendment Notification Letter (as defined below), the Trustee shall distribute to Public Shareholders who exercised their
conversion rights in connection with an Amendment (as defined below), an amount equal to the pro rata share of the Property relating
to the shares of Common Stock for which such Public Shareholders have exercised conversion rights in connection with such Amendment.”

 

5. A new Section 3(f) is hereby inserted
in the Trust Agreement immediately following Section 3(e) as follows:

 

“(f) If the Company
seeks to amend any provision of its Amended and Restated Certificate of Incorporation relating to stockholders’ rights or
pre-Business Combination activity (including the time within which the Company has to complete a Business Combination) (in each
case an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification Letter”)
in the form of Exhibit E providing instructions for the distribution of funds to Public Shareholders who exercise their conversion
option in connection with such Amendment.”

 

6. Section 7(c) of the Trust
Agreement is hereby amended and restated to read in full as follows:

 

“(c) This Agreement contains the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(j), 2(d) and 3(f) (which may only
be amended with the approval of the holders of a majority of the outstanding shares of Common Stock sold in the IPO), this Agreement
or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written consent of Chardan. As to any claim, cross-claim
or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from
Company counsel an opinion as to the propriety of any proposed amendment.”

 

7. Exhibit D attached hereto is hereby
added as Exhibit D to the Trust Agreement.

 

8. Exhibit E attached hereto is hereby
added as Exhibit E to the Trust Agreement.

 

9. All other provisions of the Trust
Agreement shall remain unaffected by the terms hereof.

 

10. This Amendment may be signed in
any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument,
with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature shall be deemed
to be an original signature for purposes of this Amendment.

 

11. This Amendment is intended to
be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 7(c) of the Trust Agreement,
and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally
waived and relinquished by all parties hereto.

 

12. This Amendment shall be governed
by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction.

 

[Signature Page
Follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS TRUSTEE

 

	By:	 /s/ Francis Wolf	 
	Name:	Francis Wolf	 
	Title:	Vice President	 

 

	TRIDENT ACQUISITIONS CORP.

 

	By:	 /s/ Vadim Komissarov	 
	Name:	Vadim Komissarov	 
	Title: 	President	 

 

 

3Document

Exhibit 10.1

RAVEN INDUSTRIES, INC.
2019 EQUITY INCENTIVE PLAN

Performance Stock Unit Agreement

Raven Industries, Inc. (the “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an award of Performance Stock Units to you, the Participant named below.  The terms and conditions of this Award are set forth in this Performance Stock Unit Agreement (the “Agreement”), consisting of this cover page, the Terms and Conditions on the following pages and the attached Exhibit A, and in the Plan document, a copy of which has been provided to you.  Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

									
	Name of Participant:	

	
	Target Number of Performance Stock Units:	

	
	Maximum Number of Performance Stock Units:	

	
	Grant Date:	

	
	Performance Period:	February 1, 20__ – January 31, 20__	
	Vesting Schedule:	The number of Units determined in accordance with Exhibit A to have been earned as of the end of the Performance Period will vest* on the date the Company’s Personnel and Compensation Committee certifies such performance results, which shall be no later than April 10, 20__.	
	Performance Goals:	See Exhibit A	
	* Assumes your Service has been continuous from the Grant Date to the vesting date.		

        By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding this Award of Performance Stock Units.

PARTICIPANT:     RAVEN INDUSTRIES, INC.

              By:      
              Title:      

Exhibit 10.1

Raven Industries, Inc.
2019 Equity Incentive Plan
Performance Stock Unit Agreement

Terms and Conditions

1.Award of Performance Stock Units.  The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions of this Agreement and the Plan, of an award of Performance Stock Units (the “Units”) in an amount initially equal to the Target Number of Performance Stock Units specified on the cover page of this Agreement.  The number of Units that may actually be earned and become eligible to vest pursuant to this Award can be between 0% and 200% of the Target Number of Units, but may not (except for any Dividend Equivalent Units credited to you pursuant to Section 6 below) exceed the Maximum Number of Performance Stock Units specified on the cover page of this Agreement.  Each Unit that is earned as a result of the performance goals specified in Exhibit A to this Agreement having been satisfied and which thereafter vests represents the right to receive one Share of the Company’s common stock.  Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Units granted to you will be credited to a performance stock unit account in your name maintained by the Company.  This account will be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured contingent obligation of the Company.

2. Restrictions Applicable to Units.  Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than (i) a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, or (ii) pursuant to a domestic relations order.  Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to the Award immediately prior to its transfer.  Any attempted transfer in violation of this Section 2 shall be void and without effect.  The Units and your right to receive Shares in settlement of any Units under this Agreement shall be subject to forfeiture except to extent the Units have been earned and thereafter vest as provided in Sections 4 and 5.   

3. No Shareholder Rights.  The Units subject to this Award do not entitle you to any rights of a holder of the Company’s common stock.  You will not have any of the rights of a shareholder of the Company in connection with any Units granted or earned pursuant to this Agreement unless and until Shares are issued to you in settlement of earned and vested Units as provided in Section 5.

4. Vesting and Forfeiture of Units.  The Units shall vest at the earliest of the following times and to the degree specified.  

(a)Scheduled Vesting.  The number of Units that have been earned during the Performance Period, as determined by the Committee in accordance with Exhibit A, will vest on the Scheduled Vesting Date, so long as your Service has been continuous from the Grant Date to the Scheduled Vesting Date.  For these purposes, the “Scheduled Vesting Date” means the date the Committee certifies (i) the degree to which the applicable performance goals for the Performance Period have been satisfied, and (ii) the number of Units that have been earned during the Performance Period as determined in accordance Exhibit A, which certification shall occur no later than April 10 following the end of the Performance Period.  

2

Exhibit 10.1

(b) Death.  If your Service terminates by reason of your death prior to the Scheduled Vesting Date, then you will be entitled to have vest on the date your Service terminates a pro rata portion of the Target Number of Units specified on the cover page of this Agreement.  The pro rata portion shall be determined by multiplying the Target Number of Units by a fraction whose numerator is the number of complete months during the Performance Period prior to your death and whose denominator is the number of months in the Performance Period. 

(c) Retirement.  If your Service terminates by reason of your Retirement (as defined below) prior to the Scheduled Vesting Date, then you will be entitled to have vest on the Scheduled Vesting Date a pro rata portion of the Units that would otherwise have been determined to have been earned during the Performance Period in accordance with Exhibit A if your Service had been continuous until the Scheduled Vesting Date.  The pro rata portion shall be determined by multiplying the Units that would otherwise have been earned by a fraction whose numerator is the number of complete months during the Performance Period prior to your Retirement and whose denominator is the number of months in the Performance Period.  For purposes of this Agreement, “Retirement” means voluntarily terminating Service with the Company at least one year after the Grant Date on the first day of any month at a time when the sum of Participant’s age and years of Service with the Company equals or exceeds 80.

(d) Termination Without Cause.  If your Service is terminated by the Company without Cause prior to the Scheduled Vesting Date, then you will be entitled to have vest on the Scheduled Vesting Date a pro rata portion of the Units that would otherwise have been determined to have been earned during the Performance Period in accordance with Exhibit A if your Service had been continuous until the Scheduled Vesting Date.  The pro rata portion shall be determined by multiplying the Units that would otherwise have been earned by a fraction whose numerator is the number of complete months during the Performance Period prior to your termination and whose denominator is the number of months in the Performance Period.

(e) Change in Control.  If a Change in Control occurs after the Grant Date but before the Scheduled Vesting Date and your Service continues to the date of the Change in Control, then you will be entitled to have vest, as of the date of the Change in Control, the Target Number of Units.  

(f) Forfeiture of Unvested Units.  To the extent any of Sections 4(a) through (e) is applicable to this Award, any Units that do not vest on the applicable vesting date as provided therein shall immediately be forfeited.  If your Service terminates prior to the Scheduled Vesting Date under circumstances other than as set forth in Sections 4(b) through (e), all unvested Units shall immediately be forfeited.

5. Settlement of Units.  As soon as practicable after any date on which Units vest (but no later than the 15th day of the third calendar month following the vesting date), the Company shall cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment and settlement of each vested Unit.  Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account at Merrill Lynch, or such other broker as may be determined in Company’s sole discretion, and shall be subject to the tax withholding provisions of Section 7 and compliance with all applicable legal requirements as provided in Section 16(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units.  The Company will pay any original issue or transfer taxes with respect to the issue and transfer of Shares to you pursuant to this 
3

Exhibit 10.1

Agreement, and all fees and expenses incurred by it in connection therewith.  If the Units that vest include a fractional Unit, the Company shall round the number of vested Units to the nearest whole Unit prior to issuance of Shares as provided herein.

6. Dividend Equivalents.  If the Company pays cash dividends on its Shares while any Units subject to this Agreement are outstanding, then on the date this Award vests pursuant to Section 4 above, a Total Dividend Equivalent amount will be credited to your performance stock unit account and shall be deemed reinvested in additional Units (“Dividend Equivalent Units”).  The Total Dividend Equivalent amount will be determined by multiplying the number of underlying Units determined to have vested by the per share amount of each cash dividend paid on the Company’s common stock with a record date and payment date occurring between the Grant Date and the applicable vesting date, and adding those products together.  Each of those products is referred to as a “Dividend Equivalent Amount.”  The number of Dividend Equivalent Units to be credited to your performance stock unit account pursuant to this deemed reinvestment will be determined by dividing each Dividend Equivalent Amount by the Fair Market Value of a share of the Company’s common stock on the applicable dividend payment date, and adding those quotients together.  Any Dividend Equivalent Units so credited will be fully vested and subject to settlement with the underlying Units as provided in Section 5 above.

7. Tax Consequences and Withholding.  No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery of the Shares.  You hereby authorize the Company (or any Affiliate) to satisfy the tax obligation by withholding a number of Shares that would otherwise be issued to you in settlement of the Units and that have a fair market value equal to the amount of such tax obligation, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan.  

8. Notices.  Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered (including electronically) to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided.  Unless and until some other address is so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company, to the attention of its General Counsel and Vice President, Corporate Secretary at Raven Industries, Inc., P.O. Box 5107, Sioux Falls, South Dakota 57117-5107, lee.magnuson@ravenind.com, and all notices or communications by the Company to you may be given to you personally or may be mailed or, if you are still a Service Provider, emailed to you at the address indicated in the Company's records as your most recent mailing or email address.
9. Additional Provisions.
(a) No Right to Continued Service.  This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.

(b) Governing Plan Document.  This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan.  If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

4

Exhibit 10.1

(c) Governing Law.  This Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of South Dakota, without giving effect to the choice of law principles thereof.

(d) Severability.  The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties.  You also agree that any trier of fact may modify any invalid, overbroad or unenforceable provision of this Agreement so that such provision, as modified, is valid and enforceable under applicable law.

(e) Binding Effect.  This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

(f) Section 409A of the Code.  The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement are intended to either be exempt from Section 409A of the Code under the short-term deferral exception specified in Treas. Reg. § 1.409A-l(b)(4) or to comply with Section 409A.  

(g) Electronic Delivery and Acceptance.  The Company may deliver any documents related to this Performance Stock Unit Award by electronic means and request your acceptance of this Agreement by electronic means.  You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document. 

5

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