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Scholastic Corp – ‘10-Q’ for 11/30/19 – ‘EX-10.1’

On:  Friday, 12/20/19, at 4:05pm ET   ·   For:  11/30/19   ·   Accession #:  866729-19-17   ·   File #:  0-19860

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  As Of               Filer                 Filing    For·On·As Docs:Size

12/20/19  Scholastic Corp                   10-Q       11/30/19   85:8.6M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.16M 
 2: EX-10.1     Material Contract                                   HTML     32K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     30K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 5: EX-32       Certification -- §906 - SOA'02                      HTML     27K 
30: R1          Document and Entity Information                     HTML     79K 
76: R2          Condensed Consolidated Statements of Operations     HTML     79K 
46: R3          Consolidated Statements of Comprehensive Income     HTML     53K 
                (Loss)                                                           
22: R4          Condensed Consolidated Balance Sheets               HTML    143K 
31: R5          Condensed Consolidated Balance Sheets               HTML     46K 
                (Parentheticals)                                                 
77: R6          CONSOLIDATED STATEMENTS OF CHANGES IN               HTML    105K 
                STOCKHOLDERS' EQUITY Statement                                   
47: R7          Consolidated Statements of Changes in               HTML     34K 
                Stockholders' Equity (Parenthetical)                             
21: R8          Consolidated Statements of Cash Flows               HTML    125K 
32: R9          Basis of Presentation                               HTML     44K 
16: R10         Revenues                                            HTML     46K 
43: R11         Segment Information                                 HTML    154K 
70: R12         Debt                                                HTML     61K 
61: R13         Commitments and Contingencies                       HTML     32K 
17: R14         Earnings (Loss) Per Share                           HTML     51K 
44: R15         Goodwill and Other Intangibles                      HTML     62K 
71: R16         Investments                                         HTML     36K 
62: R17         Employee Benefit Plans                              HTML     71K 
15: R18         Leases                                              HTML    142K 
45: R19         Stock-Based Compensation                            HTML     47K 
78: R20         Treasury Stock                                      HTML     30K 
50: R21         Accumulated Other Comprehensive Income (Loss)       HTML    115K 
19: R22         Fair Value Measurements                             HTML     35K 
28: R23         Income Taxes and Other Taxes                        HTML     33K 
79: R24         Derivatives and Hedging                             HTML     28K 
51: R25         Other Accrued Expenses                              HTML     40K 
20: R26         Subsequent Events                                   HTML     25K 
29: R27         Basis of Presentation (Policies)                    HTML     54K 
80: R28         Revenues (Tables)                                   HTML     42K 
49: R29         Segment Information (Tables)                        HTML    150K 
65: R30         Debt (Tables)                                       HTML     39K 
75: R31         Earnings (Loss) Per Share (Tables)                  HTML     51K 
42: R32         Goodwill and Other Intangibles (Tables)             HTML     60K 
14: R33         Investments (Tables)                                HTML     35K 
64: R34         Employee Benefit Plans (Tables)                     HTML     68K 
74: R35         Leases (Tables)                                     HTML     95K 
41: R36         Stock-Based Compensation (Tables)                   HTML     50K 
13: R37         Treasury Stock (Tables)                             HTML     28K 
66: R38         Accumulated Other Comprehensive Income (Loss)       HTML    117K 
                (Tables)                                                         
72: R39         Other Accrued Expenses (Tables)                     HTML     40K 
54: R40         Basis of Presentation (Details)                     HTML     26K 
83: R41         Revenues - Disaggregation of Revenue (Details)      HTML     43K 
38: R42         Revenues - Additional Information (Details)         HTML     30K 
27: R43         Segment Information - Schedule of segment           HTML     89K 
                reporting information (Details)                                  
53: R44         Debt - Schedule of Debt (Details)                   HTML     42K 
82: R45         Debt - Narrative (Details)                          HTML    100K 
37: R46         Commitments and Contingencies (Details)             HTML     28K 
26: R47         Earnings (Loss) Per Share - Schedule of Earnings    HTML     47K 
                Per Share, Basic and Diluted (Details)                           
55: R48         Earnings (Loss) Per Share - Schedule of Options     HTML     25K 
                Outstanding (Details)                                            
81: R49         Earnings (Loss) Per Share - Narrative (Details)     HTML     30K 
67: R50         Goodwill and Other Intangibles - Schedule of        HTML     37K 
                activity in goodwill (Details)                                   
59: R51         Goodwill and Other Intangibles - Narrative          HTML     42K 
                (Details)                                                        
11: R52         Goodwill and Other Intangibles - Schedule of other  HTML     44K 
                intangible assets subject to amortization                        
                (Details)                                                        
39: R53         Investments (Details)                               HTML     54K 
68: R54         Employee Benefit Plans - Schedule of net periodic   HTML     50K 
                costs (Details)                                                  
60: R55         Employee Benefit Plans - Narrative (Details)        HTML     39K 
12: R56         Leases (Narrative) (Details)                        HTML     27K 
40: R57         Leases (Assets and Liabilities) (Details)           HTML     42K 
69: R58         Leases (Lease Expense) (Details)                    HTML     33K 
58: R59         Leases (Cash Flow Information) (Details)            HTML     29K 
24: R60         Leases (Lease Maturity) (Details)                   HTML     63K 
33: R61         Leases (Weighted Average) (Details)                 HTML     32K 
84: R62         Stock-Based Compensation (Details)                  HTML     38K 
56: R63         Treasury Stock - Schedule of repurchase of common   HTML     31K 
                stock (Details)                                                  
25: R64         Accumulated Other Comprehensive Income (Loss) -     HTML     65K 
                Schedule of AOCI Activity (Details)                              
34: R65         Accumulated Other Comprehensive Income (Loss) -     HTML     45K 
                Reclassification out of AOCI (Details)                           
85: R66         Income Taxes and Other Taxes (Details)              HTML     33K 
57: R67         Derivatives and Hedging (Details)                   HTML     29K 
23: R68         Other Accrued Expenses - Schedule of accrued        HTML     40K 
                expenses (Details)                                               
36: R69         Subsequent Events (Details)                         HTML     29K 
63: R9999       Uncategorized Items - schl20191130-q2.htm           HTML     27K 
18: XML         IDEA XML File -- Filing Summary                      XML    152K 
35: XML         XBRL Instance -- schl20191130-q2_htm                 XML   2.33M 
73: EXCEL       IDEA Workbook of Financial Reports                  XLSX     81K 
 7: EX-101.CAL  XBRL Calculations -- schl-20191130_cal               XML    241K 
 8: EX-101.DEF  XBRL Definitions -- schl-20191130_def                XML    568K 
 9: EX-101.LAB  XBRL Labels -- schl-20191130_lab                     XML   1.46M 
10: EX-101.PRE  XBRL Presentations -- schl-20191130_pre              XML    864K 
 6: EX-101.SCH  XBRL Schema -- schl-20191130                         XSD    166K 
52: JSON        XBRL Instance as JSON Data -- MetaLinks              335±   481K 
48: ZIP         XBRL Zipped Folder -- 0000866729-19-000017-xbrl      Zip    295K

‘EX-10.1’   —   Material Contract

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

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  Exhibit  
            
 
sashaquintonofferlett_image1.gif
 Exhibit 10.1



Scholastic Inc. 557 Broadway, New York, NY 10012-3999, (212) 343-6700
www.scholastic.com
Richard Robinson
CEO, President & Chairman
drobinson@scholastic.com


November 15, 2019


Sasha Quinton



Dear Sasha,

It is my pleasure to confirm our offer of employment with Scholastic Corporation as Executive Vice President and President, Scholastic Book Fairs.  As we have discussed, in these positions you will report directly to me.  After Joining Scholastic, you will receive a base salary at the rate of $600,000 per annum, which will be paid to you on a bi-weekly basis.  We anticipate your start date will on a mutually agreed date in December 2019.

We will recommend to the compensation committee of our Board of Directors that you receive annual equity incentive grants under the Scholastic Corporation 2011 Stock Incentive Plan with a value of $500,000 per year in 2019, 2020 and 2021, with the grant dates expected to be in December 2019, September 2020 and September 2021, 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 2020, during our common merit review process.

You will be eligible to participate in our Scholastic Management Incentive Plan (MIP) with a bonus target percentage of 70% of your base salary.  This bonus opportunity is based on corporate and/or divisional performance for each fiscal year (June 1 through May 31), and will be prorated to reflect the actual term of employment during your first fiscal year of employment.  You must be an active employee of Scholastic at the time bonus payments are made under the MIP in order to receive payment.  You will also receive a one-time sign-on bonus of $300,000, which will be paid to you when you join the Company.

You will receive four weeks of vacation annually.


            
 
sashaquintonofferlett_image1.gif
 Exhibit 10.1



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, I 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.  We will also work with you on an appropriate relocation package.

This offer is contingent upon a satisfactory background check.  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/Richard Robinson
Richard Robinson
Chairman, President and Chief Executive Officer



/s/ Sasha Quinton       November 18, 2019
Sasha Quinton





Dates Referenced Herein

This ‘10-Q’ Filing    Date    Other Filings
Filed on:12/20/19None on these Dates
For Period end:11/30/19
11/18/19
11/15/19
 List all Filings 

6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/21/23  Scholastic Corp.                  10-K        5/31/23  137:16M
11/28/22  Scholastic Corp.                  SC TO-I/A              2:94K  Scholastic Corp.                  Donnelley … Solutions/FA
11/23/22  Scholastic Corp.                  SC TO-I/A              2:88K  Scholastic Corp.                  Donnelley … Solutions/FA
10/25/22  Scholastic Corp.                  SC TO-I               10:1.2M Scholastic Corp.                  Donnelley … Solutions/FA
 7/22/22  Scholastic Corp.                  10-K        5/31/22  131:17M
 7/23/21  Scholastic Corp.                  10-K        5/31/21  129:16M
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Filing Submission 0000866729-19-000017   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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