Document:

EX-10.16

 Exhibit 10.16 
  

					
	

	 	  
 Maryellen Valaitis
	 	2 Penn Plaza
	 	Senior Vice President	 	12th Floor
	 	Human Resources	 	New York, NY 10121-2298
	 		 	212 904 3621 Tel
	 		 	maryellen_valaitis@mcgraw-hill.com

 February 25, 2013 
 Peter
Cohen 
 Dear Peter, 
 I am extremely pleased to confirm our
employment offer to you to join McGraw-Hill Education as President for our School Education Group. In this position, you will report directly to Lloyd Waterhouse, CEO. Your initial base salary will be $550,000.00 (USD), which equates to a
semi-monthly payment of $22,916.67. This position is Fair Labor Standards Act (FLSA) exempt. As was agreed, your official start date will be in the month of April 2013. A specific hire date will be determined once you provide notice to your current
employer. 
 In addition, at the end of each quarter you are employed by us on the last day of the quarter, you will receive with 15 days of the following
month a special bonus in the amount of $25,000 not to exceed $100,000 in a calendar year. Such special bonus will not be used to calculate your annual bonus, your severance or any benefit provided by the Company. 

Subject to any required approvals, your annual target bonus for performance year 2013 will be 65% of base salary with an upside potential of 130%, subject to
the attainment of financial and strategic objectives, and subject to your being employed by McGraw-Hill Education on the Plan payout date. Further details will be provided once available. We will guarantee your 2013 bonus at the minimum of $357,500
(65% of base) payable in March 2014. 
 We will establish a special four (4) year bonus plan for you that will permit you to earn up to
$             at the end of four (4) years if you achieve specified performance goals and are employed by us at that time. Payment of the special four (4) year bonus plan
will be prorated based on performance achievement. 
 In this role you are entitled to four (4) weeks paid vacation time. 

You will be eligible for 12 months’ severance. Details will be provided to you once available. 

You will also be eligible to participate in the McGraw-Hill Education Long Term Incentive Program with 40 basis points. The Long Term Incentive Program will
have a four (4) year vesting period and payment will be prorated based on performance achievement. Details will be provided to you once available. As you know, McGraw-Hill Education is being bought by Apollo Global Management LLC and the
McGraw-Hill Education Long Term Incentive Program, as well as the severance pay plan, is still being developed. It is expected that you will be treated under both plans in the same manner as other employees of similar rank (subject to certain extra
severance for very long-term employees). It is also expected that both plans will have noncompete, nonsolicitation and other restrictive covenants. These documents are being negotiated and, once you are free of your prior employment, you will be
part of the senior management team negotiating these provisions. 

 You will be eligible to receive all benefits routinely made available to all McGraw-Hill Education employees at
comparable levels, and you will be subject to all applicable policies of McGraw-Hill Education. 
 Please note that your offer of employment with
McGraw-Hill Education is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor, Sterling Infosystems Inc. The investigation will include employment and education
verification, as well as a criminal history and credit review. 
 This offer does not guarantee your employment with McGraw-Hill Education for a specific
length of time. Therefore, neither you nor McGraw-Hill Education is making a commitment to the other to continue an employment relationship, which may be terminated by either of us at any time, subject only to the terms of this letter. 

Under the Immigration Reform and Control Act of 1986, you must provide proof of your identify and eligibility to work in the United States within the first
three days of your employment. 
 By agreeing below, you represent and warrant to us that you have no restrictions on your activities from current or former
employers (other than confidentiality) that would limit you joining us or in the performance of your duties for us. 
 You will keep confidential and not
disclose to any person other than your spouse, your accountant, your financial advisor and your lawyer the economic provisions of your employment arrangements. 

Peter, we are all pleased about your joining the management team here at McGraw-Hill Education. There will be many challenges ahead of you, and we are all
confident that you have the background and expertise required to attain our growth objectives. If the terms of your employment as outlined above are acceptable, please indicate by signing and dating below. You should return the signed letter to me
at by March 15, 2013. 
 Sincerely, 
 /s/ Maryellen
Valaitis 
 Maryellen Valaitis 
 Signed and agreed to on this

 1 day of March, 2013 
  

	
	 /s/ Peter Cohen

	Peter CohenEX-10.25

 Exhibit 10.25 

November 2, 2015 
 Peter Cohen 

 

	Re:	Amended and Restated Special Bonus Plan 

 Dear Peter: 

Reference is made to the Special Bonus Plan set forth in the letter from McGraw-Hill Education, Inc. (f/k/a Georgia Holdings, Inc.) (the
“Company”) to you, dated as of February 21, 2014 (the “Effective Date”), as amended on June 5, 2015, by and between you and the Company (the “Prior Plan”). This letter sets forth the
mutual agreement of the Company and you that, effective as of the date hereof (the “Amendment Effective Date”), the Prior Plan is amended and restated in its entirety on the following terms and conditions (as so amended and
restated, the “Plan”). Consistent with the Prior Plan, payments under this Plan are subject to vesting conditions based on performance; if these performance hurdles are met, you must also be employed through the payment date (except
as otherwise provided below in the event of certain terminations of employment) in order to receive payment. 
  

	1.	Cash Bonus Opportunity. 

  

	 	a.	Earned Bonus. Subject to the terms and conditions of this Plan, you will be eligible to receive a one-time special bonus, payable in cash, in an amount equal to $4,687,500 (the “Earned Bonus”) in
respect of achieved performance under the Prior Plan for fiscal years 2013, 2014 and 2015, less any required withholdings. 

  

	 	b.	Payment Timing. Subject to the terms and conditions of this Plan, the Earned Bonus shall be payable to you, less any required withholdings, on March 22, 2017; provided, that, if your employment with the
Company and its “Affiliates” (as such term is defined in the Georgia Holdings, Inc. Management Equity Plan, as it may be amended from time to time (the “Management Equity Plan”)) terminates pursuant to a “Qualifying
Termination” (as defined in Section 3 below) on or prior to December 31, 2016, your Earned Bonus (if any) shall be payable to you, less any required withholdings, between January 1 and March 15 of the calendar year
immediately following the calendar year of your Qualifying Termination. 

  

	 	c.	 Forfeiture. Notwithstanding anything contained herein to the contrary, in the event your employment with the Employer terminates for any reason
other than pursuant to a Qualifying Termination on or prior to March 22, 2017, you shall forfeit your right or entitlement to receive any payment under this Section 1, your Earned Bonus shall be zero and your Earned Bonus shall be
immediately forfeited for no consideration. For the avoidance of doubt, in the event you voluntarily terminate 

	 	
your employment with the Employer other than pursuant to a Qualifying Termination or your employment with the Employer is involuntarily terminated by the Employer for “Cause” (as
defined in the Management Equity Plan), in either case, on or prior to March 22, 2017, you shall forfeit your right or entitlement to receive any payment under this Section 1, your Earned Bonus shall be zero and your Earned Bonus shall be
immediately forfeited for no consideration. 

  

	2.	Performance-Based Restricted Stock Units. 

  

	 	a.	Grant of Performance-Based Restricted Stock Units. As soon as reasonably practicable following the earlier of (i) the date of the consummation of an IPO (as defined in the Management Equity Plan) or
(ii) [May 1, 2016], the Company shall grant to you performance-vesting Restricted Stock Units (as defined in the Management Equity Plan; also known as the “PSUs”), subject to your execution of a restricted stock unit grant
certificate (the “PSU Certificate”) and compliance with the terms of the Management Equity Plan and such PSU Certificate. The number of PSUs granted to you under this Plan shall equal the number that results from dividing $5,156,250
by the per share price of the Company’s common stock as of the close of business on the first full day of trading in connection with the IPO, or, if the IPO has not occurred prior to the grant date of your PSUs, by the per share Fair Market
Value (as defined in the Management Equity Plan) of the Company’s common stock as of such date. 

  

	 	b.	The PSUs shall vest and become settled in accordance with the following provisions: 

  

	 	(i)	Capitalized terms used in this Section 2(b) but not otherwise defined in this Plan shall have the meanings as set forth in your Georgia Holdings, Inc. Nonqualified Stock Option Grant Certificate, dated May 15,
2013, granting you an Option pursuant to the Management Equity Plan. 

  

	 	(ii)	Subject to the terms and conditions of this Plan (including, without limitation, Section 2(b)(viii)), in calendar years 2016, 2017 and 2018 (each, a “Measurement Year”), the following percentage of
PSUs granted to you under this Plan shall be eligible to vest, provided in each case that the actual achieved performance for such Measurement Year is equal to or greater than the Annual Performance Target (as described below) for such Measurement
Year: 

 1) 2016: 36.36% 

2) 2017: 36.36% 

3) 2018: 27.28% 
  

	 	(iii)	If the Annual Performance Target is not achieved for a Measurement Year, all PSUs eligible to vest in respect of such Measurement Year shall be forfeited without consideration immediately upon determination that the
applicable Annual Performance Target was not achieved. 

  
 2 

	 	(iv)	Except as set forth in the PSU Certificate, each vested PSU shall be settled as promptly as reasonably practicable following the date on which such PSU vests (and in any event not later than March 15 of the year
following the year in which such PSU vests). 

  

	 	(v)	In the event your employment with the Company and its Affiliates (collectively, the “Employer”) terminates pursuant to a Qualifying Termination on or prior to December 31, 2018, your PSUs which
would have been eligible to vest in respect of the Measurement Year during which such termination occurs will remain outstanding and eligible to vest until achievement of the Annual Performance Target has been determined in respect of the
Measurement Year during which such termination occurred, and all PSUs which would have been eligible to vest in respect of future Measurement Years shall be immediately forfeited without consideration. Vesting of such outstanding PSUs shall be
determined pursuant to Section 2(b)(ii) above as if you had been continuously employed by the Employer from the Amendment Effective Date through the end of the Measurement Year during which such termination occurred; provided, that, with
respect to the Measurement Year during which such termination occurred, if the Annual Performance Target is satisfied for such Measurement Year, you shall only be eligible to vest in a pro rata portion of the PSUs that otherwise would have vested in
respect of such Measurement Year, which shall be calculated by multiplying the aggregate number of PSUs eligible to vest in respect of such Measurement Year by a fraction, the numerator of which shall be the number of days during such Measurement
Year that you were actually employed by the Employer and the denominator of which shall be 365. 

  

	 	(vi)	In the event your employment with the Employer terminates on or after October 1, 2017, but you continue providing services to the Employer as an employee, consultant or advisor under terms and conditions to be
agreed upon between the Employer and you, you shall be deemed to have not terminated employment for purposes of Section 2 of this Plan. Termination of such services arrangement shall be treated as a termination of employment occurring under
similar circumstances (i.e., for purposes of determining whether such termination is a Qualifying Termination). 

  

	 	(vii)	The “Annual Performance Targets” for each Measurement Year will be provided to you no later than 120 days following the beginning of such Measurement Year (or, in respect of the 2016 Measurement Year, no later
than April 1, 2016, if an IPO has not occurred prior to January 1, 2016), and shall be determined by the Company’s Chief Executive Officer. In the event of the occurrence on or after the Amendment Effective Date of an event described
in Section 7 of the Management Equity Plan, and/or in the event of a material change in your job duties, the Annual Performance Targets may be equitably adjusted by the Company in its sole discretion to reflect such occurrence.

  
 3 

	 	(viii)	Notwithstanding anything contained herein to the contrary, but subject to Section 2(b)(vi), in the event your employment with the Employer terminates for any reason other than pursuant to a Qualifying Termination,
you shall forfeit your right or entitlement to receive any further payment under this Section 2 and all unvested PSUs held by you will be immediately forfeited for no consideration; provided, that if your employment with the Employer
terminates due to your resignation without Good Reason after the last day of a Measurement Year but prior to the determination of the achievement of the Annual Performance Target applicable to such Measurement Year, all PSUs which would have been
eligible to vest in respect of such Measurement Year shall remain outstanding and eligible to vest upon achievement of the Annual Performance Target for such Measurement Year (and such PSUs will be immediately forfeited without consideration if such
Annual Performance Target is not achieved). For the avoidance of doubt, subject to Section 2(b)(vi), in the event you voluntarily terminate your employment with the Employer other than (A) pursuant to a Qualifying Termination or
(B) after the last day of a Measurement Year as described in the previous sentence, or in the event your employment with the Employer is involuntarily terminated by the Employer for Cause, you shall forfeit your right or entitlement to receive
any further payment under this Section 2 and all unvested PSUs held by you will be immediately forfeited for no consideration. 

  

	3.	Qualifying Termination. For purposes of this Plan, the term “Qualifying Termination” shall mean (i) the involuntary termination of your employment by the Employer other than for Cause,
including, without limitation, the involuntary termination of your employment by the Employer as a result of your “Disability” (as such term is defined in the Management Equity Plan), (ii) your employment is terminated by you for
“Good Reason” (as defined in the Management Equity Plan), provided such termination is also for “good reason” within the meaning of Section 409A of the Code, or (iii) the termination of your employment with the
Employer as a result of your death. For the avoidance of doubt, unless the Company determines otherwise in its sole discretion, a transfer of your employment from the Company or one of its Affiliates to the Company or one of its Affiliates, shall
not be deemed a Qualifying Termination for purposes of this Plan. 

  

	4.	Annual Cash Compensation Increase. Effective as of January 1, 2015, your annual base salary was increased to $650,000, payable in installments in accordance with the normal payroll practices of McGraw-Hill
Global Education Holdings, LLC. Commencing with the 2015 fiscal year, your target bonus award under the Company’s Annual Incentive Plan shall equal 65% of your annual base salary (i.e., $422,500 for the 2015 fiscal year). 

 

	5.	 Section 409A of the Code. Notwithstanding any other provision of this Plan to the contrary, you and the Company agree that this Plan shall
be interpreted to comply with or be exempt from Section 409A of the Code (“Section 409A”), and all provisions of this Plan 

  
 4 

	 	
shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. With respect to the time of payment of any amounts under this Plan that
are “deferred compensation” subject to Section 409A, references in this Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of
Section 409A. Notwithstanding anything in this Plan to the contrary, if you are considered a “specified employee” under Section 409A and if payment of any amounts under this Plan are required to be delayed for a period of six
months after separation from service in order to avoid taxation under Section 409A, payment of such amounts shall be delayed as required by Section 409A, and the accumulated amounts shall be paid in a lump sum payment within five business
days after the end of the six-month period. If you die during the postponement period prior to the payment of benefits, the amounts withheld on account of Section 409A shall be paid to your personal representative within 60 days after the date
of your death. Whenever a payment under this Plan may be paid within a specified period, the actual date of payment within the specified period shall be within the Company’s sole discretion. Notwithstanding anything in this Plan or elsewhere to
the contrary, the Company does not guarantee any particular tax effect with respect to any payments hereunder, you shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on you or for
your account in connection with this Plan (including any taxes, penalties and interest under Section 409A), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold you (or any beneficiary or
personal representative) harmless from any or all of such taxes, penalties or interest. 

  

	6.	Right of Setoff. The Company may, to the maximum extent permitted by applicable law (including Section 409A), deduct from and setoff against any amounts owed to you hereunder any amounts that may be owed by
you to the Employer (although you shall remain fully liable for any part of your payment obligation not satisfied through such deduction and setoff). By delivering a fully executed copy of this Plan to the Company, you shall be deemed to have agreed
to any deduction or setoff under this Section 6. 

  

	7.	Calculations. All calculations required under this Plan (including, without limitation, any calculations related to the achievement of Annual Performance Targets) shall be performed by the Company (or its
delegees), whose determination shall be final and binding upon you and the Company. 

  

	8.	Interpretation. The section and other headings contained in this Plan are for convenience of reference only and shall not affect the meaning or interpretation of this Plan. Section references are to sections of
this Plan only unless otherwise stated. 

  

	9.	Entire Agreement. This Plan constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all other prior oral or written communications, agreements or contracts between you
and the Employer with respect to such subject matter (including, without limitation, (i) any references to this special bonus plan arrangement set forth in your Offer of Employment Letter, dated February 25, 2013 and (ii) the Prior
Plan). For the avoidance of doubt, you acknowledge and agree that you have no claim or right to any payments or benefits under the Prior Plan, no such payments or benefits will be made or provided and the Prior Plan is null and void in its entirety.

  
 5 

	10.	Withholding. The Employer shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may have to withhold U.S. Federal, state or local income or other taxes
incurred by reason of any payment required to be made to you pursuant to this Plan. 

  

	11.	Governing Law. This Plan and the actions taken in connection herewith shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to its principles of
conflict of laws. 

  

	12.	Severability. If any provision of this Plan shall be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions of this Plan unless such determination shall
render impossible or impracticable the functioning of this Plan, and in such case, an appropriate provision or provisions shall be adopted so that this Plan may continue to function properly. 

 

	13.	No Rights to Continued Service; Other Benefits. Nothing herein contained shall be held or construed to create any liability or obligation upon the Employer to retain you in its service. You shall remain subject
to discharge or discipline to the same extent as if this Plan had not been put into effect. Except as otherwise expressly provided in any benefit plan of the Employer, the Earned Bonus and the PSUs shall not be deemed compensation for purposes of
computing benefits under any retirement plan of the Employer nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

  

	14.	Amendments. This Plan may not be amended except with the written consent of each of the parties hereto. 

  

	15.	Successors. For purposes of this Plan, the Company shall include any and all of its successors and assignees, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially
all of the business or assets of the Company and such successors and assignees shall perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would have been required to perform if no such
succession or assignment had taken place. In such event, the term “Company”, as used in this Plan, shall mean the Company, as herein before defined and any successor or assignee to its business or assets which by reason hereof becomes
bound by the terms and provisions of this Plan. 

  

	16.	No Assignment or Alienation. Your right (if any) to receive the Earned Bonus and the PSUs shall not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind and any attempt to
cause any benefits to be so subjected shall not be recognized or given effect by the Company. 

  

	17.	 Unfunded Plan. For U.S. Federal, state and local tax purposes, this Plan shall be considered an “unfunded” plan. Any Earned Bonus
payable hereunder shall be paid out of the general assets of the Company, as and when the Earned Bonus is payable hereunder. To the extent you become entitled to receive an Earned Bonus hereunder, you shall be solely a general unsecured creditor of
the Company. If the Company decides in its sole 

  
 6 

	 	
discretion to establish any advance accrued reserve against the future expense of any Earned Bonus payable hereunder, or if the Company decides in its sole discretion to fund a trust under this
Plan, such reserve or trust shall not under any circumstances be deemed to be an asset of this Plan. 

 [Signature
page follows] 

  
 7 

 We are pleased to offer you this opportunity to participate in the continued growth and success
of the Company and its business. If you agree with the terms of this Plan as they are set forth above, please sign below and return an executed original to me. You should keep a copy for your files. 

Sincerely, 
  

					
	 /s/ David Levin

	David Levin
	Chief Executive Officer
	
	Accepted and Agreed:
		
	 /s/ Peter Cohen
	 	 11/2/2015

	Peter Cohen	 		 	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]