Document:

hmhc-ex1035_108.htm

Exhibit 10.35

 

 

 

 

 

August 21, 2017

 

 

James O'Neill

 

Dear Jim:

We are pleased to confirm our offer of employment with Houghton Mifflin Harcourt Publishing Company (the "Company" or "HMH"). You will work as an Executive Vice President, General Manager - Core Curriculum of the Company, reporting to the Chief Executive Officer ("CEO"), working out of the Company's Boston office. This offer letter summarizes the compensation and benefits we are offering and contains important information regarding employment with the Company subject, however, to the successful completion of professional reference checks and a background investigation.

Your employment will begin on October 1, 2017 or on another date to which we mutually agree, which shall not be later than November 1, 2017. You will be compensated with a salary at the rate of $450,000 per annum, subject to applicable payroll taxes and withholdings. Currently, paydays are every other Friday.

Subject to and upon the terms and conditions of the attached Bonus Agreement (including signing and returning such agreement), you will be granted a signing bonus in the amount of $125,000 payable in two equal installments of $62,500 each as follows and subject to applicable payroll taxes and withholdings: first installment due 30 days after your start date; second installment due 30 days after you have relocated to Boston.

You will be eligible to participate in the bonus plan applicable to executive level employees of the  Company ("Executive Leadership Team"). Your target bonus under such bonus plan will be 75% of your base salary paid during the relevant plan year. The bonus plans, and payment under such plans, are operated at the discretion of the Plan Administrators and are subject to change from year to year. Provided you commence employment prior to October 1, 2017, you will be eligible to participate in the Houghton Mifflin Harcourt Company ("Parent") 2017 Bonus Plan - US on a pro-rated basis based on your start date. If you commence employment on or after October 1, you will be eligible to participate in the bonus plan beginning in 2018.

Additionally, you will receive an equity award under the terms of Parent's 2015 Omnibus Incentive Plan (the "Equity Plan") of restricted stock units ("New Hire RSUs") with respect to that number of shares of Parent common stock having a fair market value equal to $250,000 on the grant date. The New Hire 

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RSUs will vest in equal installments on each of the first three anniversaries of the date of the grant, subject to your continued employment with the Company. The specific vesting schedule and other terms of the New Hire RSUs will be set forth in Parent's then current form of award agreement and will be subject to the terms and conditions of such agreement and the Equity Plan. In accordance with Parent's Equity Grant Policy, the grant date for the New Hire RSUs will be the business day that is three business days following the date on which Parent first releases quarterly earnings information following both your first day of employment and the approval of the award.

You will also be granted an option ("New Hire Option") to purchase shares of Parent common stock under the terms of the Equity Plan having a Black-Scholes value on the date of grant of $750,000 at a strike price per share equal to the fair market value of a share of Parent common stock on the date of grant as determined under the terms of the Equity Plan. The New Hire Option will vest in equal installments on each of the first four anniversaries of the date of grant, subject to your continued employment with the Company. The specific vesting schedule and other terms of the New Hire Option will be set forth in Parent's then current form of award agreement and will be subject to the terms and conditions of such agreement and the Equity Plan. The Black-Scholes model utilized by Parent in calculating the value on the date of grant is subject to assumptions determined by Parent in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation. In accordance with Parent's Equity Grant Policy, the grant date for the New Hire Option will be the business day that is three business days following the date on which Parent first releases quarterly earnings information following both your first day of employment and the approval of the award.

You will also be eligible for future long-term incentive awards under Parent's annual long-term incentive program ("LTIP") applicable to the Executive Leadership Team, subject to the discretion and approval of the Compensation Committee of Parent's Board of Directors ("Compensation Committee") and the terms and conditions of such program, if any, as it may exist from time to time. Subject to Compensation Committee approval, and the existing LTIP framework continuing in its current form into 2018, the Company anticipates that your 2018 LTIP award would have an aggregate fair market value of approximately $750,000 on the date of grant. Any such award would be subject to the terms and conditions of such program. The Company's LTlPs, and awards under such programs, are operated at the discretion of the plan administrators and are subject to change from year to year. If the existing framework changes for 2018, your award would change at a level commensurate with other Executive Leadership Team awards.

You will be eligible to participate in the HMH Holdings (Delaware), Inc. Change in Control Severance Plan at the Level of a Tier Il Employee (as defined in such plan) and in the Company's ELT Severance Plan at the level of a Tier I Employee (as defined in such plan) in accordance with the terms and conditions of such plans. Copies of these plans are enclosed for your reference.

This is a Boston, Massachusetts based position and requires you to relocate to Boston within six months of your start date and to consistently work full-time from the Boston office (except for business-related travel). Enclosed is a relocation package describing the relocation benefits for which you will be eligible, as modified by this paragraph. Prior to your relocation (but for no longer than six months from the date you commence employment) the Company will provide you with one bedroom executive housing in Boston. Additionally, in lieu of the Return Trips described in the relocation package, the Company will allow you up to a maximum of $13,000 to be used for your return travel or for your family's travel to Boston, at your discretion (although still subject to the Reimbursement Process and other terms and 

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conditions of the relocation package). Your receipt of relocation benefits is contingent on your signing and returning the Relocation Repayment Agreement form included in the package.

You will be eligible for up to 20 vacation days annually, which will be pro-rated in 2017 based on your start date. Vacation time is accrued on a monthly basis. For a calculation of the exact amount of vacation time for which you are eligible this year, please refer to the HMH Employee Guide or contact your HR Business Partner. In addition, you may be eligible for paid Company holidays and occasional absence days as described in the Employee Guide.

You will be eligible to participate in the Company's employee benefit programs. If you choose to enroll, unless otherwise described in the terms of any employee benefit plan, benefits coverage will commence on the first day of the month, following 30 days from your start date. In order to participate in any of the Company's employee benefit programs, you must complete the enrollment process for such programs within your first 30 days of employment.

Your employment with the Company will be "At-Will," meaning that either you or the Company may terminate the employment relationship for any reason or no reason, at any time, with or without notice. Nothing in this letter should be interpreted as creating an employment contract between you and the Company.

I have enclosed two documents that you must complete in connection with your employment: Confidentiality and Intellectual Property Agreement and a Non-Competition and Non-Solicitation Agreement. Please return signed copies of these agreements to me no later than your first day of employment.

Please bring proper identification to Human Resources on your first day. You will be receiving a separate email with instructions on how to initiate the electronic 1-9 work authorization process. Your work authorization documentation will need to be reviewed within three days of your start date. Your HR Representative wili review these documents with you and complete the process.

By accepting this offer of employment, you agree that during your employment with the Company, you will abide by all Company policies and standards of conduct. Any violation of the Company's policies or standards of conduct may be grounds for immediate termination from employment.

We agree that there is nothing in any documents you have provided to us that would prevent you from entering employment with or performing your job responsibilities for the Company, or which is any way inconsistent with the terms of this letter. You also represent and acknowledge that you will not provide any confidential information of your current employer or any other third party to HMH or any of its representatives.

This letter sets forth the terms of your employment with the Company and supersedes any prior oral or written communications. To accept this offer of employment, please sign and return a copy of this letter to me by August 23, 2017. Your signature below indicates that you understand and agree to the terms set forth in this letter. If you do not return this letter to us by August 23 this offer will expire. Please scan and e-mail this offer letter, with your signature, to my attention at marianne.ch@hmhco.com. Handwritten changes to this letter are not valid unless authorized and signed by me. If you have any questions, please call me directly at 617-351-3357.

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We are very enthusiastic about you joining Houghton Mifflin Harcourt Publishing Company. We look forward to working with you and hope that our relationship proves to be a mutually rewarding one

Cordially,

Marianne Congdon-Hohman

Interim SVP, Human Resources

 

 

 

 

Agreed to and accepted:

 

 

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Revised 2021 Bonus Plan – U.S.
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

Houghton Mifflin Harcourt Company

Revised 2021 Bonus Plan – US

 

 

I.Plan Objectives

 

Houghton Mifflin Harcourt Company (“HMH” or the “Company”) has developed the Revised 2021 Bonus Plan – US (the “Plan”) to provide employees who are eligible to participate in the Plan (“Participants”) with incentive compensation that is linked to Company and individual performance achievement against established goals.  

 

II.Effective Date

 

The Plan will be in effect from January 1 through December 31, 2021 (the “Plan Year”).  The Plan supersedes all prior compensation plans and/or variable pay arrangements applicable to Participants.

 

III.Plan Administration and Management

 

Subject to approval by the Compensation Committee of the Board of Directors (“Compensation Committee”), the Plan is administered by HMH management, including the Chief Executive Officer, the Chief Financial Officer, and the Chief People Officer or their designees (collectively, the “Plan Administrators”). All decisions regarding the Plan, including but not limited to determining who is eligible to participate in the Plan, determining Plan payouts, interpreting the Plan and modifying the Plan will be made by the Plan Administrators in their sole discretion; provided, however, that with respect to determinations, interpretations and payouts for executive officers and/or members of the Executive Leadership Team, references to the term Plan Administrators shall refer to the Compensation Committee. 

 

 

			
	
 
	
 
	

	
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IV.Eligibility

 

	
 
	
A.
	
Participation

 

Employees will be notified under separate cover if they work in a position that is eligible to participate in the Plan (“Eligible Position”). 

 

Employees who are eligible to participate in any other variable compensation plan, including but not limited to a Sales Incentive plan, shall not also be eligible to participate in this Plan.   

 

To be eligible for any bonus opportunity under the terms of the Plan, a Participant must:

 

	
 
	
1.
	
Be employed in an Eligible Position in the active service (or on an approved leave of absence per Section VII) of HMH during the Plan Year and up until the date that bonuses under the Plan are paid.  Bonuses will be pro-rated for part-time Participants and those Participants who have been on a leave of absence during the Plan Year. 

 

	
 
	
2.
	
Be in compliance with the policies and standards in the HMH Code of Conduct, Employee Guide and all other HMH policies up until the date that bonuses under the Plan are paid.

 

	
 
	
3.
	
Have achieved a minimum rating of “Meets Expectations” on the Participant’s annual performance evaluation, or otherwise have achieved sufficient performance in carrying out his/her roles and responsibilities, as determined by the Plan Administrators.

 

 

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B.
	
New Hires

 

Newly hired employees’ eligibility for participation in the Plan will be determined by the date of hire, as follows:

 

	
 
	
1.
	
An employee who is hired into an Eligible Position on or before September 30th of the Plan Year will be eligible for a pro-rated bonus based on the number of days worked in the Eligible Position during the Plan Year.  

 

	
 
	
2.
	
An employee who is hired into an Eligible Position on or after October 1st of the Plan Year will not be eligible to participate in the Plan. 

 

The Plan Administrators will periodically review employees’ eligibility for participation in the Plan and may, in their sole discretion, make changes to the eligibility requirements at any time without prior notice.

 

	
 
	
C.
	
Transfers, Promotions, and Demotions

 

	
 
	
•
	
An employee who transfers or is promoted into an Eligible Position during the Plan Year will be eligible for a pro-rated bonus based on the number of days worked in the Eligible Position. 

 

	
 
	
•
	
A Participant who transfers out of an Eligible Position during the Plan Year will be eligible for a pro-rated bonus based on the number of days worked in the Eligible Position. 

 

	
 
	
•
	
A Participant demoted into a non-Eligible Position during the Plan Year will not be eligible for a bonus under the Plan.

 

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•
	
If a Participant transfers between one of the Business Units identified on Annex A or between Corporate and a Business Unit during the Plan Year (e.g., from Core to Supplemental & Intervention or from Corporate to Core), the Achievement Metric component of the Participant’s bonus will be calculated based on the number of days the Participant worked in each Business Unit during the Plan Year.

 

	
 
	
D.
	
End of Employment

 

As this Plan is intended as an incentive to award past service and to serve as an incentive for continued service to the Company, to receive a bonus under the Plan, a Participant must be employed with HMH on the date that bonuses under the Plan are paid. 

 

In the case of death of a Participant during the Plan Year or prior to the date that bonuses under the Plan are paid, the estate of the deceased (unless applicable law dictates otherwise) will remain eligible for a bonus under the Plan.   Any such bonus will be calculated per the Bonus Calculation section below and pro-rated based on the number of days the Participant worked in the Eligible Position during the Plan Year.  Any such bonus will be paid at the time other bonuses under the Plan are paid.

 

V.Timing of Payment

 

Bonuses under the Plan will be paid no later than March 15, 2022  

 

 

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VI.Determination of Bonus Payments

 

	
 
	
A.
	
Target Bonus Opportunity

 

Information on a Participant’s bonus opportunity (“Target Bonus”), as a percentage of Bonus Earnings Basis, will be provided under separate cover.  

 

	
 
	
B.
	
Bonus Earnings Basis

 

Bonus payments will be based on the Participant’s base salary paid for Eligible Position(s) during the Plan Year (“Bonus Earnings Basis”).

 

	
 
	
C.
	
Bonus Pool Segments

 

The Plan consists of six separate bonus pools (“Segments”) as outlined in Annex A.  Each Participant will be a member of only one Segment, which will be identified separately to each Participant under separate cover.  Segments vary in the corporate achievement metrics (“Achievement Metrics”) taken into account, the weighting applied to the Achievement Metrics and the discretionary individual component (“Discretionary Component”).

	
 
	
D.
	
Bonus Calculation 

 

Each Participant’s bonus, if any, will be calculated based on the Participant’s Target Bonus and Bonus Earnings Basis, calculated in relation to the Company’s performance toward the relevant Achievement Metrics and a discretionary assessment of the Participant’s contributions during the Plan Year, as set forth below:

 

 

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1.
	
Achievement Metrics Component

 

	
 
	
a.
	
Achievement Metric Targets and Performance Payout Scale

 

The Plan Administrators have, with the approval of the Compensation Committee, set targets for each of the Achievement Metrics (“Achievement Metric Targets”) and rates (each a “Payout Factor”) at which the corresponding amount of a Participant’s Target Bonus (“Target Bonus Breakdown Component”) will be paid based on the Company’s performance versus the Achievement Metric Target (“Performance-Payout Scale”), as outlined in Annex A.  A threshold minimum of 90% of the Achievement Metric Targets for Billings must be met for the Billings Achievement Metrics to be funded and a threshold minimum of 85% of the Adjusted Cash EBITDA target must be met for that Achievement Metric to be funded. Additionally, HMH Free Cash Flow must be within the stated guidance for 2021 or the funding of the entire Achievement Metric Component of the Plan may be adjusted +/-5%, based on the discretion of the Compensation Committee. 

 

For the Plan, three key Achievement Metrics will be used:

 

	
 
	
(1)
	
Billings:  Billings will be measured by Net Sales in accordance with accounting principles generally accepted in the United States adjusted for the change in deferred revenue on the balance sheet during the period and for the impact of material acquisitions and divestitures and the cumulative effect of any changes in GAAP or accounting principles applied by management.

 

	
 
	
(2)
	
Adjusted Cash EBITDA:  For purposes of the Achievement Metric related to Adjusted Cash EBITDA the accounting measure used for determining performance, for any period, will be net income (prior to corporate allocations for the Education and Books and Media segments), in accordance with accounting principles generally accepted in the United States, for such period, subject to such adjustments as determined appropriate by the Plan Administrators in their sole discretion which 

 

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may include the following additions and subtractions: plus, without duplication and to the extent deducted in determining such consolidated net income, the sum of:  (i) consolidated interest expense for such period; (ii) provisions for taxes based on income, profits or losses (determined on a consolidated basis) during such period; (iii) all amounts attributable to depreciation and amortization for such period; (iv) any extraordinary losses for such period; (v) any fees, expenses or charges for such period related to any equity offering, investment, acquisition permitted hereunder, permitted disposition, recapitalization or the incurrence of Indebtedness including a refinancing thereof (in each case, whether or not successful); (vi) any non‐cash charges for such period (for the avoidance of doubt, including, but not limited to, purchase accounting adjustments, assets impairments and equity compensation charges, unrealized derivatives charges); (vii) restructuring charges for such period relating to current or anticipated future cash expenditures, including restructuring costs related to closure or consolidation of facilities, and severance and other separation costs and post-retirement medical expenses; (viii)  other non‐recurring charges, (ix) deferred financing fees (and any write-offs thereof), and (x) the change in deferred revenue on the balance sheet during the period  Adjusted Cash EBITDA for any period will be calculated so as to exclude (without duplication of any adjustment referred to above) the effect of:  (A) the cumulative effect of any changes in GAAP or accounting principles applied by management; (B) any gain or loss for such period that represents after-tax gains or losses attributable to any sale, transfer or other disposition or abandonment of assets other than dispositions or sales of inventory and other dispositions in the ordinary course of business; (C) any extraordinary gains for such period; and (D) the impact of material acquisitions or dispositions (unless such acquisitions and dispositions are included in the target).

	
 
	
(3)
	
Free Cash Flow (FCF) Modifier:   For purposes of the Plan, free cash flow is the cash HMH produces through its operating activities from continuing operations as shown on the statement of cash flows, less cash used in pre-publication costs and property, plant, and equipment (i.e. aggregately capital expenditures, also known as CAPEX).   

FCF for the Plan Year is expected to be within the range shown in Annex A.   If actual FCF is above or below that target, the explanation of the difference will be evaluated by the Compensation Committee, who in their discretion may choose to adjust the total funding of the Achievement Metric Component of the Plan (i.e., 

 

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Revised 2021 Bonus Plan – U.S.
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

	
 
		
both Billings and Adjusted Cash EBITDA, for Corporate and Business Unit Segments) up to +/-5%, depending on  if the actual FCF is below guidance (to a maximum downward adjustment of 5%) or above guidance (to a maximum upwards adjustment of 5%).

 

	
 
	
b.
	
Measurement of Performance Toward Achievement Metric Targets

 

Following the completion of the Plan Year and the Board of Directors’ approval of the Company’s audited financial results, the Plan Administrators will cause a comparison to be made of the Company’s Achievement Metric actual results to each of the Achievement Metric Targets in order to determine which Payout Factor on the Performance Payout Scale applies to each Target Bonus Breakdown Component of the Achievement Metric Component.  Each Target Bonus Breakdown Component will be multiplied by the established Payout Factor to determine the bonus amount for each Target Bonus Breakdown Component, the sum of which will equal the amount of a Participant’s bonus attributable to the Achievement Metrics component.

 

	
 
	
2.
	
Discretionary Component

 

The discretionary component is designed to reward Participants for various factors related to their contributions to the Company during the Plan Year. Following the completion of the Plan Year, a pool of money will be distributed to each division head to allocate in their discretion (with oversight from the Plan Administrators) among their Participants in each Segment based on the division head’s assessment of various factors related to contributions to the Company during the Plan Year.  This amount will then be added to the amount attributable to the Achievement Metrics component, as described above, to arrive at each Participant’s total bonus.

 

VII.Administrative Guidelines

 

 

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A.
	
Rights Are Non-Assignable

 

Neither the Participant, nor any beneficiary, nor any other person shall have any right to assign the right to receive a bonus hereunder, in whole or in part, which bonuses are non-assignable and non-transferable, whether voluntarily or involuntarily.

 

	
 
	
B.
	
Forfeiture

 

If, in their sole discretion, the Plan Administrators determine that during a Participant’s employment with HMH or its business units, the Participant has violated HMH’s Code of Conduct or any other HMH policy, committed any unlawful or criminal act of moral turpitude, perpetrated a fraud upon HMH, or competed or made preparations to compete with HMH, any bonus under the Plan shall be forfeited and HMH shall have no further obligations hereunder to the Participant.

 

	
 
	
C.
	
Leaves of Absence

 

A Participant who is on an approved leave of absence during the Plan Year, if otherwise eligible under the terms of the Plan, will be eligible for a pro-rated bonus based on the number of days worked in active status, which will include any portion of a leave of absence in which he/she used paid vacation and/or occasional absence time, and the end of the Plan Year results.  Any such bonus will be paid to a Participant on an approved leave of absence on the date on which other bonuses under the Plan are paid.  

 

	
 
	
D.
	
No Vested Rights

 

No Participant shall have any vested interest in a bonus to be paid under the Plan prior to payment by the Company.  This document is only designed to communicate the basic provisions 

 

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Revised 2021 Bonus Plan – U.S.
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

of the Plan and should not be understood to be a contract (which it is not) between a Participant and the Company.

 

	
 
	
E.
	
Amendment, Modification, Suspension, or Termination

 

The Plan Administrators reserve the rights to amend, modify, suspend or terminate the Plan, in whole or in part, at any time and for any reason without the consent of, or prior notification to, any Participant.  An amendment to, modification or suspension of, or termination of the Plan may result in a cessation or discontinuation of benefits owed to any Participant.  

 

The Plan Administrators also reserve the right to withhold, reduce, eliminate, amend, modify, or suspend bonus payments based on a Participant’s individual performance.

 

The terms of the Plan may also be subject to modification by the terms of any acquisition, sale or similar agreement that may be entered into by HMH.

 

No amendment or modification to or suspension or termination of this Plan is valid unless in writing signed by the Plan Administrators.

 

	
 
	
F.
	
Employment Relationship

 

This Plan is a statement of the Company’s intentions and does not constitute a guarantee that any particular bonus will be paid.  Furthermore, eligibility for participation in the Plan does not confer upon any Participant any rights or guarantees to a bonus under the Plan.  

 

Nothing in this Plan changes the “at-will” nature of a Participant’s employment with the Company.  This means that both the Participant and the Company have the right to terminate 

 

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the Participant’s employment at any time, with or without advance notice, and with or without cause, subject to any separate written employment agreement between the Participant and the Company.

 

	
 
	
G.
	
Tax Withholding

 

Notwithstanding any other provisions of this Plan, HMH shall withhold from any bonus to be paid an amount sufficient to satisfy all applicable federal, state, and local tax withholding requirements.

 

	
 
	
H.
	
Interpretation

The Plan Administrators have full discretion to interpret, construe, and administer all terms and provisions of the Plan, including the power to rectify any omission, correct any mistake, resolve any conflict between provisions and/or resolve any ambiguous or vague terms.  Any such actions or interpretations shall be final, binding, and conclusive on all parties.

 

	
 
	
I.
	
Clawback.  

To the extent required by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Shares are listed or quoted, or if so required pursuant to a written policy adopted by the Company, this Award shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements.

 

VIII.Governing Law

 

 

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Except to the extent governed by federal law, the provisions of the Plan shall be construed, administered and enforced in accordance with the laws of the Commonwealth of Massachusetts, without reference to its principles of conflicts of laws. 

 

 

IX.Signatures

 

	
John Lynch, Chief Executive Officer
	
 
	
Date

	
 
	
 
	
 

	
Joseph Abbott, Chief Financial Officer
	
 
	
Date

	
 
	
 
	
 

	
Alejandro Reyes, Chief People Officer
	
 
	
Date

 

 

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