Document:

JOHN WILEY & SONS, INC.

    FY 2021 EXECUTIVE LONG TERM INCENTIVE PLAN

    PLAN DOCUMENT

    CONFIDENTIAL

    May 1, 2020

    

    

    
      

      
        

      

    

    

    

    CONTENTS

    

    

    	
            Section

          	
            Subject

          	
            Page

          
	
            I.

          	
            Definitions

          	
            2

          
	
            II.

          	
            Plan Objectives

          	
            3

          
	
            III.

          	
            Eligibility

          	
            3

          
	
            IV.

          	
            Performance Targets and Measurement

          	
            4

          
	
            V.

          	
            Performance Evaluation

          	
            4

          
	
            VI.

          	
            Performance Share Unit Award Provisions

          	
            5

          
	
            VII.

          	
            Restricted Share Units

          	
            6

          
	
            VIII.

          	
            Payouts

          	
            6

          
	
            IX.

          	
            Administration and Other Matters

          	
            7

          

    

    

    
      

      
        

      

    

    

    

    I. DEFINITIONS

    Following are definitions for words and phrases used in this document.  Unless the context clearly indicates otherwise, these words
      and phrases are considered to be defined terms and appear in this document in italicized print:

    business criteria An indicator of financial performance, chosen from the business criteria listed in Section 10.2 of the shareholder plan. The following business criteria are used in this plan:

    revenue  (corporate and business) Gross annual revenue, net of provision for returns, cancellations, etc.,
      in a manner consistent with amounts reported for the Company’s segment and total results for FY21

    EBITDA
       Adjusted operating income excluding depreciation expense and amortization of intangible and product development assets in
      the Company’s Summary of Operations, consistent with amounts reported for the Company’s adjusted EBITDA results reported publicly, for FY21

    business unit 
      The Company, a business or subsidiary of the Company,
      or a global unit of the Company.

    Company 
      John Wiley & Sons, Inc.

    Executive
        Compensation and Development Committee (Committee) The committee of the Company’s Board of Directors responsible for the review and
      approval of executive compensation.

    financial goal 
      A targeted level of attainment of a given business criteria.

    financial results  The published, audited financial results of the Company.

    participant 
      An employee of the Company selected to participate in the plan.

    performance levels

    threshold  The minimum acceptable level of achievement of a financial goal in order to earn a payout, expressed as a percentage of target  e.g., 80% of target).

    target   Achievement of the assigned financial goal-100%.

    outstanding  superior achievement of a financial goal, earning the maximum payout, expressed as a percentage of target (e.g., 120% of target).

    performance share
        unit  The contingent right given by the Company to a participant to receive a share of stock issued pursuant to this plan and the shareholder plan that is subject to forfeiture.  In the shareholder plan, such stock is referred to
      as “Performance-Based Stock.”

    
      
        

      

    

    performance target 
      A participant's objective to achieve specific financial
        goals for assigned business criteria in the plan period, as approved by the Committee.  A performance target comprises all of the financial goals for the business criteria in a business unit.

    plan   This
      FY 2021 Qualified Executive Long Term Incentive Plan.

    plan-end adjusted
        performance share unit award   The number of performance share units earned by a participant at the end of the plan period after adjustments, if any, are made, as set forth in Sections V and VIII.

    plan period  
      The three year period from May 1, 2020 to April 30, 2023, or a portion of this period, at the discretion of the Committee.

    restricted share
        unit  The contingent right given by the Company to a participant to receive a share of stock issued pursuant to this plan and the shareholder plan that is subject to forfeiture.  In the shareholder plan, such stock is referred to
      as “Restricted Stock.”

    shareholder plan  
      The John Wiley & Sons, Inc.  2014 Key Employee Stock Plan.

    stock  
      Class A Common Stock (par value $1 per share) of the Company.

    target award 
      The targeted number of performance share units that a participant is eligible to receive if 100% of his/her/her applicable performance targets are achieved and the participant remains employed by the Company
      through the June 30, 2023 vesting date, except as otherwise provided in Section VIII.

    II. PLAN OBJECTIVES

    The plan is intended to
      provide the officers and other key colleagues of the Company and of its subsidiaries, affiliates and certain joint venture companies, upon whose
      judgment, initiative and efforts the Company depends for its growth and for the profitable conduct of its business, with additional incentive to
      promote the success of the Company.

    III. ELIGIBILITY

    A participant is selected by
      the President and CEO and recommended for participation to the Committee, which has sole discretion for determining eligibility, from among those
      colleagues in key management positions deemed able to make the most significant contributions to the growth and profitability of the Company. 
      The President and CEO of the Company is a participant.
      Designation of a participant eligible to receive an incentive hereunder for a particular plan year shall not require designation of such participant eligible to receive a payout in
      any subsequent plan year.

    
      
        

      

    

    IV. PERFORMANCE TARGETS AND MEASUREMENT

    The President and CEO recommends and the Committee adopts, in its sole discretion, performance targets and performance levels for each participant to be used in the plan period.

    
      	
              A.

            	
              Performance
                  targets, comprising one or more financial goals, are defined for each business unit. Each
                financial goal is assigned a weight, such that the sum of the weights of all financial goals for a business unit equals 100%.

            

    

    
      	
              B.

            	
              Each participant
                is assigned performance targets for one or more business units, based on the participant’s position, responsibilities, and his/her ability to affect the
                results of the assigned business unit. For each participant, each business unit is assigned a weight, such that the sum of the weights of all business units for a participant equals 100%. Collectively,
                all business unit performance targets constitute the participant’s plan period objectives.

            

    

    
      	
              C.

            	
              Each financial
                  goal is assigned performance levels (threshold, target and outstanding).

            

    

    V. PERFORMANCE EVALUATION

    
      	
              A.

            	
              Financial Results

            

    

    
      	
              1.

            	
              At the end of the plan
                  period, the financial results for each business unit are compared with that unit’s financial goals to determine the payout for each participant.

            

    

    
      	
              2.

            	
              In determining the attainment of financial goals, the impact of  any of the events (1) through (9) listed in Section 10.2 of the shareholder plan will be excluded from the financial results for any affected business unit.

            

    

    
      	
              3.

            	
              Award Determination

            

    

    
      	
              •

            	
              Achievement of threshold
                performance of at least one financial goal of a performance target is necessary for a participant to receive a payout for that performance target.

            

    

    
      	
              •

            	
              The unweighted payout
                factor for each financial goal is determined as follows:

            

    

    
      	
              o

            	
              For performance below the threshold
                level, the payout factor is zero.

            

    

    
      	
              o

            	
              For performance at the threshold
                level, the payout factor is 50%.

            

    

    
      	
              o

            	
              For performance between the threshold
                and target levels, the payout factor is between 50% and 100%, determined on a pro-rata basis.

            

    

    
      	
              o

            	
              For performance at the target
                level, the payout factor is 100%.

            

       

      

      
        
          

        

      

    

    
      	
              o

            	
              For performance between the target
                and outstanding levels, the payout factor is between 100% and 200%, determined on a pro-rata basis.

            

    

    
      	
              o

            	
              For performance at or above the outstanding level, the payout factor is 200%.

            

    

    
      	
              •

            	
              A participant’s plan-end
                  adjusted performance share unit award is determined as follows:

            

    

    
      	
              o

            	
              Each financial goal’s unweighted payout factor determined above times the weighting of that financial goal equals the weighted payout factor for that financial goal

            

    

    
      	
              o

            	
              The sum of the weighted payout
                factors for a business unit’s financial goals equals the payout
                factor for that performance target.

            

    

    
      	
              o

            	
              The participant’s target
                  award

            

    

    times

      the business unit weight

      times

      the performance target payout factor

      equals

      the participant’s payout for that business unit

    
      	
              o

            	
              The sum of the payouts for all the business units assigned to a participant equals the participant’s total plan-end adjusted performance share unit award.

            

    

    
      	
              •

            	
              The Committee may,
                in its sole discretion, reduce a participant’s payout to any level it deems appropriate.

            

    

    

    

    VI. PERFORMANCE SHARE UNIT AWARD PROVISIONS

    The plan-end adjusted performance
        share unit award will be compared to the target award, and the appropriate amount of performance share units will be awarded or forfeited, as required, to bring the performance
        share unit award to the number of shares designated as the plan-end adjusted performance share unit award.

    

    

    VII. RESTRICTED SHARE UNITS

    The participant may be
      granted restricted share units pursuant to the shareholder
        plan at the beginning of the plan period, representing another incentive vehicle by which the participant is able to share in the long-term growth of the Company.
      The terms and conditions of the restricted share unit award are contained in the shareholder plan and in the restricted share unit award grant agreement.

    
      
        

      

    

    VIII. PAYOUTS

    
      	
              A.

            	
              Normal Payout.  Plan-end adjusted performance share units awards will be made within 2-1/2 months after the end of the plan period.

            

    

    
      	
              B.

            	
              Resignation or Termination with or without
                    Cause.  Except as otherwise provided in this Section VIII or in a written agreement approved by the Committee, a participant who resigns, or whose employment is terminated by the Company, with or without cause before the award is vested, will forfeit the right to receive an award.

            

    

    
      	
              C.

            	
              Death or Disability.  Solely to
                the extent provided by the Committee in the award summary or in a written agreement, in the event of a participant’s death or disability while in employment prior to the end of the plan period, the participant (or, in the event of death, his or her estate) will receive a prorated plan-end adjusted performance share unit award which shall be paid out in shares based upon actual performance upon the conclusion of the
                plan period, within 2-1/2 months after the end of the plan period. “Disability” for this purpose will be determined by the Committee
                under a definition permitted under Code Section 409A.

            

    

    
      	
              D.

            	
              Retirement.  Except as otherwise
                provided in this Section VIII or in a written agreement approved by the Committee, in the event of a participant’s retirement as that term is defined in the shareholder
                  plan, prior to the end of the plan period, the participant will receive a prorated plan-end adjusted performance share unit award (as determined by the
                Committee) which shall be paid out in shares based upon actual performance upon the conclusion of the plan period, within 2-1/2 months after the end of the plan period.

            

    

    
      	
              E.

            	
              Change of Control.  In the event
                of a Change of Control, as that term is defined in the shareholder plan, in cases where:

            

    

    
      	
              •

            	
              the acquiring company is not publicly traded, or

            

    

    
      	
              •

            	
              where the acquiring company is publicly traded and the company does not assume or replace the outstanding equity, or

            

    

    
      	
              •

            	
              participant’s
                employment is terminated due to a "without cause termination" or "constructive discharge" within twenty-four months following a change of control,

            

    

    all then outstanding “target” performance share units shall immediately become fully vested, and all plan-end adjusted performance share unit awards that are not yet vested shall immediately become fully vested.

    
      	
              F.

            	
              Performance Share Units Earned for Completed Plan Periods.  In the event of the participant’s death, Disability, or retirement as that term is defined in the shareholder plan or performance share unit grant agreement, following the end of the plan period but prior to full vesting of the plan-end adjusted performance share unit awards, such
                performance share units shall immediately become fully vested.

            

    

    
      	
              G.

            	
              Change in Position.  A participant who is hired or promoted into an eligible position during the plan period may receive a prorated plan-end adjusted performance share unit award as
                determined by the Committee, in its sole discretion.

            

    

    

    

    IX. ADMINISTRATION AND OTHER MATTERS

    
      	
              A.

            	
              The plan will be
                administered by the Committee, which shall have authority in its sole discretion to interpret and administer this plan, including, without limitation, all questions regarding eligibility and status of any participant, and no participant shall have any right to receive a payout
                or payment of any kind whatsoever, except as determined by the Committee hereunder.

            

    

    
      	
              B.

            	
              The Company will
                have no obligation to reserve or otherwise fund in advance any amount which may become payable under the plan.

            

    

    
      	
              C.

            	
              In the event that the Company
                is required to file a restatement of its financial results due to fraud, gross negligence or intentional misconduct by one or more employees and/or material non-compliance with Securities laws, the Company will cancel the unvested performance share units
                previously granted to all participants in the amount by which such shares exceeded any lower number of shares that would have been
                earned based on the restated financial results, for the plan cycle in which the restatement was required, and if applicable, any gain associated with the award for that plan cycle will be repaid to the Company by the participant in the amount by which such gain exceeded any lower gain that would have been made based on the restated financial results, to the full
                extent required or permitted by law.  This provision extends beyond the clawback requirements under Sarbanes-Oxley that are limited to our Chief Executive Officer and Chief Financial Officer.

            

    

    If a participant is directly
      responsible for or involved in fraud, gross negligence or intentional misconduct that causes the Company to file a restatement of its financial
      results, the Company will cancel the unvested performance
        share units previously granted to such participant, for the plan cycle in which the restatement was required, and if applicable, any
      gain associated with the award for that plan cycle will be repaid to the Company by the participant, to the full extent required or permitted by law. 

    

    

    The action permitted to be taken by the Company
      under this section (c) is in addition to, and not in lieu of, any and all other rights of the Company and/or the Committee under applicable law and shall apply notwithstanding anything to the contrary in this plan.

    

    

    
      	
              D.

            	
              This plan may not
                be modified or amended except with the approval of the Committee, in accordance with the provisions of the shareholder plan.

            

    

    
      	
              E.

            	
              In the event of a conflict between the provisions of this plan and the provisions of the shareholder plan, the provisions of the shareholder plan shall apply.

            

    

    
      	
              F.

            	
              In the event that any provision of this plan shall be considered illegal or invalid for any reason, such illegality and invalidity shall not affect the remaining provisions of the plan, but shall be fully severable, and the plan shall be construed and enforced as if such
                illegal or invalid provision had never been contained therein.

            

    

    
      	
              G.

            	
              No awards of any type under this plan shall be considered as compensation for purposes of defining compensation for retirement, savings or supplemental executive retirement plans, statutory indemnity or any other benefit.PERFORMANCE SHARE UNIT GRANT AGREEMENT

    UNDER THE EXECUTIVE LONG-TERM INCENTIVE PLAN,

    UNDER THE BUSINESS OFFICER EQUITY PROGRAM

    PURSUANT TO THE 2014 KEY EMPLOYEE STOCK PLAN

    TO: <<Participant>>

    To recognize and reward your contribution toward the long-term success of John Wiley & Sons, Inc. (Wiley or Company), you have been granted this
      performance share unit award (Award) under the Executive Long-Term Incentive Plan or the Business Officer Equity Program (together herein defined
      as Program), pursuant to the Company’s 2014 Key Employee Stock Plan (Plan). The Award represents the right to receive shares of the Company’s Class A Common Stock (Shares) that are
      subject to achievement of the performance criteria and of the vesting conditions set forth in this agreement (Agreement).

    The details of your Award are summarized below:

    Grant ID: <<Grant ID>>

    Grant Date: <<Grant Date>>

    

    

    Target Number of Performance Share Units: <<Number of RPSUs>> 

    

    

    Performance Period: Fiscal Years 2021-2023 (May 1, 2020-April 30, 2023)

    Vesting Date: 100% on June 30, 2023, except as otherwise provided in Section 3.

    The terms of the Award are as set forth in this Agreement and in the Plan, a copy of which is available on the UBS One
      Source Website. The Plan is incorporated into this Agreement by reference, which means that this Agreement is limited by and subject to the express terms and provisions of the Plan. In the event of a conflict between the terms of this Agreement and
      the terms of the Plan, the terms of the Plan shall govern.

    
      	
              1.

            	
              Performance Criteria. The Performance Period for this Award is three (3) fiscal years – one year of financial performance and continued employment through the Vesting Date, except as
                otherwise noted in Section 3.  Fiscal Year 2021 Company EBITDA (weighted at 60%) and Fiscal Year 2021 Company or Business Revenue (weighted at 40%)
                are the financial performance measures used for this performance period.  Participants in the Businesses noted below at the time Awards are granted will have that Business’ Revenue measure, and other participants will have the Company
                Revenue measure.  The non-achievement of the threshold performance level for one of the financial criteria does not preclude a payout for that other financial criteria.

            

    

    EBITDA  Adjusted operating income excluding depreciation expense and amortization of intangible and product development assets in the Company’s Summary of Operations, consistent with amounts reported for the Company’s adjusted EBITDA results reported
      publicly, for Fiscal Year2021.

    
      
        

        

      

      
        

      
        

        

      

    

    Revenue  (Total Wiley and Business) Gross annual Revenue, net of provision for returns, cancellations, etc., in a manner consistent with amounts reported for the Company’s segment and total results for Fiscal Year 2021.

    

    	
            Performance Level for

          	
            Payout Range for Such Goal

          
	
            <Threshold

          	
            No performance share units are earned

          
	
            Threshold

          	
            50% of the target number of performance share units are earned

          
	
            >Threshold and <Target

          	
            between 50% and 100% of the target number of performance share units are earned, on a pro-rata basis

          
	
            Target

          	
            the target number of performance share units are earned

          
	
            >Target and <Outstanding

          	
            between 100% and 200% of the target number of performance share units are earned, on a pro-rata basis

          
	
            Outstanding or above

          	
            200% of the target number of performance share units are earned

          

    

    

    Discretion: Regardless
      of any provision of the Plan to the contrary, the Committee will not exercise its discretion to adjust any award downward below the amount that would otherwise be payable except in extraordinary circumstances.

    
      	
              2.

            	
              Issuance
                  of Shares and Shareholder Rights. Following the performance period, any performance share units earned for the performance period remain subject to vesting as described herein.  You shall not have any right in, to, or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Common Stock) issuable under the Award until the Award is
                  settled by the issuance of such Shares to you.  One Share shall be issuable for each performance share unit that vests on such vesting date subject to the terms and provisions of the Plan and this Agreement.  On or promptly
                following that date, the Company shall transfer such Shares to you upon satisfaction of any required minimum tax withholding obligations. No fractional shares shall be issued under this Agreement. Following settlement of the Award, and upon
                satisfaction of all minimum tax withholding obligations, you become a shareholder of record, and shall receive voting rights and rights with respect to dividends paid thereafter on the Shares awarded.

            

    

    
      	
              3.

            	
              Termination of Employment.

            

    

    
      	
              a.

            	
              Resignation or Termination with Cause. 
                Except as otherwise provided in this Section or in a written agreement approved by the Executive Compensation and Development Committee (Committee),
                if you resign, or if your employment is terminated by the Company with Cause before the Award is vested, you shall forfeit the right to receive an Award (whether or not the performance criteria have been met).

            

      
        
          

          

        

        
          

        
          

          

        

      

    

    
      	
              b.

            	
              Retirement,
                    Termination without Cause.  If you Retire, or if your employment is terminated by the Company without Cause, and you have been an active participant in the performance period for at least one (1) year or more, you shall
                receive a prorated Award, which shall be paid out in Shares based upon actual performance upon the conclusion of the performance period.

            

    

    
      	
              c.

            	
              Death or Disability.  In the event
                of your death or Disability while in employment prior to the end of the performance period, you (or, in the event of your death, your estate) shall receive a prorated Award which shall be paid out in Shares based upon actual performance
                upon the conclusion of the performance period.  In the event of your death or Disability following the end of the performance period but prior to full vesting of the Shares, you (or, in the event of your death,
                your estate) shall receive an Award which shall be paid out in Shares based upon actual performance upon the conclusion of the performance period. “Disability” for this purpose shall be determined by the Committee pursuant to Section 22(e)
                (3) of the Code.

            

    

    
      	
              d.

            	
              Change in Control.  In the event of a Change in Control, as that term is defined in the Plan, in cases where:

            

    

    
      	
              i.

            	
              the acquiring company is not publicly traded, or

            

    

    
      	
              ii.

            	
              where the acquiring company is publicly traded and the company does not assume or replace
                the outstanding equity, or

            

    

    
      	
              iii.

            	
              your employment is terminated without Cause or Constructive Discharge within twenty-four
                (24) months following a change in control where the awards were assumed or replaced,

            

    

    the target Award
        (determined as if performance were at the target level) granted pursuant to this Agreement shall immediately become fully vested, and all Shares granted pursuant to this Agreement that are earned but unvested shall immediately become fully vested and settled through the issuance of Shares promptly following such event.

    Cause is defined as:  (A) your refusal or willful and continued failure
      to substantially perform your material duties to the best of your ability (for reasons other than death or disability), in any such case after written notice thereof and your failure to remedy such refusal or failure; (B) your gross negligence in the
      performance of your material duties; (C) any act of fraud, misappropriation, material dishonesty, embezzlement, willful misconduct or similar conduct; (D) your conviction of or plea of guilty or nolo contendere to a felony or any crime involving
      moral turpitude; or (E) your material and willful violation of any of the Company’s reasonable rules, regulations, policies, directions and restrictions.

    Constructive Discharge is defined as:  (A) any material reduction of your base salary or total compensation
      opportunity other than a general reduction in base salary and/or total compensation opportunity that affects all substantially similar executives in substantially the same proportion; (B) a material and adverse change to, or a material reduction of,
      your duties and responsibilities to the Company (other than temporarily while you are physically or mentally incapacitated, or as required by applicable law); or (C) the relocation of your primary office to any location more than fifty (50) miles
      from the Company’s principal executive offices, resulting in a materially longer commute for you.

    
      
        

        

      

      
        

      
        

        

      

    

    Retirement is defined as a participant’s
        retirement after attaining a minimum of age 55 with 10 or more years of continuous employment with the Company, or any Subsidiary or Affiliate.

    
      	
              4.

            	
              Restrictions. 
                Except as otherwise provided for in this Agreement or in the Plan, the performance share units or rights granted hereunder may not be sold, pledged or otherwise transferred.

            

    

    
      	
              5.

            	
              Non-Compete, Non-Solicitation

            

    

    
      	
              a.

            	
              During your employment with the Company, you have and will become familiar with the Company’s trade secrets, information
                related to the operations, products and services of the Company, and with other Confidential Information concerning the Company, its subsidiaries, affiliates, and companies acquired by the Company. Therefore, during your employment period
                and for a period of one year thereafter, you agree that you shall not directly or indirectly own any interest in, manage, control, participate in, consult with, or render services for any Competing Business.

            

    

    A “Competing Business” is any person or entity that (i) conducts or is planning to conduct a business similar to
      and/or in competition with any Company business unit to which you rendered services during the two year period prior to the date at issue or (ii) creates, develops, distributes, produces, offers for sale or sells a product or service that can be used
      as a substitute for, or is generally intended to satisfy the same customer needs for, any one or more products or services created, developed, distributed, produced or offered for sale or sold by the Company business unit to which you rendered
      services during the two year period prior to the date at issue.  In the event that you have an enterprise role at the Company, you will be deemed to render services to all Company business units.

    
      	
              b.

            	
              During your employment and for a period of one year thereafter, you agree that you shall not directly, or indirectly through
                another entity, (i) induce or attempt to induce any employee of the Company or any affiliate to leave the employ of the Company or such affiliate, or in any way interfere with the relationship between the Company or any affiliate and any
                employee thereof, (ii) hire any person who was an employee of the Company or any affiliate at any time during the last twelve (12) months, or (iii) induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other
                business relation of the Company or any affiliate to cease doing business with the Company or such affiliate, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor, franchisee or business
                relation and the Company or any affiliate (including, without limitation, making any negative statements or communications about the Company or its affiliates).

            

    

    
      	
              c.

            	
              Forfeiture of Awards.  By accepting
                the Award, you expressly agree and acknowledge that the forfeiture provisions will apply if the Committee determines, in its sole judgment, that you have engaged in an act that violates paragraph (a) and/or (b).  In
                such a determination, your outstanding Performance Share Units will immediately be rescinded, and you will forfeit any rights you have with respect to these Performance Share Units as of the date of the
                Committee’s determination.  In addition, you hereby agree and promise immediately to deliver to the Company an amount equal to the value of any Performance Share Units you received under this Award during the period beginning twelve (12)
                months prior to your Termination of Employment and ending on the date of the Committee’s determination.

            

      
        
          

          

        

        
          

        
          

          

        

      

    

    
      	
              6.

            	
              Clawback. 
                In the event that the Company is required to file a restatement of its financial results due to fraud, gross negligence or intentional misconduct by one or more employees and/or material non-compliance with Securities laws, the Company
                shall cancel the unvested performance share units previously granted to you in the amount by which such performance share units exceed any lower number of performance share units that would have been earned based on the restated financial
                results, for the performance period in which the restatement was required, and if applicable, any gain associated with the Award for that performance period shall be repaid to the Company by you in the amount by which such gain exceeds any
                lower gain that would have been made based on the restated financial results, to the full extent required or permitted by law.

            

    

    If you are directly responsible for or involved in fraud, gross negligence or intentional misconduct
      that causes the Company to file a restatement of its financial results, the Company shall cancel the unvested performance share units previously granted to you, for the performance period in which the restatement was required, and if applicable, any
      gain associated with the Award for that performance period shall be repaid to the Company by you, to the full extent required or permitted by law. 

    This Section 6 shall be deemed to be automatically revised if the Company amends its clawback policy, and such amended clawback policy
      shall apply in lieu hereof.

    
      	
              7.

            	
              Taxes.

            

    

    
      	
              a.

            	
              Generally.  You
                are ultimately liable and responsible for all taxes owed in connection with the Award, regardless of any action the Company or UBS takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the
                Company nor UBS makes any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares issuable pursuant to the Award.  The Company does
                not commit and is under no obligation to structure the Award to reduce or eliminate your tax liability.  The Company may refuse to issue any Shares to you until you satisfy the tax withholding obligation.   For purposes hereof, “UBS”
                includes the Plan third party administrator and any successor thereto.

            

    

    
      	
              b.

            	
              Payment of Withholding Taxes. 
                Prior to each vesting date in connection with the Award that results in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any social tax obligation, you must arrange for the
                satisfaction of the minimum amount of such tax withholding obligation, as required, in a manner acceptable to the Company.  You are responsible for obtaining professional advice as appropriate.  Prior to the vesting dates in connection with
                the Award, you shall be notified by UBS of any minimum tax withholding obligation.  You have the option of satisfying your minimum tax withholding obligation in one of two ways: 

                

            

      
        
          

          

        

        
          

        
          

          

        

      

    

    
      	
              i.

            	
              By
                    Surrendering Shares.  Unless you choose to satisfy the minimum tax withholding obligation by some other means in accordance with clause (ii) below, your acceptance of this Award constitutes your instruction and authorization
                to the Company and UBS to withhold a whole number of Shares from those Shares issuable to you as the Company and UBS determine to be appropriate to satisfy your minimum tax withholding obligation on each vesting date.

            

    

    
      	
              ii.

            	
              By Check (U.S. participants only), Wire Transfer or Other Means.  You
                may elect to satisfy your minimum tax withholding obligation by remitting to UBS as instructed an amount that the Company and UBS determine is sufficient to satisfy the minimum tax withholding obligation.

            

    

    
      	
              8.

            	
              Plan Information.    You
                acknowledge that you have received the Fiscal Year 2021-2023 (May 1, 2020-April 30, 2023) performance criteria and the Program summary from the Company, and you agree to receive stockholder information, including copies of any annual
                report, proxy statement and other periodic reports, from the Investor Relations section of http://www.wiley.com.  You acknowledge that
                copies of the Plan and stockholder information are available upon written or telephonic request to the Corporate Secretary.

            

    

    
      	
              9.

            	
              Limitation on
                  Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any
                time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any
                such future grants, including, but not limited to, the times when awards shall be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award shall be settled, shall be at the sole
                discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of this Award on an ongoing basis is an extraordinary item which is outside the scope of your terms of employment or your employment contract, if any;
                (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards,
                pension or retirement benefits or similar payments; (g) the future value of the Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon
                you any right to continue in the employ of (or any other relationship with) the Company or any Subsidiary, nor do they limit in any respect the right of the Company or any Subsidiary to terminate your employment or other relationship with
                the Company or any Subsidiary, as the case may be, at any time.

            

    

    
      	
              10.

            	
              Acceptance and Acknowledgment. I accept and agree to the terms of the Performance Share Unit Award described in this Agreement and in the Plan, acknowledge receipt of a copy of this Agreement, the Plan and the applicable
                Program Summary, and acknowledge that I have read them carefully and that I fully understand their contents.

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