Document:

EX-10.17

 Exhibit 10.17 

November 8, 2015 
 Maulik Datanwala 

1560 NW 100th DR 
 Gainesville FL 32606 

 

	Re:	 Offer of Employment with PowerSchool 

Dear Maulik: 
 We are pleased to extend an offer
to you to join our team. This letter, along with the attached Exhibits A and B, will confirm the terms of employment with PowerSchool Group LLC (as such company’s name may change from time to time and such company’s successors and assigns,
the “Company”). The terms of our offer are as follows: 
 1.     You will be the Vice President of
Services of the Company, reporting to the Company’s Chief Executive Officer (the “CEO”) and the Company’s Board of Managers (“Board”). In this capacity, you will have the responsibilities and duties
consistent with such position. 
 2.     Your starting base salary will be $220,000 per year, less deductions and
withholdings required by law or authorized by you, and will be subject to review annually for any increases or decreases; provided, however, that any decreases shall not be greater than 20% of your then current base salary, which
decrease would only be done in conjunction with a general decrease affecting similarly ranked employees. Your base salary will be paid by the Company in regular installments in accordance with the Company’s general payroll practices (in effect
from time to time). 
 You will also be eligible to receive a bonus of up to 35% of your average base salary per fiscal year (the
“Bonus”). This Bonus will be awarded at the sole discretion of the CEO and/or the Board, based on their determination as to your achievement of predetermined operational and financial objectives (“MBO”s). In
addition, you will be eligible for an additional bonus of up to 20% of your base salary per year (the “Stretch Bonus”), awarded at the sole discretion of the CEO and/or the Board, based on the CEO’s and/or the Board’s
determination as to your achievement of “stretch” targets. Notwithstanding the foregoing, any such Bonus for fiscal year 2015 shall be pro-rated for the amount of time you have been employed by the
Company. 
 The Bonus formula and associated MBOs shall be established by the CEO and the Board, in their sole discretion after consultation
with you, and communicated in writing to you from time to time. Any bonus earned for a fiscal year shall be paid no later than 30 days after completion and approval by the CEO and the Board of the applicable fiscal year’s financial statements
and MBOs. In any event, payment of any bonus that becomes due with respect to a fiscal year shall be paid in the calendar year in which the fiscal year ends.  

3.     You will also be eligible to participate in regular health, dental and vision insurance plans and other employee
benefit plans established by the Company for its employees from time to time, so long as they remain generally available to the Company’s employees. 

4.     Your position is based in the Folsom, California area. Your duties may involve some domestic and international
travel. The parties hereto acknowledge that you intend to relocate to the Folsom area, the Company shall provide you and your family with a round-trip coach airfare trip from Gainesville to Folsom for such relocation; provided that such
airfare shall be booked in a manner that is consistent with the travel and expense policies of the Company in effect from time to time. After your relocation to Folsom, 

  
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the Company will supplement your salary by an amount equal to the net after-tax housing and utility expenses you may incur in the Folsom area
(“Duplicate Housing Costs”) for up to three (3) months in an amount not to exceed $5,000 per month. In addition, the Company shall reimburse you for reasonable moving and relocation expenses (“Relocation
Expenses”) in connection with your relocation to the Folsom area in an amount not to exceed $20,000 unless approved by the CEO and/or Board in advance; provided that these expenses shall be documented and provided further that
such expenses shall not include (a) any losses (whether or not realized) incurred by you in connection with the sale of your existing residence and (b) any broker fees and/or commissions (whether incurred in connection with the sale of
your existing residence or the purchase of your new residence). In the event that you terminate your employment without Good Reason or the Company terminates your employment for Cause, in each case, within the first twelve (12) months following
your relocation to Folsom, you shall promptly, unless waived by the Board in its sole discretion, remit to the Company any Duplicate Housing Costs and Relocation Expenses for which you have been paid or reimbursed. In the event that you are entitled
to any amounts from the Company upon such termination, to the maximum extent permitted by law, any amounts owed to the Company pursuant to the foregoing may be deducted from such payments and you will timely execute any documents necessary to
facilitate such deduction. 
 5.     You will be eligible to receive that number of units (the “Management
Incentive Units”) of Severin Topco LLC or one of its affiliates (“Ultimate Parent”), which units shall be Management Incentive Units under Ultimate Parent’s Limited Liability Company Operating Agreement (as amended,
the “LLC Agreement”) and which shall represent approximately 0.20% of the fully converted units of Ultimate Parent at the time of issuance. Such Management Incentive Units will be subject to the terms (including the participation
threshold) as set forth in the LLC Agreement and a Management Incentive Unit Agreement (the “MIU Agreement”). The grant of such Management Incentive Units is subject to the Ultimate Parent’s Board of Managers’ approval and
the execution of an MIU Agreement. Our intent to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Management Incentive Units and any specific
grant of Management Incentive Units to you will be provided upon approval of such grant by the Board of Managers of Ultimate Parent. 
 6.
    There are some formalities that you need to complete as a condition of your employment: 
 - You must carefully
consider and sign the Company’s standard “Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement” (attached to this letter as Exhibit A). Because the Company
and its affiliates are engaged in a continuous program of research, development, production and marketing in connection with their business, we wish to reiterate that it is critical for the Company and its affiliates to preserve and protect its
proprietary information and its rights in inventions. 
 - So that the Company has proper records of inventions that may belong to you, we
ask that you also complete each of Schedule 1 and Schedule 3 attached to Exhibit A. 
 - You and the Company mutually agree that any
disputes that may arise regarding your employment will be submitted to binding arbitration by the American Arbitration Association. As a condition of your employment, you will need to carefully consider and voluntarily agree to the arbitration
clause set forth in Schedule 2 attached to Exhibit A. 
 7.     We also wish to remind you that, as a condition of your
employment, you are expected to abide by the Company’s, its subsidiaries’ and affiliates’ policies and procedures, which may be amended from time to time, at the Company’s sole discretion. 

8.     Your employment with the Company is at will. The Company may terminate your employment at any time with or without
notice, and for any reason or no reason. Notwithstanding any provision to the contrary contained in Exhibit A, you shall be entitled to terminate your employment with 

  
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the Company at any time and for any reason or no reason by giving notice in writing to the Company of not less than four (4) weeks (“Notice Period”), unless otherwise
agreed to in writing by you and the Company. In the event of such notice, the Company reserves the right, in its discretion, to give immediate effect to your resignation in lieu of requiring or allowing you to continue work throughout the Notice
Period. You shall continue to be an employee of the Company during the Notice Period, and thus owe to the Company the same duty of loyalty you owed it prior to giving notice of your termination. The Company may, during the Notice Period, relieve you
of all of your duties and prohibit you from entering the Company’s offices. 
 9.     If the Company terminates
your employment without “Cause” or you voluntarily terminate your employment for a “Good Reason”, (i) you will be entitled to receive a severance payment equal to six (6) months of base pay, less deductions and withholdings
required by law or authorized by you (the “Severance Pay”) and (ii) Ultimate Parent shall have the option to repurchase your vested Management Incentive Units, if any, at fair market value, as determined in good faith by the
Board of Managers of Ultimate Parent. For the avoidance of doubt, any vested Management Incentive Units that are not repurchased pursuant to the immediately preceding sentence shall remain outstanding pursuant to the terms of the LLC Agreement and
the applicable MIU Agreement(s) and any unvested Management Incentive Units shall automatically terminate and be cancelled with no further action required by any party. For purposes of this section, “Cause” and “Good
Reason” have the meaning set forth in Exhibit B attached hereto. The Company will not be required to pay the Severance Pay unless you (i) execute and deliver to the Company an agreement (“Release
Agreement”) in a form satisfactory to the Company releasing from all liability (other than the payments and benefits contemplated by this letter) the Company, each member of the Company, and any of their respective past or present officers,
directors, managers, employees or agents and you do not revoke such release during any applicable revocation period and (ii) have not breached the provisions of Sections 2 through 8 of Exhibit A, the terms of this letter or any agreement
between you and the Company or the provisions of the Release Agreement. The Severance Pay shall be paid in equal monthly installments starting as of the month following the month in which any applicable revocation period for the release described
above lapses, provided you have not revoked the release during such revocation period. 
 10.     You shall not make any
statement regarding your employment or the termination of your employment (for whatever reason) that is not agreed to by the Company; provided, that you may indicate the following without the Company’s approval: that you worked for the Company,
your job title and job function. Except as compelled by applicable law, you shall not make any statement that would libel, slander or disparage the Company, any member of the Company or its affiliates or any of their respective past or present
officers, directors, managers, stockholders, employees or agents. 
 11.     While we look forward to a long and
profitable relationship, you will be an at-will employee of the Company as described in Section 8 of this letter and Section 9 of Exhibit A. Any statements or representations to the contrary (and,
indeed, any statements contradicting any provision in this letter) are, and should be regarded by you, as ineffective. Further, your participation in any benefit program or other Company program, if any, is not to be regarded as assuring you of
continuing employment for any particular period of time. 
 12.     Please note that because of employer regulations
adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation establishing your identity and demonstrating that you have authorization to work in
the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact our personnel office. 

  
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 13.    It should also be understood that all offers of employment are
conditioned on the Company’s completion of a satisfactory background check. The Company reserves the right to perform background checks during the term of your employment, subject to compliance with applicable laws. You will be required
to execute forms authorizing such a background check.  
 14.    This letter along with its Exhibits and the
documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this letter, and supersede all prior understandings and agreements, including but not limited to severance
agreements, whether oral or written, between or among you and the Company or its predecessor with respect to the specific subject matter hereof. 

15.    In the event of a conflict between the terms of this letter and the provisions of Exhibit A, the terms of this
letter shall prevail. Notwithstanding the definition of the term “Group” set forth in Exhibit A, the term “Group” shall be defined as follows: “Group” includes the Company, Ultimate Parent and their respective
subsidiaries engaged in the same or similar existing or intended line of business as the Company, Ultimate Parent and their respective subsidiaries. 

16.    Notwithstanding any other provision herein, the Company shall be entitled to withhold from any amounts otherwise
payable hereunder any amounts required to be withheld in respect to federal, state or local taxes. The intent of the parties is that payments and benefits under this letter be exempt from, or comply with, Code Section 409A and the regulations
and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this letter shall be interpreted to be in compliance therewith. In no event
whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Code Section 409A or damages for failing to comply with Code Section 409A. A termination of employment shall not be deemed to
have occurred for purposes of any provision of this letter providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
Code Section 409A and, for purposes of any such provision of this letter, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” For purposes of Code
Section 409A, your right to receive any installment payments pursuant to this letter shall be treated as a right to receive a series of separate and distinct payments. To the extent that reimbursements or other
in-kind benefits under this letter constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all such expenses or other reimbursements hereunder shall be made
on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (B) any right to such reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. Notwithstanding any other provision of this letter to the contrary, in no event shall any payment under this letter
that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 

17.     The effective date of employment under the terms of this offer is expected to be on or about December 17,
2015. 

  
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 By signing this letter and Exhibit A attached hereto, you represent and warrant that you have had the
opportunity to seek the advice of independent counsel before signing and have either done so, or have freely chosen not to do so, and either way, you sign this letter voluntarily. 

 

	
	Very truly yours,
	
	 /s/ Hardeep Gulati

	Hardeep Gulati
	Chief Executive Officer

 I have read and understood this letter and Exhibit A attached and hereby acknowledge, accept and agree to the terms set
forth therein. 
  

					
	 /s/ Maulik Datanwala
	 		 	Date signed: 11/8/2015
	Signature	 		 	
	Name: Maulik Datanwala	 		 	

 LIST OF EXHIBITS 
 Exhibit
A: Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement 
 Exhibit B: Certain Definitions

  
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 EXHIBIT A 

Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement 

  
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 CALIFORNIA 

CONFIDENTIALITY, INVENTION ASSIGNMENT, NON-SOLICIT AND ARBITRATION AGREEMENT 

As a condition of your employment employment with PowerSchool Group, LLC or one of its affiliates (as such company’s name may change from time to time
and including such company’s parents, subsidiaries, affiliates, successors or assigns, the “Company”) and in consideration of your employment, you and the Company agree to the following: 

For purposes of this Agreement, references to the “Group” means the Company, and its affiliates engaged in the same line of business or contemplated
business as the Company. 
  
  

 

	1.	 CONSIDERATION FOR AGREEMENT.

You understand that the Group is engaged in a continuous program of research, development, production and marketing in connection with its business and that it
is critical for the Group to preserve and protect its “Proprietary Information” (as defined in Section 2 below), its rights in “Inventions” (as defined in Section 4 below) and in all related intellectual property
rights. 
 You acknowledge that as a result of your employment with the Group and/or its predecessors, you have access to and/or may receive confidential
information, trade secrets, and/or specialized training from the Group, each of which would constitute good and valuable consideration in support of your obligations made under this Confidentiality, Invention Assignment, Non-Solicit, and Arbitration Agreement (this “Agreement”). As additional consideration, you may also have the opportunity to develop valuable business relationships with
employees, agents, suppliers, and customers of the Group and to use the Group’s resources and goodwill in the marketplace to develop those relationships. Finally, by your signature below, you acknowledge that the commencement of your employment
with the Company (subject to Section 9) which the Company would not allow but for your execution of this Agreement is also consideration in support of your return promise to maintain the confidentiality of all specialized knowledge and
confidential information as well as your promise to adhere to the other restrictions listed in this Agreement. 
  

	2.	 PROPRIETARY INFORMATION.

You understand that your employment creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that may
be disclosed to you or created by you that relates to the business of the Group or to the business of any of the Group’s customers, licensees, suppliers or any other party with whom the Group agrees to hold information of such party in
confidence (the “Proprietary Information”). 
 You understand and agree that the term “Proprietary
Information” includes but is not limited to information of all types contained in any medium (paper, electronic, in your memory, or otherwise stored or recorded) now known or hereafter known, created or invented, whether oral or written and
regardless of whether it is marked as confidential, proprietary or a trade secret. The term “Proprietary Information” includes, without limitation, the following information and materials, whether having existed, now existing or developed
or created by you or on your behalf during your term of employment with the Company or its predecessor: 
  

	A)	 All information and materials relating to the existing software products and software in the various stages of
research and

	 	
development, including, but not limited to, source codes, object codes, design specifications, design notes, flow charts, graphics, graphical user interfaces, coding sheets, product plans,
know-how, negative know how, test plans, business investment analysis, marketing and functional requirements, algorithms, product bugs and customer technical support cases which relate to the software; 

 

	B)	 Internal business information, procedures and policies, including, but not limited to, licensing techniques,
vendor names, other vendor information, business plans, financial information, budgets, forecasts, product margins, product costs, service and/or operation manuals and related documentation including drawings, and other such information, whether
written or oral, which relates to the way the Group conducts or intends to conduct its business; 

  

	C)	 All legal rights, including but not limited to, Trade Secrets (as that term is defined under applicable law),
pending patents, Inventions (as that term is defined in section 4 below) and other discoveries, claims, litigation and/or arbitrations involving the Group, pending trademarks, copyrights, proposed advertising, public relations and promotional
campaigns and like properties maintained in confidence; 

  

	D)	 Any and all customer or prospect sales and marketing information, including but not limited to sales forecasts,
marketing and sales promotion plans, product launch plans, sales call reports, competitive intelligence information, customer information, customer lists, customer needs and buying habits, sales and marketing studies and reports, internal price
list, discount matrix, customer data, customer contracts, pricing structures, customer negotiations, customer relations materials, customer service materials, past customers, and the type, quantity and specifications of products purchased, leased or
licensed by customers of the Group; 

  

	E)	 Any and all confidential employee information, including, but not limited to, internal organization, lists of
employees or consultants, employee compensation, phone list, and any information regarding such employees or consultants, except such limited personnel information employees are entitled to disclose or communicate pursuant to the National Labor
Relations Act or other applicable law; 

  

	F)	 Any information obtained while working for the Group which gives the Group a competitive advantage;

  

	G)	 Any other knowledge or information regarding the property, business, and affairs of the Group which the Group
endeavors to keep confidential or which the Group believes to be confidential; and 

 

  
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 Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement – California 

 

 

	H)	 Any and all other Trade Secrets. 

You understand and agree that the term “Proprietary Information” includes but is not limited to information of all types contained in any medium now
known or hereafter invented, whether oral or written and regardless of whether it is marked as confidential, proprietary or a Trade Secret. You understand and agree during your employment with the Company or thereafter to treat and preserve
Proprietary Information and materials as strictly confidential. Except as authorized by the Company’s Chief Executive Officer (but in all cases preserving confidentiality by following Company policies and obtaining appropriate non-disclosure agreements), you further agree that you will not directly or indirectly transmit or disclose Proprietary Information to any person, corporation, or other entity for any reason or purpose whatsoever,
except in connection with the performance of your job. 
 You understand and agree that the Proprietary Information is the exclusive property of the Group,
and that, during your employment, you will use and disclose Proprietary Information only for the Group’s benefit and in accordance with any restrictions placed on its use or disclosure by the Group. After termination of your employment for any
reason, you will not use in any manner or disclose any Proprietary Information, except to the extent compelled by applicable law; provided that in the event you receive notice of any effort to compel disclosure of Proprietary Information for
any reason, you will promptly and in advance of disclosure notify Company of such notice and fully cooperate with all lawful Company or Group efforts (through their counsel or otherwise) to resist or limit such disclosure. 

Proprietary Information does not include information (i) that was or becomes generally available to you on a
non-confidential basis, if the source of this information was not reasonably known to you to be bound by a duty of confidentiality, or (ii) that was or becomes generally available to the public, other
than as a result of any act or omission on your part. 
 3.     THIRD PARTY INFORMATION. You recognize that the Group has
received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Group’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.
You agree that you owe the Group and such third parties, during the term of your employment, and at all times thereafter to the maximum extent permitted by applicable law, a duty to hold all such confidential or proprietary information in the
strictest confidence and not to disclose it to any person, firm or corporation (except as necessary in carrying out your work for the Group consistent with the Group’s agreement with such third party) or to use it for the benefit of anyone
other than for the Group or such third party (consistent with the Company’s agreement with such third party) without the express written authorization of the Chief Executive Officer of the Company. All rights and benefits afforded to the
Company under this Agreement shall apply equally to the owner of the third party information with respect to the third party information, and such third party is an intended third party beneficiary of this Agreement, with respect to the third party
information. You further agree to conform to the Company’s privacy policies, as amended from time to time. 
 4.     INVENTIONS.

 4.1     Prior Inventions. You have attached hereto as Schedule 1 a

 complete and accurate list describing all Inventions (as defined below) which were discovered, created,
invented, developed or reduced to practice by you prior to the commencement of your employment by the Company and have not been legally assigned or licensed to the Company (collectively: “Prior
Inventions”), which belong solely to you or belong to you jointly with others, which relates in any way to any of the Group’s current, proposed or reasonably anticipated businesses, products or research or development
and which are not assigned to the Group hereunder; or you have initialed Schedule 1 to indicate you have no Prior Inventions to disclose. 
 If, in the
course of your employment with the Company, you incorporate or cause to be incorporated into a Group product, service, process, file, system, application or program a Prior Invention owned by you or in which you have an interest, you hereby grant
the Group member a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sub-licensable and assignable license to make, have made, copy, modify, make
derivative works of, use, offer to sell, sell or otherwise distribute such Prior Invention as part of or in connection with such product, process, file, system, application or program.  

4.2     Disclosure of Inventions. You will promptly disclose to the Company all Inventions that you make or conceive or
first reduce to practice or create, either alone or jointly with others, during the period of your employment, and for a period of three (3) months thereafter, whether or not in the course of your employment, and whether or not such Inventions
are patentable, copyrightable or protectable as Trade Secrets. In conformance with California Labor Code section 2871, such disclosures shall be made in confidence to the Company. For purposes of this Agreement, “Inventions”
means without limitation, formulas, algorithms, processes, techniques, concepts, designs, developments, technology, ideas, patentable and not patentable inventions and discoveries, copyrights and works of authorship in any media now known or
hereafter invented (including computer programs, source code, object code, hardware, firmware, software, mask work, applications, files, Internet site content, databases and compilations, documentation and related items) patents, trade and service
marks, logos, trade dress, corporate names and other source indicators and the good will of any business symbolized thereby, Trade Secrets, know-how, confidential and proprietary information, documents,
analyses, research and lists (including current and potential customer and user lists) and all applications and registrations and recordings, improvements and licenses related to any of the foregoing.    You recognize that
Inventions or Proprietary Information relating to your activities while working for the Company, and conceived, reduced to practice, created, derived, developed, or made by you, alone or with others, within three (3) months after termination of
your employment may have been conceived, reduced to practice, created, derived, developed, or made, as applicable, in significant part while you were employed by the Company. Accordingly, you agree that such Inventions and Proprietary Information
shall be presumed to have been conceived, reduced to practice, created, derived, developed, or made, as applicable, during your employment with the Company and are to be assigned, subject to section 4.7 below, to the Company pursuant to this
Agreement and applicable law unless and until you have established the contrary by clear and convincing evidence. 
 4.3     Work
for Hire; Assignment of Inventions. You acknowledge and agree that any copyrightable works prepared by you either alone or jointly with others within the scope of your

 

  
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 Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement – California 

 

 employment are “works made for hire” under the Copyright Act and that the Company (or Group member, as
applicable) will be considered the author and owner of such copyrightable works. Any copyrightable works the Company or a Group member specially commissions from you while you are employed with the Company shall be deemed a work made for hire under
the Copyright Act and if for any reason a work cannot be so designated as a work made for hire, you agree to and hereby assign to the Company (or Group member, as applicable) all rights, title and interest in and to said work(s) and the related
copyrights. You agree to and hereby grant the Company (or Group member, as applicable) a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sub-licensable
and assignable license to make, have made, copy, modify, make derivative works of, use, publicly perform, display or otherwise distribute any copyrightable works you create during the time you are employed with the Company that for any reason do not
qualify as a work made for hire, that were not specially commissioned by the Group, or both, but that relate in any way to the business(es) of the Group. You agree that all Inventions that (i) are developed using equipment, supplies, facilities
or Proprietary Information or Trade Secrets of the Group, (ii) result from work performed by you for the Group, and/or on Company time or (iii) relate to the Group’s business or current or anticipated research and development (the
“Assigned Inventions”), will be the sole and exclusive property of the Company (or Group member, as applicable) and you agree to and hereby irrevocably assign the Assigned Inventions to the Company
(or Group member, as applicable). 
 4.4     Assignment of Other Rights. In addition to the foregoing assignment of
Assigned Inventions, you hereby irrevocably transfer and assign to the Company (or Group member, as applicable): (i) all worldwide patents, patent applications, copyrights, mask works, Trade Secrets and other intellectual property rights in any
Assigned Inventions; and (ii) any and all “Moral Rights” (as defined below) that you may have in or with respect to any Assigned Inventions. You also hereby forever waive and agree never to assert any and all Moral Rights you may have
in or with respect to any Assigned Inventions, even after termination of your work on behalf of the Group. “Moral Rights” mean any rights to claim authorship of any Assigned Inventions, to object
to or prevent the modification of any Assigned Inventions, or to withdraw from circulation or control the publication or distribution of any Assigned Inventions, and any similar right, existing under judicial or statutory law of any country in the
world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right”. 

4.5     Assistance. Whether during or after your employment, and without additional compensation, you agree to do any act
and/or execute any document deemed necessary or desirable by the Company (or Group member, as applicable) in furtherance of perfecting, prosecuting, recording, maintaining, enforcing and protecting the Group’s rights, title and interest in and
to, any of the Assigned Inventions. In the event that the Company (or Group member, as applicable) is unable for any reason to secure your signature to any document required to file, prosecute, register or memorialize the ownership and/or assignment
of, or to enforce, any intellectual property, you hereby irrevocably designate and appoint the Company’s (or Group member’s, as applicable) duly authorized officers and agents as your agents and attorneys-in-fact to act for and on your behalf and stead to (i) execute, file, prosecute, register and/or memorialize the assignment and/or ownership of any Assigned

 
Invention; (ii) to execute and file any documentation required for such enforcement and (iii) do all other lawfully permitted acts to further the filing, prosecution, registration,
memorialization of assignment and/or ownership of, issuance of and enforcement of any Assigned Inventions, all with the same legal force and effect as if executed by you. 

4.6     Exceptions to Assignment. You understand and acknowledge that the provisions of this Agreement requiring the
assignment of inventions to the Company do not apply to any Invention that qualifies fully under the provisions of California Labor Code Section 2870, a copy of which is attached hereto as Schedule 3. You further understand and agree that the
provisions of Section 2870 do not apply to any Invention for which full title is required to be in the United States, as required by contracts between the Company and the United States or any of its agencies. You will advise the Company
promptly in writing of any Invention which you believe meets the criteria in Section 2870 of the California Labor Code and you will at that time provide to the Company in writing all evidence necessary to substantiate your belief. 

4.7     Applicability to Past Activities. To the extent you have been engaged to provide services by the Company or its
predecessor for a period of time before the effective date of this Agreement (the “Prior Engagement Period”), you agree that if and to the extent that, during the Prior Engagement Period: (i) you received access to any information
from or on behalf of the Company that would have been Proprietary Information if you had received access to such information during the period of your employment with the Company under this Agreement; or (ii) you conceived, created, authored,
invented, developed or reduced to practice any item, including any intellectual property rights with respect thereto, that would have been an Invention if conceived, created, authored, invented, developed or reduced to practice during the period of
your employment with the Company under this Agreement; then any such information shall be deemed Proprietary Information hereunder and any such item shall be deemed an Invention hereunder, and this Agreement shall apply to such information or item
as if conceived, created, authored, invented, developed or reduced to practice under this Agreement. 
 5.     NO BREACH OF PRIOR
AGREEMENT.    You represent that your performance of all the terms of this Agreement and your duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality, non-competition, non-solicitation, non-interference or other restrictive covenant or similar agreement with any former employer or
other party. You represent that you have not brought and will not bring with you and have and will not use in the performance of your duties for the Company (or Group member, as applicable) any documents or materials or intangibles of a former
employer or third party that are not in the public domain or have not been legally transferred or licensed to the Company (or Group member, as applicable). 

6.     CONFLICTING ACTIVITIES. You understand that your employment with the Company requires your undivided attention and effort
during normal business hours. While you are employed by the Company, you will not, without the Company’s express prior written consent, (i) engage in any other business activity, unless such activity is for passive investment purposes
only, is performed in non-work periods, and will not require you to render any services, (ii) be engaged or interested, directly or indirectly, alone or with others, in any trade, business or occupation
in competition with the Group, (iii) make preparations, alone or with others, to compete with the Group in 

 

  
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 the future, or (iv) appropriate for your own benefit business opportunities pertaining to the Group’s
business. The obligations imposed on you under this Section 6 are in addition to, and do not supplant, any similar obligations you may have to the Group under the common law or by statute. 

7.     NON-SOLICITATION. You agree that: 

7.1    To the fullest extent permitted under applicable law, during your employment and at any time following the termination of
your relationship with the Company for any reason, whether voluntary or involuntary, with or without cause, you will not directly or indirectly use Proprietary Information or Trade Secrets to solicit or otherwise take away the Group’s customers
or suppliers, or to otherwise unfairly compete with the Company or the Group. 
 7.2    To the fullest extent permitted under
applicable law, during your employment with the Company and for a period of one (1) year thereafter, you will not directly or indirectly, on your own behalf or on behalf of others, solicit away nor induce or attempt to solicit away or induce
any employees or consultants of the Group (or who was an employee or consultant of the Group within the six (6) months preceding the date of any such prohibited conduct) to terminate their relationship with the Group, or to apply for or accept
employment with or otherwise provide services to you or a third party, for your own benefit or for the benefit of any other person or entity. 
  

	8.	 OBLIGATIONS UPON TERMINATION. 

8.1    Return of Company Property. At the time of leaving the employ of the Company, you will deliver to the Company (and
will not keep in your possession or deliver to anyone else) (i) any and all documents and materials of any nature (including physical or electronic copies) pertaining to your work, including without limitation devices, records, data, notes,
reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items and (ii) all property belonging to the Group or any third
party which provided property to you in connection with your employment such as computer, laptops, personal digital assistants, cell phones, MP3 players, electronic organizers and other devices, cards, car, keys, security devices or any other item
belonging to the Group. Upon Company request, you will execute a document confirming your compliance with this provision and the terms of this Agreement. 

8.2     Notification of New Employer. Before you accept employment or enter in to any consulting or other professional or
business engagement with any other person or entity while any of Section 7 is in effect, you will provide such person or entity with written notice of the provisions of Section 7 and will deliver a copy of the notice to the Company. You
hereby grant consent to notification by the Company to your new employer about your rights and obligations under this Agreement. 
 9.
    AT WILL EMPLOYMENT. You understand and acknowledge that your employment with the Company is for no specified term and constitutes “at-will” employment. You also understand
that any representation to the contrary is unauthorized and not valid unless made in writing and signed by the Chief Executive Officer of the Company. Accordingly, you acknowledge that your employment relationship may be terminated at any time, with
or without good cause or for any or no cause, at your option or at the option of the Company, with or without notice. You further acknowledge that the Company may modify job titles, salaries, and benefits from time to time as it deems necessary.

	10.	 ARBITRATION. 

10.1    You and the Company agree that all claims, complaints, controversies, grievances, or disputes that arise out of or relate in
any way to your relationship with the Company or the Group or their directors, officers, managers, employees or members, whether based on contract, tort, statutory, or any other legal theory, (the “Covered
Claims” as further defined below) shall be submitted to mandatory, binding arbitration in Sacramento County, California before a neutral arbitrator who is licensed to practice law in the State of California. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. Section 1 et seq, as amended, and shall be administered in accordance with the procedures set forth in the Dispute Resolution Addendum appended hereto as Schedule 2 (the
“Addendum”), all of which are incorporated into this Agreement by this reference. 
 10.2    
Covered Claims include all claims under federal, state or local law arising out of or relating to your application for employment with the Company, any offer of employment made by the Company, your actual employment by the Company, the breach of
any employment agreement, the termination of your employment with the Company, or any other aspect of your relationship with the Company, including claims that do not relate to your employment with the Company, claims that you may have against the
Company or against its officers, directors, supervisors, managers, employees, or agents in their capacity as such or otherwise, and claims that the Company may have against you. Covered Claims include, but are not limited to, claims for breach of
any contract or covenant (express or implied), tort claims, claims for wrongful termination (constructive or actual) in violation of public policy, claims for discrimination or harassment (including, but not limited to, harassment or discrimination
based on race, sex, gender, religion, national origin, age, marital status, medical condition, psychological condition, mental condition, disability, sexual orientation, or any other characteristic protected by law), claims for violation of any
federal, state, or other governmental law, statute, regulation, or ordinance, including, but not limited to, all claims arising under Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Americans With Disabilities Act,
the California Fair Employment and Housing Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, and Employee Retirement Income Security Act. The parties specifically agree that the Covered Claims include claims under the Fair Labor
Standards Act, the California Labor Code, and other federal, state, or local laws governing wages, hours and working conditions, including, but not limited to, claims for overtime, unpaid wages, and meal period and rest break violations. For
avoidance of doubt, all disputes regarding the validity of this Agreement, the validity of the arbitration provisions of this Agreement, or whether any particular claim or matter is included within the scope of the arbitration provisions of this
Agreement, are Covered Claims subject to arbitration as described herein. 
 10.3.     Specifically excluded from the definition
of Covered Claims are claims for workers’ compensation, unemployment compensation benefits, or any other claims that, as a matter of law, the parties cannot agree to arbitrate. 

10.3 While you are not required to do so before serving an arbitration demand under Section f) of the Addendum, nothing in this Addendum shall be
interpreted to prohibit or preclude the filing of 

 

  
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complaints with the California Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, or the National Labor Relations Board. For the avoidance of doubt, if you
choose not to file an administrative charge or complaint before commencing an arbitration in accordance with this Section 10 and the Addendum, your arbitration demand must be served within the applicable time period for filing a charge with the
relevant agency in order to be timely filed. 
 10.4    This binding arbitration procedure shall supplant and replace claims in
court (except as specified herein), and you expressly waive the right to a civil court action before a jury. 
 10.5    All
Covered Claims under this Agreement must be brought in your individual capacity, and not as a plaintiff or class member in any purported class, representative or collective proceeding. You agree that the arbitrator is not empowered to consolidate
claims of different individuals into one proceeding, or to hear an arbitration as a class arbitration. To the extent the arbitrator determines that this class/collective action waiver is invalid, for any reason, this entire Section 10 shall be
null and void but only with regard to that particular proceeding in which the arbitrator invalidated this class/collective action waiver and this Section 10 shall remain in full force and effect with respect to any Covered Claims other than
that covered by such class/collective action proceeding. 
  

	11.	 GENERAL.

11.1    Injunctive Relief. Notwithstanding the arbitration provisions in Section 10 or anything else to the contrary in
this Agreement, you and the Company understand and agree that a breach of one party’s obligations under Sections 2, 3, 4, 6 or 7 of this Agreement may result in irreparable and continuing damage to the other party for which monetary damages
will not be sufficient, and agree that both parties will be entitled to seek, in addition to its other rights and remedies hereunder or at law and both before or after an arbitration is pending between the parties under Section 10 of this
Agreement, a temporary restraining order, preliminary injunction or similar emergency relief from a court of competent jurisdiction in order to preserve the status quo or prevent irreparable injury pending the full and final resolution of the
dispute, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned injunctive relief shall be in addition to,
not in lieu of, legal remedies, monetary damages or other available forms of relief through arbitration proceedings. This Section shall not be construed to limit the obligation for either party to pursue arbitration under Section 10 with
respect to any Covered Claims. 
 11.2    Waiver of Breach. The failure of the Company at any time, or from time to time,
to require performance of any of your obligations under this Agreement shall not be deemed a waiver of and shall in no manner affect the Company’s right to enforce any provision of this Agreement at a subsequent time. The waiver by Company of
any rights arising out of any breach shall not be construed as a waiver of any rights arising out of any subsequent breach.

 11.3    Assignment. This Agreement will be binding upon your 

heirs, executors, administrators and other legal representatives and will be for the benefit of the Group, its successors, its assigns and licensees. This
Agreement, and your rights and obligations hereunder, may not be assigned by you; however, the Company may freely assign its rights hereunder. 

11.4    Partial Invalidity. If any provision of this Agreement or the application of such provision is held unenforceable
for any reason, then such provision shall be modified to the extent necessary to render it enforceable (except as otherwise provided in Section 10.5 above), or, if held impossible to modify and render enforceable, then severed from this
Agreement and the remainder of this Agreement shall not be affected. 
 11.5    Notice. Unless your offer letter states
otherwise, you agree to use reasonable efforts to provide the Company 14 days’ notice to terminate your employment with the Company; provided, however, that this provision shall not change the at-will
nature of the employment relationship between you and the Company. 

11.6    Non-Disparagement. During and after your employment with the Company, except
to the extent compelled or required by law, you agree you shall not disparage the Group, its customers and suppliers or their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors or assigns or their
respective products or services, in any manner (including but not limited to, verbally or via hard copy, websites, blogs, social media forums or any other medium); provided, however, that nothing in this Section shall prevent you from: engaging in
concerted activity relative to the terms and conditions of your employment and in communications protected under Section 7 of the National Labor Relations Act, or any statute of similar effect. Nothing in this Agreement shall be interpreted to
prohibit or preclude the filing of complaints with the California Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, or the National Labor Relations Board.     

11.7    Applicable Law. This Agreement shall be governed by the laws of the State of California, without giving effect to
that body of laws pertaining to conflict of laws. 
 11.8    Entire Agreement. This Agreement along with Schedules 1, 2
and 3, and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written,
between or among the parties hereto with respect to the specific subject matter hereof. Notwithstanding the foregoing, Sections 2, 3, 4, 5, 6, 7, 8 and 11 of this Agreement do not supplant any rights the Group may have under the common law or by
statute. Headings are provided for convenience only and do not modify, broaden, define or restrict any provision. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in
writing signed by the parties. 
 11.9    Survival. Any termination of this Agreement, regardless of how such termination
may occur, shall not operate to terminate Sections 2, 3, 4, 5, 7, 8, 10 and 11 which shall survive any such termination and remain valid, enforceable and in full force and effect. 

 

 

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 PowerSchool Group, LLC 
  

									
	By:	 	 /s/ Hardeep Gulati
	 		 	By:	 	 /s/ Maulik Datanwala

	Name: Hardeep Gulati	 		 	Name of Employee: Maulik Datanwala
	Title: Chief Executive Officer	 		 		 	
			
	Date 11/8/2015	 		 	Date 11/8/2015

  
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 Schedule 1 

(List of Employee’s Prior Inventions) 

                         By
initialing here, I represent and warrant that I have no Prior Inventions, as that term is defined in the Agreement to which this Schedule 1 is attached. 

OR 

                         Below
is a complete and accurate list of Prior Inventions, as that term is defined in the Agreement to which this Schedule 1 is attached. 
  

			
	By:	 	 /s/ Maulik Datanwala

	Name of Employee: Maulik Datanwala
	Date: 11/8/2015

  
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 Schedule 2 

Dispute Resolution Addendum 

 

 a.     For purposes of this Addendum, all capitalized terms shall have the meaning set forth
in the Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement (the “Agreement”) to which this Addendum is appended. “Employee” means the
individual employed by or performing services for the Company or any affiliate who signed the Agreement. 
 b.     All Covered Claims
shall be resolved exclusively by final and binding arbitration conducted privately and confidentially by a single arbitrator selected as specified in this Addendum. 

c.     The arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute
relating to the interpretation, applicability, or enforceability of the Agreement and this Addendum. The Arbitrator shall conduct and preside over an arbitration hearing of reasonable length, to be determined by the
Arbitrator.     
 d.     Waiver of Class Action and Collective Action Claims. Except as
otherwise required by law, both parties expressly intend and agree that: (a) class action and collective action procedures shall neither be asserted nor applied in any arbitration conducted pursuant to this arbitration agreement; (b) each
party will not assert class or collective action claims against the other in arbitration or otherwise; and (c) the parties shall only submit their own, individual claims in arbitration and will not seek to represent the interests of any other
person. The arbitrator shall not consolidate more than one person’s claims in the arbitration, and may not otherwise preside over any form of a collective or class proceeding. 

e.     The parties understand and agree that the Agreement evidences a transaction involving interstate commerce within the meaning of 9
U.S.C. § 2, and that the Addendum shall therefore be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1, et seq.
 f.
    To commence an arbitration pursuant to this Addendum, a party shall serve a written arbitration demand (the “Demand”) on the other party by certified mail, return receipt requested or by personal
service. The Demand or Response (as defined below) containing a counterclaim shall be served in the manner required before the expiration of the statute of limitation(s) applicable to each claim asserted in such Demand or Response under existing
law. If, at the time that a Demand or Response is served, a claim sought to be arbitrated would have been barred by the applicable limitations period had it been asserted in court, the claim shall be forever time barred, and any party may assert the
limitation period as a bar to the arbitration of the claim. The claimant shall attach a copy of the Agreement and this Addendum to the Demand, which shall also describe the Covered Claim in sufficient detail to advise the respondent of the nature
and basis of the dispute, state the date on 

 which the dispute first arose, list the names and addresses of every person, including without limitation
current or former employee of Company or any affiliate, whom the claimant believes does or may have information relating to the dispute, including a short description of the matter(s) about which each person is believed to have knowledge, and state
with particularity the relief requested by the claimant, including a specific monetary amount, if the claimant seeks a monetary award of any kind. Within thirty days after receiving the Demand, the respondent shall mail to the claimant a written
response to the Demand (the “Response”) that may include one or more counterclaims and that shall describe in reasonable detail the respondent’s position in connection with the dispute and any counterclaim asserted. The
Response shall also, if applicable, state the date on which any counterclaim first arose, list the names and addresses of every person, including without limitation current or former employee of Company or any affiliate, whom the respondent believes
does or may have information relating to the dispute, including a short description of the matter(s) about which each person is believed to have knowledge, and state with particularity the relief requested by the respondent, including a specific
monetary amount, if the respondent seeks a monetary award of any kind. Both parties acknowledge that they have an ongoing duty to supplement the list of persons that either side believes does or may have information relating to the dispute 

g.     Promptly after service of the Response, the parties shall confer in good faith to attempt to agree upon a suitable arbitrator. If
the parties are unable to agree upon an arbitrator, the claimant shall request from the American Arbitration Association (“AAA”) a list of nine potential arbitrators randomly selected from the AAA’s employment
arbitration panel for the area in which the hearing is required to take place or, if no employment arbitration panel exists for that area, then from the AAA’s commercial arbitration panel for that area (the “List”). The
Company shall bear the cost of obtaining the List, which the AAA shall provide simultaneously to the claimant and the respondent by fax, email, hand delivery or any other expeditious mode of delivery. The AAA shall not administer the arbitration or
have any role in the arbitration other than providing the List, unless the parties both agree otherwise in writing. No later than five business days after the List is received by the parties, or within such other time period as agreed by the parties
in writing, they shall conduct a meeting or conference call during which they shall alternate in striking names from the List, beginning with the claimant. After each party has stricken four names from the list, the one remaining individual shall be
appointed to serve as arbitrator and shall thereafter resolve the Covered Claim in accordance with this Addendum. 
 h.    
Notwithstanding the choice-of-law principles of any jurisdiction, the arbitrator shall be bound by and shall resolve all Covered Claims in accordance with the
substantive law of the State of California, 

 

  
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 federal law as enunciated by the federal courts situated in the Ninth Circuit, and all California and federal
rules relating to the admissibility of evidence, including, without limitation, all relevant privileges and the attorney work product doctrine. 
 i.
    All facts relating to or concerning the Covered Claims and arbitration, including without limitation the existence of the arbitration, the nature of the claims and defenses asserted, and the outcome of the arbitration shall
be confidential and shall not be disclosed by the claimant, the respondent or the arbitrator without the prior written consent of both the claimant and the respondent. Notwithstanding the foregoing confidentiality obligation, the claimant and
respondent may divulge information rendered confidential pursuant to this Addendum to the extent necessary to prosecute or defend the arbitration or any related judicial proceeding, so long as adequate steps are taken to prevent confidential
information from being disclosed publicly, and the Company may disclose such information to its employees and agents in the ordinary course of their performance of their duties for the Company. 

j.     Before the arbitration hearing, each party shall be entitled to take discovery depositions of three fact witnesses and, in
addition, the discovery deposition of every expert witness expected to testify for the opposing party at the arbitration hearing; provided that to the extent the arbitrator concludes that applicable law would render this subsection
(j) unconscionable or otherwise unenforceable, the arbitrator shall have the authority to order additional depositions sufficient to protect the enforceability of this subsection (j). Upon the written request of either party, the other party
shall promptly produce documents relevant to the Covered Claim or reasonably likely to lead to the discovery of admissible evidence. Each party acknowledges that each has an ongoing duty to supplement the production of documents in response to any
request received from the party. The manner, timing and extent of any further discovery shall be committed to the arbitrator’s sound discretion, provided that the arbitrator shall upon a showing of reasonable cause permit any party to take a
preservation deposition of any witness for use in at any hearing in lieu of live testimony, and provided further that under no circumstances shall the arbitrator allow more depositions or interrogatories than permitted by the presumptive limitations
set forth in Fed.R.Civ.P. 30(a)(2)(A) and 33(a). The arbitrator shall levy appropriate sanctions, including an award of reasonable attorneys’ fees, against any party that fails to cooperate in good faith in discovery permitted by this Addendum
or ordered by the arbitrator. 
 k.     Either party shall have the right to subpoena witnesses and documents for the arbitration as
well as documents relevant to the case from third parties. The arbitrator shall have the jurisdiction to hear and rule upon pre-hearing disputes and is authorized to hold
pre-hearing conferences by telephone or in person, as the arbitrator deems advisable. The arbitrator shall have the authority to entertain a motion to dismiss, a motion for summary judgment and/or any other
dispositive motion by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure. Either party, at its expense, may arrange and pay the cost of a court

 reporter to provide a stenographic record of the proceedings; provided, however, that if both parties desire a
stenographic record or access to such record, the cost of the court reporter and such record shall be shared equally. Should any party refuse or neglect to appear for, or participate in the arbitration hearing, the arbitrator shall have the
authority to decide the dispute based upon whatever evidence is presented. Either party, upon request at the close of the hearing, shall be given leave to file a post-hearing brief. The time for filing such brief shall be set by the arbitrator. 

l.     The arbitrator shall have no power to modify or deviate from the provisions of this Addendum unless both claimant and respondent
consent to such modification or deviation. To the extent that any matter necessary to the efficient and timely completion of the arbitration is not governed by this Addendum, the arbitrator shall, after conferring with the parties, have the power to
enter rulings and establish standards necessary, in his or her sound discretion, to resolve the matter. 
 m.     The Company shall be
responsible for the arbitrator’s fees and expenses. Each party shall pay its own costs and attorneys’ fees, if any. However, if any party prevails on a statutory claim which affords the prevailing party attorneys’ fees and costs, or
if there is a written agreement providing for attorneys’ fees and costs, the arbitrator may award reasonable attorneys’ fees and costs to the prevailing party. Any dispute as to the reasonableness of any fee or cost shall be resolved by
the arbitrator. 
 n.     Within thirty days after the arbitration hearing is closed, or after any dispositive motion is fully briefed,
the arbitrator shall issue a written award setting forth his or her decision and the reasons therefor. The arbitrator’s award shall be final, non-appealable and binding upon the parties, subject only to
the provisions of 9 U.S.C. § 10, and may be entered as a judgment in any court of competent jurisdiction. 
 o.     The parties
agree that reliance upon courts of law and equity can add significant costs and delays to the process of resolving disputes. Accordingly, they recognize that an essence of this agreement to arbitrate is to provide for the submission of all Covered
Claims to binding arbitration. Therefore, if any provision of this Addendum is found to be in conflict with a mandatory provision of applicable law or is otherwise void or voidable, the parties understand and agree that each such provision shall be
reformed to render it enforceable, but only to the extent absolutely necessary to render the provision enforceable and only in view of the parties’ express desire that Covered Claims be resolved by arbitration and, to the greatest extent
permitted by law, in accordance with the principles, limitations and procedures set forth in this Addendum. 
 p.     Either party may
bring an action in court to compel arbitration under this Addendum and the Agreement, and to confirm, vacate or enforce an arbitration award, and each party shall bear its own attorney fees and costs and other expenses of such action. 

 

 

  
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	PowerSchool Group, LLC	 		 	
					
	By:	 	   /s/ Hardeep Gulati
	 		 	By:	 	   /s/ Maulik Datanwala

	Name: Hardeep Gulati	 		 	Name of employee: Maulik Datanwala
	Title: Chief Executive Officer	 		 	
			
	Date 11/8/2015	 		 	Date 11/8/2015

  
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 Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement 

 

 Schedule 3 

CALIFORNIA LABOR CODE SECTION 2870 WRITTEN NOTIFICATION 

REGARDING NON-ASSIGNABLE INVENTIONS 

In accordance with California Labor Code Section 2872, you are hereby notified that this Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement does not require you to assign to the Company any invention for which no equipment, supplies, facilities, or trade secret information of the Company was used and which was
developed entirely on your own time, and which does not relate to the business of the Company or to the Company’s actual or demonstrably anticipated research or development, or which does not result from any work performed by you for the
Company. 
 You are hereby apprised of California Labor Code Section 2870, which states: 

“(a)     Any provision in an employment agreement which provides that an employee shall assign, or offer to assign,
any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret
information except for those inventions that either: 
  

	 	(1)	 Relate at the time of conception or reduction to practice of the invention to the employer’s business, or
actual or demonstrably anticipated research or development of the employer; or 

  

	 	(2)	 Result from any work performed by the employee for the employer. 

(b)     To the extent a provision in an employment agreement purports to require an employee to assign an invention
otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.” 

I HEREBY ACKNOWLEDGE RECEIPT of this written notification. 
  

			
	By:	 	       /s/ Maulik Datanwala

	
	 Maulik Datanwala

	(Printed Name of Employee)
		
	Date:	 	       11/8/2015

  
 Page 11 of 11 

 EXHIBIT B 

Certain Definitions 

“Cause” means any of the following: (i) a material failure by you to perform your responsibilities or duties to the
Company under this letter or those other responsibilities or duties as requested from time to time by the Board, after demand for performance has been given by the Board that identifies how you have not performed your responsibilities or duties;
(ii) your engagement in illegal or improper conduct or in gross misconduct; (iii) your commission or conviction of, or plea of guilty or nolo contendere to, a felony, a crime involving moral turpitude or any other act or omission
that the Company in good faith believes may harm the standing and reputation of the Company; (iv) a material breach of your duty of loyalty to the Company or your material breach of the Company’s written code of conduct and business ethics
or Section 2 through 8 of the Confidentiality, Invention Assignment, Non-Solicit and Arbitration Agreement, or any other agreement between you and the Company; (v) dishonesty, fraud, gross negligence
or repetitive negligence committed without regard to corrective direction in the course of discharge of your duties as an employee; (vi) your personal bankruptcy or insolvency; or (vii) excessive and unreasonable absences from your duties
for any reason (other than authorized vacation or sick leave) or as a result of your Disability (as defined below). 

“Disability” means your inability to perform the essential functions of your job, with or without accommodation, for an
extended period but not less than 60 business days in any consecutive 6 month period, as determined in the sole discretion of the Board. 

“Good Reason” means that you voluntarily terminate your employment with the Company if there should occur, without
your written consent: 
 (a) a material, adverse change in your duties or responsibilities with the Company; provided, that a change
in your title, a change in the office to which you report or a change pursuant to which you no longer report to the CEO and the Board shall not, by itself, constitute such a material, adverse change; 

(b) a reduction in your then current base salary by more than 20% or a reduction in your base salary by less than 20% which is not
applied to similarly ranked employees; 
 (c) the relocation of your principal office for the Company (for purposes of clarity, other than
reasonable travel in the course of performing your duties for the Company) to a location more than fifty (50) miles from Folsom, California; and/or 

(d) the material breach by the Company of any offer letter or employment agreement between you and the Company; 

provided, however, that in each case above, (i) you must first give the Company written notice of any of the foregoing
within ninety (90) days following the first occurrence of such event in a written explanation specifying the basis for your belief that you are entitled to terminate your employment for Good Reason and (ii) the Company must have thirty
(30) days following delivery of such notice to cure such event. 
 All references to the Company in these definitions shall include
parent, subsidiary, affiliate and successor entities of the Company. 

  
 7EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This employment agreement (this “Agreement”) by and between Scholastic Corporation (“Scholastic” or the
“Company”) and Peter Warwick (“Warwick”) is entered into effective as of August 1, 2021. 
 This Agreement
relates to the terms and conditions of Warwick’s employment with Scholastic as Chief Executive Officer and President for the term specified herein. 

The parties hereby agree as follows: 

1. Employment. Scholastic hereby employs Warwick to serve in the capacity of Chief Executive Officer (“CEO”) and
President of Scholastic on the terms and conditions set forth herein. Warwick shall have such powers and authority with respect to the management of Scholastic as is consistent with the by-laws of Scholastic
and his position as the senior executive of Scholastic. Warwick shall be responsible to and report solely to the Board of Directors of Scholastic (the “Board”). Warwick is presently a director of Scholastic and he shall remain as a
director. While he shall have no committee assignments, he shall be entitled to participate in meetings of each of the committees at his discretion, except for those portions of any meeting that is (A) considering issues in which he has a
personal interest (e.g., personal compensation) or (B) considering issues that are reserved only for independent directors. 
 2.
Term. Warwick’s employment term under this Agreement shall commence on August 1, 2021 (the “Effective Date”) and continue through and including July 31, 2024 (the “Expiration Date”), subject to
early termination as provided in this Agreement (the “Term”). 
 3. Base Salary. Scholastic shall pay Warwick an
initial annual fixed salary of US$1,000,000 from the Effective Date (“Base Salary”) payable in equal installments in accordance with Scholastic’s standard payroll practices. The Base Salary may be increased but not decreased in
connection with Scholastic’s annual review of executive compensation. 
 4. Discretionary Annual Bonus. 

(a) Bonus Opportunity. During the Term, Warwick shall be eligible to receive a discretionary annual bonus, payable in cash (the
“Discretionary Bonus”), based upon Scholastic’s fiscal year. The Discretionary Bonus shall be based upon a target opportunity of one hundred twenty-five percent (125%) of Warwick’s Base Salary. Subject to the foregoing,
Warwick shall participate in Scholastic’s annual bonus plan on the same basis as the other most senior executives of Scholastic as applied to such executive officers in the “Staff” category; provided, however, that Scholastic’s
Human Resources and Compensation Committee (“HRCC”), with input from Scholastic’s human resources department, may develop alternative and/or additional annual performance criteria applicable to the CEO (to be mutually agreed
with Warwick), and the weighting to be applied thereto, upon which the determination of the Discretionary Bonus amount, if any, shall be made, any such alternative or additional performance criteria to be established (i) for fiscal year 2022 by
September 1, 2021 and (ii) prior to the commencement of fiscal years 2023 and 2024. 

  
 1 

 (b) For any fiscal year in which Warwick is employed for only a portion of that fiscal year,
Warwick shall be eligible to receive a pro-rata Discretionary Bonus following the end of and with respect to that fiscal year under the circumstances provided for in Section 10(d) below. 

(c) Notwithstanding the foregoing, in the case of the Discretionary Bonus for fiscal year 2022, the Discretionary Bonus shall be subject to a
minimum guaranteed cash payout to Warwick in the amount of $625,000.00. 
 (d) The Discretionary Bonus shall be payable in a timely manner,
but in any event when bonuses, if any, are generally given to Scholastic’s other senior-level employees and in all events within the “short-term deferral” period provided under Treasury Regulation
Section 1.409A-1(a)(4). 
 5. Equity Awards 

(a) Initial Award of RSUs and Stock Options. In consideration of his becoming CEO and President under this Agreement, Scholastic will
recommend to the HRCC that Warwick be granted, under the Scholastic Corporation 2011 Stock Incentive Plan (the “2011 Plan”), an initial equity award with a total value of US$1,500,000, of which 75% shall be in the form of restricted
stock units (“RSUs”) (the “Initial RSU Award”) and 25 % shall be in the form of options to purchase shares of Common Stock of Scholastic (“Stock Options”) (the “Stock Option
Award”). The exercise price per share of the Stock Options shall be equal to the fair market value of a share of Common Stock on the date of grant determined in accordance with the terms of the 2011 Plan, with the number of shares of Common
Stock subject to such option being based upon the Black-Scholes model of calculating the fair value of a stock option, such calculation to include the standard Company metrics, necessary to cause the Black-Scholes value of such option on the grant
date to be equal to $375,000. The number of RSUs to be granted will be the number equal to $1,125,000 divided by the fair market value of a share of Common Stock on the date of grant determined in accordance with the terms of the 2011 Plan. 

(i) Date of Vesting; Date Exercisable. Subject to Warwick’s continued employment hereunder, the RSUs and Stock
Options granted pursuant to Section 5(a) (the “Initial Equity Award”) shall vest in equal installments over a three year period with the first installment vesting upon the first anniversary of the date of grant. 

  
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 (ii) Exercise of Stock Options. The Stock Option portion of the
Initial Equity Grant shall be exercisable by Warwick (or his heirs) for a seven year period, notwithstanding the termination of Warwick’s employment during such period, except as provided in Section 10(a) below if Warwick is terminated by
Scholastic for “Cause” (as defined herein) or Warwick voluntarily terminates his employment prior to the end of the Term for other than Good Reason (as hereinafter defined). 

(iii) Pre-Existing and Other Equity. The foregoing Initial Equity Award shall be
in addition to any equity awards granted to Warwick by Scholastic prior to the Effective Date (the “Pre-Existing Equity”). The Pre-Existing Equity will
continue to be governed by its existing terms. 
 (iv) Award Agreements. Each of the RSU Award and the Stock Option
Award shall be subject to terms and conditions of Scholastic’s standard Restricted Stock Unit Agreement and Stock Option Agreement, as modified to reflect the terms and conditions of this Agreement. 

(b) Annual Equity Awards. Warwick shall be entitled to receive an annual equity grant, in the form of performance-based RSUs, with a
target fair market value of $1,000,000 per annum in respect to each of fiscal years 2022, 2023, and 2024. The number of performance-based RSUs to be granted will be the number equal to the target fair market value of $1,000,000 divided by the fair
market value of a share of Common Stock on the date of grant determined in accordance with the terms of the 2011 Plan (or any successor to the 2011 Plan) and no apportionment shall apply in respect to fiscal year 2022 by virtue of the Effective Date
of this Agreement. 
 (i) The performance measures shall be established (i) for fiscal year 2022, prior to
September 1, 2021 and (ii) for fiscal years 2023 and 2024, prior to the commencement of each such fiscal year. 

(ii) The performance measures will be established annually by the HRCC (with input from the human resources department of
Scholastic) in consultation with Warwick and may include some or all of the following measures: (1) success in identifying and mentoring candidates as potential successor as CEO; (2) success in implementing initiatives to centralize
certain functions (e.g., strategic marketing, including digital) to create a “one Scholastic” view of the Company for the customer; (3) success centered on a specific business, such as Education Solutions and growth opportunities, and
(4) success in carrying corporate priorities, as identified on an annual basis, forward at the business unit level . 

  
 3 

 (iii) Subject to the attainment, as determined by the HRCC, of the
applicable performance goals in accordance with the applicable award agreement, performance-based RSUs granted under this Section 5 shall vest in accordance with the following schedule: 

(A) Performance-based RSUs granted in respect of fiscal year 2022 performance shall vest in equal portions over a three year
period; 
 (B) Performance-based RSUs granted in respect of fiscal year 2023 performance shall vest in equal portions over a
two year period; and 
 (C) Performance-based RSUs granted in respect of fiscal year 2024 shall vest entirely after one year.

 (iv) Unless vesting is otherwise accelerated under the terms of this Agreement, performance-based RSUs granted under this
Section 5(b) shall continue to vest in accordance with the schedule provided in Section 5(b)(iii), notwithstanding the termination of Warwick’s employment for any reason, unless such termination is for “Cause”. 

(v) Award Agreements. Each of the performance-based RSU awards shall be subject to terms and conditions of the 2011 Plan
(or any successor to the 2011 Plan) Scholastic’s standard Restricted Stock Unit Agreement, as modified to reflect the terms and conditions of this Agreement, as well as the applicable performance goals for the relevant fiscal year and the
measurement thereof. 
 6. Change of Control 

(a) Change of Control definition. For purposes of this Agreement, a “Change of Control” shall have occurred: 

 

	 	(i)	 if, following the date of this Agreement, any person (individually or as part of a group as defined in
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended, other than Iole Lucchese, whether in her capacity as an executor under the Last Will and Testament of M. Richard Robinson, Jr. or in her individual capacity, or her heirs,
acquires or otherwise obtains beneficial ownership over or with respect to more than fifty percent (50%) of the shares of Class A Stock of Scholastic then outstanding; or 

  
 4 

	 	(ii)	 if, as a result of one or more related transactions in the context of a merger, consolidation, sale or other
disposition of equity interests or assets of Scholastic, there is a sale or disposition of sixty-six and two-thirds percent (66 2/3%) or more of Scholastic’s
assets (or consummation of any transaction, or series of related transactions, having similar effect); or 

  

	 	(iii)	 if there is a dissolution or liquidation of Scholastic. 

(b) Change of Control Severance. If, upon or within twelve (12) months following a Change of Control, Scholastic terminates
Warwick’s employment without Cause pursuant to Section 9(f) or Warwick terminates his employment for Good Reason pursuant to Section 9(e), then, subject to Section 10(e), Warwick shall be entitled, in addition to the Accrued
Obligations (as defined below), to receive the Severance Benefits (as identified in Section 10(c) below and subject to the terms and conditions set forth therein); provided, however, that the amount of the cash severance payable to Warwick in
connection with such a termination of his employment as provided in Section 10(c)(i) shall be equal to twice the present value (using the then prevailing rate of interest charged to Scholastic by its principal lender as the discount rate) of
payment of Warwick’s Base Salary through the Expiration Date, such payment to be made as provided in Section 10(c)(i). 
 (c)
Definition of Accrued Obligations. As used in this Agreement, “Accrued Obligations” means accrued but unpaid (i) Base Salary, (ii) expense reimbursement and (iii) vested equity awards. 

7. Benefits/Expenses. 

(a) During the Term, Warwick shall be eligible for all employee benefits (including health insurance and 401(k) or other retirement plans,
participation in the Scholastic Management Stock Purchase Plan, etc.) per Scholastic’s standard benefit programs on terms not less favorable than those provided generally to other senior executives of Scholastic. Warwick shall be entitled to
take paid time off without a reduction in salary, subject to the demands and requirements of Warwick’s duties and responsibilities under this Agreement. Warwick shall not accrue any vacation. 

(b) During the Term, Scholastic shall, consistent with its normal practice, promptly reimburse Warwick for all travel, entertainment and other
reasonable business expenses incurred by him in promoting the business of Scholastic. For the avoidance of doubt, Warwick shall be eligible to travel First Class (or the equivalent thereof) in the case of his business-related air travel, whether
U.S. domestic or international. 

  
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 (c) Notwithstanding the foregoing, nothing contained in this Agreement shall obligate
Scholastic to adopt or implement any benefits, or prevent or limit Scholastic from making any blanket amendments, changes, or modifications of the eligibility requirements or any other provisions of, or terminating, in its entirety, any benefit at
any time, and Warwick’s participation in or entitlement under any such benefit shall at all times be subject in all respects thereto; provided, however, that Warwick shall be treated no less favorably than other senior executives of Scholastic
generally. 
 8. Devotion of Time/Services. Warwick recognizes that, consistent with his position as CEO, he is required to devote
substantially all of his business time and services to the business and interests of Scholastic and, due to Warwick’s high level position, failure to do so would cause a material and substantial disruption to Scholastic’s operations.
Consistent with the foregoing, Warwick agrees that he shall not undertake any activity that is in direct conflict with the essential enterprise related interests of Scholastic. As long as Warwick’s meaningful business time is devoted to
Scholastic, Warwick may devote a reasonable amount of time to charitable, political and civic activities, so long as these activities do not directly conflict with Scholastic’s interests or otherwise materially interfere with Warwick’s
performance under this Agreement. 
 9. Termination. Warwick’s employment and the Term shall terminate upon the happening of any
one or more of the following events: 
 (a) upon mutual written agreement between Scholastic and Warwick or upon the Expiration Date if the
Agreement is still in effect on such date; 
 (b) upon the death of Warwick; 

(c) by Scholastic giving written notice of termination to Warwick during the continuance of any Disability (as defined below) at any time
after he has been unable to perform the material services or material duties required of him in connection with his employment by Scholastic as a result of physical or mental Disability (or Disabilities) which has (or have) continued for a period of
twelve (12) consecutive weeks, or for a period of sixteen (16) weeks in the aggregate, during any twelve (12) consecutive month period. Notwithstanding any other provision herein, during any period of Disability hereunder which lasts
for more than two (2) consecutive weeks, in its exercise of good faith business judgment, and in consultation with Warwick (if practical), the Board may appoint an interim CEO to fulfill the duties and responsibilities of Warwick and such
appointment shall not be deemed a breach of this Agreement; provided, however, that upon the termination of Warwick’s Disability, Warwick shall immediately resume the position of sole CEO and his duties and responsibilities in accordance with
the terms of this Agreement and the interim CEO shall cease serving in such capacity. For purposes of this Agreement, “Disability” shall mean a physical or mental impairment which renders Warwick unable to perform the essential
functions of his position, with even reasonable accommodation which does not impose an undue hardship on Scholastic. Scholastic reserves the right, acting reasonably and in good faith, to make the determination of Disability under this Agreement
based upon information supplied by Warwick and/or his medical personnel, as well as information from medical personnel (or others) selected by Scholastic or its insurers. Warwick shall have ten (10) business days following written notice by
Scholastic to cure the Disability, if such Disability is capable of cure; 

  
 6 

 (d) by Scholastic giving written notice of termination for Cause. “Cause,”
as used herein, means that Warwick has engaged in or committed any of the following: (i) conviction of a felony, except a felony relating to a traffic accident or traffic violation; (ii) gross negligence or willful misconduct with respect
to Scholastic, which shall include, but is not limited to, theft, fraud or other illegal conduct, refusal or unwillingness to perform his customary employment duties, sexual harassment, any willful (and not legally protected) act that is likely to
and which does in fact have the effect of materially injuring the reputation, business or a business relationship of Scholastic, violation of any fiduciary duty, and violation of any duty of loyalty; (iii) any material breach of this Agreement
by Warwick; or (iv) conduct in violation of Section 11 of this Agreement; 
 (e) by Warwick giving notice of his intention to
terminate his employment with Scholastic for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 
  

	 	(i)	 a material diminution in Warwick’s position, authority, duties or responsibilities from the level in
effect as CEO on the Effective Date; 

  

	 	(ii)	 a material reduction of Warwick’s Base Salary or target opportunity Discretionary Bonus as in effect on
the commencement of the Term or as the same may be increased from time to time; 

  

	 	(iii)	 a requirement by Scholastic that Warwick report to anyone other than the Board; or 

 

	 	(iv)	 any material breach by Scholastic of this Agreement or any other compensatory arrangement between Scholastic
and Warwick. 

  

	Good	 Reason shall not include death or Disability. 

Warwick shall provide Scholastic written notice of any event claimed to constitute Good Reason within ninety (90) days after the
occurrence of the event, and Scholastic shall have an opportunity to cure any claimed event of Good Reason within thirty (30) days after its receipt of such notice from Warwick. Scholastic shall notify Warwick of the timely cure of any claimed
event of Good Reason and the manner in which such cure was effected, and upon receipt of written notice from Warwick of his concurrence that a cure has been effectuated, any notice of termination delivered by Warwick based on such claimed Good
Reason shall be deemed withdrawn and shall not be effective to terminate this Agreement. In no instance shall a resignation by Warwick be deemed to be for “Good Reason” if it’s made more than six (6) months following the initial
occurrence of any of the events that would otherwise constitute “Good Reason” hereunder. 

  
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 (f) by Scholastic giving notice to Warwick of termination without Cause. 

10. Effect of Termination. 

(a) With Cause. If Scholastic terminates this Agreement pursuant to Section 9(d) above, Scholastic shall have no further
obligation to pay Warwick any compensation of any kind other than the Accrued Obligations (other than vested equity awards which shall not be retained by Warwick in the event of a termination for Cause). 

(b) Death or Disability. In the event of the termination of this Agreement pursuant to Section 9(b) or (c) above, Scholastic
shall have the obligation to pay Warwick’s estate or Warwick, as applicable, any Accrued Obligations. In addition, in the event of the termination of this Agreement due to Warwick’s death or Disability, any
Pre-Existing Equity, any Stock Options and any RSUs, to the extent then outstanding and unvested, will be fully vested and, in the case of Stock Options, become fully exercisable upon the date of death in the
case of death or upon the date of termination for Disability in the case of Disability and Warwick shall also be entitled to receive any amounts payable pursuant to Section 10(d) below. 

(c) Termination Without Cause or by Warwick for Good Reason. If Scholastic terminates Warwick’s employment without Cause pursuant
to Section 9(f), or Warwick terminates his employment with Scholastic for Good Reason pursuant to Section 9(e), and, in either case, the release requirement under Section 10(e) is met, then Scholastic shall pay Warwick, subject to
Section 12(b) and in addition to the Accrued Obligations, the following payments and benefits (collectively, the “Severance Benefits”): 
  

	 	(i)	 except as otherwise provided in Section 6(b), a cash severance payment equal to the present value (using
the then prevailing rate of interest charged to Scholastic by its principal lender as the discount rate) of payment of Warwick’s Base Salary through the Expiration Date, such payment to be made in a lump sum as soon as practicable after (and in
all events not more than sixty (60) days after) the date of Warwick’s Separation from Service; provided, however, that if the 60-day period following Warwick’s Separation from Service spans two
calendar years, such payment shall be made within such 60-day period but in the second of the two calendar years; 

  
 8 

	 	(ii)	 if Warwick timely elects continued health coverage for himself (and, if applicable his eligible dependents)
under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Scholastic will pay or reimburse Warwick’s COBRA premiums for up to eighteen (18) months following his Separation from Service (provided that
Scholastic’s obligation to make any payment pursuant to this sentence shall cease upon the date Warwick becomes eligible for substantially similar coverage under the health plan of a past or future employer). 

 

	 	(iii)	 the Pre-Existing Equity, Stock Options and any RSUs, to the extent then
outstanding and unvested, will be fully vested and, in the case of Stock Options, become fully exercisable upon the date of Warwick’s Separation from Service. 

 

	 	(iv)	 Warwick shall be entitled to receive any amounts payable pursuant to Section 10(d) below.

 (d) Payments of Discretionary Bonus in respect of Partial Years. In the event that Warwick’s employment
with Scholastic is terminated as a result of (i) his death or Disability, (ii) by Scholastic without Cause or by Warwick for Good Reason, in each case prior to the expiration of the Term, or (iii) as a result of the expiration of the
Term, Warwick shall be entitled to receive (x) any Discretionary Bonus accrued (or to be accrued) but unpaid with respect to the last completed fiscal year of the Company preceding the date of his termination of employment, notwithstanding that
the date on which such bonuses are normally paid is after the such termination date, and (y) an amount equal to Warwick’s target Discretionary Bonus for the fiscal year in which his employment termination date occurs, multiplied by a
fraction, the numerator of which is the number of full months in the year in which Warwick’s employment is terminated that have elapsed at the employment termination date, and the denominator of which is twelve (12), provided that the
performance criteria applicable to Warwick are met (if applicable, on a pro-forma basis using the Company’s actual performance through the end of the last full month prior to his employment termination
date and the Company’s latest internal projections for the remainder of the fiscal year for the purposes of this determination or otherwise based on the good faith determination of the HRCC as to the level of Warwick’s contribution to or
attainment of the applicable CEO goals for such fiscal year). 
 As used in this Agreement, a “Separation from Service” has
the meaning set forth in Section 12(d) below. 
 If Warwick’s employment with Scholastic is terminated pursuant to
Sections 6(b), 9(a) – (c) or 9(e) – (f) above, Warwick shall have no obligation to mitigate and Scholastic shall have no right to offset any income thereafter received by Warwick against Scholastic’s payment obligations
to him. 

  
 9 

 (e) Release. Notwithstanding any other provision herein, Warwick’s right to
receive any severance benefits pursuant to Section 6(b) or Section 10(c) of this Agreement shall be subject to his execution and delivery to Scholastic of a general release of claims in a customary form to be provided by Scholastic not
more than twenty-one (21) days (forty-five (45) days if required under applicable law) after the date Scholastic provides the final form of release to Warwick (and Warwick’s not revoking such
release within any revocation period provided under applicable law). Scholastic shall provide the final form of release agreement to Warwick on the effective date of his Separation from Service. 

(f) Resignation from Positions. Following the termination of Warwick’s employment for any reason, if and to the extent requested
by the Board, Warwick agrees to resign from the Board and all other offices and positions he holds with Scholastic. 
 11. Public
Morals. Warwick shall act at all times with due regard to public morals, conventions and Scholastic policies as applied to other senior executives of Scholastic. If Warwick commits any act, or if Warwick conducts Warwick’s behavior in a
manner, which shall be an offense involving moral turpitude under federal, state or local laws, or which might tend to bring Warwick to public disrepute, contempt, scandal or ridicule based on a commonly held standard and to cause material harm to
Scholastic, Scholastic shall have the right to terminate this Agreement upon written notice to Warwick given at any time following the date on which the commission of such act, or such conduct, shall have become known to Scholastic pursuant to
Section 9(d)(iv) of this Agreement. 
 12. Section 409A. 

(a) The parties intend that this Agreement and the benefits provided hereunder be interpreted and construed to be exempt from or to comply
with Internal Revenue Code Section 409A (“Section 409A”) to the extent applicable thereto. Notwithstanding any provision of the Agreement to the contrary, the Agreement shall be interpreted and construed consistent with this intent,
provided that Scholastic shall not be required to assume any increased economic burden in connection therewith. Although Scholastic intends to administer the Agreement so that it will be exempt from or comply with the requirements of
Section 409A, Scholastic does not represent or warrant that the Agreement will be exempt form or comply with Section 409A or any other provision of federal, state, local, or non-United States law.
Neither Scholastic, its affiliates, nor their respective directors, officers, employees or advisers shall be liable to Warwick (or any other individual claiming a benefit through Warwick) for any tax, interest, or penalties Warwick may owe as a
result of compensation or benefits paid under the Agreement, and Scholastic and its affiliates shall have no obligation to indemnify or otherwise protect Warwick from the obligation to pay any taxes pursuant to Section 409A or otherwise. For
purposes of the foregoing, the terms “terminate,” “termination,” “termination of employment,” and variations thereof, are intended to mean a termination of employment that constitutes a “separation from
service” as such term is defined under Section 409A. For purposes of this Agreement each payment described in Sections 6(b) and 10(c) shall be treated as a separate payment for purposes of Section 409A. 

  
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 (b) Notwithstanding any other provision herein, if Warwick is a “specified
employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of Warwick’s Separation from Service, Warwick shall not be entitled to any payment or benefit pursuant to
Section 7(b) or 10(c) above until the earlier of (i) the date which is six (6) months after his Separation from Service for any reason other than death, or (ii) the date of Warwick’s death. Any amounts otherwise payable to
Warwick upon or in the six (6) month period following Warwick’s Separation from Service that are not so paid by reason of this paragraph shall be paid as soon as practicable (and in all events within thirty (30) days) after the date
that is six (6) months after Warwick’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of Warwick’s death) and any such payments shall be increased by an
amount equal to interest on such payments for the period commencing with the date such payment would have otherwise been made but for this Section 12(b) (the “Original Payment Date”) and ending on the date such payment is
actually made, at an interest rate equal to the prevailing rate of interest charged to Scholastic by its principal lender in effect as of the Original Payment Date. The provisions of this paragraph shall only apply if, and to the extent, required to
avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code. 
 (c) Any reimbursements by Scholastic to
Warwick of any eligible expenses under this Agreement, other than reimbursements that would otherwise be exempt from income or the application of Section 409A, (“Reimbursements”) will be made promptly and, in any event, on or
before the last day of Warwick’s taxable year following his taxable year in which the expense was incurred. The amount of any Reimbursements, and the value of any in-kind benefits to be provided to
Warwick under this Agreement, other than in-kind benefits that would otherwise be exempt from income or the application of Section 409A, during any of Warwick’s taxable years will not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other of his taxable years, except for any limit on the amount of expenses that may be reimbursed under an arrangement described
in Internal Revenue Code Section 105(b). The right to Reimbursements, or in-kind benefits, will not be subject to liquidation or exchange for another benefit. 

  
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 (d) As used herein, a “Separation from Service” occurs when Warwick dies,
retires, or otherwise has a termination of employment with Scholastic that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without
regard to the optional alternative definitions available thereunder. 
 13. Indemnification. Except with respect to claims resulting
from Warwick’s willful misconduct or acts outside the scope of his employment hereunder, Warwick shall be defended, indemnified and held harmless by Scholastic (whether during or after the Term) in respect of all claims arising from or in
connection with his position or services as an officer of Scholastic to the maximum extent permitted by and in accordance with Scholastic’s Certificate of Incorporation, its By-Laws and under applicable
law (including, without limitation and as applicable, advancement of expenses and attorney’s fees), and shall be covered by Scholastic’s applicable directors and officers insurance policy, which coverage shall be no less favorable than
that accorded any other officer or director of Scholastic. 
 14. Company Policies. Warwick shall abide by the provisions of all
policy statements, employee manuals, codes of ethics, insider trading policies and any conflict of interest policies of Scholastic or adopted by Scholastic from time to time during the Term and furnished to Warwick in writing or of which he has
notice. 
 15. Property of Scholastic. Warwick acknowledges that the relationship between the parties hereunder is exclusively that
of employer and employee and that Scholastic’s obligations to him are exclusively contractual in nature. Scholastic and/or its affiliates shall be the sole owner or owners of all interests and proceeds of Warwick’s services hereunder,
including without limitation, all ideas, concepts, formats, suggestions, developments, arrangements, designs, packages, programs, scripts, audio visual materials, promotional materials, photography and other intellectual properties and creative
works which Warwick may prepare, create, produce or otherwise develop in connection with and during his employment hereunder, including without limitation, all copyrights and all rights to reproduce, use, authorize others to use and sell such
properties or works at any time or place for any purpose, free and clear of any claims by Warwick (or anyone claiming under him) of any kind or character whatsoever (other than Warwick’s right to compensation hereunder). Warwick shall have no
right in or to such properties or works and shall not use such properties or works for his own benefit or the benefit of any other person. Warwick shall, at the reasonable request of Scholastic, execute such assignments, certificates, applications,
filings, instruments or other documents consistent herewith as Scholastic may from time to time reasonably deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title and interest in or to such
properties or works. Notwithstanding anything to the contrary herein, Warwick’s personal rolodex shall remain his personal property during the Term of this Agreement and following its expiration or earlier termination. 

  
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 16. Confidential Information. All memoranda, notes, records and other documents made
or compiled by Warwick, or made available to him during his employment with Scholastic concerning the business or affairs of Scholastic or its affiliates, shall be Scholastic’s property and shall be delivered to Scholastic on the termination of
this Agreement or at any other time on request from Scholastic. Warwick shall keep in confidence and shall not use for himself or others, or divulge to others except in the performance of his duties hereunder, any information concerning the business
or affairs of Scholastic or its affiliates which is not otherwise publicly available and which is obtained by Warwick as a result of his employment, including without limitation trade secrets or processes and information reasonably deemed by
Scholastic to be proprietary in nature, including without limitation financial information, projections, publication or program or media releases, or plans of Scholastic or its affiliates, unless disclosure is permitted by Scholastic or required by
law or legal process. 
 17. Right to Use Name. During the term, Scholastic shall have the right to use Warwick’s approved
biography, name and approved likeness in connection with its business, including in advertising its products and services, but not for use as a direct or indirect endorsement. 

18. Miscellaneous. 
 (a)
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of New York without regard to any principles of conflict of laws that would require the application of the law of another jurisdiction.

 (b) Amendments. This Agreement may be amended or modified only by a written instrument executed by each of the parties hereto.

 (c) Titles and Headings. Section or other headings contained herein are for convenience of reference only and shall not
affect in any way the meaning or interpretation of any of the terms or provisions hereof. 
 (d) Entire Agreement. This Agreement
constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, negotiations and understandings of the parties in connection herewith. Notwithstanding the foregoing, except as
expressly set forth herein, the terms and conditions of the agreements that evidence equity-based awards granted by Scholastic to Warwick that are outstanding as of the Effective Date are outside of the scope of the preceding provisions of this
Section 18(d) and continue in effect. 
 (e) Successors and Assigns. This Agreement is binding upon the parties hereto and their
respective successors, assigns, heirs and personal representatives. Except as specifically provided herein, neither of the parties hereto may assign the rights and duties of this Agreement or any interest therein, by operation of law or otherwise,
without the prior written consent of the other party, except that, without such consent, Scholastic shall assign this Agreement to, and provide for the assumption thereof by, any successor to all or substantially all of its stock, assets and
business by dissolution, merger, consolidation, transfer of assets or otherwise. 

  
 13 

 (f) Jurisdiction. The state and federal courts located in New York County shall have
exclusive jurisdiction over any dispute between the parties arising hereunder and the parties hereby submit to said jurisdiction. 
 19.
Limit on Benefits. 
 (a) Notwithstanding anything contained in this Agreement to the contrary, to the extent that the payments and
benefits provided under this Agreement and benefits provided to, or for the benefit of, Warwick under any other Scholastic plan or agreement (such payments or benefits are collectively referred to as the “Payments” for purposes of
this Section 20) would be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Payments shall be reduced (but not
below zero) if and to the extent that a reduction in the Payments would result in Warwick retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes and the
Excise Tax), than if Warwick received all of the Payments (such reduced amount is referred to hereinafter as the “Limited Benefit Amount”). In such case, the Payments shall be reduced or eliminated by first reducing or eliminating
cash severance payments, then by reducing or eliminating other cash payments, then by reducing or eliminating those payments or benefits which are not payable in cash, in each case in reverse order beginning with payments or benefits which are to be
paid the farthest in time from the Determination (as hereinafter defined). Any notice given by Warwick pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing Warwick’s
rights and entitlements to any benefits or compensation. 
 (b) A determination as to whether the Payments shall be reduced to the Limited
Benefit Amount pursuant to this Agreement and the amount of such Limited Benefit Amount shall be made by Scholastic’s independent public accountants or another certified public accounting firm of national reputation designated by Scholastic
(the “Accounting Firm”) at Scholastic’s expense. Scholastic and Warwick shall use their reasonable efforts to cause the Accounting Firm to provide its determination (the “Determination”), together with detailed
supporting calculations and documentation, to Scholastic and Warwick within five (5) days of the date of termination of Warwick’s employment, if applicable, or such other time as requested by Scholastic or Warwick (provided Warwick
reasonably believes that any of the Payments may be subject to the Excise Tax), and if the Accounting Firm determines that no Excise Tax is payable by Warwick with respect to any Payments, Scholastic and Warwick shall use their reasonable efforts to
cause the Accounting Firm to furnish Warwick with an opinion reasonably acceptable to Warwick that no Excise Tax will be imposed with respect to any such Payments. Unless Warwick provides written notice to Scholastic within thirty (30) days of
the delivery of the Determination to Warwick that he disputes such Determination, the Determination shall be binding, final and conclusive upon Scholastic and Warwick. 

  
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 20. Clawback Provisions. Notwithstanding any other provisions in this Agreement to
the contrary, any compensation paid to Warwick pursuant to this Agreement or any other agreement or arrangement with Scholastic or any of its affiliates, which is subject to recovery under any law, government regulation or stock exchange listing
requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by Scholastic or any of its affiliates pursuant to,
but solely to the extent required by, any such law, government regulation or stock exchange listing requirement). 
 21.
Severability. Each section, subsection and lesser portion of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof. In the event that any provision of this Agreement shall finally be determined to be
unlawful or unenforceable, such provision shall be deemed to be severed from this Agreement, but every other provision shall remain in full force and effect. 

22. Construction. Each party has cooperated in the drafting and preparation of this Agreement. Hence, in any construction to be made of
this Agreement, the same shall not be construed against any party on the basis that the party was the drafter. 
 23. Legal Counsel.
In entering this Agreement, the parties represent that they have relied upon the advice of their attorneys, who are attorneys of their own choice, and that the terms of this Agreement have been completely read and explained to them by their
attorneys, and that those terms are fully understood and voluntarily accepted by them. 
 24. Waiver. No waiver of any breach of any
term or provision of this Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach. 

25. Execution. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Photographic and facsimile copies of such signed counterparts may be used in lieu of the originals for any purpose. 

  
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 26. Notices. All notices to be given pursuant to this Agreement shall be effected
either by first class mail (postage pre-paid) or personal delivery in writing (with such notice to become effective upon its receipt by the recipient) as follows: 

Scholastic: 
 Scholastic Corporation 

557 Broadway 
 New York, NY 10012 

Attention: General Counsel 
 Warwick: 

Peter Warwick 
 New York, NY 10014 

w/ copy to: attorney 
 27. Tax
Withholding. Notwithstanding anything herein to the contrary, Scholastic may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local
income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 [Remainder of page
intentionally left blank] 

  
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 In witness whereof, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	SCHOLASTIC CORPORATION
		
	By:	 	/s/ Andrew S. Hedden
	Name: Andrew S. Hedden
	Its: Executive Vice President and General Counsel

  

	
	/s/ Peter Warwick
	Peter Warwick

  
 17

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