Document:

Exhibit 10.1

 

MEMORANDUM
REGARDING SERVICES

OF MICHAEL
HANDELMAN

 

1.    
Engagement. You are being engaged as the Chief Financial Officer of the Company commencing on the confirmation thereof
by the Board of Directors. You will have such duties and responsibilities as are customary for similar executives acting as Chief
Financial Officer of a public company. We agree that your services will be non-exclusive and part-time to the Company but that
such services will be rendered on a priority basis. You will report to the Chief Executive Officer and the Board of Directors of
the Company.

 

2.    
Services and Compensation. As the Chief Financial Officer, you will be expected to supervise the accounting staff
of the Company especially as it relates to the management of the Company’s independent auditors and preparation for filing
of the Company’s SEC reports. Your compensation will be structured as follows:

 

		A.	$12,000 will be paid to you ratably over the 6 weeks period prior to the filing date of the Company’s
2015 Q2 10Q to cover your services in connection with the preparation and filing of that report, any changes to the Company’s
accounting systems and procedures deemed necessary, preparation of required 8K reporting as needed, as well as your general accounting
and financial advice that come up in the ordinary course of business through the course of the following 12 months.

		B.	$12,000 will be paid to you ratably over the 6 weeks period prior to the filing date of the Company’s
2015 Q3 10Q to cover your services in connection with the preparation and filing of that report payable on a bi-weekly basis.

		C.	We will guarantee you $24,000 in respect of all services in connection with the preparation and
filing of the Company’s 2015 10K with the understanding that such amount represents a minimum of 200 hours.  If it were
to take more than 200 hours, you will bill us at 50% of your customary hourly rate ($120/hour) capped at 50 hours (an additional
$3,000) for a total maximum of $27,000. The guaranteed payment will be paid ratably over the three month period prior to the filing
date of the Company’s 2015 10K on a bi-weekly basis and any overage payments will be made within 2 weeks of filing.

		D.	$12,000 will be paid to you ratably over the 6 weeks period prior to the filing date of the Company’s
2016 Q1 10Q to cover your services in connection with the preparation and filing of that report payable on a bi-weekly basis.

		E.	Any significant transactions or projects outside of the scope of the items specifically listed above and outside of the normal
course of business as the Chief Financial Officer of a public company, would be billed hourly at your customary hourly rate of
$120 per hour.  In the interest of clarity, items that are outside of the scope of the above paragraphs include but are not
limited to mergers, business acquisitions or dispositions; the issuance of any complex debt or equity instruments;, etc. (generally
referred to herein as “Extraordinary Transactions”) Tasks related to Extraordinary Transactions could include
but are not limited to initial assessment of the accounting treatment and financial reporting requirements, assistance in drafting
the required documentation (for example, securities purchase agreements, merger agreements, etc.), assistance in drafting any required
Extraordinary Transaction related SEC filings such as 8-Ks, S-1s, or S-8s, and the final accounting treatment.

		F.	Your engagement will continue for a similar additional 12-month period unless either of us gives 30 days’ notice prior
to the end thereof not to extend. In this regard, if so extended, your compensation for the 12 month extension period will be subject
to mutual good faith negotiations.

		G.	You will be reimbursed for any customary out-of-pocket direct expenses incurred for the clear benefit of the Company separately.
Expenses in excess of $100 will require prior written approval. Out of pocket costs include, but are not limited to travel, reproduction
and shipping costs.

 

 

    	1

    	 

    

 

 

3. Independent Contractor Status.

 

A. It is understood and agreed that the
performance of any services in respect of this Agreement is not intended to and does not create the relationship of employer-employee,
for any purposes whatsoever, the relationship between such parties, including the Company on the one hand and Michael Handelman
on the other hand, being intended to be that of independent contracting parties only.

B. You shall not be entitled to receive,
and shall not receive any Company employee fringe benefits including but not limited to life, health or accident insurance coverage,
vacation or pension benefits, if any. It is understood that you will be covered by the Company’s directors and officer’s
liability insurance.

 

4. Confidentiality.
You agree that during and after the term of your engagement with the Company, you will hold all confidential or proprietary information
of the Company in the strictest confidence, and you will not use or exploit or otherwise disclose any such information other than
as necessary in the course of your engagement or as required by applicable law and as disclosed to and approved by the Company.

If you are in agreement with the above
outline please sign a copy of this letter. We are very pleased and excited that you will be joining us and know that you will be
an excellent addition to our team.

Genius
Brands International, Inc.

 

By: _/s/Gregory B. Payne___________________

Name: Gregory B. Payne

Title: EVP

 

Engagement Accepted and Agreed as of the

Date first written above:

 

_/s/ Michael Handelman______________________

Michael Handelman

 

Date 6/26/2015

 

 

    	2exhibit10_14.htm

 

Exhibit 10.14

 

JOHN WILEY & SONS, INC.

 

FY 2016 QUALIFIED EXECUTIVE LONG TERM INCENTIVE PLAN

 

PLAN DOCUMENT

 

CONFIDENTIAL

 

May 1, 2015

 

 

 

  

  

  

 

 

	
Section

	
Subject

 

	
Page

	
I.

	
Definitions

 

	
2

	
II.

	
Plan Objectives

 

	
3

	
III.

	
Eligibility

 

	
3

	
IV.

	
Performance Targets and Measurement

 

	
4

	
V.

	
Performance Evaluation

 

	
4

	
VI.

	
Restricted Performance Share Units Award Provisions

 

	
5

	
VII.

	
Stock Options

 

	
6

	
VIII.

	
Restricted Share Units

 

	
6

	
IX.

	
Payouts

 

	
6

	
X.

	
Administration and Other Matters

 

	
7

 

 

  

  

  

 

I.          DEFINITIONS

 

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

 

award  The award made to a participant under this plan in connection with the attainment of specified performance levels for the plan period as specified in the participant’s award summary.

 

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

 

cumulative free cash flow  Reported Free Cash Flow for the three-year plan period, excluding unusual items

 

cumulative EBITDA  Net earnings before interest income and expense, income taxes, depreciation  and amortization of intangible assets, excluding unusual items

 

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

 

Company  John Wiley & Sons, Inc.

 

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

 

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

 

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

 

participant  A person selected to participate in the plan.

 

performance levels

 

threshold  The minimum acceptable level of achievement of a financial goal in order to earn a payout, expressed as a percentage of target e.g., 90% of target).

 

target   Achievement of the assigned financial goal-100%.

 

outstanding superior achievement of a financial goal, earning the maximum payout, expressed as a percentage of target (e.g., 110% of target).

 

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

 

plan   This FY 2016 Qualified Executive Long Term Incentive Plan.

 

  

  

  

 

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

 

plan period   The three year period from May 1, 2015 to April 30, 2018, or a portion of this period, at the discretion of the Committee.

 

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

 

restricted period  The period during which the restricted performance share units shall be subject to forfeiture in whole or in part, as defined in the shareholder plan, in accordance with the terms of the award.

 

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

 

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

 

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

 

stock option   A right given by the Company to a participant to purchase a specified number of shares of stock at the closing stock price on the date of grant, during a specified period of time, pursuant to this plan and the shareholder plan, that is subject to forfeiture.

 

target incentive  The targeted number of restricted performance share units that a participant is eligible to receive if 100% of his/her/her applicable performance targets are achieved and the participant remains employed by the Company through the vesting dates of June 30, 2018 and April 30, 2019, except as otherwise provided in Section IX.

 

II.          PLAN OBJECTIVES

 

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

 

 

III.          ELIGIBILITY

 

A participant is selected by the President and CEO and recommended for participation to the Committee, which has sole discretion for determining eligibility, from among those colleagues in key management positions deemed able to make the most significant contributions to the growth and profitability of the Company.  The President and CEO of the Company is a participant.

 

  

  

  

 

IV.          PERFORMANCE TARGETS AND MEASUREMENT

 

The President and CEO recommends and the Committee adopts, in its sole discretion, performance targets and performance levels for each participant, not later than 90 days from the commencement of the plan period.  No performance target or performance level may be modified after 90 days from the commencement of the plan period.

 

	
A.

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

 

	
B.

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

 

	
C.

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

 

V.                       PERFORMANCE EVALUATION

 

	
A.  

	
Financial Results

 

	
1.  

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

 

	
2.  

	
In determining the attainment of financial goals, the impact of  any of the events (a) through (i) listed in Section 10.2 of the shareholder plan, if dilutive (causes a reduction in the financial result) will be excluded from the financial results for any affected business unit.

 

	
3.  

	
Award Determination

 

	
·  

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

 

	
·  

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

 

	
1.  

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

 

  

  

  

 

	
2.  

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

 

	
3.  

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

 

	
4.  

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

 

	
5.  

	
For performance between the target and outstanding levels, the payout factor is between 100% and 150%, determined on a pro-rata basis.

 

	
6.  

	
For performance at or above the outstanding level, the payout factor is 150%.

 

	
·  

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

 

	
7.  

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

 

	
8.  

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

 

	
9.  

	
The participant’s target incentive

 

times

 

the business unit weight

 

times

 

the performance target payout factor

 

equals

 

the participant’s payout for that business unit

 

	
10.  

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

 

	
·  

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

 

 

VI.          RESTRICTED PERFORMANCE SHARE UNITS AWARD PROVISIONS

 

	
A.

	
Restricted performance share units, equal to a participant’s target incentive, shall be determined at the beginning of the plan period.  In addition to the terms and conditions set forth in the shareholder plan, the restricted period for the plan-end adjusted restricted performance share unit award shall be as follows: subject to continued employment except as otherwise provided in Section IX, the lapse of restrictions on one-half of the restricted performance shares awarded will occur at the end of the plan period once performance has been approved by the Committee (June 30, 2018), and the lapse of restrictions on the remaining half will occur on the first anniversary of the plan period end date (April 30, 2019).

 

  

  

  

 

	
B.

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

 

VII.          STOCK OPTIONS

 

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

 

VIII.          RESTRICTED SHARE UNITS

 

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

 

IX.          PAYOUTS

 

	
A.

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

 

	
B.

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

 

	
C.

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

 

	
D.

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

 

  

  

  

 

	
E.

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

 

	
·  

	
the acquiring company is not publicly traded, or

 

	
·  

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

 

	
·  

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

 

 

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

 

	
F. 

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

 

	
G.

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

 

 

X.          ADMINISTRATION AND OTHER MATTERS

 

	
A.

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

 

	
B.

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

 

	
C.

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

 

  

  

  

 

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

	
D.

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

 

	
E.

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

 

	
F.

	
No awards of any type under this plan shall be considered as compensation for purposes of defining compensation for retirement, savings or supplemental executive retirement plans, or any other benefit.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]