Document:

Form of Restricted Stock Award Agreement, dated as of March 4, 2010

 Exhibit 10.22 
 ZIPREALTY, INC 
 2004 EQUITY INCENTIVE PLAN 

 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), dated as of March 4, 2010, is entered into between ZipRealty, Inc., a Delaware corporation (the “Company”), and [EMPLOYEE]
(the “Employee”). Unless otherwise defined herein, the terms of this Agreement will have the same meaning as defined in the ZipRealty, Inc. 2004 Equity Incentive Plan (the “Plan”). The Agreement is entered into as follows:

 WHEREAS, the employment of Employee is considered by the Company to be important for the Company’s continued growth; and

 WHEREAS, in connection with Employee’s annual performance review, to reward Employee’s contributions to the
Company, to induce Employee to remain with the Company, and to assure Employee’s continued commitment to the success of the Company, the Compensation Committee of the Board of Directors of the Company (the “Board”) has determined that
Employee shall be granted a stock award (“Stock Award”) covering shares of the Company’s common stock (the “Shares”) under the Company’s Plan and subject to the restrictions stated below. 
 THEREFORE, the parties agree as follows: 
 1. Grant of Stock Award. Subject to the terms and conditions of this Agreement and the Plan which is incorporated herein by reference, the Company hereby issues to Employee a Stock Award covering [#] Shares and hereby
agrees to issue such Shares to Employee.  
 2. Vesting Schedule. As long as Employee’s employment
or service relationship with the Company as a Service Provider continues during the following vesting term, the interest of Employee in the Shares shall vest as follows: one-half ( 1/2) of the Shares subject to the Stock Award will vest on
April 1, 2011, and the remaining one-half ( 1/2) of the Shares will vest on April 1, 2012. Therefore, provided Employee has not experienced a termination of employment or service relationship prior to the close of business on April 1, 2012, the interest of Employee in the
Shares shall be vested fully on that date. Additional vesting terms may apply under circumstances specified in any Change of Control Agreement between Employee and the Company. 
 3. Forfeiture. Upon the date Employee’s employment terminates for any reason and Employee is no longer a Service Provider, all Shares
received by Employee pursuant to this Agreement that have not vested as described in Section 2 of this Agreement, together with any shares of stock issued as a dividend or other distribution on, in exchange for or upon the conversion of, such
unvested Stock (collectively, the “Forfeited Shares”), will be forfeited to the extent that they have not vested on or prior to such date. In that event, the Forfeited Shares will immediately revert to the Company with no further action
required by the Company or Employee. Employee will receive no payment for Forfeited Shares that are forfeited. The Company determines when Employee’s relationship as a Service Provider terminates for this purpose. 

 4. Escrow of Shares. 
 (a) To ensure that Employee’s unvested Shares are delivered to the Company in the event of a forfeiture described in Section 3,
Employee agrees, promptly following the execution of this Agreement, to deliver to and deposit with the escrow agent (the “Escrow Agent”) named in the Joint Escrow Instructions attached as Exhibit A the certificate(s)
evidencing the unvested Shares and an Assignment Separate from Certificate executed by Employee (with date and number of shares in blank) in the form attached as Exhibit B. The certificate(s) evidencing the unvested Shares and the
Assignment Separate from Certificate shall be delivered to the Escrow Agent and held under the Joint Escrow Instructions, which shall be delivered to the Escrow Agent promptly following the execution of this Agreement. 
 (b) Promptly following the date when the Shares have vested in full, the Company shall direct the Escrow Agent to deliver to Employee a
certificate or certificates representing the Shares. 
 5. Transfer Restrictions. Except as otherwise provided for in this
Agreement and the Plan, the Shares or rights granted hereunder may not be sold, pledged or otherwise transferred until the Shares become vested and nonforfeitable in accordance with Sections 2 and 3. 
 6. Mandatory Holding Period for Executive Officers. If, as of the date of this Agreement, Employee is an “executive officer” within
the meaning of Item 401(b) of Regulation S-K under the Securities Act of 1933, then, as required by the Company’s Corporate Governance Guidelines, upon each vesting event under this Agreement, at least 50% of the shares that have so vested
(after deducting any shares surrendered to the Company to cover tax withholdings at statutory rates) must be held by Employee for at least one (1) year following vesting. This holding period will lapse immediately upon the termination of
Employee’s employment with the Company or upon a “Change of Control” (as defined in the Change of Control Agreement between the Company and Employee). Upon the request of Employee to have this such holding period waived due to
hardship or a requirement to comply with a court order (for example, in a divorce settlement), the Company’s Corporate Governance and Nominating Committee will consider such request and may make such waivers as it deems appropriate under the
circumstances. 
 7. Stockholder Rights. Employee shall be entitled to all of the rights and benefits generally accorded to
stockholders with respect to the Shares. All dividends on Shares that are subject to any restrictions, including vesting, shall be subject to the same restrictions, including those set forth in Sections 2 and 3, as the Shares on which the dividends
were paid. 
 8. Taxes. 
 (a) Employee shall be liable for any and all taxes, including withholding taxes, arising out of this grant or the vesting of Shares hereunder. In the event that the Company is required to withhold taxes
as a result of the grant or vesting of the Shares, or subsequent sale of the Shares, Employee shall surrender a sufficient number of whole Shares or make a cash payment as necessary to cover all applicable required withholding and payroll-based
taxes at the time the Shares vest and the transfer restrictions on the Shares, as described in Section 5, lapse (or at such other time as required by applicable laws), unless alternative procedures for such payment are established by the
Company. Employee will receive a cash refund for any fraction of a surrendered Share not necessary for required withholding taxes and required social security contributions. To the extent that any surrender of Shares or payment of cash or
alternative

  

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procedure for such payment is insufficient, Employee authorizes the Company, its affiliates and subsidiaries, which are qualified to deduct tax at source, to deduct all applicable required
withholding taxes and social security contributions from Employee’s compensation. Employee agrees to pay any amounts that cannot be satisfied from wages or other cash compensation, to the extent permitted by law. 
 (b) Employee understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary
income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date all “forfeiture restrictions” on the Shares have lapsed. In this context, “forfeiture restrictions” mean the
forfeiture obligation set forth in Section 3 of this Agreement and the restriction on transferability as set forth in Section 5 of this Agreement and in Section 7 of the Plan. 
 (c) Employee understands that Employee may elect to be taxed at the time the Shares are issued, based on the value of the Shares at the
issuance date, rather than when and as the forfeiture restrictions lapse (on the vesting dates), by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within 30 days from
the date of issuance. Employee acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to issuance and vesting of the Shares hereunder, and does not purport to be complete. The Company
has directed Employee to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Employee may reside, the tax consequences of Employee’s death, and the
decision as to whether or not to file an 83(b) Election (as well as appropriate advice and assistance with the actual filing of any such 83(b) Election) in connection with the issuance of the Shares. 
 (d) Regardless of any action the Company takes with respect to any or all income tax, social insurance, payroll tax, payment on account or
other tax-related withholding (“Tax-Related Items”), Employee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by Employee is and remains Employee’s responsibility and that the Company
(i) makes no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this issuance of Shares, including the vesting of the Shares or the subsequent sale of the Shares; and
(ii) does not commit to structure the terms or any aspect of this issuance of Shares to reduce or eliminate Employee’s liability for Tax-Related Items. Prior to the vesting of the Shares, Employee shall pay the Company any amount of
Tax-Related Items that the Company may be required to withhold as a result of Employee’s receipt of the Stock Award or Employee’s receipt of Shares that cannot be satisfied by the means previously described. The Company may refuse to
deliver the Shares if Employee fails to comply with Employee’s obligations in connection with the Tax-Related Items. 
 9.
Acknowledgment and Waiver. By accepting this grant of a Stock Award, Employee acknowledges and agrees that: 
 (a) the grant of the Stock Award is voluntary and occasional and does not create any contractual or other right to receive future grants of stock awards or shares, even if stock awards or shares have been granted repeatedly in the
past; 
 (b) the grant of the Stock Award shall not create a right to further employment with the Company, shall not create
an employment agreement between Employee and the Company and shall not interfere with the ability of the Company to terminate Employee’s employment relationship at any time with or without cause, and it is expressly agreed and understood that
employment is terminable at the will of either party, insofar as permitted by law; 
  

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 (c) the grant of this Stock Award, the Shares and resulting benefits are outside the
scope of Employee’s employment contract, if any; 
 (d) in consideration of this grant of a Stock Award, no claim or
entitlement to compensation or damages shall arise from termination of this Stock Award or diminution in value of the Shares resulting from termination of employment by the Company (for any reason whatsoever and whether or not in breach of local
labor laws), and Employee irrevocably releases the Company from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this
Agreement, Employee shall be deemed irrevocably to have waived any entitlement to pursue such claim; and 
 (e) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of employment (whether or not in breach of local labor laws) and of status as a Service Provider, Employee’s right to
receive benefits under this Agreement, if any, will terminate effective as of the date that Employee is no longer actively employed or actively acting as a Service Provider and will not be extended by any notice period mandated under local law
(e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of involuntary termination of employment (whether or not in breach of local labor laws) and of status
as a Service Provider, Employee’s right to receive benefits under this Agreement after such termination, if any, will be measured by the date of termination of Employee’s active employment or active provision of services as a Service
Provider and will not be extended by any notice period mandated under local law. 
 10. Conditions Upon Issuance of Shares.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under this Agreement unless such issuance or delivery would comply with applicable
laws, with such compliance determined by the Company in consultation with its legal counsel. 
 11. Miscellaneous. 
 (a) The Company shall not be required to treat as the owner of Shares, and associated benefits hereunder, any transferee to whom such Shares
or benefits shall have been so transferred in violation of this Agreement. 
 (b) The parties agree to execute such further
instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement. 
 (c) Any notice
required or permitted hereunder shall be given in writing and shall be deemed effectively given upon delivery to Employee at Employee’s address then on file with the Company. 
 (d) The Plan is incorporated herein by reference. The Plan, this Agreement and any Change of Control Agreement between Employee and the
Company constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Employee with respect to the subject matter hereof, and may not
be modified adversely to Employee’s interest except by means of a writing signed by the Company and Employee. 
  

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 (e) This Agreement is governed by the laws of the state of Delaware. 
 (f) The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
  

									
		 		 	ZIPREALTY, INC.
				
		 		 	By 	 	 
	Accepted by Employee:	 		 		 	 J. Patrick Lashinsky
 President & CEO

				
	 	 		 		 	
	[EMPLOYEE]	 		 		 	

 RETAIN THIS AGREEMENT FOR YOUR RECORDS 
  

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 EXHIBIT A 
 JOINT ESCROW INSTRUCTIONS 
 March 4, 2010 
 Samantha E. Harnett 
 Vice President, General Counsel & Secretary 
 ZipRealty, Inc. 
 2000 Powell Street, Suite 300 
 Emeryville, California 94608 
 Dear Madam: 
 As Escrow Agent for ZipRealty, Inc. (the “Company”), and [EMPLOYEE] (the “Employee”), you are authorized and directed to hold the
Assignment Separate from Certificate form(s) executed by Employee and the certificate(s) of stock representing Employee’s unvested shares transferred in accordance with the terms of the Restricted Stock Award Agreement (the
“Agreement”) entered into between the Company and Employee, in accordance with the following instructions: 
 1. In
the event of a forfeiture described in Section 3 of the Agreement, Employee and the Company hereby irrevocably authorize and direct you to effect the contemplated forfeiture as set forth below. 
 2. Promptly following a forfeiture describe in Section 3 of the Agreement, you are directed (a) to date the Assignment Separate
from Certificate form(s) necessary for the transfer in question, (b) to fill in the number of shares being transferred, and (c) to deliver the form(s), together with the certificate or certificates evidencing the shares to be transferred,
to the Company. 
 3. Employee irrevocably authorizes the Company to deposit with you any certificates evidencing shares to be
held by you under this letter and any additions and substitutions to the shares as defined in the Agreement. Employee irrevocably appoints you as his or her attorney-in-fact and agent for the term of this escrow to execute, with respect to the
shares of stock, all documents necessary or appropriate to make such securities negotiable and to complete any transaction contemplated by these Joint Escrow Instructions. Subject to the provisions of this Section 3, Employee shall exercise all
rights and privileges, including but not limited to the right to vote and to receive dividends (if any), of a stockholder of the Company while the shares are held by you. 
 4. In accordance with the terms of Section 4(b) of the Agreement, you may deliver to Employee a certificate or certificates representing shares that are no longer subject to the forfeiture
restrictions described in Section 3 of the Agreement. 
 5. This escrow shall terminate upon the release of all shares held
under the terms and provisions hereof. 
  

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 6. If at the time of termination of this escrow you should have in your possession any
documents, securities or other property belonging to Employee, you shall deliver them to Employee and shall be discharged from all further obligations under these Joint Escrow Instructions. 
 7. Your duties under these Joint Escrow Instructions may be altered, amended, modified or revoked only by a writing signed by all of the
parties. 
 8. You shall be obligated to perform the duties described in these Joint Escrow Instructions and shall be protected
in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act or omission as Escrow Agent or as
attorney-in-fact of Employee while acting in good faith and in the exercise of your own good judgment, and any act or omission by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 9. You are expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation,
excepting only orders or process of courts of law, and are expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be
liable to any of the parties under these Joint Escrow Instructions or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set
aside, vacated or found to have been entered without jurisdiction. 
 10. You shall not be liable in any respect on account of
the identity, authority or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for under these Joint Escrow Instructions. 
 11. You shall not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions
or any documents deposited with you. 
 12. You shall be entitled to employ such legal counsel and other experts as you may deem
necessary properly to advise you in connection with your obligations under these Joint Escrow Instructions and may rely upon the advice of such counsel. 
 13. Your responsibilities as Escrow Agent under these Joint Escrow Instructions shall terminate if you shall cease to be employed by the Company or if you shall resign by written notice to each party. In
the event of any such termination, the Company shall appoint any officer of the Company as successor Escrow Agent. 
 14. If you
reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations under these Joint Escrow Instructions, the parties shall furnish such instruments. 
 15. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the
securities held by you under these Joint Escrow Instructions, you are authorized and directed to retain in your possession without liability to anyone, all or any part of the securities until the dispute is settled either by mutual written agreement
of the parties or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected. You are under no duty whatsoever to institute or defend against any such proceedings.

  

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 16. Any notice required or permitted under these Joint Escrow Instructions shall be given in
writing and will be deemed effectively given upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties. 
 17. By signing these Joint Escrow Instructions, you become a party only for the purpose of these Joint Escrow Instructions; you do not
become a party to the Agreement. 
 18. This instrument shall be governed by and construed in accordance with the laws of the
State of Delaware. 
 19. This instrument shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
  

			
	 Very truly yours,
  
 ZIPREALTY, INC.

		
	By	 	 
		 	 J. Patrick Lashinsky
 President & CEO

  

	
	EMPLOYEE:
	
	  
	[EMPLOYEE]

  

	
	ESCROW AGENT:
	
	  
	 Samantha E. Harnett,
 Vice
President

	General Counsel & Secretary

  

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 EXHIBIT B 
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED, [EMPLOYEE]
sells, assigns and transfers to ZipRealty, Inc. (the “Company”) or its assignee [#] shares of the Common Stock of the Company (the “Shares”), which stand in his or her name on the books of the Company and are represented by
Certificate No. ___________, and irrevocably constitutes and appoints Samantha E. Harnett as Attorney to transfer the Shares on the books of the Company with full power of substitution in the premises. 
 Dated: ____________________, ____. 
  

	
	[EMPLOYEE]
	
	  
	(Signature)

 Spousal/Registered Domestic Partnership Consent (if applicable) 
 ___________________ (Employee’s spouse/registered
domestic partner) indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the Shares. 
  

	
	Printed Name
	
	  
	Signature

 INSTRUCTIONS:
PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE COMPANY TO ENFORCE THE FORFEITURE RESTRICTIONS SET FORTH IN THE RESTRICTED STOCK AWARD AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURE.

  

 9Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is executed as of this 15th day of March 2010, by and between Richmond Y. Holden, Jr. (“Employee”) and School Specialty, Inc. (the “Company”). 
 RECITALS 
 The Company desires to employ Employee, and
Employee desires to be employed by the Company, on the terms and conditions set forth herein. 
 As a result of Employee’s
employment with the Company, Employee will have access to and be entrusted with valuable information about the Company’s business and customers, including trade secrets and confidential information; and 
 The parties believe it is in their best interests to make provision for certain aspects of their relationship during and after the period in
which Employee is employed by the Company. 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements and
covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Company and Employee (“Parties”), the Parties agree as follows: 
 ARTICLE I 
 EMPLOYMENT 
 1.1 Position and Duties. Employee shall be employed in the position of Executive Vice
President, Educational Resources for the “Company” and shall be subject to the authority of, and shall report to, the Company’s Chief Executive Officer. Employee’s duties and responsibilities shall include all those customarily
attendant to the position of Executive Vice President, Educational Resources , and such other duties and responsibilities as may be assigned from time to time by the Company’s Chief Executive Officer. Employee shall devote Employee’s
entire business time, attention and energies exclusively to the business interests of the Company while employed by the Company except as otherwise specifically approved in writing by or on behalf of the Chief Executive Officer 
 1.2 Term of Employment. The Company employs Employee, and Employee accepts employment by the Company, for the period commencing on
the date hereof and ending on March 15, 2012 (“Employment Term”), subject to earlier termination as hereinafter set forth in Article III. Following the expiration of the Employment Term, this Agreement shall be automatically renewed
for successive one year periods (collectively, “Renewal Terms”; individually, “Renewal Term”) unless, at least 30 days prior to the expiration of the Employment Term or the then current Renewal Term, either party provides the
other with a written notice of intention not to renew, in which case this Agreement shall terminate as of the end of the Employment Term or said Renewal Term, as applicable. If this Agreement is renewed, the terms of this Agreement during such
Renewal Term shall be the same as the terms in effect immediately prior to such renewal, subject to any such changes or modifications as mutually may be agreed between the parties as evidenced in a written instrument signed by both the Company and
Employee. 
 ARTICLE II 
 COMPENSATION AND OTHER BENEFITS 
 2.1 Base Salary. The Company shall
pay Employee an annual salary of Three Hundred Thirty Thousand Dollars ($330,000) (“Base Salary”), payable in accordance with the normal payroll practices and schedule of the Company. 

 2.2 Incentive Bonus. Employee will be eligible to participate in the Company’s
Corporate Plan I Bonus Program (“Program”), effective for Fiscal year 2011 pursuant to the terms and conditions of the Program. Program will have a 50% of annual earned base salary target with a maximum opportunity of 100%. For Fiscal year
2011 your earned salary will be defined as $330,000 for bonus calculations. The Company reserves the right, and Employee acknowledges and agrees that the Company retains the right, to unilaterally interpret, change, modify, suspend, amend, delete,
or cancel the Program or any provision of the Program or the procedures or benefits of the Program at any time in its sole discretion. In order to be paid any amount under the Program, Employee must be employed by the Company at the time such
payment is made. 
 2.3 Perquisites, Benefits and Other Compensation. During the Employment Term and any Renewal Term,
Employee may be entitled to receive perquisites and benefits provided by the Company to its executive employees, subject to the eligibility criteria related to such perquisites and benefits and to such changes, additions, or deletions to such
perquisites and benefits as the Company may make from time to time, as well as such other perquisites or benefits as may be specified from time to time at the sole discretion of the Board and/or the Chief Executive Officer of the Company.

 2.4 Equity Incentive. 
  

	 	(a)	Stock Options. At the June 2010 Board’s Compensation Committee meeting following your start date, you will be nominated for participation in this Program
consistent with the terms and conditions of the plan(s). The award put forth will be a stock option award consisting of a minimum of 20,000 options. The options are subject to a four-year vesting program at 25% per year and are valid for ten
years. Stock option awards are put forth for annual consideration. Exercise price for initial award will be set at close of business on date of grant. 

  

	 	(b)	Non Vested Stock Units (NSUs) or Restricted Stock. Employee will be eligible for consideration of an NSU award that will be put forth at the June 2010
Board’s Compensation Committee’s meeting. The award put forth will consist of a minimum of 7,500 units. NSU grants are put forth for annual consideration. These shares will take the form of a performance award granted upon attainment of
performance objectives for each fiscal year. 

  

	 	(c)	Basis of above Award. While it is anticipated that a restricted stock award will be made annually and an option award annually, the size and valuation of the
awards will be determined by the Compensation Committee. All awards are granted at the discretion of the Compensation Committee. 

  

	 	(d)	Stock Options and Non Vested Stock Units (NSU’s). Initial approval of the Compensation Committee will be held at the May and/or June meeting.

 ARTICLE III 
 TERMINATION 
 3.1 Right to Terminate; Automatic Termination. 
  

	 	(a)	Termination Without Cause. Subject to Paragraph 3.2(a), below, the Company may terminate Employee’s employment and all of the
Company’s obligations under this Agreement at any time and for any reason. 

  

	 	(b)	 Termination For Cause. Subject to Paragraph 3.2(b), below, the Company may terminate Employee’s employment and all of the
Company’s obligations under this Agreement at any time for Cause (as defined below) by giving notice to Employee stating the basis for such termination, effective immediately upon giving such notice or at such
other time thereafter as

  

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the Company may designate. “Cause” shall mean any of the following: (1) Employee has breached this Agreement or any other agreement to which Employee and the Company are
parties or has breached any other obligation or duty owed to the Company, including, but not limited to, Employee’s breach of or failure or refusal to perform his duties and responsibilities to the Company and Employee’s violation of
any Company policy (including the Company’s policy against unlawful harassment); (2) Employee has committed negligence, misconduct or any violation of law in the performance of Employee’s duties for the Company;
(3) Employee has taken any action likely to result in discredit to or loss of business, reputation or goodwill of the Company; (4) Employee has failed to follow reasonable instructions from the Board, officer, body or other
entity or individual to whom Employee reports concerning the operations or business of the Company; (5) Employee has committed a crime the circumstances of which substantially relate to Employee’s employment duties with the Company;
(6) Employee has misappropriated funds or property of the Company or engaged in any material act of dishonesty; (7) Employee has attempted to obtain a personal profit from any transaction in which the Company has an interest, and
which constitutes a corporate opportunity of the Company, or which is adverse to the interests of the Company, unless the transaction was approved in writing by the Company’s Board after full disclosure of all details
relating to such transaction. 

  

	 	(c)	Termination by Death or Disability. Subject to Paragraph 3.2(b), below, Employee’s employment and the Company’s obligations under this
Agreement shall terminate automatically, effective immediately and without any notice being necessary, upon Employee’s death or a determination of Disability of Employee. For purposes of this Agreement, “Disability” means
the inability of Employee, due to a physical or mental impairment, to perform the essential functions of Employee’s job with the Company, with or without a reasonable accommodation. A determination of Disability shall be made by
the Company, which may, at its sole discretion, consult with a physician or physicians satisfactory to the Company, and Employee shall cooperate with any efforts to make such determination. Any such determination shall be conclusive and
binding on the Parties. Any determination of Disability under this Paragraph 3.1(c) is not intended to alter any benefits any party may be entitled to receive under any long-term disability insurance policy carried by either the Company or
Employee with respect to Employee, which benefits shall be governed solely by the terms of any such insurance policy. 

  

	 	(d)	Termination by Resignation. Subject to Paragraph 3.2(b), below, Employee’s employment and the Company’s obligations under this Agreement shall
terminate automatically, effective immediately upon Employee’s provision of written notice to the Company of Employee’s resignation from employment with the Company or at such other time as may be mutually agreed between the Parties
following the provision of such notice. 

 3.2 Rights Upon Termination. 
  

	 	(a)	Paragraph 3.1(a) Termination. If Employee’s employment is terminated pursuant to Paragraph 3.1(a), above, Employee shall have no further rights
against the Company hereunder, except for the right to receive (1) any unpaid Base Salary with respect to the period prior to the effective date of termination, (2) payment of any accrued paid time off under the Company’s paid time
off policy that is unused through the effective date of termination, (3) a Severance Payment (defined below), the payment of which is contingent upon Employee’s execution of a written severance agreement (in a form satisfactory to the
Company) containing, among other things, a general release of claims against the Company, and (4) reimbursement of expenses to which Employee may be entitled. For purposes of this Agreement, “Severance Payment” means twelve
(12) months of Base Salary, payable following termination in accordance with the normal payroll practices and schedule of the Company. 

  

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	 	(b)	Paragraph 1.2 and Paragraph 3.1(b)-(d) Terminations. If Employee’s employment is terminated pursuant to Paragraph 3.1(b) or (c), above, if
Employee resigns pursuant to Paragraph 3.1(d), above, or if either the Company or Employee fails to renew this Agreement pursuant to Paragraph 1.2, above, Employee or Employee’s estate shall have no further rights against the Company hereunder,
except for the right to receive (1) any unpaid Base Salary with respect to the period prior to the effective date of termination, (2) payment of any accrued paid time off under the Company’s paid time off policy that is
unused through the effective date of termination, and (3) reimbursement of expenses to which Employee may be entitled. 

 ARTICLE IV 
 CONFIDENTIALITY 
 4.1 Confidentiality Obligations. Employee will not, during the term of his/her employment, directly or indirectly use or disclose any
Confidential Information or Trade Secrets except in the interest and for the benefit of the Company. After the end, for whatever reason, of Employee’s employment with the Company, Employee will not directly or indirectly use or disclose any
Trade Secrets. For a period of eighteen (18) months following the end, for whatever reason, of Employee’s employment with the Company, Employee will not directly or indirectly use or disclose any Confidential Information. Employee further
agrees not to use or disclose at any time information received by the Company from others except in accordance with the Company’s contractual or other legal obligations; the Company’s Customers are third party beneficiaries of this
promise. 
 4.2 Definitions. 
  

	 	(a)	Trade Secret. The term “Trade Secret” has that meaning set forth under applicable law. The term includes, but is not limited to, all computer source
code created by or for the Company. 

  

	 	(b)	Confidential Information. The term “Confidential Information” means all non-Trade Secret or proprietary information of the Company which has value to
the Company and which is not known to the public or the Company’s competitors, generally. Confidential Information includes, but is not limited to: (i) inventions, product specifications, information about products under development,
research, development or business plans, production know-how and processes, manufacturing techniques, operational methods, equipment design and layout, test results, financial information, customer lists, information about orders and transactions
with customers, sales and marketing strategies, plans and techniques, pricing strategies, information relating to sources of materials and production costs, purchasing and accounting information, personnel information and all business records;
(ii) information which is marked or otherwise designated as confidential or proprietary by the Company; and (iii) information received by the Company from others which the Company has an obligation to treat as confidential.

  

	 	(c)	Exclusions. Notwithstanding the foregoing, the terms “Trade Secret” and “Confidential Information” shall not include, and the obligations set
forth in this Agreement shall not apply to, any information which: (i) can be demonstrated by Employee to have been known by him/her prior to his/her employment by the Company; (ii) is or becomes generally available to the public through
no act or omission of Employee; (iii) is obtained by Employee in good faith from a third party who discloses such information to Employee on a non-confidential basis without violating any obligation of confidentiality or secrecy relating to the
information disclosed; or (iv) is independently developed by Employee outside the scope of his/her employment without use of Confidential Information or Trade Secrets. 

  

 4 

 ARTICLE V 
 NON-COMPETITION 
 5.1 Restrictions on Competition During Employment.
During the term of Employee’s employment with the Company, Employee shall not directly or indirectly compete against the Company, or directly or indirectly divert or attempt to divert Customers’ business from the Company anywhere the
Company does or is taking steps to do business. 
 5.2 Restrictions on Amendment to Asset Purchase Agreement. Nothing in
this Agreement is intended to circumvent, alter or eliminate the intent of the agreed to Amendment to the Asset Purchase Agreement dated August 30, 2002 between School Specialty, Inc. (Buyer), J.L. Hammett (Seller), Monatiquat Real Estate Trust
(Trustee), and Richmond Y. Holden, Jr., and Jeffrey S. Holden (Management Shareholders). 
 5.3 Post-Employment
Non-Solicitation of Restricted Customers. For eighteen (18) months following termination of Employee’s employment with the Company, for whatever reason, Employee agrees not to directly or indirectly solicit or attempt to solicit any
business from any Restricted Customer in any manner which competes with the services or products offered by the Company in the twelve (12) months preceding termination of Employee’s employment with the Company, or to directly or indirectly
divert or attempt to divert any Restricted Customer’s business from the Company. 
 5.4
Post-Employment Restricted Services Obligation. For eighteen (18) months following termination of Employee’s employment with the Company, for whatever reason, Employee agrees not to provide Restricted Services to any Competitor in
any geographic area in which the Company sold pre-kindergarten through 12th grade educational products and services during the twelve (12) month period preceding termination of Employee’s employment. During such eighteen (18) month period, Employee also will not
provide any Competitor with any advice or counsel concerning the provision of Restricted Services anywhere in such geographic area. 
 5.5 Definitions. 
  

	 	(a)	Customer. The term “Customer” means any individual or entity for whom/which the Company has provided services or products or made a proposal to perform
services or provide products. 

  

	 	(b)	Restricted Customer. The term “Restricted Customer” means any individual or entity (i) for whom/which the Company provided services or products
and (ii) with whom/which Employee had direct or indirect contact on behalf of the Company or about whom/which Employee acquired non-public information in connection with his/her employment by the Company during the twenty-four (24) months
preceding the end, for whatever reason, of Employee’s employment with the Company; provided, however, that the term “Restricted Customer” shall not include any individual or entity who/which, through no direct or indirect act or
omission of Employee, has terminated its business relationship with the Company. 

  

	 	(c)	 Restricted Services. The term “Restricted Services” means services of any kind or character comparable to those Employee
provided to the Company during the twelve (12) months preceding the termination of Employee’s employment with the Company relating to pre-kindergarten through 12th grade educational products and services of the type sold by the Company within any geographic area in which the
Company engaged in the sale of such products or services within the last twelve (12) month period preceding termination of Employee’s employment. 

  

	 	(d)	 Competitor. The term “Competitor” means any business which is engaged in the sale of pre-kindergarten through 12th grade educational products and services of the type sold by

  

 5 

	 	 
the Company within any geographic area in which the Company engaged in the sale of such products or services within the twelve (12) month period preceding termination of Employee’s
employment. 

 ARTICLE VI 
 BUSINESS IDEA RIGHTS 
 6.1 Assignment. The Company will own, and
Employee hereby assigns to the Company and agrees to assign to the Company, all rights in all Business Ideas which Employee originates or develops whether alone or working with others while Employee is employed by the Company. All Business Ideas
which are or form the basis for copyrightable works are hereby assigned to the Company and/or shall be assigned to the Company or shall be considered “works for hire” as that term is defined by United States Copyright Law. 
 6.2 Definition of Business Ideas. The term “Business Ideas” means all ideas, designs, modifications, formulations,
specifications, concepts, know-how, trade secrets, discoveries, inventions, data, software, developments and copyrightable works, whether or not patentable or registrable, which Employee originates or develops, either alone or jointly with others
while Employee is employed by the Company and which are (i) related to any business known to Employee to be engaged in or contemplated by the Company; (ii) originated or developed during Employee’s working hours; or
(iii) originated or developed in whole or in part using materials, labor, facilities or equipment furnished by the Company. 
 6.3 Disclosure. While employed by the Company, Employee will promptly disclose all Business Ideas to the Company. 
 6.4 Execution of Documentation. Employee, at any time during or after the term of his/her employment with the Company, will promptly execute all documents which the Company may reasonably require to perfect its patent,
copyright and other rights to such Business Ideas throughout the world.  
 ARTICLE VII 
 NON-SOLICITATION OF EMPLOYEES 
 During the term of Employee’s employment with the Company and for eighteen (18) months thereafter, Employee shall not directly or indirectly encourage any Company employee to terminate his/her
employment with the Company or solicit such an individual for employment outside the Company in any manner which would end or diminish that employee’s services to the Company. 
 ARTICLE VIII 
 EMPLOYEE DISCLOSURES AND
ACKNOWLEDGMENTS 
 8.1 Confidential Information of Others. Employee warrants and represents to the Company that
he/she is not subject to any employment, consulting or services agreement, or any restrictive covenants or agreements of any type, which would conflict or prohibit Employee from fully carrying out his/her duties as described under the terms of this
Agreement. Further, Employee warrants and represents to the Company that he/she has not and will not retain or use, for the benefit of the Company, any confidential information, records, trade secrets, or other property of a former employer.

 8.2 Scope of Restrictions. Employee acknowledges that during the course of his/her employment with the Company, he/she
will gain knowledge of Confidential Information and Trade Secrets of the Company. Employee acknowledges that the Confidential Information and Trade Secrets of the Company are necessarily shared with Employee on a routine basis in the course of
performing his/her job duties and that the Company has a legitimate protectable interest in such Confidential Information and Trade Secrets, and in the goodwill and business

  

 6 

 
prospects associated therewith. Employee acknowledges that the Company sells pre-kindergarten through 12th grade educational products and services to all states in the United States. Accordingly, Employee acknowledges that
the scope of the restrictions contained in this Agreement are appropriate, necessary and reasonable for the protection of the Company’s business, goodwill and property rights, and that the restrictions imposed will not prevent him/her from
earning a living in the event of, and after, the end, for whatever reason, of his/her employment with the Company. 
 8.3
Prospective Employers. Employee agrees, during the term of any restriction contained in Articles IV, V, VI, VII and VIII of this Agreement, to disclose this Agreement to any entity which offers employment to Employee. Employee further agrees
that the Company may send a copy of this Agreement to, or otherwise make the provisions hereof known to, any of Employee’s potential employers. 
 8.4 Third Party Beneficiaries. Any Company affiliates are third party beneficiaries with respect to Employee’s performance of his/her duties under this Agreement and the undertakings and
covenants contained in this Agreement and the Company and any of its affiliates, enjoying the benefits thereof, may enforce this Agreement directly against Employee. The terms Trade Secret and Confidential Information shall include materials and
information of the Company’s affiliates to which Employee has access. 
 8.5 Survival. The Covenants set forth in
Articles IV, V, VI, VII and VIII of this Agreement. 
 ARTICLE IX 
 RETURN OF RECORDS 
 Upon the end, for whatever reason,
of his/her employment with the Company, or upon request by the Company at any time, Employee shall immediately return to the Company all documents, records and materials belonging and/or relating to the Company (except Employee’s own personnel
and wage and benefit materials relating solely to Employee), and all copies of all such materials. Upon the end, for whatever reason, of Employee’s employment with the Company, or upon request of the Company at any time, Employee further agrees
to destroy such records maintained by him/her on his/her own computer equipment. 
 ARTICLE X 
 MISCELLANEOUS 
 10.1 Notice. Any and all notices, consents, documents or communications provided for in this Agreement shall be given in writing and shall be personally delivered, mailed by registered or certified mail (return receipt
requested), sent by courier (confirmed by receipt), or telefaxed (confirmed by telefax confirmation) and addressed as follows (or to such other address as the addressed party may have substituted by notice pursuant to this
Paragraph 10.1): 
  

			
	To the Company:	    	 School Specialty, Inc.
 W6316
Design Drive
 P.O. Box 1579
 Appleton
WI 54912-1579
 Attention: Mr. David Vander Zanden
 Fax: 1-920-882-5863

		
	With a copy to:	    	 Joseph F. Franzoi IV, Esq.
 Franzoi & Franzoi, S.C.
 514 Racine Street
 Menasha, WI 54952
 Fax: (920) 725-0998

		
	To Employee:	    	 Richmond Y. Holden, Jr.
 PO Box
12
 Duxbury, MA 02331

  

 7 

 Such notice, consent, document or communication shall be deemed given upon personal delivery or receipt at
the address of the party stated above or at any other address specified by such party to the other party in writing, except that if delivery is refused or cannot be made for any reason, then such notice shall be deemed given on the third day
after it is sent. 
 10.2 Entire Agreement; Amendment; Waiver. This Agreement (including any documents referred to
herein) sets forth the entire understanding of the parties hereto with respect to the subject matter contemplated hereby. Any and all previous agreements and understandings between or among the Parties regarding the subject matter hereof, whether
written or oral, are superseded by this Agreement. This Agreement shall not be amended or modified except by a written instrument duly executed by each of the parties hereto. Any extension or waiver by any party of any provision hereto shall be
valid only if set forth in an instrument in writing signed on behalf of such party. 
 10.3 Headings. The headings of
sections and paragraphs of this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any of its provisions. 
 10.4 Attorneys’ Fees; Expenses. Each party hereto shall bear and pay all of the respective fees, expenses and disbursements of their agents, representatives, accountants and counsel incurred
in connection with the subject matter of this Agreement, and its enforcement; provided, however, that should Employee be determined to have breached the terms of Articles IV, Article V, Article VI, Article VII or Article VIII above, Employee shall
be obligated to pay the reasonable attorneys’ fees and costs incurred by the Company as a result of such breach and the Company’s enforcement of the foregoing Articles. 
 10.5 Injunctive Relief. The Parties agree that damages will be an inadequate remedy for breaches of this Agreement and in
addition to damages and any other available relief, a court shall be empowered to grant injunctive relief. 
 10.6 Waiver of
Breach. The waiver by either party of the breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by either party. 
 10.7 Severability. If any court of competent jurisdiction determines that any provision of this Agreement is invalid or
unenforceable, then such invalidity or unenforceability shall have no effect on the other provisions hereof, which shall remain valid, binding and enforceable and in full force and effect, and, to the extent allowed by law, such invalid or
unenforceable provision shall be construed in a manner so as to give the maximum valid and enforceable effect to the intent of the Parties expressed therein. 
 10.8. Consideration. Execution of this Agreement is a condition of Employee’s employment with the Company and Employee’s employment by the Company constitutes the consideration for
Employee’s undertakings hereunder. 
 10.9 Governing Law. This Agreement shall in all respects be construed
according to the laws of the State of Wisconsin without regard to its conflict of laws principles. 
  

 8 

 IN WITNESS WHEREOF, the Parties hereto have cause this Agreement to be duly executed as of the date first
written above. 
  

			
	EMPLOYEE:
		
	By:	 	 /s/ Richmond Y. Holden

		
	Date:	 	 March 5, 2010

	
	SCHOOL SPECIALTY, INC.:
		
	By:	 	 /s/ David J. Vander Zanden

		
	Title:	 	 President & CEO

		
	Date:	 	 March 5, 2010

  

 9

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