Document:

EX-10.19

 Exhibit 10.19 

 
 

 
 July 8, 2019 
 Craig R.
Greenseid 
  

	Re:	 Offer of Employment with PowerSchool Group. LLC 

Dear Craig: 
 I would like to confirm our offer
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”). We are very excited about this opportunity and value the
skills that you will bring to this role. This letter sets forth the terms of your employment by the Company. 
 You will be the Chief
Revenue Officer (CRO) of the Company, reporting to the Company’s Chief Executive Officer. In this capacity, you will have the responsibilities and duties consistent with such position. You will be based remotely in the New York area. 

Your starting base salary will be $375,000 per year, less deductions and with holdings required by law or authorized by you, and will be
subject to review annually for increases or decreases (the “Base Salary”): provided, however, that any decreases shall not be greater than 10 percent (10%) of your then current base salary, which decrease would only be implemented in
conjunction with a general decrease affecting the executive management team. Your base salary will be paid by the Company in regular installments in accordance with the Company’s general payroll practices. 

You will be eligible each fiscal year to receive a bonus of up to 50% of your Base Salary (the “Annual Bonus”). The Annual Bonus
will be awarded at the sole discretion of the Board of Managers of the Company (the “Board”), based on the Board’s determination as to your achievement of predetermined thresholds which may include, but are not limited to, management
by objectives (the MBO’s) and financial targets such as revenue, recurring revenue, gross profit and/or EBITDA targets. 
 In addition,
you will be eligible each fiscal year for an addition bonus of up to 50% of your Base Salary, awarded at the sole discretion of the Board, based on the Board’s determination as to your achievement of “stretch” targets (the
“Stretch Bonus”). 
 In addition, you are eligible to receive a one-time special bonus of
$100,000 which will be paid within the first month of your employment with PowerSchool. The bonus will be tied to revenue performance metrics and achievement at the end of your first twelve months of employment with the Company. In the event you do
not meet the performance metrics or you terminate your employment without Good Reason or the Company terminates your employment for cause, in each case, within the first twelve (12) months of your employment, you shall promptly, unless waived
by the Board in its sole discretion, remit to the company the full amount of the one-time bonus for which you have been paid. 

The bonus formulas, MBOs, performance milestones and all other elements of your bonus opportunities shall be established by the Board in its
sole discretion and communicated in writing (including by email) and other means to you from time to time. Any bonus earned for a fiscal year shall be paid within thirty (30) days after the Board has received, reviewed and approved the
applicable fiscal year’s final audited financial statements, In any event, payment of any bonus that becomes due with respect to a fiscal year shall be paid in the calendar year following the fiscal year in which such bonus was earned, subject,
in each case, to your continued employment on the applicable payment date. 
 PowerSchool | 150 Parkshore Dr. Folsom, CA 95630 |
PowerSchool.com 

 

 
  

 In addition, you are eligible to receive up to $5000 in legal fee reimbursement in relation
to any non-compete inquires that arise related to your former employer Blackboard. 
 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. 
 You will be eligible to receive a certain amount of incentive equity (the “Incentive Equity”) of Severin Topco, LLC,
an indirect parent of the Company (as such company’s name may change from time to time and such company’s successors and assigns, “Parent”), which Incentive Equity shall be issued under Parent’s Amended and Restated Limited
Liability Company Agreement, dated August 1, 2018 (as amended, restated or otherwise modified from time to time, the “LLC Agreement”) and which shall represent approximately 0.342% of the fully diluted equity interests of Parent at
the time of issuance. Incentive Equity shall be comprised of awards intended to be treated as “profits interests” for federal income tax purposes pursuant to Revenue Procedures 93-27 and 2001-43. 
 The Incentive Equity that you are eligible to receive will be subject to the terms (including,
but not limited to, the vesting terms and the participation thresholds, as the case may be) as set forth in the LLC Agreement and the grant agreement to which you will be a party (the “Grant Agreement”). Any grant of Incentive Equity is
subject to Parent’s Board of Managers’ approval and the execution of any applicable Grant Agreements. 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 or Parent. Further details on the Incentive Equity and any specific grant of Incentive Equity to you will be provided upon approval of such grant by the Board of Managers of Parent. 

Your incentive equity, if granted, will vest as follows, each as more fully set forth in the Grant Agreement (it being understood that such
vesting shall be subject to your continued employment by the Company through the applicable vesting event): 
  

	 	•	 	 60% of the Incentive Equity would be subject to time-based vesting over four (4) years, with 25% vesting
upon the date that is twelve (12) months after the Closing Date and an additional six and one-fourth percent (6 1/4%) of such incentive service units vesting at the end of each full three
(3) calendar month period thereafter (the vesting of any such unvested time-based Incentive Equity would be accelerated upon a change of control of Parent); and 

 

	 	•	 	 40% of the Incentive Equity would vest if the Investors received cumulative cash dividends or other cash
contributions and/or net sales proceeds in respect of Parent’s equity securities held by the Investors (“Investors’ Return”) such that Investors’ Return equals or exceeds two and half times (2.5x) Investors’ aggregate
investment in Parent and its subsidiaries (calculated pursuant to the formula set forth in the Grant Agreement). 

Notwithstanding anything in the LLC Agreement, the Grant Agreement or this letter to the contrary, in the event that such sales proceeds
include non-cash consideration, the value of such non-cash consideration shall be determined by the Board of Managers of Parent in its good faith discretion in order to
determine if the above vesting thresholds have been met. If such thresholds have been met, you will receive an equal proportion of your proceeds from the sale of any equity interests of Parent in such non-cash
consideration. 

  
 PowerSchool | 150
Parkshore Dr. Folsom, CA 95630 | PowerSchool.com 

 

 
  

 There are some formalities that you will need to complete as a condition of your employment.
These include: 
  

	 	•	 	 You must carefully consider and sign the Company’s standard “Employment and Restrictive Covenants
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
Schedule 1 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 Section 14 of Exhibit A.

  

	 	•	 	 As a condition of your employment, you will also be asked to abide by the Company’s policies and procedures,
which may be amended from time to time, in the Company’s sole discretion. We consider the terms of this offer confidential and trust that you will treat it as such and use appropriate discretion 

 

	 	•	 	 We also wish to impress upon you that we do not want you to bring with you any confidential or proprietary
material of any former employer or to violate any other obligations you may have to any former employer. 

  

	 	•	 	 It should be understood that all offers of employment are conditioned on the Company’s completion of
satisfactory background check, including a drug screening process. The Company reserves the right to perform background checks during the term of your employment, subject to compliance with applicable laws. Your will be required to execute forms
authorizing such a background check. 

 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 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; provided that the Company pays your Base Salary in lieu of 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 your
duties and prohibit you from entering the Company’s offices. 
 If the Company terminates your employment without “Cause” or
you voluntarily terminate your employment for a “good Reason”, you will be entitled to receive a severance payment equal to nine (9) months of your then applicable Base Salary, less deductions and with holdings required by law or
authorized by you (the Severance Pay”). 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
(a) you 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 investors, agents or affiliates, including Vista, and you do not revoke such Release Agreement during any applicable revocation

  
 PowerSchool | 150
Parkshore Dr. Folsom, CA 95630 | PowerSchool.com 

 

 
  

 
period, (b) such Release Agreement is executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of your termination of
employment, and (c) you have not breached the provisions of Sections 4 through 10 and 16 of Exhibit A, the terms of this letter or any agreement between you and the Company or the provisions of the Release Agreement. If the Release
Agreement is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then the Severance Pay shall be paid in accordance with the Company’s general payroll practices at the time of termination and
commencing as soon as reasonably practicable following the date such Release Agreement becomes effective and is no longer subject to revocation (but in any event, no later than the second payroll period thereafter); provided that if the sixty
(60) day period described in (b) above spans two (2) taxable years, such Severance Pay shall commence on the sixtieth (60th) day following your termination of employment. The first payment of Severance Pay shall include payment of all
amounts that otherwise would have been due prior thereto under the terms of this letter had such payments commenced immediately upon your termination of employment, and any payments made thereafter shall continue as provided herein. 

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. Likewise, the Company shall direct the current CEO and directors of the Company and any future CEO and directors of the Company, in each case, that
serve the Company during the period of your employment with the Company, to not make any statement that would libel, slander or disparage you, other than in the good faith performance of their duties during the period of your employment (e.g.
performance reviews). 
 While we look forward to a long and profitable relationship, your employment with the Company is at will as
described in this letter and Exhibit A. Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter and/or the Employment and Restrictive Covenants Agreement attached as Exhibit
A) should be regarded by you as ineffective. Further, your participation in any benefit or other Company program is not to be regarded as assuring you of continuing employment for any particular period of time. 

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 Human Resources office. 
 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, employment or similar agreements, whether oral or written, between or among you and the Company or its predecessor with respect to the specific subject matter hereof. 

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 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. 

  
 PowerSchool | 150
Parkshore Dr. Folsom, CA 95630 | PowerSchool.com 

 

 
  

 The interest 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”. Notwithstanding anything to the contrary in this Agreement, if you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to
any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service”, such payment or benefit shall not be made or provided until the date which
is the earlier of (A) the expiration of the six (6) month period measured from the date of such “separation from service”, and (B) the date of your death, to the extent required under Code Section 409A. 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 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. 
 The effective date of
employment under the terms of this offer is expected to be on or about July 29, 2019. If you decide to accept the terms of this letter, and I sincerely hope you will, please signify your acceptance of these conditions of employment by signing
and dating the enclosed copy of this letter and its Exhibit A and returning them to me no later than July 11 , 2019. Should you have anything you wish to discuss, please do not hesitate to contact me at **** or
hardeep.gulati@powerschool.com. 

  
 PowerSchool | 150
Parkshore Dr. Folsom, CA 95630 | PowerSchool.com 

 

 
  

 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/ Craig Greenseid
	Signature: Craig Greenseid
	
	7/9/19
	Date Signed

  
 PowerSchool | 150
Parkshore Dr. Folsom, CA 95630 | PowerSchool.com 

 EMPLOYMENT AND RESTRICTIVE COVENANTS AGREEMENT 

This Employment and Restrictive Covenants Agreement (the “Agreement”) is made effective July 29, 2019, (the “Effective
Date”), by and between PowerSchool Group LLC (together with its affiliates and related companies, hereafter referenced as “Company’’) and Craig Greenseid (hereafter referenced as “Employee”). 

1. PURPOSE. In connection with Employee’s employment by the Company (the “Employment”), Employee and the Company
wish to set forth the terms and conditions under which Employee will be employed by the Company, and certain restrictions applicable to Employee as a result of the Employment with the Company. This Agreement is intended: to allow the patties to
engage in the Employment, with the Company giving Employee access to the Company’s customers, employees, and Confidential Information (as that term is defined below); to protect the Company’s business, information, and relationships
against unauthorized competition, solicitation, recruitment, use, or disclosure; and to clarify Employee’s legal rights and obligations. 

2. THE BUSINESS OF THE COMPANY. The Company is engaged in the business of investing and operating in software and
technology-enabled businesses, including a continuous program of research, development, production and marketing (collectively the “Business” of the Company). Employee acknowledges that the Company has a legitimate interest in protecting
its Confidential Information, trade secrets, customer relationships, customer goodwill, employee relationships, and the special investment and training given to Employee. 

3. “AT WILL” EMPLOYMENT OF EMPLOYEE. Employee shall perform such duties or responsibilities as assigned to Employee
from time to time. The Parties acknowledge that Employee’s employment by the Company at all times is and shall remain “at will,” and may be terminated by either Party at any time, with or without notice and with or without cause.
Employee acknowledges that but for Employee’s execution of this Agreement, Employee would not be employed by the Company. 
  

	 	(a)	 Employee acknowledges that Employee’s duties shall entail Employee’s contact with the Company’s
customers to whom Employee is introduced, to which Employee is assigned, whose accounts Employee shall oversee, or for which Employee otherwise is directly or indirectly responsible. Employee further acknowledges that Employee will be given the use
of the Company’s Confidential Information. Employee acknowledges that the Company’s goodwill with its customers and customer prospects, as well as the Company’s Confidential Information, are among the most valuable assets of the
Company’s Business. Accordingly, Employee hereby agrees, acknowledges, covenants, represents and warrants that at all times during Employee’s employment with the Company, Employee will faithfully perform Employee’s duties with the
utmost loyalty to the Company, and will owe a fiduciary duty and duty of loyalty to the Company. Employee agrees that during employment, Employee will do nothing disloyal or adverse to the Company or the Company’s Business, or which creates any
conflict of interest with the Company or the Business of the Company. Employee will abide by 

	 	
the policies of the Company at all times duting Employee’s employment, and acknowledges that the Company may unilaterally change its policies, practices, and procedures at any time, at the
sole discretion of the Company. Employee understands and acknowledges that all equipment, communication devices, physical property, documents, information, data bases, furniture, accessories, premises, and any other items provided to Employee while
employed by Company, shall at all times remain the sole property of the Company, and as such, Employee shall have no reasonable expectation of privacy when using such items. 

 

	 	(b)	 Employee acknowledges that Employee will be afforded an investment of time, training, money, trust, exposure to
the public, or exposure to customers, vendors, suppliers, investors, joint venture partners, or other business relationships of the Company during the course of the Employment, and Employee’s position gives Employee a high level of influence or
credibility with the Company’s customers, vendors, suppliers, or other business relationships. Employee understands and acknowledges that Employee will possess specialized skills, learning, abilities, customer contacts, or customer information
by reason of working for the Company. 

  

	 	(c)	 Employee acknowledges that, through Employee’s employment with the Company, Employee may customarily and
regularly solicit customers and/or prospective customers for the Company, and/or engage in making sales or obtaining orders or contracts for products or services. 

 

	 	(d)	 Employee understands that the Company has specifically instructed him/her to refrain from bringing to the
Company 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 that might constitute the confidential information or trade
secrets of a prior employer. Employee agrees that when performing duties on behalf of the Company, he/she will not breach any invention assignment, proprietary information, confidentiality, noncompetition, nonsolicitation or other similar agreement
with any former employer or other party. 

 4. DUTY OF LOYALTY. Employee understands that his/her employment
and provision of services on behalf of the Company requires Employee’s undivided attention and effort. Accordingly, during Employee’s employment, Employee agrees that he/she 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 not otherwise prohibited by this Agreement and will not require Employee 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 Company, (iii) take steps, alone or with others, to engage in competition with the Company in the future, or (iv) appropriate for
Employee’s own benefit business opportunities pertaining to the Company’s Business. 

  
 2 

 5. INVENTIONS  

 

	 	(a)	 Prior Inventions. Attached hereto as Schedule 1 is a complete and accurate list describing all
Inventions (as defined below) which were conceived, discovered, created, invented, developed and/or reduced to practice by Employee prior to the commencement of his/her Employment that have not been legally assigned or licensed to the Company
(collectively: “Prior Inventions”). If there are no such Prior Inventions, Employee shall initial Schedule 1 to indicate Employee has no Prior Inventions to disclose. 

Employee acknowledges and agrees that if in the course of Employee’s employment, Employee incorporates or causes to be incorporated into a
Company product, service, process, file, system, application or program a Prior Invention, Employee will grant the Company a non-exclusive, royalty- free, irrevocable, perpetual, worldwide, sublicensable 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. 

 

	 	(b)	 Disclosure and Assignment of Inventions. Employee agrees to promptly disclose to the Company in writing
all Inventions (as defined below) that Employee conceives, develops and/or first reduces to practice or create, either alone or jointly with others, during the period of Employee’s Employment, and for a period of three (3) months
thereafter, whether or not in the course of Employee’s Employment. Employee further assigns and agrees to assign all of Employee’s rights, title and interest in the Inventions to the Company. In the event that the Company is unable for any
reason to secure Employee’s signature to any document required to file, prosecute, register or memorialize the ownership and/or assignment of any Invention, Employee hereby irrevocably designates and appoints the Company’s duly authorized
officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s behalf and stead to (i) execute, file, prosecute, register and/or memorialize the assignment and/or
ownership of any 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 Inventions, all with the same legal force and effect as if executed by Employee. 

Employee acknowledges that he/she is not entitled to use the Inventions for Employee’s own benefit or the benefit of anyone except the
Company without written permission from the Company, and then only subject to the terms of such permission. Employee further agrees that Employee will communicate to the Company, as directed by the Company, any facts known to Employee and testify in
any legal proceedings, sign all lawful papers, make all rightful oaths, execute all divisionals, continuations, continuations -in-part, foreign counterparts, or reissue
applications, all assignments, all registration applications and all other instruments or papers to carry into full force and effect, the assignment, transfer and conveyance hereby made or to be made and generally do everything possible for title to
the Inventions to be clearly and exclusively held by the Company as directed by the Company. 

  
 3 

 For purposes of this Agreement, “Inventions” means, without limitation, any and
all formulas, algorithms, processes, techniques, concepts, designs, developments, technology, ideas, patentable and unpatentable 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 that (i) relate in any manner, whether at the time of conception, design or reduction to practice, to the
Company’s Business or its actual or demonstrably anticipated research or development; (ii) result from any work performed by Employee on behalf of the Company; or (iii) result from the use of the Company’s equipment, supplies,
facilities, Confidential Information or Trade Secrets. 
 Employee recognizes that Inventions or proprietary information relating to
Employee’s activities while working for the Company, and conceived, reduced to practice, created, derived, developed, or made by Employee, alone or with others, within three (3) months after termination of Employee’s employment may
have been conceived, reduced to practice, created, derived, developed, or made, as applicable, in significant part while Employee was employed by the Company. Accordingly, Employee agrees that such Inventions and proprietary information shall be
presumed to have been conceived, reduced to practice, created, derived, developed, or made, as applicable, during Employee’s employment with the Company and are to be assigned to the Company pursuant to this Agreement and applicable law unless
and until Employee has established the contrary by clear and convincing evidence. 
  

	 	(c)	 Work for Hire. Employee acknowledges and agrees that any copyrightable works prepared by Employee within
the scope of Employee’s employment are “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. Any copyrightable works the Company specially commissions
from Employee while Employee is employed also shall be deemed a work made for hire under the Copyright Act and if for any reason such work cannot be so designated as a work made for hire, Employee agrees to and hereby assigns to the Company, as
directed by the Company, all right, title and interest in and to said work(s). Employee further agrees to and hereby grants the Company, as directed by the Company, a non-exclusive, royalty-free, irrevocable,
perpetual, worldwide, sublicensable and assignable license to make, have made, copy, modify, make derivative works of, use, publicly perform, display or otherwise distribute any copyrightable works Employee creates during Employee’s Employment.

  
 4 

	 	(d)	 Assignment of Other Rights. In addition to the foregoing assignment of Inventions to the Company,
Employee hereby irrevocably transfers and assigns to the Company: (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights in any Inventions; and (ii) any and all
“Moral Rights” (as defined below) that Employee may have in or with respect to any Inventions. Employee also hereby forever waives and agrees never to assert any and all Moral Rights Employee may have in or with respect to any Inventions,
even after termination of Employee’s work on behalf of the Company. “Moral Rights” mean any rights to claim authorship of any Inventions, to object to or prevent the modification of any Inventions, or to withdraw from circulation or
control the publication or distribution of any Inventions, and any similar right, existing under applicable 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.” 

  

	 	(e)	 Applicability to Past Activities. To the extent Employee has 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”), Employee agrees that if and to the extent that, during the Prior Engagement Period: (i) Employee received
access to any information from or on behalf of the Company that would have been proprietary information if Employee had received access to such information during the period of Employee’s Employment with the Company under this Agreement; or
(ii) Employee 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 Employee’s 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. 

6. NONDISCLOSURE AGREEMENT. 
  

	 	(a)	 Employee expressly agrees that, throughout the term of Employee’s Employment with the Company and at all
times following the termination of Employee’ s Employment from the Company, for so long as the information remains confidential, Employee will not use or disclose any Confidential Information disclosed to Employee by the Company, other than for
the purpose to carry out the Employment for the benefit of the Company (but in 

  
 5 

	 	
all cases preserving confidentiality by following the Company’s policies and obtaining appropriate non-disclosure agreements). Employee shall not,
directly or indirectly, use or disclose any Confidential Information to third parties, nor permit the use by or disclosure of Confidential Information by third patties. Employee agrees to take all reasonable measures to protect the secrecy of and
avoid disclosure or use of Confidential Information in order to prevent it from falling into the public domain or into the possession of any Competing Business or any persons other than those persons authorized under this Agreement to have such
information for the benefit of the Company. Employee agrees to notify the Company in writing of any actual or suspected misuse, misappropriation, or unauthorized disclosure of Confidential Information that may come to Employee’s attention.
Employee acknowledges that if Employee discloses or uses knowledge of the Company’s Confidential Information to gain an advantage for Employee, for any Competing Business, or for any other person or entity other than the Company, such an
advantage so obtained would be unfair and detrimental to the Company. 

  

	 	(b)	 Employee expressly agrees that Employee’s duty of non-use and non-disclosure shall continue indefinitely for any information of the Company that constitutes a Trade Secret under applicable law, so long as such information remains a Trade Secret. 

 

	 	(c)	 Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the
disclosure of a trade secret that-(A) is made-(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

  

	 	(d)	 Nothing in this Agreement is intended to conflict with 18 U.S.C. § l833(b) or create liability for
disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an
attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the tight to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and
protected from public disclosure. 

 7. RETURN OF COMPANY PROPERTY AND MATERIALS. Any Confidential
Information, trade secrets, materials, equipment, information, documents, electronic data, or other items that have been furnished by the Company to Employee in connection with the Employment are the exclusive property of the Company and shall be
promptly returned to the Company by Employee, accompanied by UallU copies of such documentation, immediately when the Employment has been terminated or concluded, or otherwise upon the written request of the Company. Employee shall not retain any
copies of any Company information or other property after the Employment ends, and shall cooperate with the Company to ensure that all copies, both 

  
 6 

 written and electronic, are immediately returned to the Company. Employee shall cooperate with Company
representatives and allow such representatives to oversee the process of erasing and/or permanently removing any such Confidential Information or other property of the Company from any computer, personal digital assistant, phone, or other electronic
device, or any cloud-based storage account or other electronic medium owned or controlled by Employee. 
 8. LIMITED NONCOMPETE
AGREEMENT. Employee expressly agrees that Employee will not (either directly or indirectly, by assisting or acting in concert with others) Compete with the Company during the Restricted Period within the Restdcted Territory. 

9. NONSOLICITATION OF CUSTOMERS/PROSPECTIVE CUSTOMERS. Employee expressly agrees that during the Restricted Period, Employee
will not (either directly or indirectly, by assisting or acting in concert with others), on behalf of himself/herself or any other person, business, entity, including but not limited to on behalf of a Competing Business, call upon, solicit, or
attempt to call upon or solicit any business from any Customer or Prospective Customer for the purpose of providing services substantially similar to the Services. 

10. NONRECRUITMENT OF EMPLOYEES. Employee expressly agrees that during the Restricted Period, Employee will not, on behalf of
himself/herself or any other person, business, or entity (either directly or indirectly, by assisting or acting in concert with others), solicit, recruit, or encourage, or attempt to solicit, recruit, or encourage any of the Company’s
employees, in an effort to hire such employees Page 7 of 15 away from the Company, or to encourage any of the Company’s employees to leave employment with the Company to work for a Competing Business. 

11. REMEDIES; INDEMNIFICATION. Employee agrees that the obligations set forth in this Agreement are necessary and reasonable in
order to protect the Company’s legitimate business interests and (without limiting the foregoing) that the obligations set forth in Sections 8, 9 and 10 are necessary and reasonable in order to protect the Company’s legitimate business
interests in protecting its Confidential Information, Trade Secrets, customer and employee relationships and the goodwill associated therewith. Employee expressly agrees that due to the unique nature of the Company’s Confidential Information,
and its relationships with its Customers and other employees, monetary damages would be inadequate to compensate the Company for any breach by Employee of the covenants and agreements set forth in this Agreement. Accordingly, Employee agrees and
acknowledges that any such violation or threatened violation shall cause irreparable injury to the Company and that, in addition to any other remedies that may be available in law, in equity, or otherwise, the Company shall be entitled: (a) to
obtain injunctive relief against the threatened breach of this Agreement or the continuation of any such breach by Employee, without the necessity of proving actual damages; and (b) to be indemnified by Employee from any loss or harm. The
prevailing party, as determined by a court of competent jurisdiction, in any legal proceeding arising out of or related to this Agreement shall be entitled to reimbursement of such party’s reasonable attorney’s fees and costs incurred in
such action in addition to such damages, if any, to which such party is entitled. 

  
 7 

 12. INJUNCTIVE RELIEF; TOLLING. Notwithstanding the arbitration provisions
contained herein, or anything else to the contrary in this Agreement, Employee understands that the violation of any restrictive covenants of this Agreement may result in irreparable and continuing damage to the Company for which monetary damages
will not be sufficient, and agrees that Company will be entitled to seek, in addition to its other rights and remedies hereunder or at law and both before or while an arbitration is pending between the parties under this Agreement, a temporary
restraining order, preliminary injunction or similar injunctive 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 through arbitration,
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 patty to pursue arbitration. The Restricted Period as defined in
this Agreement may be extended during the pendency of any litigation (including appeals) or arbitration proceeding, in order to give the Company the full protection of the restrictive covenants as described in this Agreement. 

13. DEFINITIONS. For all purposes throughout this Agreement, the terms defined below shall have the respective meanings
specified in this section. 
  

	 	(a)	 “Customer” of the Company shall mean any business or entity with which Employee had Material
Contact, for the purpose of providing Services, during the twelve (12) months preceding Employee’s termination date. 

  

	 	(b)	 “Compete” shall mean to provide Competitive Services, whether Employee is acting on behalf of
himself/herself, or in conjunction with or in concert with any other entity, person, or business, including activities performed while working for or on behalf of a Customer. 

 

	 	(c)	 “Competitive Services” shall mean the business or process of researching into, developing,
manufacturing, distributing, selling, supplying or otherwise dealing with (including but not limited to technical and product support, professional services, technical advice and other customer services) Education Technology Software, and any other
services of the type or similar to the type provided, conducted, authorized, or offered by the Company or any predecessor within the two (2) years prior to the termination of your employment. 

 

	 	(d)	 “Competing Business” shall mean any entity, including but not limited to any person, company,
partnership, corporation, limited liability company, association, organization or other entity that provides Competitive Services. 

  

	 	(e)	 “Confidential Information” shall mean sensitive business information having actual or
potential value to the Company because it is not generally known to the general public or ascertainable by a Competing Business, and which has been disclosed to Employee, or of which Employee will become aware, as a consequence of the Employment
with the Company, including any information related to: the Company’s investment strategies, management planning information, business plans, operational methods, 

  
 8 

	 	
market studies, marketing plans or strategies, patent information, business acquisition plans, past, cunent and planned research and development, formulas, methods, patterns, processes,
procedures, instructions, designs, inventions, operations, engineering, services, drawings, equipment, devices, technology, software systems, price lists, sales reports and records, sales books and manuals, code books, financial information and
projections, personnel data, names of customers, customer lists and contact information, customer pricing and purchasing information, lists of targeted prospective customers, supplier lists, product/service and marketing data and programs,
product/service plans, product development, advertising campaigns, new product designs or roll out, agreements with third parties, or any such similar information. Confidential Information shall also include any information disclosed to the Company
by a third party (including, but not limited to, current or prospective customers) that the Company is obliged to treat as confidential. Confidential Information may be in written or non-written form, as well
as information held on electronic media or networks, magnetic storage, cloud storage service, or other similar media. The Company has invested and will continue to invest extensive time, resources, talent, and effort to develop its Confidential
Information, all of which generates goodwill for the Company. Employee acknowledges that the Company has taken reasonable and adequate steps to control access to the Confidential Information and to prevent unauthorized disclosure, which could cause
injury to the Company. This definition shall not limit any broader definition of “confidential information” or any equivalent term under applicable state or federal law. 

 

	 	(f)	 “Material Contact” shall mean actual contact between Employee and a Customer with whom
Employee dealt on behalf of the Company; or whose dealings with the Company were coordinated or supervised by Employee; or who received goods or services from the Company that resulted in payment of commissions or other compensation to Employee; or
about whom Employee obtained Confidential Information because of Employee’s Employment with the Company. 

  

	 	(g)	 “Prospective Customer” shall mean any business or entity with whom Employee had Material
Contact, for the purpose of attempting to sell or provide Services, and to whom Employee provided a bid, quote for Services, or other Confidential Information of the Company, during the twelve (12) months preceding Employee’s termination
date. 

  

	 	(h)	 “Restricted Period” shall mean the entire term of Employee’s employment with the Company
and a two (2) year period immediately following the termination of Employee’s employment, unless otherwise delineated or described in the “end notes and exceptions” at the end of this Agreement. 

  
 9 

	 	(i)	 “Restricted Territory” shall mean the geographic area in which or with respect to which
Employee provided or attempted to provide any Services or perfmmed operations on behalf of the Company as of the date of termination or during the twelve (12) months preceding Employee’s termination date. 

 

	 	(j)	 “Trade Secrets” shall mean the business information of the Company that is competitively
sensitive and which qualifies for trade secrets protection under applicable trade secrets laws, including but not limited to the Defend Trade Secrets Act. This definition shall not limit any broader definition of “trade secret” or any
equivalent term under any applicable local, state or federal law. 

  

	 	(k)	 “Services” shall mean the types of work product, processes and work-related activities
relating to the Business of the Company performed by Employee during the Employment. 

 14. MANDATORY ARBITRATION
CLAUSE; NO JURY TRIAL. A Party may bring an action in court to obtain a temporary restraining order, injunction, or other equitable relief available in response to any violation or threatened violation of the restrictive covenants set forth
in this Agreement. Otherwise, Employee expressly agrees and acknowledges that the Company and Employee will utilize binding arbitration to resolve all disputes that may arise out of the employment context. 

 

	 	(a)	 Both the Company and Employee hereby agree that any claim, dispute, and/or controversy that Employee may have
against the Company (or its owners, directors, officers, managers, employees, agents, insurers and parties affiliated with its employee benefit and health plans), or that the Company may have against Employee, arising from, related to, or having any
relationship or connection whatsoever to the Employment, shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act (9 U.S.C. §§ l, et seq.) in conformity with the Federal Rules of Civil
Procedure, in a location within 50 miles of where Employee is based. Included within the scope of this Agreement are all disputes including, but not limited to, any claims alleging employment discrimination, harassment, hostile environment,
retaliation, whistleblower protection, wrongful discharge, constructive discharge, failure to grant leave, failure to reinstate, failure to accommodate, tortious conduct, breach of contract, and/or any other claims Employee may have against the
Company for any exemption misclassification, unpaid wages or overtime pay, benefits, payments, bonuses, commissions, vacation pay, leave pay, workforce reduction payments, costs or expenses, emotional distress, pain and suffering, or other alleged
damages arising out of the Employment or termination. Also included are any claims based on or arising under Title VII, 42 USC Section 1981, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical
Leave Act, the Fair Labor Standards Act, Sarbanes-Oxley, all as amended, or any other state or federal law or regulation, equitable law, or otherwise relating in any way to the employment relationship. 

  
 10 

	 	(b)	 Nothing herein, however, shall prevent Employee from filing and pursuing proceedings before the United States
Equal Employment Opportunity Commission or similar state agency (although if Employee chooses to pursue any type of claim for relief following the exhaustion of such administrative remedies, such claim would be subject to resolution under these
mandatory arbitration provisions). In addition, nothing herein shall prevent Employee from filing an administrative claim for unemployment benefits or workers’ compensation benefits. 

 

	 	(c)	 Nothing in the confidentiality or nondisclosure or other provisions of this Agreement shall be construed to
limit Employee’s tight to respond accurately and fully to any question, inquiry or request for information when required by legal process or from initiating communications directly with, or responding to any inquiry from, or providing testimony
before, any self-regulatory organization or state or federal regulatory authority, regarding the Company, Employee ‘s Employment, or this Agreement. Employee is not required to contact the Company regarding the subject matter of any such
communications before engaging in such communications. Employee also understands that Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made
(a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Employee also understands that disclosure of trade secrets to attorneys, in legal proceedings if disclosed under seal, or pursuant to court order
is also protected under 18 U.S. Code §1833 when disclosure is made in connection with a retaliation lawsuit based on the reporting of a suspected violation of law. 

 

	 	(d)	 In addition to any other requirements imposed by law, the arbitrator selected shall be a qualified individual
mutually selected by the Patties, and shall be subject to disqualification on the same grounds as would apply to a judge. All rules of pleading, all rules of evidence, all statutes of limitations, all rights to resolution of the dispute by means of
motions for summary judgment, and judgment on the pleadings shall apply and be observed. Resolution of the dispute shall be based solely upon the law governing the claims and defenses pleaded, and the arbitrator may not invoke any basis (including
but not limited to, notions of “just cause”) other than such controlling law. Likewise, all communications during or in connection with the arbitration proceedings are privileged. The arbitrator shall have the authority to award
appropriate substantive relief under relevant laws, including the damages, costs and attorneys’ fees that would be available under such laws. 

  
 11 

	 	(e)	 Employee’s initial share of the arbitration fee shall be in an amount equal to the filing fee as would be
applicable in a court proceeding, or $100, whichever is less. Beyond the arbitration filing fee, Employer will bear all other fees, expenses and charges of the arbitrator. 

 

	 	(f)	 Employee understands and agrees that all claims against the Company must be brought in Employee’s
individual capacity and not as a plaintiff or class member in any purported class or representative proceeding. Employee understands that there is no right or authority for any dispute to be heard or arbitrated on a collective action basis,
class action basis, as a private attorney general, or on bases involving claims or disputes brought in a representative capacity on behalf of the general public, on behalf of other Company employees (or any of them) or on behalf of other persons
alleged to be similarly situated. Employee understands that there are no bench or jury trials and no class actions or representative actions permitted under this Agreement. The Arbitrator shall not consolidate claims of different employees into one
proceeding, nor shall the Arbitrator have the power to hear an arbitration as a class action, collective action, or representative action. The interpretation of this subsection shall be decided by a judge, not the Arbitrator. 

 

	 	(g)	 Procedure. Employee and Company agree that prior to the service of an Arbitration Demand, the parties shall
negotiate in good faith for a period of thirty (30) days in an effort to resolve any arbitrable dispute privately, amicably and confidentially. To commence an arbitration pursuant to this Agreement, a party shall serve a written arbitration
demand (the “Demand”) on the other party by hand delivery or via overnight delivery service (in a manner that provides proof of receipt by respondent). The Demand shall be served before expiration of the applicable statute of limitations.
The Demand shall describe the arbitrable dispute 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 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. If respondent does not provide a written Response to the Demand, all allegations will be considered denied. The patties shall confer in good faith to attempt to agree upon
a suitable arbitrator, and if unable to do so, they will select an arbitrator from the American Arbitration Association (“AAA”)‘s employment arbitration panel for the area. The arbitrator shall allow limited discovery, as appropriate
in his or her discretion. The arbitrator’s award shall include a written reasoned opinion. 

  

	 	(h)	 Employee understands, agrees, and consents to this binding arbitration provision, and Employee and the Company
hereby each expressly waive the right to trial by jury of any claims arising out of Employment with the Company. By initialing below, Employee acknowledges that Employee has read, understands, agrees and consents to the binding arbitration
provision, including the class action waiver. Employee’s Initials: ___ 

  
 12 

 15. NOTICE OF VOLUNTARY TERMINATION OF EMPLOYMENT. Unless otherwise stated in
Employee’s offer letter of employment, Employee agrees to use reasonable efforts to provide the Company fourteen (14) days written notice of Employee’s intent to terminate Employee’s Employment; provided, however, that this
provision shall not change the at-will nature of the employment relationship between Employee and the Company. It shall be within the Company’s sole discretion to determine whether Employee should
continue to perform services on behalf of the Company during this notice period. 
 16.
NON-DISPARAGEMENT. During and after Employee’s Employment with the Company, except to the extent compelled or required by law, Employee agrees he/she shall not make any statement or take any
action that is intended to harm the reputation or interests of the Company 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 Employee from: engaging in concerted
activity relative to the terms and conditions of Employee’s Employment and in communications protected under the National Labor Relations Act, filing a charge or providing information to any governmental agency, or from providing information in
response to a subpoena or other enforceable legal process or as otherwise required by law. 
 17. NOTIFICATION OF NEW EMPLOYER.
Before Employee accepts Employment or enters into any consulting, independent contractor, or other professional or business engagement with any other person or entity while any of the provisions of Sections 8, 9 or 10 of this Agreement are in
effect, Employee will provide such person or entity with written notice of the provisions of Sections 8, 9 and/or 10 and will deliver a copy of that notice to the Company. While any of Sections 8, 9 or 10 of this Agreement are in effect, Employee
agrees that, upon the request of the Company, Employee will furnish the Company with the name and address of any new employer or entity for whom Employee provides contractor or consulting services, as well as the capacity in which Employee will be
employed or otherwise engaged. Employee hereby consents to the Company’s notifying Employee’s new employer about Employee’s responsibilities, restrictions and obligations under this Agreement. 

18. WITHHOLDING. To the extent allowed by applicable law, Employee agrees to allow Company to deduct from the final paycheck(s)
any amounts due as a result of the Employment, including, but not limited to, any expense advances or business charges incurred on behalf of the Company, charges for property damaged or not returned when requested, and any other charges incurred
that are payable to the Company. Employee agrees to execute any authorization form as may be provided by Company to effectuate this provision. 

19. NO RIGHTS GRANTED. Nothing in this Agreement shall be construed as granting to Employee any rights under any patent,
copyright, or other intellectual property right of the Company, nor shall this Agreement grant Employee any rights in or to Confidential Information of the Company other than the limited right to review and use such Confidential Information solely
for the purpose of participating in the Employment for the benefit of the Company. 

  
 13 

 20. SUCCESSORS AND ASSIGNS. This Agreement will be binding upon
Employee’s heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, its assigns and licensees. This Agreement, and Employee’s rights and obligations hereunder, may not be
assigned by Employee; however, the Company may assign its rights hereunder without Employee’s consent, whether in connection with any sale, transfer or other disposition of any or all of its business or assets or otherwise. 

21. SEVERABILITY AND REFORMATION. Employee and the Company agree that if any particular paragraphs, subparagraphs, phrases,
words, or other portions of this Agreement are determined by an appropriate court, arbitrator, or other tribunal to be invalid or unenforceable as written, they shall be Page 13 of 15 modified as necessary to comport with the reasonable intent and
expectations of the parties and in favor of providing maximum reasonable protection to the Company’s legitimate business interests. Such modification shall not affect the remaining provisions of this Agreement. If such provisions cannot be
modified to be made valid or enforceable, then they shall be severed from this Agreement, and all remaining terms and provisions shall remain enforceable. Paragraphs 6, 8 and 9 and each restrictive covenant within them are intended to be divisible
and to be interpreted and applied separately and independently. 
 22. ENTIRE AGREEMENT; AMENDMENT. This Agreement contains
the entire agreement between the Patties relating to the subject matters contained herein. No term of this Agreement may be amended or modified unless made in writing and executed by both Employee and an authorized agent of the Company. This
Agreement replaces and supersedes all prior representations, understandings, or agreements, written or oral, between Employee and the Company with regard to restrictive covenants, post-employment restrictions, and mandatory arbitration. 

23. WAIVER. Failure to fully enforce any provision of this Agreement by either Party shall not constitute a waiver of any term
hereof by such Patty; no waiver shall be recognized unless expressly made in writing, and executed by the Party that allegedly made such waiver. 

24. CONSTRUCTION. The Patties agree that this Agreement has been reviewed by each Party, each Patty had an opportunity to make
suggestions about the provisions of the Agreement, and each Party had sufficient opportunity to obtain the advice of legal counsel on matters of contract interpretation, if desired. The Parties agree that this Agreement shall not be construed or
interpreted more harshly against one Party merely because one Party was the original drafter of the Agreement. 
 25.
COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same legally recognized instrument. 

26. THIRD-PARTY BENEFICIARIES. Employee specifically acknowledges and agrees that the direct and indirect subsidiaries, parents,
owners, and affiliated companies of the Company are intended to be beneficiaries of this Agreement and shall have every tight to enforce the terms and provisions of this Agreement in accordance with the provisions of this Agreement. 

  
 14 

 27. NOTICES. Notices regarding this Agreement shall be sent via email or to
the mailing addresses of the Parties as set forth in the signature block to this Agreement. 
 28. GOVERNING LAW AND FORUM
SELECTION. This Agreement shall be governed by and construed in accordance with the Federal Arbitration Act. Any non-arbitration-covered disputes shall be resolved under the substantive laws and in the
jurisdiction of the state where Employee most recently worked for the Company. 
 29. ENDNOTES AND EXCEPTIONS. Certain
foregoing provisions of this Agreement are hereby modified in certain states as described in the following subparagraphs. 
  

	 	(a)	 Paragraph 6: the “Nondisclosure Agreement” shall apply not for the entire time period
following Employee’s Employment, but rather shall apply only during the Restricted Period, in the following states : Arizona, Florida, Illinois, Indiana, New Jersey, Virginia and Wisconsin. Additionally, to the extent Paragraph 6.a applies in
Wisconsin to Confidential Information that does not constitute a trade secret under applicable law, it shall apply only in geographic areas where the unauthorized disclosure or use of Confidential Information would be competitively damaging to the
Company. 

  

	 	(b)	 Paragraph 9: the “Nonsolicitation of Customers/Prospective Customers” provision shall apply
not to any Prospective Customer, but rather shall apply only to any Customer, in the following states: Wisconsin. Additionally, in Wisconsin, Paragraph 9 shall not apply to “attempts.” 

 

	 	(c)	 Paragraph 10: “Nonrecruitment of Employees” shall not apply in Wisconsin. The Restricted
Period for the nonrecruitment of Company employees in Paragraph 10 shall be eighteen ( 18) months in the following states: Alabama. 

  

	 	(d)	 Paragraph 12: The final sentence of Paragraph 12 shall not apply in the following states: Arkansas,
Louisiana, and Wisconsin. 

  

	 	(e)	 Paragraph 13(e): “Confidential Information” The definition of Confidential Information shall
include only information that has actual value to the Company in the following States: Wisconsin. 

  

	 	(f)	 Paragraph 13(h): “Restricted Period” shall mean the entire term of Employee’s
Employment with the Company and a one (1) year period immediately following the termination of Employee’s Employment, in the following states: Arizona; Missouri; Montana, New Mexico, Utah, and Wyoming. “Restricted Period”
shall mean the entire term of Employee’s Employment with the Company and an eighteen ( 18) month period immediately following the termination of Employee’s Employment, in the following states: Alabama and Oregon. “Restricted
Period” shall mean a two (2) year period immediately following the termination of Employee’s Employment, but does not include the entire term ofEmployee’s employment with the Company, in the following states: North Carolina.

  
 15 

 The Parties have executed this Employment and Reshictive Covenants Agreement, which is
effective as of the Effective Date written above. 
  

									
	For Employee: 	 		 	For Company: 
					
	Signature:	 	/s/ Georg Greenseid	 		 	Signature:	 	/s/ Hardeep Gulati
	Printed Name:	 	Georg Greenseid	 		 	Printed Name:	 	Hardeep Gulati

									
	Date:	 	7/1/19	 		 	Title:	 	CEO
		 		 		 	Date:	 	9/26/12019

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

Attach a separate document if more space is needed. 
  

			
	 Printed Name:
	 	  

			
	 Date:
	 	  

 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 authority, 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 10% or a reduction in your base salary by less than 10% which is not applied to
similarly ranked employees; 
 (c) the relocation of your principal work location 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 Bellmore, New York; 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.EX-10.20

 Exhibit 10.20 

 
 

 
 May 11, 2017 

Anthony Miller 
  

	Re:	 Offer of Employment with PowerSchool 

Dear Anthony: 
 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 Chief Marketing Officer (CMO) reporting to the
Chief Executive Officer. In this capacity you will have the responsibilities and duties consistent with such position. 
 2. Your starting
base salary will be $260,000 per year, less deduction and withholdings required by law or authorized by you, and will be subject to review annuality 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). 
 3. 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 based on his/her 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 based on the CEO’s
determination as to your achievement of “stretch” targets. Notwithstanding the foregoing, any such Bonus for fiscal year 2017 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 management team, 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 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. 

4. 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. 
 5. The
position will be based remotely, however, will require regular travel and work from the PowerSchool Headquarters location. It is expected you will work a minimum of six (6) days per month from the Headquarters location. You acknowledge it is your
responsibility to report days worked in California and to ensure all required federal and state tax obligations are met. The Company shall reimburse you for reasonable work-related expenses (“Travel Expenses”) in connection with
your travel to/from the Folsom area in an amount not to exceed $25,000 per annum provided that these expenses shall be documented. You will remain eligible for this allowance while your primary residence is outside of the Headquarters area. 

  
 1 

 

 
  

 6. You will be eligible to receive the number of units (the “Management Incentive
Units”) of Severin Topco, LLC or one of its affiliates (“Ultimate Parent”), of 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 shall 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 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.

 Your Management Incentive Units, if granted, will vest as follows (it being understood that such vesting shall be subject to your
continued employment by the company): 
  

	 	•	 	 2/3 of Management Incentive Units would be subject to time-based vesting over 4 years, with 25% vesting upon the
on-year anniversary of your employment and the remainder at a rate of 1/12th per quarter thereafter (the vesting of any such unvested time-based options would be accelerated upon a change of
control of Ultimate Parent); and 

  

	 	•	 	 1/3 of the Management Incentive Units would vest if Vista received cumulative cash dividends or other cash
contributions and/or net sales proceeds in respect of the Ultimate Parent’s equity securities held by Vista (“Vista’s Return”) such that Vista’s Return equals or exceeds three times (3x) Vista’s aggregate cash
contribution to the Ultimate Parent and its subsidiaries (calculated pursuant to the formula in MIU Agreement). 

Notwithstanding anything in the LLC Agreement, the MIU Agreement or this letter to the contrary, in the event that such sales proceeds include
non-cash consideration, the value of such non-cash consideration shall be determined by the Board of Managers of Ultimate Parent in its good faith discretion in order to determine if the above vesting thresholds have been met. If such thresholds
have been met, you will receive an equal proportion of your proceeds from the sale of any units of the Ultimate Parent in such non-cash consideration. 

7. 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).1 Because the Company and its affiliates are engaged in the 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 record 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.

  
  

	1 	      

  
 2 

 

 
  

 8. 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. 

9. 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 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. 

10. 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. 

11. 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. 

12. While we look forward to a long and profitable relationship, you will be an at-will employee of the Company as described in Section 9 of
this letter and Section 8 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. 

13. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1086, 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. 

  
 3 

 

 
  

 14. 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. 
 15. 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. 
 16. 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. 

17. 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. 

18. The effective date of employment under the terms of this offer is expected to be on or about May 15th, 2017. 

  
 4 

 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. 

 

 
  

 Please signify your acceptance of these conditions of employment by signing and dating the
enclosed copy of this letter and its Exhibit A and returning them to me at your earliest convenience. Should you have anything that you wish to discuss, please do not hesitate to contact me at ****. 

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	 	5/18/2017
	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/ Anthony Miller	 		 	Date signed:	 	5/11/17
	Signature: Anthony Miller	 		 		 	

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

  
 5

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