Document:

FY2021

    

    

    

    

    EXECUTIVE ANNUAL INCENTIVE PLAN

    

    

    

    

    PLAN DOCUMENT

    

    

    

    

    

    

    

    

    

    

    CONFIDENTIAL

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    MAY 1, 2020

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

        

        

      

      
        

      

    

    
    

    

    CONTENTS

    

    

    	 Section	
            Subject

          	
            Page

          
	 I.	
            Definitions

          	
            2

          
	 II.	
            Plan Objectives

          	
            3

          
	 III.	
            Eligibility

          	
            3

          
	 IV.	
            Performance Measurement

          	
            3

          
	
             V.

          	
            Performance Evaluation

          	
            4

          
	 VI.	
            Payouts

          	
            4

          
	 VII.	
            Administration and Other Matters

          	
            5

          

    

    

    
      
        

        

        

      

      1

      
        

      

    

    

    

    	

          	
            I. DEFINITIONS

          

    

    

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

    base salary   A
      participant's annualized base salary as
      of July 1, 2020 (excluding any temporary pay reductions), or the date of hire or promotion into the plan, if later, adjusted for any amount of
      time the participant may not be in the plan
      for reasons of hire, death, disability, retirement and/or termination.

    business criteria An indicator of financial performance, chosen from the business criteria listed in Section  4(b)(ii) of the shareholder plan. The following business criteria are used in this plan:

    operating
        income (corporate) Net revenue less cost of sales, amortization of intangibles and operating and administrative expenses, calculated consistently with the Company’s adjusted results reported publicly

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

    business unit 
      A business or subsidiary of the Company.

    Company    John
      Wiley & Sons, Inc.

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

    financial goal  
      A targeted level of attainment of a given business criteria.  For this plan year, financial goals will be set semi-annually.

    financial results   Actual
      achievement of Company financial goals for
      the plan year and the business financial results derived therefrom.

    funding  The
      percentage of financial results against
        financial goals deemed achieved for the Company, relative to the performance levels set, used to determine the aggregate amount available for annual incentives to be allocated to participants
      under the plan.

    objectives    Assignment of strategic and
      measurable goals and objectives for each participant for the plan year, made by the President & CEO, and in the case of the President &
      CEO, the Committee.  For participants who lead a business unit, objectives include achievement
      of business unit financial goals.

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

    payout   Actual gross dollar amount paid to a participant
      under the plan, if any, based on achievement of objectives
      within the context of business funding.

    performance levels

    threshold  
      The minimum acceptable level of achievement of a financial goal in order to earn a payout, expressed as a percentage of target ( e.g., 95% of target).

    target   Achievement of the assigned financial goal-100%.

    outstanding   Superior achievement of a financial goal, earning
      the maximum payout, expressed as a percentage of
        target (e.g., 105% of target).

    

    

    
      
        

        

      

      2

      
        

      

    

    personal performance
        modifier    The assessment of each participant’s objectives for the plan year, made by the President & CEO, and in the case of the President & CEO, the Committee, expressed as a percentage between 0 and 200%.  For participants who lead a business unit, the personal performance modifier will be based 75% on achievement of financial goals for the plan year.

    plan    This FY
      2021 Executive Annual Incentive Plan.

    plan year  The
      twelve-month period from May 1, 2020 to April 30, 2021, or a portion of this period, at the discretion of the Committee.

    shareholder plan 
      The Company’s 2014 Executive Annual Incentive Plan.

    target incentive
        amount   The amount that a participant is eligible to receive if financial goals are achieved at the target performance level and objectives are at 100%.

    target incentive
        percent   The percent applied to the participant's base salary to determine the target incentive amount for this plan.

    

    

    	

          	
            II. PLAN OBJECTIVES

          

    

    

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

    

    

    	

          	
            III. ELIGIBILITY

          

    

    

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

    

    

    

    

    	

          	
            IV. PERFORMANCE MEASUREMENT

          

    

    

    The plan uses two categories for performance
      measurement:  Company financial performance and personal performance.

    

    

    
      	
              A.

            	
              Financial Performance

            

    

    	

          	1.	
            The CEO recommends and the Committee adopts, in its sole
              discretion, financial goals and performance
                levels for the Company to be used in the plan year.

          

    	

          	2.	
            Each financial goal is assigned a weight, such that the sum of
              the weights of all financial goals equals 100%.

          

    

    

    

    

    
      
        

        

      

      3

      
        

      

    

    

    

    
      	
              B.

            	
              Personal Performance

            

    

    
      	
              1.

            	
              Each participant’s objectives are determined
                at the beginning of the plan year by the participant and the President & CEO.  The President & CEO’s objectives are determined by the President &
                CEO and the Committee.

            

    

    
      	
              2.

            	
              Objectives may be revised during the plan year, as appropriate.

            

    

    

    

    	

          	
            V. PERFORMANCE EVALUATION

          

    

    

    	A.	
            Financial Performance

          

    
      	
              1.

            	
              Actual financial results achieved by the Company will be determined at the end of the plan year, by comparing financial results with previously set financial goals.

            

    

    
      	
              2.

            	
              In determining the attainment of financial results,

            

    

    
      	
              a.

            	
              the impact of foreign exchange gains or losses will be excluded.

            

    

    
      	
              b.

            	
              the impact of any of the events (1) through (9) listed in Section 4(b)(ii) of the shareholder plan will be excluded from the financial results of any affected business unit.

            

    

    
      	
              3.

            	
              Funding 

                  

            

    

    
      	
              a.

            	
              Funding under the plan is determined on a continuum, as follows:

            

    

    
      	
              1.

            	
              For performance below the threshold level,
                the funding is zero.

            

    

    
      	
              2.

            	
              For performance at the threshold level, the
                funding is 50%.

            

    

    
      	
              3.

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

            

    

    
      	
              4.

            	
              For performance at the target level, the funding is 100%.

            

    

    
      	
              5.

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

            

    

    
      	
              6.

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

            

    

    
      	
              b.

            	
              In the case where the Company misses threshold performance for one or both financial
                  goals, but achieves 80% of the Company’s full-year operating income target, a minimum funding of 50% will be available for payout under the plan.

            

    

    
      	
              B.

            	
              Personal Performance

            

    

    
      	
              1.

            	
              At the end of the plan year, each participant’s
                performance will be measured by achievement of his/her objectives, with a personal performance modifier in the range of 0-200%.  This assessment will be made by the President & CEO, and in the case of the President & CEO, by the Committee.  The personal performance modifier is
                multiplied by the funding to determine payout under the plan.

            

    

    
      	
              2.

            	
              The Committee approves payouts made to all participants
                under the plan.

            

    

    

    

    VI. PAYOUTS

    

    

    
      	
              A.

            	
              Payouts will be made within 90 days after
                the end of the plan year.

            

    

    

    

    
      	
              B.

            	
              In the event of a participant's death,
                disability, retirement or leave of absence prior to the payout for the plan year, the payout, if any, will be determined by the Committee.  Any such payout will be calculated as noted in
                Section V. 

                

            

    

    
      	
              C.

            	
              A participant must be actively employed by
                the Company on the date of payout without having given notice or having been given notice of termination to be eligible for a payout for the plan year.
                Exceptions to this provision shall be made with the approval of the Committee, in its sole discretion.

            

    

    

    

    

    

    
      
        

        

      

      4

      
        

      

    

    

    

    
      	
              D.

            	
              A participant who is hired or promoted into
                an eligible position during the plan year may receive a prorated payout as determined by the Committee, in its sole discretion.

            

    

    

    

    VII. ADMINISTRATION AND OTHER MATTERS

    

    

    
      	
              A.

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

            

    

    

    

    
      	
              B.

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

            

    

    

    

    
      	
              C.

            	
              In the event that the Company is required
                to file a restatement of its financial results due to fraud, gross negligence or intentional misconduct by one or more employees, and/or material non-compliance with Securities laws, the Company will require reimbursement of any annual incentive compensation awarded to all participants
                in the amount by which such compensation exceeded any lower payment that would have been made based on the restated financial results,
                for the fiscal year in which the restatement was required, to the full extent required or permitted by law. 

            

    

    

    

    If a participant is directly
      responsible for or involved in fraud, gross negligence or intentional misconduct that causes the Company to file a restatement of its financial
      results, the Company will require reimbursement of all annual incentive compensation awarded to such participant, for the fiscal year in which the restatement was required, to the full extent required or permitted by law.

    

    

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

    

    

    
      	
              D.

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

            

    

    

    

    
      	
              E.

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

                

            

    

    
      	
              F.

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

            

    

    

    

    

    

    
      
        

        

      

      5RESTRICTED SHARE UNIT GRANT AGREEMENT

    UNDER THE EXECUTIVE LONG-TERM INCENTIVE PLAN,

    UNDER THE BUSINESS OFFICER EQUITY PROGRAM,

    PURSUANT TO THE 2014 KEY EMPLOYEE STOCK PLAN

    

    

    TO: <<Participant>>

    To recognize and reward your contribution toward the long-term success of John Wiley & Sons, Inc. (Company), you have been granted this restricted share unit award (Award) under the Executive Long-Term Incentive Plan or the Business Officer Equity Program (together herein defined as Program),

      pursuant to the Company’s 2014 Key Employee Stock Plan (Plan). The Award represents the right to receive shares of the Company’s Class A Common
      Stock (Shares) that are subject to the
      vesting conditions set forth in this agreement (Agreement).

    The details of your Award are summarized below:

    Grant ID: <<Grant ID>>

    Grant Date: <<Grant Date>>

    Number of Restricted
        Share Units: <<Number of RSUs>> 

    Vesting Schedule: 25% on April 30, 2021, 25% on
            April 30, 2022, 25% on April 30, 2023, and 25% on April 30, 2024 except as otherwise provided in Section 2. 

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

    
      	
              1.

            	
              Issuance of
                  Shares and Shareholder Rights. You shall not have any right in, to, or with respect to any of the Shares (including any voting rights or rights
                with respect to dividends paid on the Common Stock) issuable under the Award until the Award is settled by the issuance of such Shares to you.  The restricted share units shall vest in accordance with the above Vesting Schedule.  One Share
                shall be issuable for each restricted share unit that vests on such vesting date subject to the terms and provisions of the Plan and this Agreement.  On or promptly following those dates, the Company shall transfer such Shares to you upon
                satisfaction of any required tax withholding obligations.  Following settlement of the Award, and upon satisfaction of all tax withholding obligations, you become a shareholder of record, and shall receive voting rights and rights with
                respect to dividends paid thereafter on the Shares awarded.

            

    

    
      

      
        

      

    

    

    

    
      	
              2.

            	
              Termination of Employment.

            

    

    
      	
              a.

            	
              Retirement, Resignation or
                    Termination with or without Cause or Constructive Discharge.  Except as otherwise provided in this Section or in a written agreement
                approved by the Executive Compensation and Development Committee (Committee), if you retire, or if you resign, or if your employment is
                terminated by the Company with or without Cause or Constructive Discharge before the Award vests, you shall forfeit the right to receive an Award.

            

    

    
      	
              b.

            	
              Death or Disability. 

                In the event of your death or Disability while in employment prior to the vesting of the Shares, all unvested Shares shall immediately become fully vested and payable to you (or, in the event of your death, your estate).  “Disability” for
                this purpose shall be determined by the Committee pursuant to Section 22(e) (3) of the Code.

            

    

    
      	
              c.

            	
              Change in Control. 

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

            

    

    
      	
              i.

            	
              the acquiring company is not publicly traded, or

            

    

    
      	
              ii.

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

            

    

    
      	
              iii.

            	
              your employment is terminated due to a without Cause termination or Constructive Discharge within twenty-four (24) months following a Change in Control where the awards were assumed or replaced, 

            

    

    all unvested Shares granted pursuant to this Agreement shall immediately become fully vested and settled through the
      issuance of Shares promptly following such event.

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

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

    
      	
              3.

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

            

    

    
      

      
        

      

    

    
      	

            	

            

    

    
      	
              4.

            	
              Non-Compete, Non-Solicitation

            

    

    
      	
              a.

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

            

    

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

    
      	
              b.

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

            

    

    
      	
              c.

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

            

    

    
      	
              5.

            	
              Taxes.

            

    

    
      	
              a.

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

            

      
        
          

        

      

    

    
      	
               b.

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

                

            

    

    
      	
              i.

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

            

    

    
      	
              ii.

            	
              By Check
                  (U.S. participants only), Wire Transfer or Other Means. 

                You may elect to satisfy your tax withholding obligation by remitting to UBS as instructed an amount that the Company and UBS determine is sufficient to satisfy the minimum tax withholding obligation.

            

    

    
      	
              6.

            	
              Plan
                  Information.    You agree to receive stockholder information, including copies of any annual report, proxy statement and other periodic reports, from the
                  Investor Relations section of http://www.wiley.com. 

                  You acknowledge that copies of the Plan and stockholder information are available upon written or telephonic request to the Corporate Secretary.

            

    

    
      	
              7.

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

            

      
        
          

        

      

    

    
      	
              8.

            	
              Acceptance
                  and Acknowledgment.   I accept and agree to the terms of the restricted share unit Award described in this Agreement and in the Plan, acknowledge receipt of a copy of this Agreement and the Plan, and acknowledge that I have read
                them carefully and that I fully understand their contents.

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