SEC Contract Filing

Filing Date: 2017-10-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>napackemployment.htm
<DESCRIPTION>EMPLOYMENT LETTER BY AND BETWEEN JOHN WILEY & SONS, INC. AND BRIAN NAPACK, DATED OCTOBER 12, 2017
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: John Wiley and Sons, Inc
 Document created using EDGARfilings PROfile 4.3.2.0
 Copyright 1995 - 2017 Summit Financial Printing, LLC. All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<hr style="BORDER-TOP: black 4px solid; HEIGHT: 10px; BORDER-RIGHT: medium none; BORDER-BOTTOM: black 1px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" align="center">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">October 12, 2017</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mr. Brian A. Napack</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">xxx xxxxx xxxx</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">xxx xxxxx xxxx</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Brian:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">I am very pleased to confirm our offer of employment with John Wiley &amp; Sons, Inc. as President and CEO, contingent upon a satisfactory background check and contractual clearances.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As discussed, your employment date will be on or about December 4, 2017.&#160; Your salary will be $37,500 semi-monthly, equivalent to $900,000 annually.&#160; You will be eligible to receive annual salary increases as deemed appropriate by the Executive Compensation and Development Committee of the Board of Directors.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">You will be eligible to participate in the Executive Annual Incentive Plan ("EAIP"), with a target incentive equal to 150% of your base salary.&#160; For fiscal year 2018 ("FY18"), which began on May 1, 2017, your target incentive will be prorated based on your date of employment and you will be entitled to a minimum bonus at the threshold level of 50% of base salary.&#160; Payout will be based on achievement of corporate financial goals and strategic milestones.&#160; All payouts under the EAIP are in accordance with plan provisions.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Beginning with the FY2018-20 performance cycle, which began on May 1, 2017, you will be eligible to participate in annual grants under the Company's Executive Long-Term Incentive Program ("ELTIP").&#160; Your targeted long-term incentive for this cycle is equal to 300% of your base salary, or $2,700,000.&#160; Sixty percent of your FY2018 ELTIP value is delivered in the form of target performance share units and forty percent in restricted share units using a stock price of $52.40, the ten-day average stock price as of June 20, 2017.&#160; Payout of performance share units under the Plan is based on achievement of corporate financial metrics for the cycle, currently three-year cumulative EBITDA and three-year cumulative free cash flow.&#160; The payout range is 50% for threshold level financial achievement and 150% for outstanding level financial achievement.&#160; There is no payout of the performance share units if financial performance is below the threshold level.&#160; All payouts under the ELTIP are subject to and in accordance with plan provisions.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">You will receive a sign-on grant of restricted share units, with a grant value of $4,000,000, converted to shares using the Wiley Class A closing stock price as of your employment date.&#160; The restricted share units will be payable as Class A shares of Wiley stock in two tranches, the first half on the first anniversary of your employment date and the second half on the second anniversary of your employment date.&#160; The grant is subject to forfeiture in the case of voluntary termination prior to vesting and accelerated vesting in the case of earlier termination of your employment without Cause, due to death or Disability or Constructive Discharge, or upon a Change in Control.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As an executive officer, your compensation is based upon the recommendation of the Executive Compensation and Development Committee of the Board of Directors, subject to the terms of this letter.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">All compensation is subject to withholding and payroll taxes to the extent required by applicable law.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">You will be eligible to participate in all of Wiley's benefits plans in which any Wiley senior executive is eligible to participate.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Beginning calendar year 2018, you will be eligible for twenty-nine (29) days of paid time off plus two floati