secwatch.observer — SEC 8-K summary
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Issuer:     SCHOLASTIC CORP (SCHL)
CIK:        0000866729
Form:       8-K
Filed at:   2023-10-05T23:59:59+00:00
Accession:  0000866729-23-000038
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Scholastic amends CEO Peter Warwick's contract to year-to-year renewal; adds annual $500K equity awards
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- Contract term changed from fixed July 31, 2024 to annual renewal by mutual written agreement by Jan 31 each year.
- For fiscal 2024, bonus target is 125% of base salary; full target requires $100M Corporate Operating Income.
- Annual performance-based RSU awards extended to each year; new annual equity award of $500K (75% RSUs, 25% options) vests 12 months.
- Stock options exercisable for 7 years after grant, subject to termination for Cause or voluntary quit without Good Reason.
- Amendment effective October 4, 2023; all other terms unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/866729/000086672923000038/0000866729-23-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/866729/000086672923000038/schl-20231004.htm
  HTML page:      https://secwatch.observer/filing/0000866729-23-000038

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