EX-10.3
from 8-K
2 pages
In the Event You Remain Continuously Employed by Barnes & Noble Education, Inc. or One of Its Subsidiaries (Collectively, “Company”) Through the Milestones Listed in This Paragraph (As Applicable), Company Shall Pay You an Initial Total Performance Payment of $220,000, With Additional Total Potential Incentives of $880,000 if the Requirements in This Paragraph Are Met (Collectively, “Performance Incentive Bonus”), Less All Applicable Taxes, Deductions and Withholdings. the First Performance Payment of $220,000 Shall Be Paid on or About September 15, 2023 Provided You Are Continuously Employed as of Such Date. You Shall Be Entitled To, and the Company Shall Pay, Provided You Are Continuously Employed as of the Achievement of the Following Milestones, Additional Performance Incentive Payment(s), of (1) $220,000 if the Company’s Second Quarter Fiscal Year 2024 EBITDA Meets or Exceeds the Company’s Plan; (2) $220,000 if No Event of Default Is Enforced by the Company’s Lenders Through December 31, 2023; (3) $220,000 Upon Completion of a Transaction Approved by the Alternative Transactions Committee (“Atc”) of the Company’s Board of Directors (“Board”); and (4) $220,000 if Awarded by the Board in Its Discretion Upon a Recommendation From the Atc. Taxes on the Performance Incentive Bonus Payment(s) Shall Be Solely Your Responsibility. in the Event You Voluntarily Resign Other Than for Disability (As Defined Below) or Good Reason (As Defined Below) or Are Terminated for Cause (As Defined Below) on or Before December 31, 2023, the Company Reserves the Right to Claw Back, in Its Sole and Exclusive Discretion, the Performance Incentive Bonus Payment(s) Paid Through Such Date on a Pro Rata Basis
12/34/56
