EXHIBIT 10.13
Compensation Arrangement with Xxxxx Xxx
Xxxxxxxxxx Xxx. ("Scholastic"), a wholly-owned subsidiary of Scholastic
Corporation, has an arrangement with Xxxxx X. Xxx, President of its Scholastic
Book Fairs Division, covering the three fiscal years ending May 31, 2001,
pursuant to which, in addition to Xx. Xxx'x annual base salary, currently at the
rate of $400,000 per year, he will be entitled to (i) a bonus potential equal to
40% of his annual compensation in accordance with Scholastic's regular bonus
program and (ii) additional bonus amounts of up to $300,000 in fiscals 1999 and
2000 and up to $600,000 in fiscal 2001 based on the achievement of specified
profit goals for the Scholastic Book Fairs Division during each of such fiscal
years, the aggregate amount of which will be payable at the end of the such
three year period, provided that Xx. Xxx continues to be employed by Scholastic
and a specified cumulative annual growth rate in profit of the Scholastic Book
Fairs Division is achieved. In addition, at the termination of his employment,
Xx. Xxx will be given a one-year consulting contract for compensation of
$50,000.
