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BARNES & NOBLE EDUCATION, INC. : Change in Directors or Principal Officers (form 8-K)

11/12/2020 | 09:06am

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 9, 2020, Kanuj Malhotra submitted his resignation as an officer of Barnes & Noble Education, Inc. (the "Company"), effective as of November 30, 2020 (the "Resignation Date"), in conjunction with the consolidation and elimination of the roles of Executive Vice President, Corporate Development and President, Digital Student Solutions, previously held by Mr. Malhotra.

In connection with Mr. Malhotra's resignation, the Company and Mr. Malhotra entered into a resignation letter agreement (the "Resignation Letter"). Pursuant to the terms of the Resignation Letter, effective November 30, 2020, Mr. Malhotra will receive, among other things, a lump sum payment of an amount equal to 1.0 times the sum of (i) his base salary ($550,000), (ii) his target annual bonus for the 2021 fiscal year ($550,000), and (iii) the aggregate dollar amount of the payments made or to be made in respect of employee benefits for eighteen months ($41,500), totaling $1,141,500 in the aggregate. In addition, subject to the terms and conditions of the Resignation Letter, including Mr. Malhotra's cooperation in the transition of his responsibilities through the Resignation Date, the Company will pay Mr. Malhotra his target fiscal year 2021 second quarter target bonus of $99,000, in cash. As a condition to payment of all of the foregoing amounts, Mr. Malhotra will execute a release of claims in favor the Company and its affiliates following his termination of employment.

The foregoing summary of the Resignation Letter is not complete and is qualified in its entirety by reference to the full text of the Resignation Letter, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.


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