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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 30, 2025

 

 

McGraw Hill, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation)

001-42764

(Commission File Number)

87-1259704

(I.R.S. Employer Identification No.)

8787 Orion Place Columbus, OH 43240

(Address of principal executive offices and zip code)

614-430-4000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
symbol(s)

 

Name of each exchange
on which registered

Common stock, par value $0.01   MH   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 5.02.

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

Executive Leadership and Board of Directors Changes

On December 30, 2025, Simon Allen notified the Board of Directors (the “Board”) of McGraw Hill, Inc. (the “Company”) of his intention to retire from his position as the Company’s President and Chief Executive Officer (“CEO”), effective as of February 9, 2026 (the “Transition Date”). Mr. Allen’s retirement is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On January 2, 2026, the Board appointed Philip Moyer to succeed Mr. Allen as President and CEO, effective as of the Transition Date. Also effective as of the Transition Date, and in connection with his appointment as President and CEO, Mr. Moyer will become an executive officer of the Company. The Board also appointed Mr. Moyer to the Board on January 2, 2026, to be effective on the Transition Date.

In connection with the CEO succession, the Board increased the size of the Board from nine to 11 directors, effective as of the Transition Date, with the newly created directorships being allocated to Classes I and II of the Board, in accordance with the Company’s Second Amended and Restated Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on July 23, 2025 (the “Certificate of Incorporation”), and Investor Rights Agreement, entered into as of July 23, 2025 (the “Investor Rights Agreement”), by and between the Company and PE Mav Holdings, LLC (“PE Mav Holdings”). Also effective as of the Transition Date, Mr. Moyer and Eric Worley were appointed as members of the Board to fill such vacancies, with Mr. Worley serving as a Class I director and Mr. Moyer serving as a Class II director until their terms expire at the Company’s annual meeting of stockholders in 2026 and 2027, respectively, at which time each will stand for election by the Company’s stockholders. Mr. Moyer and Mr. Worley will not receive compensation in connection with their service on the Board, other than for reasonable and necessary out-of-pocket expenses incurred in connection with attending Board meetings or performing other services for the Company in their capacities as a director.

Effective as of the Transition Date, Mr. Allen will cease to serve as President and CEO of the Company, but he will remain with the Company as Chair of the Board. On January 5, 2026, in connection with his transition, the Company entered into a transition agreement with Mr. Allen pursuant to which, in recognition of the transition services to be provided by Mr. Simon and in exchange for a release of claims in the Company’s favor, Mr. Allen will remain eligible to receive (i) an annual bonus under the Company’s Annual Incentive Plan (the “AIP”) for the fiscal year ending March 31, 2026, determined based on actual Company performance, subject to his continued Board service through the bonus payment date and without any pro-ration for his partial period of service as President and CEO; (ii) a quarterly cash transition supplement of $42,500 through the earlier of (x) his ceasing to serve as Chair or (y) December 31, 2028 (pro-rated for the first quarter of 2026); and (iii) for so long as Mr. Allen is a member of the Board, the Company’s external tax provider will continue to provide tax services to him through the UK tax year that ends April 5, 2027. Further, following the Transition Date, Mr. Allen will receive compensation in accordance with the Company’s non-employee director compensation policy, which provides, in relevant part, for (i) an annual cash retainer of $100,000; (ii) an annual restricted stock unit award to be granted on the date of the Company’s annual meeting of stockholders with a grant date value of  $185,000, with such award vesting on the earlier of the date of the Company’s next annual meeting of stockholders or the one-year anniversary of the date of the grant (and the first such grant to be made as of the first annual meeting of the Company’s stockholders following Mr. Allen’s retirement); and (iii) reimbursement for reasonable and necessary out-of-pocket expenses incurred in connection with attending Board meetings or performing other services for the Company in the capacity as a director.

The foregoing description of Mr. Allen’s transition agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference in this Item 5.02.

Mr. Moyer, age 60, most recently served as Vimeo, Inc.’s (“Vimeo”) CEO, beginning in April 2024. Prior to joining Vimeo, Mr. Moyer served as Global VP of Applied AI Engineering and Business Development and VP of Strategic Industries at Google Cloud, a division of Alphabet Inc., a role he held since July 2019. Prior to Alphabet Inc., Mr. Moyer was Director of Financial Services at Amazon Web Services, a division of Amazon.com, Inc, where he managed Banking, Capital Markets, Insurance and Payments. Mr. Moyer previously managed a venture capital portfolio in FinTech, Healthtech, and MarTech at Safeguard Scientifics, Inc., a public venture development company. Additionally, Mr. Moyer was CEO of two financial technology companies, EDGAR Online, Inc., a provider of financial data, analytics and disclosure management solutions, and Cassiopae, S.A., a French software company in the commercial banking market. Mr. Moyer also spent 15 years at Microsoft Corporation, a global technology company, where he managed global customer teams, industry teams and services organizations. Prior to Microsoft Corporation, Mr. Moyer was co-founder of Orion Systems Group, an EdTech startup focused on special needs students. Mr. Moyer holds a Computer Science degree from the University of Pittsburgh and started his career as a software engineer for nuclear submarines at GE Aerospace, a division of General Electric Company. Mr. Moyer previously served on the board of directors of Vimeo from 2024 to 2025, Safeguard Scientifics, Inc. from 2010 to 2015 and EDGAR Online, Inc. from 2007 to 2010.


Mr. Worley, age 54, joined Platinum Equity Advisors, LLC in 2001. Mr. Worley is currently a Managing Director at Platinum Equity Advisors and is responsible for financial due diligence and supporting the structuring and execution of acquisition and divestiture transactions. Post-acquisition, he also has responsibilities related to monitoring and oversight of financial performance at select portfolio companies. Since joining Platinum Equity Advisors, Mr. Worley has served as an officer, director and member of the operating council for a number of Platinum Equity’s privately held portfolio companies and serves on the board of directors of Ingram Micro Holding Corporation (NYSE: INGM). Prior to joining Platinum Equity Advisors, Mr. Worley was with Ernst & Young LLP in its Transaction Support and Audit practices in Los Angeles and London. Mr. Worley holds an Accounting degree from Michigan State University and is a former Certified Public Accountant in the State of California.

Compensation Arrangements with Philip Moyer

On January 2, 2026, the Company entered into an employment agreement with Mr. Moyer, setting forth the terms of his employment and compensation (the “Employment Agreement”). The Employment Agreement provides for “at-will” employment and does not have a stated duration or term. Under the terms of the Employment Agreement, Mr. Moyer is entitled to a base salary of not less than $1,200,000 and is eligible for an annual incentive bonus award under the Company’s AIP, with a target bonus amount equal to $1,800,000 and the actual amount payable based on the actual achievement of annual performance objectives established under the AIP for the applicable fiscal year, as determined by the Board or the compensation committee thereof (including participation in the AIP for the fiscal year ending March 31, 2026 on a pro rata basis). In addition, Mr. Moyer is entitled to a sign-on bonus in an amount equal to $2,500,000 (the “Sign-On Bonus”), payable in two equal installments, the first of which will be paid within thirty (30) days of the Transition Date, and the second of which will be paid on the first anniversary thereof. Each installment of the Sign-On Bonus is repayable if Mr. Moyer’s employment is terminated for “cause” or if Mr. Moyer voluntarily resigns without “good reason” (as each such term is defined by reference in the Employment Agreement) within 12 and 24 months of the Transition Date, respectively. Mr. Moyer will also receive a housing stipend equal to $8,000 per month.

Mr. Moyer is also entitled to an award of restricted stock units (“RSUs”) with a fair market value of $8,000,000 (the “Initial Equity Award”), to be granted under the McGraw Hill, Inc. 2025 Stock Incentive Plan (the “Stock Incentive Plan”). Fifty percent of the Initial Equity Award will vest subject to time-based vesting conditions (the “Sign-On RSUs”), with one-third of the Sign-On RSUs vesting on each of the first three anniversaries of the Transition Date, and the remaining fifty percent of the Initial Equity Award (the “Sign-On PSUs”) will be eligible to vest on the third anniversary of the Transition Date subject to additional performance-based vesting conditions, with either 25%, 50%, 75% or 100% of the Sign-On PSUs vesting upon the achievement of a volume-weighted average price of the Company’s common stock (the “VWAP”) during the twenty trading days immediately preceding the third anniversary of the Transition Date (the “PSU Vesting Date”) of $28.00, $32.00, $38.00 or $40.00 (each such share price, a “Target Share Price”), respectively, subject to Mr. Moyer’s continued service on such date. Any Sign-On PSUs that do not vest on the PSU Vesting Date will remain eligible to vest on the last day of each of the first eight quarterly anniversaries immediately following the PSU Vesting Date, generally in accordance with the same performance metrics described above. Separately, Mr. Moyer will be granted the opportunity under the Stock Incentive Plan to purchase shares of the Company’s common stock with a fair market value of up to $1,500,000 as of the applicable date of purchase, and an equal number of restricted stock units will be granted to him (the “Matching RSUs”), with one-third of the Matching RSUs vesting on the grant date, and the remaining two-thirds vesting in equal installments on the first and second anniversaries of the applicable grant date, subject to Mr. Moyer’s continued service on such date.


In the event Mr. Moyer experiences a Qualifying Termination (as defined in the Severance Plan (as defined below)), Mr. Moyer will vest in the number of Sign-On RSUs that would have vested on the next regularly scheduled vesting date had his employment not been terminated and, if such Qualifying Termination occurs before the PSU Vesting Date, a pro-rated number of the Sign-On PSUs (based on the number of days between the Transition Date and the PSU Vesting Date) will remain outstanding and eligible to vest on the PSU Vesting Date if (and to the extent that) the applicable Target Share Price hurdles are met, as though no such termination of employment occurred.

If Mr. Moyer’s employment is terminated in connection with a Change in Control (as defined in the Stock Incentive Plan) in which the Initial Equity Award and Matching RSUs are assumed or substituted by the acquiror, such awards will accelerate on a “double trigger” basis such that if Mr. Moyer’s employment with the Company is terminated by the Company without “cause” within the first 12-month period following such Change in Control, then any such assumed or substituted award held by Mr. Moyer that is then unvested will fully vest. Any assumption or substitution by an acquiror of the Sign-On PSUs would generally be determined based on actual performance and would remain subject to time-based vesting through the end of the PSU Vesting Date. If the Initial Equity Award and Matching RSUs are not assumed or substituted by the acquiror in connection with a Change in Control, then the portion of such awards that is then unvested will fully vest, with the vesting of the Sign-On PSUs determined based on actual performance.

Mr. Moyer will also be entitled to receive certain post-employment payments and benefits under the McGraw-Hill Education, Inc. Executive Severance Plan (the “Severance Plan”). That is, in the event of a Qualifying Termination, in addition to any compensation and benefits that have been accrued or earned but not yet paid, Mr. Moyer would be entitled to the payments and benefits set forth in the Severance Plan, as augmented or modified by the Employment Agreement, as follows: (i) continued payment of his then-current annual base salary for 18 months following the termination date; (ii) pro-rated annual bonus payment for the fiscal year in which the termination date occurs, determined based on actual performance and payable at such time that annual bonuses are paid to the Company’s other executive officers; and (iii) subsidized COBRA continuation coverage for up to 18 months following the date of termination.

Mr. Moyer’s entitlement to the equity acceleration rights and severance payments and benefits described above is subject to his execution and non-revocation of a general release of claims. Further, Mr. Moyer’s entitlement to the severance benefits and payments described above is also generally subject to his continued compliance with certain applicable restrictive covenants (including those set forth in the Employment Agreement and the Severance Plan).

The foregoing description of Mr. Moyer’s Employment Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated by reference in this Item 5.02.

Except as described above, there is no arrangement or understanding between Mr. Moyer or any other person and the Company or any of its subsidiaries pursuant to which he was appointed as an officer and director of the Company. Mr. Worley was appointed as a director of the Company pursuant to the Certificate of Incorporation and Investor Rights Agreement, which, among other things, provides PE Mav Holdings with the right to nominate directors to the Board of the Company. Messrs. Moyer and Worley will not initially sit on any committee of the Board and do not have any family relationships with any director or executive officer of the Company, and there are no transactions in which either Mr. Moyer or Mr. Worley has a direct or indirect material interest requiring disclosure under Item 404(a) of Regulation S-K.

 

Item 7.01.

Regulation FD Disclosure.

On January 6, 2026, the Company issued a press release announcing (i) Mr. Allen’s resignation as the Company’s President and CEO and continued role as Chair of the Board and (ii) Mr. Moyer’s appointment as the Company’s President and CEO and as a director of the Board, each effective as of the Transition Date. A copy of the press release is attached as Exhibit 99.1 hereto.

The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liability of that section, and shall not be incorporated by reference into any other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Cautionary Statement Regarding Forward-Looking Statements

This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, including terms such as “believes,” “estimates,” “anticipates,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should” or “seeks,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties, as they relate to events and depend on circumstances that may or may not occur in the future. The Company’s expectations, beliefs and projections are expressed in good faith, and the Company believes there is a reasonable basis for them; however, the Company cautions readers that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity, and the developments in the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements contained in this report. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this report, including those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s final prospectus filed pursuant to Rule 424(b) under the Securities Act, filed on July 24, 2025, the Company’s Quarterly Report on Form 10-Q, filed on November 12, 2025, and in other filings made with the U.S. Securities and Exchange Commission. In addition, even if our results of operations, financial condition and liquidity, and the developments in the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements the Company makes in this report speak only as of the date of such statement. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities law.


Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

   Description
10.1    Transition Agreement by and among McGraw Hill, Inc., McGraw-Hill Education (U.K.) Limited and Simon Allen, dated January 5, 2026.
10.2    Employment Agreement by and between McGraw Hill, Inc. and Philip Moyer, dated January 2, 2026.
99.1    Press Release of McGraw Hill, Inc. dated January 6, 2026.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 6, 2026

 

MCGRAW HILL, INC.
By:  

/s/ David Stafford

Name:   David Stafford
Title:   Executive Vice President, General Counsel and Secretary
EX-10.1 2 d65701dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

 

LOGO

January 5, 2026

Personal and Confidential

BY ELECTRONIC MAIL

Simon Allen

Re: Chief Executive Officer Transition Matters

Without Prejudice and Subject to Contract

Dear Simon:

This letter agreement (this “Agreement”) sets forth certain understandings, agreements, and obligations between you, McGraw Hill, Inc. (the “Company”), and McGraw-Hill Education (U.K.) Limited (the “Local Employing Entity”) related to your notice to resign as President and Chief Executive Officer of the Company, which you tendered to the Board of Directors of the Company (the “Board”) on December 30, 2025, and subsequent termination of employment.

 

  1.

Interpretation: In this Agreement:

 

  a.

“Adviser” means a relevant independent adviser (as defined in section 203 Employment Rights Act 1996) who provides legal advice as to the terms of this Agreement and its effect and, in particular, its effect on your ability to pursue your rights before an Employment Tribunal; and

 

  b.

“Group Company” means any company which for the time being is:

 

  i.

a parent undertaking (as defined by the Companies Act 2006) of the Company; or

 

  ii.

any subsidiary undertaking (as defined by the Companies Act 2006) of any such parent undertaking or of the Company.

 

  2.

Chief Executive Officer Succession. Your resignation as President and Chief Executive Officer of the Company and termination of employment with the Local Employing Entity will be conditioned upon, and effective concurrently with, Philip Moyer serving as the Company’s President and Chief Executive Officer effective as of February 9, 2026 (or such later date as may be Mr. Moyer’s first date of actual employment with the Company) (the “CEO Transition Date”). During the period between the date hereof and the CEO Transition Date (the ”Transition Period”), you agree to continue to serve as President and Chief Executive Officer of the Company and shall continue to perform and discharge all of the duties and responsibilities attendant to such roles diligently and cooperatively, on a full-time basis, and at substantially the same standard at which you have historically performed such duties; without limitation of the foregoing, you hereby reaffirm and


  agree to continue to comply with all of the policies and procedures of the Company Group (as defined below) during the Transition Period and, to the extent applicable, following the Transition Period. Further, you agree that during the Transition Period and thereafter through the end of the Transition Supplement Term (as defined below), you will affirmatively aid and facilitate the Company’s Chief Executive Officer succession process, including transitioning your responsibilities to Mr. Moyer and cooperating with the Board and the Company’s executive officers with respect to matters related thereto.

 

  3.

Board Service Following Transition Date. During the Transition Period and thereafter, you will continue to serve as a Class I director and Chair of the Board; provided, that, effective as of the CEO Transition Date, your service on the Board shall be in the capacity as a non-executive director, and you will accordingly participate in the McGraw Hill, Inc. Directors Compensation Program (the “Directors Compensation Program”). Under the Directors Compensation Program, you will (i) be paid an annual cash retainer of $100,000, payable in arrears on a calendar-quarter basis (with such cash retainer for the first quarter of 2026 to be pro-rated for the portion of such quarter that follows the CEO Transition Date), and (ii) be eligible to be granted an annual restricted stock unit awards (“Annual Equity Awards”) under the Company’s 2025 Stock Incentive Plan on the date of the Company’s annual meeting of stockholders, with a grant date value of  $185,000. The Annual Equity Awards will cliff vest, subject to your continued engagement as a director through such date, on the earlier of the date of the Company’s next following annual meeting of its stockholders, or the one-year anniversary of the date of grant. For the avoidance of doubt, you acknowledge and agree that (x) your first Annual Equity Award will be made on the date of the Company’s first annual meeting of stockholders following the CEO Transition Date, and (y) you will not be eligible to receive an equity award or any compensation or other consideration of any kind as an alternative or substitute therefor prior to such date.

For so long as you remain a member of the Board, you shall be expected to attend all Board meetings and to devote a reasonable amount of your business time to your services to the Company Group pursuant to this Agreement, commensurate with your role as Chair of the Board. You will be reimbursed for all reasonable and documented business expenses incurred in your role as Chair of the Board or performing other services in your capacity as a member of the Board (including expenses incurred in connection with your attendance at Board meetings), in accordance with the Directors Compensation Program.

You hereby acknowledge and agree that you have complied with, and at all times following the CEO Transition Date shall continue to adhere to, all applicable policies of the Company Group, including, but not limited to, the Stock Ownership Guidelines, the Policy for the Recovery of Erroneously Awarded Compensation, and the Insider Trading Policy. You hereby further acknowledge and agree that you have reviewed such policies and understand any applications thereunder that are distinct with respect to non-employee directors.

Following the CEO Transition Date, it is the intention of the parties that in performing the services contemplated by this Agreement, you will be a non-executive director and not an employee of any member of the Company Group. All remuneration will be paid through payroll and are subject to income tax and other statutory deductions as required, based on your position as an appointed director of the Company. Further, you understand and agree that you are not eligible by virtue of your engagement as a non-executive director to participate in any of the employee benefit plans or programs of the Company or any other member of the Company Group.

Nothing in this Agreement shall be construed as a guarantee to continued service on the Board or interfere with or otherwise restrict in any way the rights of the Company to remove any individual from the Board at any time in accordance with the provisions of applicable law and the Company’s governing documents.

 

2


  4.

Effect on Employment; Consideration. Effective as of the CEO Transition Date, you will no longer be an employee of the Company or any of its direct or indirect subsidiaries (together with any predecessor thereof, the “Company Group”). Accordingly, you and the Company hereby acknowledge and agree that, effective as of the CEO Transition Date, except as otherwise provided in this Agreement (or as required by applicable law), that certain employment letter agreement by and between you and the Company Group, dated as of June 3, 2020 and the employment contract between you and the Local Employing Entity entered into on 18 March 2018 (collectively with any predecessor agreement(s) thereto, the “Employment Agreement”) will terminate, the rights and obligations thereunder of you and the Company will terminate. During the Transition Period, you will continue to be bound by all terms of Employment Agreement and any other relevant policies and procedures applicable to your employment. You will receive your salary and other contractual benefits and any pay in lieu of accrued but untaken holiday up to and including the CEO Transition Date in the normal way, less deductions for income tax and national insurance contributions at appropriate rates. Save as set out in this Agreement, you have no other entitlements to salary or any other contractual or other benefits. Without limitation of the foregoing, you hereby acknowledge and agree that, you have not resigned for “good reason” (as defined in the McGraw-Hill Education, Inc. Executive Severance Plan (or any other severance plan, policy or program maintained by the Company Group) and are not entitled to any severance benefits under any of the McGraw-Hill Education, Inc. Executive Severance Plan, any other severance plan, policy or program maintained by the Company Group or any other agreement between you and any member of the Company Group.

 

  5.

Treatment of Stock Options. Reference is hereby made to that certain Employee Stock Option Agreement, dated as of December 3, 2021, by and between the Company (f/k/a Mav Holding Corporation) and you (the “Option Grant Agreement”), pursuant to which you were granted options to purchase 2,020,167 shares of Class B Common Stock of the Company under the Mav Holding Corporation Stock Incentive Plan (the “2021 Stock Plan”). Subject to and conditional upon your compliance with all terms of this Agreement, the parties acknowledge and agree that (i) as a result of the share conversion, reclassification, and stock split effected in connection with the Company’s initial public offering, the options outstanding pursuant to the Option Grant Agreement currently cover 2,152,588 shares of the Company’s Common Stock (the “Outstanding Options”), (ii) as of the date hereof, (x) 861,035 of your Outstanding Options that are subject to time-based vesting conditions only (the “Time-Based Options”) are vested and 215,259 of your Time-Based Options are unvested, and (y) all 1,076,294 of the Outstanding Options that are subject to performance-based vesting conditions are unvested (the “Performance-Based Options”), (iii) as contemplated by Section 9.2(b) of the 2021 Stock Plan, your transition from President and Chief Executive Officer to a non-employee director of the Company shall not constitute a termination or interruption of your “employment with the Company” for purposes of the 2021 Stock Plan and the Option Grant Agreement, and (iv) by virtue of clause (iii), following the CEO Transition Date, (x) the unvested Time-Based Options shall remain outstanding and eligible to vest and the vested Time-Based Options shall remain outstanding and exercisable (i.e., until the earlier of (A) 90 days following your ceasing to serve on the Board (or one year if such termination is due to death or disability) and (B) December 3, 2031), and (y) the Performance-Based Options shall remain outstanding and eligible to vest, in each case, as otherwise subject to the terms of the 2021 Stock Plan, the Option Grant Agreement, all applicable Company Group policies, and applicable law. You further hereby acknowledge and agree that all references in Schedule A to the Option Grant Agreement to employment shall hereafter refer to your service as a non-employee director of the Company.

 

3


  6.

Transition-Related Consideration. Subject to and conditional upon your (i) compliance with all the terms of this Agreement, and (ii) continued compliance with the restrictive covenants attached as Schedule A to the Option Grant Agreement (as well as any other non-compete, non-solicitation, non-disparagement, confidentiality, non-disclosure, and/or intellectual property assignment agreement under which you are bound with any member of the Company Group, including the under the Employment Agreement), you shall be entitled to the following additional consideration:

 

  a.

2026 Annual Bonus. Notwithstanding the termination of your employment, anything to the contrary in the Employment Agreement, the Company’s Annual Incentive Plan (“AIP”), or any other agreement or plan to the contrary, you will be eligible to receive an annual bonus under the AIP for the fiscal year ending March 31, 2026 (the “2026 Bonus”) as though you had remained a full-time employee of the Company, provided that you remain a member of the Board through the date bonuses are generally paid out under the AIP for the fiscal year ending March 31, 2026. The 2026 Bonus payout level shall be determined based on the pool funding level and actual performance relative to the applicable performance metrics set forth under the AIP, as shall be determined by the Compensation Committee of the Board. The 2026 Bonus shall not be pro-rated or otherwise reduced on account of the portion of the fiscal year ending March 31, 2026 that follows the CEO Transition Date.

 

  b.

Special Transition Supplement. In addition to the annual cash retainer under the Director Compensation Program, for the period commencing on the CEO Transition Date and continuing through the earlier of (x) your ceasing to serve as Chair of the Board for any reason, and (y) December 31, 2028 (the “Transition Supplement Term”), you will receive quarterly cash payments of $42,500 (the “Transition Supplement Payments and each a Transition Supplement Payments”); provided, that, the initial Transition Supplement Payment for the first calendar quarter of 2026 shall be pro-rated based on the number of days in such quarter that follow the CEO Transition date.

 

  c.

Tax Preparation Services. For so long as you are serving as a member of the Board, the Company’s external tax provider will continue to provide tax services to you for your US and UK tax filings until the filing of the UK tax return for the tax year ending April 5, 2027 is complete.

(together the “Transition-Related Consideration”).

 

  7.

Tax. Income tax and National Insurance contributions at the appropriate rate or rates will be deducted from the Transition-Related Consideration before payment. The Company makes no warranty as to the appropriate tax treatment of the Transition-Related Consideration. You agree that you will be responsible for paying any income tax which may be assessed on the Transition-Related Consideration and the value of all other benefits provided to you under this Agreement (save for any sums actually deducted by the Company or any Group Company). You further agree to indemnify and keep indemnified the Company and any Group Company in respect of any further income tax and/or employee’s national insurance contributions (including any interest, penalties, costs and fines) (save for any interest, penalties, costs and fines arising from the delay or default of the Company) (the “Further Tax”) which the Company or any Group Company may incur in respect of this Agreement other than in relation to the sums deducted by the Company under this Agreement provided that the Company will make no payment of such Further Tax without particulars of any such payment being given to you and you being given the opportunity at your own expense to dispute any such payment.

 

4


  8.

Indemnification; Insurance. Following the CEO Transition Date, you will continue to be (i) indemnified and held harmless by the Company for any third-party claims made against you as an employee, executive and/or director of the Company in accordance with the Amended and Restated Bylaws of the Company (adopted as of July 23, 2025), and (ii) covered under the Company’s director and officer liability insurance policy; provided, that, with respect to any acts or omissions following the CEO Transition Date, your rights and coverage in accordance with the foregoing shall be determined on the basis of your serving in the capacity as a non-employee director.

 

  9.

Legal Advice and Costs. You are encouraged to seek legal advice from an Adviser on the terms of this Agreement, and you acknowledge that you have been provided with an opportunity to do so. Subject to you providing the certificate attached to this Agreement signed by your Adviser, the Company will pay direct to your Adviser his/her legal costs in connection with advising you on the termination of your employment up to a maximum of $1,000 plus VAT on receipt of an appropriate invoice addressed to you but stated to be payable by the Company. For the avoidance of doubt, if you opt not to seek legal advice and you do not provide a copy of the certificate attached to this Agreement signed by your Adviser:

 

  a.

the settlement, waiver and the agreement to refrain from proceedings in section 12 will still stand to the extent permitted by law; and

 

  b.

no contribution towards legal costs will be payable by the Company.

 

  10.

Confidentiality. The circumstances in which your employment was terminated, any circumstances potentially giving rise to an Employee Claim (as defined in Section 12) and all discussions on these subjects shall be treated by you and the Company as confidential and shall not be disclosed to any other person save:

 

  a.

in the case of the Company, to HM Revenue & Customs and/or to the Board/ senior management and/or to those individuals who will be required to give effect to the terms of this Agreement and/or to those individuals who need to know for business reasons;

 

  b.

as may be required by law or by a relevant regulator;

 

  c.

for the purposes of co-operating with a law enforcement agency or relevant regulator in connection with a criminal or regulatory investigation or criminal prosecution or regulatory enforcement action;

 

  d.

for the purposes of reporting misconduct or wrongdoing or a breach or potential breach of regulatory or criminal requirements to a relevant regulator or supervisory authority (including to a law enforcement authority);

 

  e.

for the purposes of obtaining advice from professional advisers in connection with this Agreement; or

 

  f.

in your case, your immediate family or to other professional advisers (including medical advisers) provided that such advisers owe you a professional obligation of confidentiality (which you agree not to waive). In the case of disclosures to your immediate family, you may not disclose any such information until you have procured that the person to whom such matters are disclosed will keep confidential the information you impart to them.

 

5


Nothing in this Agreement shall prevent you from making a protected disclosure within the meaning of s43A of the Employment Rights Act 1996 or a permitted disclosure under s17 of the Victims and Prisoners Act 2024 or from discussing the fact of the termination of your employment (but not the terms of this Agreement) with any prospective future employer or with recruiters.

You acknowledge that you remain bound by and will comply with your ongoing duties of confidentiality to the Company and to any Group Company and shall not disclose to any person, firm, company or organization whatsoever (save as may be required by law or to any regulatory authority or for the purposes of obtaining advice from professional advisers in relation to this Agreement) or otherwise make use of any confidential or commercially sensitive information which you have or may have acquired in the course of your employment and which relates to the Company and/or any Group Company or to its or their business. Information which has entered the public domain (otherwise than as a result of any breach by you of any obligation owed by you to the Company or any Group Company) shall cease to be confidential.

Subject to the first paragraph of this section 10 you agree not to act in any manner detrimental to the Company or any Group Company nor make, or cause to be made, any derogatory statements concerning the Company or any Group Company, its or their business or officers or employees. The Company agrees not to authorize the publication of any derogatory statements concerning you.

 

  11.

Company Property. With the exception of any property required to perform your duties as non-executive director following the CEO Transition Date, you undertake that you shall return to the Company no later than the CEO Transition Date all devices, security tokens, keys, credit cards, correspondence, documents, reports, papers, records and data (including notes, summaries and extracts) which relate to the Company or its business or that of any Group Company, held in any form (including electronically), and any other Company property or property of any Group Company which is in your possession or under your control, together with all copies of the same. The Company hereby acknowledges that you will retain your Company issued mobile phone and laptop computer; provided, that, you hereby agree that, if requested by the Company, you will provide the Company access to such devices to confirm all Company information has been removed, as applicable.

You also confirm that you have deleted from your personal computer and any other personal electronic device any information which relates to the Company or any Group Company or its or their business or that of its or their clients and which you acquired during or as a result of your employment with the Company or is material whose copyright belongs to the Company or any Group Company, which is stored electronically or in any recoverable form.

You further confirm that you have made no copies of those materials whether onto hard drive or onto any other medium whether allowing for their reproduction or otherwise, nor passed them on to any third party and that you have not incorporated or adapted any such materials into any material belonging to you or a third party.

 

  12.

Full and Final Settlement. You agree to accept the terms set out in this Agreement in full and final settlement of any and all claims, demands, costs, expenses or rights of action which you have or may have against the Company or any Group Company or any of its or their officers or employees, whether under English law and/or the law of any other jurisdiction in the world and whether at common law, under statute, pursuant to retained European Union law or assimilated law or otherwise, however arising, in connection with your employment and/or its termination and/or your directorships and/or your removal or resignation from them including, for the avoidance of doubt, in respect of the period between the date of this Agreement and the Termination Date (the

 

6


  “Identified Issues”) whether such claims are known or unknown and whether they are or could be in the contemplation of the parties at the date of this Agreement, including claims which as a matter of law or fact do not at the date of this Agreement exist and/or whose existence cannot currently be foreseen (but excluding any claim in respect of accrued pension entitlement or personal injury).

In particular, but without limitation, the waiver and release contained in this section 12 extends to:

 

  a.

any claim for damages for breach of contract (whether brought before an Employment Tribunal or otherwise); and

 

  b.

any statutory claims which you have or may have for:

 

  i.

unfair dismissal, including any dismissal regarded as automatically unfair;

 

  ii.

a redundancy payment;

 

  iii.

equal pay and/or equality of terms under the Equality Act 2010;

 

  iv.

discrimination, harassment and/or victimisation related to sex under the Equality Act 2010;

 

  v.

discrimination, harassment and/or victimisation related to race under the Equality Act 2010;

 

  vi.

discrimination, harassment and/or victimisation related to disability, or a failure to comply with a duty to make reasonable adjustments, under the Equality Act 2010;

 

  vii.

discrimination, harassment and/or victimisation related to sexual orientation under the Equality Act 2010;

 

  viii.

discrimination, harassment and/or victimisation related to religion or belief under the Equality Act 2010;

 

  ix.

discrimination, harassment and/or victimisation related to age under the Equality Act 2010;

 

  x.

a detriment under section 47B (making a protected disclosure) of the Employment Rights Act 1996;

 

  xi.

a detriment under section 47C (taking leave for family reasons) of the Employment Rights Act 1996;

 

  xii.

a detriment under section 47E (reasons connected with flexible working) of the Employment Rights Act 1996;

 

  xiii.

a claim for unlawful deductions under Part II of the Employment Rights Act 1996;

 

  xiv.

a claim in relation to flexible working under Part VIIIA of the Employment Rights Act 1996;

 

  xv.

a claim under the Working Time Regulations 1998;

 

7


  xvi.

a claim under the Trade Union and Labour Relations (Consolidation) Act 1992;

 

  xvii.

a claim under the Protection from Harassment Act 1997; and

 

  xviii.

a claim under the UK General Data Protection Regulation or Data Protection Act 2018.

The claims specified above in this section 12 (together the “Employee Claims”) are claims which it is recognised you have or may have arising out of the circumstances surrounding your employment and its termination.

You agree that you shall not institute or commence any other claims, actions or proceedings against the Company or any Group Company in relation to the Identified Issues before any Employment Tribunal or court whether in respect of the Employee Claims or otherwise.

The Company confirms that it is not aware of any claim, demand, costs, expenses or rights of action which it or any Group Company has or might have against you as at the date of this Agreement.

Neither the settlement and waiver nor the agreement to refrain from proceedings in section 12 applies to any claim in respect of pension rights accrued up to the Termination Date, any claim for personal injury of which you are not aware and could not reasonably be expected to be aware at the date of this Agreement unless it arises from or in connection with any of the listed above, and any claim to enforce the terms of this Agreement.

 

  13.

Representations and Warranties. You represent and warrant as a strict condition of the Company entering into this Agreement that:

 

  a.

you have previously notified to the Company in writing any and all potential claims of any nature that you have or may have against the Company or any Group Company and that you have no other complaints or grounds for any claim whatsoever against the Company in relation to the Identified Issues, including, without limitation, the Employee Claims and you are not aware of any claim or any facts which could give rise to any claim which is not being settled under this Agreement;

 

  b.

you are not aware of any facts, matters or symptoms which might give rise to a claim for personal injury against the Company and/or any of its Group Companies;

 

  c.

you are not aware of any facts or matters which might give rise to a dispute between you, the Company, any of its Group Companies and/or the pension trustees in respect of your pension rights;

 

  d.

you have not commenced any action against the Company or any Group Company and will not commence or continue any action in relation to the Employee Claims or otherwise arising out of the Identified Issues;

 

  e.

you have not submitted and are not intending to submit a subject access request to the Company under the UK GDPR in respect of data processed by the Company relating to your employment;

 

  f.

as at the date of signature of this Agreement, you have not breached the confidentiality obligations in your Employment Contract;

 

8


  g.

as at the date of signature of this Agreement, you are not aware that you have done or omitted to do anything which would entitle the Company to summarily dismiss you without compensation; and

 

  h.

you have not accepted or received any offer (conditional or unconditional) of a contract of employment or a contract for services or to hold any office or appointment. You further warrant that you are not aware of any facts or circumstances that would result in any such offer being made to you.

You acknowledge that the Company is relying on sections 11, 12 and 13 in deciding to enter into this Agreement. If you breach any of these provisions and a judgment or order is made against the Company or any Group Company, you acknowledge that any such company will have a claim against you for damages of not less than the amount of the judgment or order. You agree to indemnify the Company or any Group Company in relation to any costs incurred in defending any claim made by you in breach of the terms of this Agreement. You agree that this is without prejudice to any other remedy the Company may have in respect of such breach.

 

  14.

Compromise and Settlement Agreements. This section 14 shall only apply if you have sought legal advice from an Adviser (see details at section 9). You acknowledge that the conditions regulating compromise and/ or settlement agreements (as appropriate) in the following sections are satisfied: section 203(3) of the Employment Rights Act 1996, section 147(3) of the Equality Act 2010, Regulation 35(3) of the Working Time Regulations 1998 and section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992. You acknowledge that this Agreement relates to any matters over which an Employment Tribunal may have jurisdiction including, without limitation, the Employee Claims. You confirm that you have received legal advice from your Adviser. You have provided the name of your Adviser from whom you have taken this advice and the name and address of the organisation for whom your Adviser works and your Adviser has signed the certificate set out in Schedule 1 to this Agreement.

 

  15.

Miscellaneous

 

  a.

Save for any Group Company, a person, firm, company or organisation who or which is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. The consent of a third party shall not be required for the variation or termination of this Agreement, even if that variation or termination affects the benefits conferred in this Agreement on that third party.

 

  b.

Although marked “without prejudice” and “subject to contract”, once the Agreement has been signed by the Company and by you it shall be treated as an open agreement and binding between the Company and you.

 

  c.

This Agreement may be executed by the parties in separate counterparts each of which shall be an original but all of which shall constitute one and the same instrument. This Agreement is not effective until each party has executed at least one counterpart.

 

  d.

The headings to the sections are for convenience only and shall not affect the construction or interpretation of this Agreement.

 

9


  e.

Every notice or communication relating to this Agreement shall be written and, if to be delivered to you, may be delivered in person or mailed or delivered to your last known address on file with the Company, or if to be delivered to the Company, mailed or delivered to the Company’s principal executive office. Delivery will be deemed effective (i) on the delivery date, if delivered personally, (ii) on the first business day following mailing, if mailed by courier or overnight mail, and (iii) on the third business day following mailing, if mailed by registered or certified mail.

 

  16.

Entire Agreement.This Agreement contains the entire agreement between you and the Company and supersedes and extinguishes all prior agreements, promises, assurances, warranties, representations, understandings or arrangements, whether written or oral, relating to its subject matter.

 

  17.

Applicable Law. English law shall apply to this Agreement and the parties submit to the exclusive jurisdiction of the English courts.

[Signature Pages Follow]

 

10


If the terms of this Agreement are acceptable to you, please indicate your acceptance of the foregoing terms by signing where indicated below.

 

Sincerely,
MCGRAW HILL, INC.
By:  

/s/ David Stafford

Name:   David Stafford
MCGRAW-HILL EDUCATION (U.K.) LIMITED
By:  

/s/ Anthony Lorin

Name:   Anthony Lorin

 

AGREED AND ACCEPTED:

/s/ Simon Allen

Simon Allen
Date: January 5, 2026

[Signature Page to S. Allen Transition Agreement]


SCHEDULE 1

Certificate from the independent legal adviser

I [insert solicitor’s name] of [insert solicitor’s firm] of [insert firm’s address] refer to the settlement agreement dated [date] between Simon Allen and [insert employing entity] (the “Agreement”).

I confirm that:

I am a solicitor of the Senior Courts and hold a current practising certificate. Accordingly, I am a relevant independent adviser within the meaning of section 203 of the Employment Rights Act 1996.

I am not acting (and have not acted) in relation to this matter for the Company or any Group Company (as defined in the Agreement).

There is in force a contract of insurance, or a professional indemnity, as required by section 203(3)(d) of the Employment Rights Act 1996, covering the risk of a claim against me in respect of the advice which I have given Simon leading to the completion of the Agreement.

I have advised Simon in particular in relation to any claim he may have for the Employee Claims (as defined in the Agreement) and have advised him on the effect that signing the Agreement will have on his ability to pursue any such claims.

 

Signed  

 

     Dated   

 

EX-10.2 3 d65701dex102.htm EX-10.2 EX-10.2

Exhibit 10.2

 

LOGO

January 2, 2026

BY ELECTRONIC MAIL

Philip Moyer

Dear Philip,

We are pleased to confirm our offer of employment to you to join McGraw Hill, Inc. (the “Company”) as Chief Executive Officer (“CEO”) of the Company. This letter agreement (this “Agreement”) sets forth the general terms and conditions of your employment.

1. Commencement Date. Your employment with the Company will commence on February 9, 2026 (the “Commencement Date”) and will continue until terminated as set forth in paragraph 12 below. If you fail to commence your full-time employment by the Commencement Date without the prior written consent of the Company, then this Agreement shall terminate and be null and void for all purposes.

2. Title and Duties. In connection with your employment with the Company, you will serve as the CEO of the Company and will have duties and responsibilities typically associated with such title, together with such other duties and responsibilities consistent with your position as reasonably assigned to you from time to time by the Board of Directors of the Company (the “Board”), any superior officer or their respective designees. You will report directly to the Board. For so long as you are serving as CEO of the Company, if you are appointed or elected to the Board or as an officer and/or director of any other member of the Company Group (as defined below), any service by you on the Board or as an officer and/or director of any other member of the Company Group while serving as CEO (or during any other time that you are otherwise employed by the Company) shall be without additional compensation.

3. Principal Place of Employment. Your principal place of employment will be the Company’s offices in New York, New York; provided, that, you may be permitted to work from your home office in the Philadelphia, Pennsylvania metropolitan area, subject to the Company’s generally applicable policies and procedures governing remote work, although you understand and agree that you will be required to spend sufficient time at the Company’s offices in New York, New York and elsewhere to effectively perform your duties and responsibilities and that you may be expected to travel from time to time for business reasons.

4. Conduct During Employment. In connection with your employment with the Company, you agree to observe and comply with all of the rules, regulations, policies and procedures established by the Company from time to time and all applicable laws, rules and regulations imposed by any governmental regulatory authority from time to time. Without limiting the foregoing, you agree that during your employment with the Company, you will devote your full business time, attention, skill and best efforts to the performance of your employment duties and you are not to engage in any other business or occupation, including, without limitation, any activity that (x) conflicts with the interests of the Company or any other member of the Company Group (as defined below), (y) interferes with the proper and efficient performance of your duties for the Company, or (z) interferes with your exercise of judgment in the Company’s best interests.


Notwithstanding the foregoing, nothing herein shall preclude you from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing your personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by you so as not to materially interfere, individually or in the aggregate, with the performance of your duties and responsibilities hereunder.

5. Base Salary. Your initial annual base salary will be $1,200,000 and will be payable in accordance with the Company’s regular payroll practices, and which will be reviewed annually by the Compensation Committee of the Board (the “Compensation Committee”) and may be increased from time to time, subject to the approval of the Compensation Committee in writing.

6. Annual Bonus. During each fiscal year of your employment with the Company, you will be eligible to earn an annual incentive bonus under the Company’s Annual Incentive Plan (the “AIP”), with a target bonus amount equal to $1,800,000 (“Annual Bonus”), with the Annual Bonus amount payable in respect of any fiscal year based on the actual achievement of annual performance objectives established under the AIP for the applicable fiscal year, as determined by the Board or the Compensation Committee, as applicable; provided, however, that any Annual Bonus payable in respect of the Company’s fiscal year ending March 31, 2026 will be pro-rated to reflect the portion of time you are employed hereunder during such fiscal year. The payment of any Annual Bonus will be made at the same time annual bonuses are generally paid to other executives officers of the Company and will be subject to your continued employment with the Company through the applicable payment date.

7. Sign-On Bonus. In connection with the commencement of your employment hereunder, the Company agrees to pay you a one-time sign-on cash bonus in an aggregate amount equal to $2,500,000 (the “Sign-On Bonus”), in accordance with this paragraph 7. Fifty percent (50%) of the Sign-On Bonus (i.e., $1,250,000) shall be paid within thirty (30) days of the Commencement Date (the “First Sign-On Bonus Installment”); provided, that, if your employment is terminated with Cause (as defined in the Stock Incentive Plan) or if you resign for any reason other than for Good Reason (as defined in the Severance Plan (as defined below)), in each case, within one (1) year of the Commencement Date, the First Sign-On Bonus Installment will be immediately repayable to the Company. The remaining fifty percent (50%) of the Sign-On Bonus (i.e., the remaining $1,250,000) (the “Second Sign-On Bonus Installment”)) shall be paid on the first regularly scheduled payroll date of the Company on or following the first anniversary of the Commencement Date, subject to your continued employment with the Company through such date; provided, that, if your employment is terminated with Cause or if you resign for any reason other than for Good Reason, in each case, following the first anniversary of the Commencement Date but prior to the second anniversary of the Commencement Date, the Second Sign-On Bonus Installment will be immediately repayable to the Company. To the extent that the Company is required to enforce repayment of any portion of the Sign-On Bonus in accordance with the foregoing, you shall reimburse the Company for all costs and expenses incurred in connection with such enforcement, including, without limitation, all reasonable attorneys’ fees and expenses).

8. Sign-On Equity Grant. As soon as practicable following the Commencement Date and subject to the approval of the Board, you will be awarded a sign-on grant of restricted stock units with an aggregate value of $8 million (the “Sign-On Grant”), determined as set forth below, pursuant to the McGraw Hill, Inc. 2025 Stock Incentive Plan (the “Stock Incentive Plan”) and the applicable standard form of award agreement thereunder. Fifty percent (50%) of the Sign-On Grant will be subject to time-based vesting (the “Sign-On RSUs”), and fifty percent (50%) of the Sign-On Grant will be subject to time- and performance-based vesting conditions (the “Sign-On PSUs”).

 

2


The number of shares of the Company’s common stock subject to the Sign-On Grant will be equal to $8 million divided by the volume-weighted average price (“VWAP”) of the Company’s common stock during the twenty (20) trading days immediately preceding the date of grant. Except as otherwise provided in paragraph 14, (i) the Sign-On RSUs will vest in equal annual installments on each of the first three (3) anniversaries of the Commencement Date, subject to your continued employment with the Company through each such date, and (ii) the Sign-On PSUs will be eligible to vest on the third anniversary of the Commencement Date (x) subject to your continued employment with the Company through such date, and (y) only to the extent that the VWAP of the Company’s common stock during the twenty (20) trading days immediately preceding such third anniversary is equal to or greater than the applicable price set forth in the table below (the “Target Share Price”).

 

Target Share Price*

   Percentage of Sign-On PSUs
Eligible to Vest
 

$28.00

     25

$32.00

     50

$38.00

     75

$40.00

     100

 

*

All share prices shall be equitably adjusted to reflect stock splits, dividends and other recapitalizations or similar events.

Further, if less than one hundred percent (100%) of the Sign-On PSUs vest as of the third anniversary of the Commencement Date, then, subject to your continued employment through the last day of the applicable quarterly anniversary, on the last day of each of the first eight (8) quarterly anniversaries immediately following the third anniversary of the Commencement Date (each such anniversary-based quarter, a “True-Up Measurement Period”), you will vest in any remaining Sign-On PSUs in accordance with the table set forth above if at any time during such True-Up Measurement Period the VWAP of the Company’s common stock during any twenty (20) consecutive trading day period is equal to or greater than the applicable Target Share Price. For the avoidance of doubt, any then unvested Sign On PSUs shall be forfeited for no consideration on the fifth anniversary of the Commencement Date.

The Sign-On RSUs and the Sign-On PSUs shall generally be settled as soon as practicable following the applicable vesting date, in accordance with the Stock Incentive Plan and applicable award agreement.

9. Stock Purchase Opportunity; Company Matching RSUs. Subject to approval by the Board, you will be provided an opportunity pursuant to the Stock Incentive Plan to purchase a number of shares of the Company’s common stock with a fair market value equal to up to $1,500,000 as of the applicable date of purchase (the actual number of shares purchased, the “Purchased Shares”). Further, subject to approval by the Board, you will be awarded restricted stock units under the Stock Incentive Plan covering a number of shares of the Company’s common stock equal to the number of any Purchased Shares (the “Matching RSUs”). One-third (1/3) of the Matching RSUs shall vest immediately as of the applicable date of grant, and, except as otherwise provided in paragraph 14, the remaining two-thirds (2/3) of the Matching RSUs shall vest in equal installments on each of the twelve (12) and twenty-four (24) month anniversaries of the Commencement Date, in each case, subject to your continued employment through the applicable vesting date. The Matching RSUs shall generally be settled as soon as practicable following the applicable vesting date, in accordance with the Stock Incentive Plan and applicable award agreement.

 

3


10. Benefits. You will be eligible to participate in health, insurance, retirement and other benefits provided to other similarly situated employees of the Company. The Company expressly reserves the right to change the benefit plans and programs it offers to its employees at any time.

11. Housing Stipend. In furtherance of your obligations under paragraph 3, the parties agree that you shall secure and maintain a residence in New York, New York during the period of your employment with the Company. Following your submission to the Company of documentation evidencing the purchase or rental of such residence (in accordance with the Company’s generally applicable policies and practices regarding expense reimbursement), the Company shall begin to pay you a housing stipend equal to $8,000 per month (the “Housing Stipend”). The Housing Stipend shall be treated as taxable income and paid monthly on the 15th day of each month (or on such other recurring day of the month as the parties may hereinafter agree) for housing expenses incurred by you for the preceding month. The Housing Stipend shall be pro-rated for the first and final months of your employment with the Company.

12. At-Will Employment; Resignations. The nature of your employment will be “at-will,” meaning that either the Company or you may terminate your employment at any time, with or without notice, with or without Cause, and for any reason or for no reason. Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by the Board or its designee. We do ask, however, that you give thirty (30) days’ notice if you decide to terminate your employment; provided, that, the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the characterization of such termination. Upon any termination of your employment, except as provided in paragraph 13, no further payments by the Company to you will be due other than any Accrued Obligations (as defined in the McGraw-Hill Education, Inc. Executive Severance Plan (the “Severance Plan”)). Further, upon any termination of your employment hereunder for any reason, except as may otherwise be requested by the Company in writing, you will be deemed to have resigned from any and all directorships, committee memberships and any other positions that you hold with the Company or any of its direct or indirect subsidiary companies or other affiliates (collectively, the “Company Group”) and will execute all documents reasonably requested for you to confirm such resignations. Your execution of this Agreement will be deemed the grant by you to the officers of the Company of a limited power of attorney to sign in your name and on your behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.

13. Severance. Capitalized terms used in this paragraph 13 but not otherwise defined in this Agreement shall have the meanings given to such terms in the Severance Plan. In the event that you experience a Qualifying Termination, you will be entitled to severance payments and benefits as determined in accordance with, and subject to the terms and conditions set forth in, the Severance Plan; provided, that, (i) the definition of “Cause” in the Stock Incentive Plan shall apply in lieu of the definition provided therefor in the Severance Plan, (ii) notwithstanding anything in Section 2.3 of the Severance Plan (or in any other provision of the Severance Plan) to the contrary, (x) the Severance Period shall be eighteen (18) months, (y) the Annual Base Salary component of the cash severance shall be equal to eighteen (18) months of your annual base salary under paragraph 5, and (z) “Severance Benefits” shall include a pro-rata Annual Bonus for the year in which the termination of employment occurs, pro-rated based on the number of days in such year that you are employed with the Company and with the amount determined based on actual performance, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is two and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred, (iii) the Non-Compete Period described in Section 4.1 of the Severance Plan shall be deemed to be eighteen (18) months as applied to you, and (iv) in addition to (and not in lieu of) the restrictive covenants contained in Section 4 of the Severance Plan, your right to receive or retain any payments or benefits under the Severance Plan shall be conditioned upon and subject to your compliance with the Restrictive Covenant Agreement attached hereto as Exhibit A (the “Restrictive Covenant Agreement”), the Company’s Non-Disclosure and Invention Assignment Agreement attached hereto as Exhibit B (the “NDIAA”), and any other restrictive covenant obligation to which you are bound owing to the Company or any other member of the Company Group (collectively, the “Restrictive Covenant Obligations”).

 

4


For the avoidance of doubt, your sole and exclusive remedy upon a Qualifying Termination will be the payments and benefits determined under the Severance Plan, as modified by this paragraph 13.

14. Treatment of Equity Compensation Upon Termination of Employment; Change in Control.

(a) In the event that you experience a Qualifying Termination, and subject to your satisfaction of the release condition set forth in Section 2.5 of the Severance Plan (or a comparable release condition as may be reasonably prescribed by the Company or its successor) (the “Release Condition”), (i) a number of Sign-On RSUs that would have vested during the next regularly scheduled vesting date (as determined in accordance with paragraph 8) will accelerate and vest immediately following such Qualifying Termination (if any), and (ii) if such Qualifying Termination occurs during the first three (3) year period immediately following the Commencement Date, then a pro-rated number of the Sign-On PSUs (i.e., pro-rated based on the number of days in the first three (3) year period following the Commencement Date that has passed) shall remain outstanding and eligible to vest on the third anniversary of the Commencement Date if (and to the extent that) the applicable Target Share Price hurdles are met, as though no such termination of employment occurred (and, for the avoidance of doubt, any such pro-rated Sign-On PSUs that do not vest, shall automatically be forfeited for no consideration as of the third anniversary of the Commencement Date).

(b) If (i) the Sign-On Grant or the Matching RSUs are assumed or substituted in connection with a Change in Control (as defined in the Stock Incentive Plan) in accordance with Section 10(b) of the Stock Incentive Plan (or any successor provision thereto), and (ii) your employment is terminated without Cause during the twelve (12) month period immediately following such Change in Control, one hundred percent (100%) of the portion of the Sign-On Grant or the Matching RSUs, as applicable, that has not previously vested shall vest as of the date of such termination, subject to your satisfaction of the Release Condition. If any such unvested portion of the Sign-On Grant or the Matching RSUs, as applicable, are not expressly assumed in a Change in Control, then one hundred percent (100%) of such then-unvested portion thereof will accelerate and vest as of the consummation of the Change in Control, with the Sign-On PSUs measured and vesting for this purpose based on the per share price of the Company’s common stock implied by the applicable Change in Control transaction. Further, unless otherwise determined by the Compensation Committee or the Board at the time of the consummation of such Change in Control, any assumption or substitution by an acquiror of Sign-On PSUs shall be determined based on actual performance (i.e., as determined based on the per share price of the Company’s common stock implied by the Change in Control transaction), and shall remain subject to time-based vesting through the end of the third anniversary of the Commencement Date. For the further avoidance of doubt, if all or a portion of the outstanding Sign-On PSUs would not vest on the basis of the per share price of the Company’s common stock implied by the applicable Change in Control transaction, those unvested Sign-On PSUs would be automatically forfeited for no consideration. Notwithstanding anything in the Stock Incentive Plan to the contrary, the Sign-On Grant and the Matching RSUs will only be deemed “assumed or substituted” by an acquiror if such awards are converted into replacement awards settled in the same proportion of cash and stock as the consideration received by the shareholders of the Company in the applicable Change in Control transaction in respect of the shares of the Company’s then-outstanding common stock. Any such assumed or substituted awards will otherwise be subject to all of the terms and conditions set forth in this paragraph 14(b) (including any rights to accelerated vesting upon a Qualifying Termination).

 

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15. Non-Interference Agreement. As a condition of your employment with the Company, you agree to execute, and comply with the terms and conditions of the Restrictive Covenant Agreement and the NDIAA. The parties hereto acknowledge and agree that this Agreement, the Restrictive Covenant Agreement, and the NDIAA will each be considered separate contracts, and the Restrictive Covenant Agreement and the NDIAA will survive any termination of your employment and/or of this Agreement for any reason.

16. Representations and Warranties. By signing this Agreement, you represent and warrant to the Company that (i) as of immediately prior to the Commencement Date, you will be under no contractual commitments inconsistent with your obligations to the Company hereunder and that your acceptance of this offer of employment and your performance of the contemplated services hereunder will not conflict with or result in any breach or default under any agreement, contract or arrangement to which you are a party to or violate any other legal restriction; (ii) you will neither use nor disclose to our Company any confidential or proprietary information obtained from a third party prior to your joining our Company; and (iii) you will comply with all applicable Company policies and professional standards of our Company (including, but not limited to, any policy or standard regarding illegal discrimination and harassment and the Company’s Insider Trading Policy, Policy for the Recovery of Erroneously Awarded Compensation, Stock Ownership Guidelines, and Code of Business Ethics as each may be amended or amended and restated from time to time).

17. Taxes. The Company may withhold from any payments made to you all applicable taxes, including but not limited to income, employment, and social insurance taxes, as required by law. You acknowledge and represent that the Company has not provided any tax advice to you in connection with this Agreement and you have been advised by the Company to seek tax advice from your own tax advisors regarding this Agreement and payments and benefits that may be made to you pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) to such payments. While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Section 409A of the Code, in no event whatsoever will the Company Group be liable for any additional tax, interest or penalties that may be imposed on you as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code).

Notwithstanding any provision in this Agreement to the contrary:

 

   

The payment (or commencement of a series of payments) of any nonqualified deferred compensation (within the meaning of Section 409A of the Code) upon a termination of employment will be delayed until such time as you have also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of your termination of employment) will be paid (or commence to be paid) to you on the schedule set forth in this Agreement as if you had undergone such termination of employment (under the same circumstances) on the date of your ultimate “separation from service.”

 

   

Any payment otherwise required to be made to you hereunder at any date as a result of the termination of your employment will be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”). On the first business day following the expiration of the Delay Period, you will be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence and any remaining payments not so delayed will continue to be paid pursuant to the payment schedule set forth herein.

 

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Each payment in a series of payments hereunder will be deemed to be a separate payment for purposes of Section 409A of the Code.

18. Entire Agreement. This Agreement, together with the Severance Plan, the Restrictive Covenant Agreement, and the NDIAA, forms the complete and exclusive statement of your employment with the Company and the compensation payable to you. This Agreement supersedes any term sheets, discussions or other representations or promises made to you by anyone, whether oral or written, and it can only be modified in a written agreement signed by you and a properly authorized director or officer of the Company. Further, you are hereby informed that the Company maintains a program called Fast and Impartial Resolution (FAIR) for both employees and the Company to use in the event of any employment-related dispute. By accepting employment with the Company, you will be consenting to participation in FAIR. A copy of a summary of the FAIR program is attached to this Agreement.

19. Governing Law. EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT SITTING IN NEW YORK, NEW YORK, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS. BY EXECUTION OF THIS AGREEMENT, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.

20. Successors and Assigns. This Agreement will inure to the benefit of the Company and its respective successors and assigns. Neither this Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company without your prior written consent (which will not be unreasonably withheld, delayed, or conditioned), to a person or entity other than an affiliate or parent entity of the Company, or their respective successors; provided, however, that in the event of a merger or consolidation, or transfer or sale of all or substantially all of the assets, of the Company with or to any other individual or entity, this Agreement will, subject to the provisions hereof, be binding upon and inure to the benefit of such successor, and such successor will discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder, it being agreed that in such circumstances, your consent will not be required in connection therewith. Your rights and obligations under this Agreement will not be transferable by you by assignment or otherwise, without the prior written consent of the Company; provided, however, that if you die, all amounts then payable to you hereunder will be paid in accordance with the terms of this Agreement to your devisee, legatee, or other designee, or if there be no such designee, to your estate.

21. Survival. The provisions of this Agreement will survive any termination of your employment to the extent necessary to give effect thereto.

22. Independent Legal Advice. You expressly acknowledge that you have had the opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that you have failed to obtain independent legal advice, you acknowledge that such failure will not be used by you as a defense to the enforcement of this Agreement.

 

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23. Background Check; Authorization to Work. This offer is contingent on the acceptable results of employment, education and reference checks, a credit and background check, and all other Company practices and procedures applicable to the hiring process. As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States within three (3) business days of your joining the Company.

24. Amendment; Waiver. Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

25. Notice. Every notice or communication relating to this Agreement shall be written and, if to be delivered to you, may be delivered in person or mailed or delivered to your last known address on file with the Company, or if to be delivered to the Company, mailed or delivered to the Company’s principal executive office. Delivery will be deemed effective (i) on the delivery date, if delivered personally, (ii) on the first business day following mailing, if mailed by courier or overnight mail, and (iii) on the third business day following mailing, if mailed by registered or certified mail.

26. General. The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

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We are very excited at the prospect of your joining the McGraw Hill team. Please sign and date this Agreement in the space indicated below and return a copy to me to confirm your agreement to the terms and conditions set forth herein. This Agreement may be executed in two or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument. The execution of this Agreement may be by actual signature or by signature delivered by facsimile or by e-mail as a portable document format (.pdf) file or image file attachment.

This offer, if not accepted, will expire on January 5, 2025, unless the Company extends the offer in writing prior to such date.

We are confident that your committed leadership will contribute greatly to the future growth and success of the Company, and we look forward to working together on many exciting challenges.

Sincerely,

McGraw Hill, Inc.

 

/s/ David Stafford

By: David Stafford
Title: General Counsel

I have read and understand this Agreement and hereby acknowledge, accept and agree to the terms and conditions set forth above and further acknowledge that no other commitments were made to me as part of this employment offer except as specifically set forth herein:

 

Signature:  

/s/ Philip Moyer

  Philip Moyer

Dated: January 2, 2026

[Signature Page to Philip Moyer Employment Agreement]


Exhibit A

Restrictive Covenant Agreement

As a condition to the undersigned individual (the “Employee”) becoming employed by McGraw Hill, Inc. a Delaware corporation (the “Company”), and in consideration of the Company’s agreement to enter into that certain employment letter agreement with the Employee executed concurrently herewith (the “Employment Agreement”), the Employee’s employment with the Company and receipt of the compensation now and hereafter paid to him by the Company, the Employee hereby agrees to the terms and conditions set forth in this Restrictive Covenant Agreement (this “Agreement”). Capitalized terms used but not defined in this Agreement shall have the meanings given to such terms in the Employment Agreement.

1. NON-COMPETE, NON-SOLICITATION. (a) In order to protect the value of the business of the Company and its direct and indirect subsidiaries (the “Company Group”) as presently conducted and as contemplated to be conducted after the Grant Date (in the case of contemplated conduct, as evidenced by business activities that have been undertaken by the Company or its subsidiaries, or actions, activities or plans approved by the board of directors of the Company, in each case, on or prior to the Grant Date), including the Business, during the period of Employee’s employment with the Company and of its subsidiaries and for a period of eighteen (18) months thereafter (the “Restricted Period”). The Employee shall not, anywhere in the world in which the Company Group is engaged in the Business, directly or indirectly, own any interest in, operate, manage, control, initiate or engage in (or make plans to engage in), Participate in, invest in, permit its name to be used by, act as consultant or advisor to, render services for (alone or in association with any Person) or otherwise assist in any manner any Person that engages in or owns, operates, manages or controls any venture or enterprise which, directly or indirectly, engages or proposes to engage in the Business as presently conducted or as contemplated, as of the date of the Employee’s termination of employment with the Company and its subsidiaries, by the Company Group to be conducted in the future (a “Competitive Business”). “Business” means collectively, the respective businesses of the Company and its subsidiaries as conducted, or which the Board has authorized the Company and its subsidiaries to develop or pursue (by acquisition or otherwise), in either case, at the relevant time, which currently consists of the creation of core or supplemental educational content delivered by text, ebook, or electronic platform, in support of educational achievement from K12 to higher education to professional markets, both in North America and international settings. “Participate” means any direct or indirect interest in any enterprise, whether as an officer, director, manager, employee, partner, sole proprietor, agent, representative, independent contractor, executive, franchisor, franchisee, creditor, owner or otherwise. Notwithstanding the foregoing, nothing herein shall prohibit the Employee from (i) being a passive owner of not more than one percent (1%) of the fully-diluted equity interests of any publicly traded entity engaged in the Competitive Business (it being understood and agreed that “passive owner” means that the Employee has no role in the operation of such entity or its businesses (whether as an officer, director, manager or partner or as a consultant, employee or other service provider)), (ii) performing any services for the Company Group, or (iii) owning any equity interest of not more than one percent (1%) in a mutual fund or any passive investment through a hedge or private equity fund.(b) During the Restricted Period, the Employee shall not, directly or indirectly through another Person, (i) solicit for employment or induce or attempt to induce or encourage any employee or other individual who is an independent consultant of the Company Group (including employees and independent consultants of the Company Group that are or have been employed by, or perform or have performed services for, the Company Group, but, for the avoidance of doubt, excluding professional advisors, such as law firms or accounting firms) to leave the employ of or consulting relationship with any member of the Company Group, or in any way interfere with the relationship between the Company Group and any employee or other individual who is an independent consultant thereof (such employees and independent consultants, the “Restricted Persons”), (ii) hire, employ, enter

 

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into a consulting relationship with or otherwise retain for services any Restricted Person during the time such Restricted Person is an employee of or an independent consultant for the Company Group or for the two (2) years thereafter, or (iii) in any way interfere with the relationship between any customer, supplier, vendor, referral source, partner, licensee or business relation of the Company Group (including, without limitation, inducing such Person to cease doing business, or materially reduce such business with, the Company Group (or any member thereof) or making any negative statements or negative communications to such person about the Company Group (or any member thereof)). Notwithstanding the foregoing, nothing in this Agreement shall prohibit the Employee or any other Person from (i) making a general, public solicitation for employment, or using an employee recruiting or search firm to conduct a search, that does not specifically target Restricted Persons, provided that this sentence will not serve to limit in any way the other restrictions contained herein, including but not limited to the restrictions set forth in Section 1(b)(ii) or (ii) acting as a professional reference for any Restricted Person if requested by such Restricted Person.

(c) During the Restricted Period, the Employee shall not issue or communicate, or cause or assist any other Person or entity to issue or communicate, any public statement, or statement likely to become public, that is disparaging of, damaging to, or could reasonably be expected to be harmful to, the reputation, business or character of the Business, Platinum Equity Advisors, LLC, any member of the Company Group, or any of their respective Affiliates (as defined in the Stock Incentive Plan) or subsidiaries or Persons who are former, present or future directors, officers, executives, representatives, agents, employees or related Persons (including boards, subsidiaries and Affiliates) thereof.

(d) The Employee agrees and acknowledges that the Employee is familiar with the trade secrets and other information of a confidential or proprietary nature of the Company Group, its businesses and its business relations. The Employee also agrees and acknowledges that the Company Group and its Affiliates and subsidiaries would be irreparably damaged if the Employee were to provide services to or otherwise participate in any Competitive Business in violation of this Agreement and that any such competition would result in a significant loss of goodwill by the Company Group and its Affiliates and subsidiaries in respect of such businesses. The Employee further agrees and acknowledges that in order to assure the Company Group that the Company Group’s and its Affiliates’ businesses will retain their value, it is necessary that the Employee undertake not to utilize the Employee’s special knowledge of the confidential information of the Company Group and the Employee’s relationship with customers, suppliers, vendors, referral sources, partners, licensees or other business relations of any of the Company Group to compete with the Company Group and its Affiliates in violation of this Agreement. The Employee acknowledges and agrees that the promises and covenants that the Employee is providing in this Agreement are reasonable with respect to period, geographical area and scope and are necessary for the protection of legitimate interests in the Company Group and the Company Group’s businesses and assets (including the Company Group’s customer and other material business relationships, trade secrets and goodwill) and that such limitations would not impose any undue burden upon the Employee. The Employee agrees that the covenants made in Section 1(a) through Section 1(c) shall be construed as agreements independent of any other provision(s) of this Agreement and shall survive any order of a court of competent jurisdiction terminating any other provision(s) of this Agreement.

2. CONFIDENTIALITY. For purposes of this Agreement, “Confidential Information” shall mean any confidential or proprietary information (whether or not in written or electronic form and whether or not expressly designated as confidential) relating to the Company or any of its Affiliates or subsidiaries, including information relating directly or indirectly to the business, operations, financial affairs, performance, assets, technology, processes, products, contracts, customers, suppliers, personnel, consultants, subcontractors or plans (and any of the foregoing items that are or may be in development or for which there is an internal roadmap) of the Company or any of its Affiliates or subsidiaries (including any such information consisting of or otherwise relating to trade secrets, intellectual property, software and

 

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documentation, license or sublicense arrangements, pricing lists, marketing or sales techniques or plans, financial information, company policies, practices and codes of conduct, internal analyses, analyses of competitive products, strategies, merger and acquisition plans, internal audit reports, contracts and sales proposals, pricing and costs of specific products and services, training materials, employment records, performance evaluations, information protected by the Company Group’s privileges (such as the attorney-client privilege), projections or lists of customers or suppliers and including any prospective relationships with any of the foregoing); provided, however, that “Confidential Information” shall not be deemed to include information (i) that is or becomes publicly known, other than as a result of a breach of this Agreement or any other similar agreement, (ii) that can be demonstrated to have been made available after the date hereof to the Employee or any of its Affiliates on a non-confidential basis from a source other than the Company or any of its Affiliates without, to the Employee’s or its Affiliates’ knowledge after reasonable inquiry, being subject to any contractual or other obligation of confidentiality to the Company Group or any of its Affiliates or (iii) that can be demonstrated to have been independently developed by or on behalf of the Employee or any of its Affiliates without use of, reference to or reliance upon any information which would otherwise constitute Confidential Information.

(b) The Employee acknowledges that it holds Confidential Information of the Company Group and it may hold Confidential Information of the Company and its Affiliates and subsidiaries in the future. The Employee agrees to safeguard and hold all such Confidential Information in strict confidence, and the Employee shall not, directly or indirectly, at any time (whether during or after the Restricted Period): (i) reveal, report, publish, disclose or transfer any Confidential Information to any Person (other than the Company Group and its Affiliates); or (ii) use any Confidential Information for the benefit of any Person (other than the Company Group or its Affiliates). Notwithstanding the foregoing, the Employee may disclose Confidential Information, without violating the obligations of this Agreement, to the extent the disclosure is reasonably necessary (i) to any Person who is an officer, director, employee, manager, general partner, or agent of the Employee, or counsel to, accountants of, consultants to or other advisors or representatives (“Representatives”) for, the Employee, in such Person’s capacity as a Representative and who is informed of the confidential nature of such disclosure and in each case who has a need to know such information (as used herein, “need to know” shall include, without limitation, monitoring investment performance and making investment decisions in respect thereof, filing tax returns and seeking legal and/or tax advice); (ii) in the performance of authorized employment duties in the Employee’s capacity as an employee of the Company Group; or (iii) to the extent the disclosure is required by a valid subpoena or order of a court or other governmental body having jurisdiction, provided that, in connection with a disclosure contemplated by clause (iii), if legally permitted, the Employee, reasonably promptly upon learning of such required disclosure, gives prior written notice to the Company of such required disclosure and assists the Company (at the Company’s sole cost and expense) in obtaining a protective order preventing or limiting the disclosure and ensuring that the Confidential Information so disclosed is used only for the specific purposes for which the disclosure is required, or for which the order was issued or for which the Employee is required to use such Confidential Information.

(c) Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Notwithstanding anything in this Agreement to the contrary, 18 U.S.C. § 1833(b) provides:

“An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.”

 

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Accordingly, the Employee has the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The Employee also has the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

In addition, Employee understands that nothing in this Agreement shall be construed to prohibit Employee, without notifying the Company or receiving prior authorization from the Company, from (A) filing a charge or complaint with, participating in an investigation or proceeding conducted by, or reporting possible violations of law or regulation to any federal, state or local government agency, (B) initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Securities and Exchange Commission, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, (C) truthfully testifying in a legal proceeding or responding to or complying with a subpoena, court order, or other legal process, (D) speaking with law enforcement, Employee’s attorney, the U.S. Equal Employment Opportunity Commission, any state or local division of human rights, or fair employment agency or (E) exercising any rights Employee may have under applicable labor laws to engage in concerted activity with other employees. The protections contained in this paragraph apply to prior, current and future conduct.

3. ENFORCEMENT OF COVENANTS. The Employee recognizes and affirms that in the event of a breach or threatened breach by the Employee of any of the provisions of this Agreement, money damages would be inadequate and the Company Group and its Affiliates would have no adequate remedy at law. Accordingly, the Employee agrees that any member of the Company Group shall have the right, in addition to an action or actions for damages or any other rights and remedies existing in its favor, to specific performance, injunctive and/or other equitable relief (without posting a bond or other security) to enforce its rights and each of the Employee’s obligations under this Agreement or to prevent any violations (whether anticipatory, continuing or future) of the provisions of this Agreement (such remedies to include, without limitation, the extension of the Restricted Period for the applicable breached covenant by a period equal to the length of the violation of Section 1 of this Agreement). Nothing contained herein shall be construed as prohibiting any member of the Company Group or its Affiliates from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any damages which it is able to prove. In the event of a breach or violation by the Employee of any of the provisions of Section 1 of this Agreement, the Restricted Period relating to such breach or violation shall automatically extend by the length of any such actual breach or violation. If, at the time of enforcement of Section 1 of this Agreement, a court holds that the restrictions stated herein are unreasonable under the circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area.

4. CHOICE OF LAW. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to any choice of law or conflict of law rules or provisions (whether of the Commonwealth of Pennsylvania or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the Commonwealth of Pennsylvania. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall only be brought in the state or federal courts sitting in the Commonwealth of Pennsylvania or the court of chancery of the Commonwealth of Pennsylvania. The parties to this Agreement agree that jurisdiction and venue in any action brought by any party pursuant to this Agreement shall properly and exclusively lie in such courts. By execution and delivery of this Agreement, each party irrevocably and exclusively submits to the jurisdiction of such courts for itself and in respect of its property with respect

 

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to such action. The parties irrevocably agree that venue would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The parties further agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without necessity for service by any other means provided by statute or rule of court. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect to any action directly or indirectly arising out of, under or in connection with this Agreement or any transaction contemplated hereby.

*****

[Signature to appear on the following page.]

 

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I, Philip Moyer, have executed this Restrictive Covenant Agreement on the date set forth below:

 

Date: January 2, 2026      

/s/ Philip Moyer

      Philip Moyer

 

[Signature Page to Philip Moyer Restrictive Covenant Agreement]


Exhibit B

Non-Disclosure and Invention Assignment Agreement EMPLOYEE NON-DISCLOSURE AND INVENTION ASSIGNMENT AGREEMENT

(See Attached)


I am about to become an employee of McGraw Hill LLC (the “Company”), and in consideration of my employment by the Company, I agree to the following terms:

 

1. Representations and Warranties. I represent and warrant that the Inventions (as defined in Section 2 below) will not infringe any patent, copyright, trade secret or other proprietary right of any third party. I represent and warrant that the Inventions will not include any open source software, except with the prior written consent of the Company.

2. Inventions. The term “Inventions” means (a) contributions and inventions, discoveries, creations, developments, improvements, works of authorship and ideas (whether or not they are patentable or copyrightable) of any kind that are conceived, created, developed or reduced to practice by me, alone or with others, while I am employed by the Company that are either: (i) conceived during regular working hours or at my place of work, whether located at Company, affiliate or customer facilities, or at my own facilities; or (ii) regardless of whether they are conceived or made during regular working hours or at my place of work, are directly or indirectly related to the Company’s business or potential business, result from tasks assigned to me by the Company, or are conceived or made with the use of the Company’s resources, facilities or materials; and (b) any and all patents, patent applications, copyrights, trade secrets, trademarks, domain names and other intellectual property rights, worldwide, with respect to any of the foregoing. The term “Inventions” specifically excludes (a) any inventions I developed entirely on my own time without using any Company equipment, supplies, facilities or trade secret information, unless (i) the invention related at the time of conception or reduction to practice of the invention to (A) the Company’s business, or (B) the Company’s actual or demonstrably anticipated research or development, or (ii) the invention results from any work performed by me for the Company, and (b) any other invention that qualifies fully under the provisions of Section 2870 of the California Labor Code as an invention that an employer is not allowed to require an employee to assign to the company. I agree that the foregoing exclusions are intended to meet the Company’s obligations to comply with the requirements of California Labor Code Section 2870, and I understand that the provisions of this agreement requiring assignment of Inventions to the Company do not apply to any invention which qualifies fully under the provisions of California Labor Code Section 2870.

3. All Inventions are Exclusively the Property of the Company. I will promptly disclose all Inventions, in full detail, to persons authorized by the Company. I will not disclose any Invention to anyone other than persons authorized by the Company, without the Company’s express prior written instruction to do so. All Inventions will be deemed ‘‘work made for hire’’ as that term is used in the U.S. Copyright Act, and belong solely to the Company from conception. I hereby expressly disclaim all interest in all Inventions. To the extent that title to any Invention or any materials comprising or including any Invention is found not be a “work made for hire” as a matter of law, I hereby irrevocably assign to the Company all of my right, title and interest to that Invention.

At any time during or after my employment by the Company that the Company requests, I will sign whatever written documents of assignment are necessary to formally evidence my irrevocable assignment to the Company of any Invention. At all times during or after my employment by the Company I will assist the Company in obtaining, maintaining and renewing patent, copyright, trademark and other appropriate protection for any Invention, in the United States and in any other country, at the Company’s expense.

4. Excluded Information. I will not assert any right, title or interest in or to any Invention or claim that I made, conceived or acquired any Invention before my employment by the Company unless I have specifically identified that Invention in writing to the Company (“Excluded Information”). If Excluded Information is incorporated into any Invention, I hereby grant Company a perpetual, worldwide, royalty free, non-exclusive license to use and reproduce such Excluded Information for commercial, internal business and all other purposes.

5. Remedies. I understand and agree that if I breach or threaten to breach any of the provisions of this agreement the Company would suffer immediate and irreparable harm and that monetary damages would be an inadequate remedy. I agree that, in the event of my breach or threatened breach of any of the provisions of this agreement, the Company shall have the right to seek relief from a court to restrain me (on a temporary, preliminary and permanent basis) from using or disclosing Company Confidential Information or Inventions or otherwise violating the provisions of this agreement, and that any such restraint shall be in addition to (and not instead of) any and all other remedies to which the Company shall be entitled, including money damages. The Company shall not be required to post a bond to secure against an imprudently granted injunction (again, whether temporary, preliminary or permanent).

6. Miscellaneous. This agreement represents the entire understanding and agreement among the parties hereto with respect to the subject matter hereof and can be amended, supplemented, or changed and any provision hereof can be waived, only by written instrument signed by the party against whom enforcement of any such amendment, supplement, change or waiver is sought. Except as otherwise expressly provided herein, this agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement, and any and all disputes directly or indirectly arising out of or relating to this Agreement, will be governed by and construed in accordance with the laws of the State of New York, without reference to the choice of law rules thereof. Each of the parties hereby irrevocably consents and submits to the exclusive jurisdiction of the state and federal courts located in New York County, New York for any such disputes, and hereby irrevocably waives any objections to the laying of venue in such courts.

 


I have read and understand this agreement. I acknowledge that my employment by the Company constitutes my consent and agreement to be bound by the terms of this agreement.

{00025284 1} MCGRAW HILL CONFIDENTIAL INFORMATION

EX-99.1 4 d65701dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

McGraw Hill, Inc. Announces CEO Succession Plan

Former Vimeo CEO, Google AI Executive Philip Moyer Named President and CEO

and Board Member Effective February 9, 2026

Simon Allen to Retire, Remain Chair of the Board

Columbus, Ohio, January 6, 2026 – McGraw Hill, Inc. (NYSE: MH) (“McGraw Hill” or the “Company”), a leading global provider of education solutions for K-12, higher education and professional learning, today announced that Philip Moyer will become the Company’s President and CEO and join the Board of Directors effective February 9, 2026.

Moyer succeeds Simon Allen, who will retire as President and CEO after leading the Company since October 2019. Allen will continue as Chair of the Company’s Board of Directors and will work closely with Moyer and the McGraw Hill executive team to ensure a smooth transition and help steer the Company’s long-term growth strategies.

“We are grateful for Simon’s outstanding leadership and the strong foundation he built for McGraw Hill’s long-term financial health and profitability,” said Jacob Kotzubei, Co-President of Platinum Equity and a McGraw Hill Board member. “His passion for education, deep knowledge of the industry and devotion to McGraw Hill and his team have been instrumental in the Company’s transformation. We thank him for guiding McGraw Hill through its journey to become publicly traded and look forward to his continued contributions as Chair. He will be a great asset to Philip and to the Board.”

Moyer brings extensive experience in technology and AI-driven transformation to McGraw Hill. He most recently served as CEO of Vimeo, where he launched an AI-first video strategy that delivered double-digit improvements in revenue and profitability.

Previously, he spent five years at Alphabet, helping launch Google’s Generative AI strategy. He served as Global VP of Applied AI Engineering and Business Development for Google Cloud, after joining the division in July 2019 as VP of Strategic Industries.

Moyer also served as CEO of financial technology companies EDGAR Online, a provider of financial data and analytics solutions, and Cassiopae, a French software company in the commercial banking market. He also served in various roles at Amazon and Microsoft, where he spent 15 years managing global customer teams.

Earlier in his career, Moyer co-founded IEP+ Orion System Group, where he built one of the first digital Individualized Education Programs designed to help K-12 schools manage special education curriculums, testing scores and regulatory reporting. He started his career as a software engineer for nuclear submarines at GE Aerospace after graduating from the University of Pittsburgh with a degree in computer science.

“We are thrilled to welcome Philip to McGraw Hill,” added Matthew Louie, Managing Director at Platinum Equity and a McGraw Hill Board member. “His history of developing market-defining AI solutions that have helped some of the biggest names in technology achieve transformative growth draws many parallels to the opportunities ahead for McGraw Hill. We believe that Philip’s experience, paired with Simon’s continued involvement as Chair, will ensure a seamless transition and bolster the Company’s positive trajectory of increasing market share, revenue growth and profitability.”


Allen added, “I’ve loved every minute working in the education industry for more than 40 years, and rejoining McGraw Hill in 2018 was one of the best decisions of my career. It’s been an honor to build on our extraordinary strengths – the best talent, technology and content in the industry, a deeply trusted brand and an unwavering commitment to helping students and educators succeed. Philip’s extensive experience leading AI strategy and innovation at major technology companies with a relentless customer focus make him the right leader to write the next chapter in our iconic Company’s long and illustrious history. I’m grateful to have the opportunity to continue to serve as Chair of the Board, ensuring Philip has the resources he needs to help McGraw Hill lead the industry in supporting educators and learners for many years to come.”

Moyer commented, “I am thrilled to join McGraw Hill at such a pivotal time. Education has the power to transform lives, and leading a company dedicated to supporting every stage of the learning life cycle is a privilege. McGraw Hill’s trusted brand – combined with its content, data, scale and customer relationships – creates a unique opportunity to harness AI to deliver personalized learning experiences. I look forward to working with Simon and the entire team at McGraw Hill to build on this strong foundation and continue using advanced technology to shape the future of education.”

During Allen’s tenure at McGraw Hill, the Company experienced significant growth in the markets it serves. Under his leadership, the business expanded its market share and achieved a higher quality revenue profile, with its current revenue being nearly two-thirds digital and nearly 60% re-occurring. Before being named President and CEO of McGraw Hill, Allen served as President of the Company’s Higher Education and International business units after rejoining McGraw Hill in March 2018. Allen was previously the CEO of Macmillan Education; SVP, International at The McGraw-Hill Companies; and President, Higher Education at both Pearson Education EMEA and Prentice Hall Europe. Earlier in his career, he held sales leadership roles with the Times Mirror Group in the U.S., Europe and the Middle East.

About McGraw Hill

McGraw Hill (NYSE: MH) is a leading global provider of education solutions for preK-12, higher education and professional learning, supporting the evolving needs of millions of educators and students around the world. We provide trusted, high-quality content and personalized learning experiences that use data, technology and learning science to help students progress towards their goals. Through our commitment to fostering a culture of innovation and belonging, we are dedicated to improving outcomes and access to education for all. We have over 30 offices across North America, Asia, Australia, Europe, the Middle East and South America, and make our learning solutions available in more than 80 languages. Visit us at mheducation.com or find us on Facebook, Instagram, LinkedIn or X.


Safe Harbor Statement

This press release includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, including terms such as “believes,” “estimates,” “anticipates,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should” or “seeks,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties, as they relate to events and depend on circumstances that may or may not occur in the future. The Company’s expectations, beliefs and projections are expressed in good faith, and the Company believes there is a reasonable basis for them; however, the Company cautions readers that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity, and the developments in the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this press release, including those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s final prospectus filed pursuant to Rule 424(b) under the Securities Act, filed on July 24, 2025, the Company’s Quarterly Report on Form 10-Q, filed on November 12, 2025, and in other filings made with the U.S. Securities and Exchange Commission. In addition, even if our results of operations, financial condition and liquidity, and the developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements the Company makes in this press release speak only as of the date of such statement. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities law.

Media Contacts:

Cathy McManus

Cathy.mcmanus@mheducation.com

Tyler Reed

Tyler.reed@mheducation.com

Investor Contacts:

Danielle Kloeblen

Danielle.kloeblen@mheducation.com

Zack Ajzenman

Zack.ajzenman@mheducation.com