X0304
4
2012-01-12
0001055454
SCHOOL SPECIALTY INC
SCHS
0001539589
Lavelle Michael P.
W6316 DESIGN DRIVE
GREENVILLE
WI
54942
1
1
0
0
Chief Executive Officer
Common Stock
2012-01-12
4
A
0
75000
A
75000
D
Non-Qualified Stock Option (right to buy)
2.26
2012-01-12
4
A
0
250000
0
A
2022-01-12
Common Stock
250000
250000
D
Non-Qualified Stock Option (right to buy)
2.26
2012-01-12
4
A
0
75000
0
A
2022-01-12
Common Stock
75000
75000
D
Grant of restricted stock under the School Specialty, Inc. 2008 Equity Incentive Plan (the "2008 Plan"). One-third of the shares will vest on the date on which Reporting Person purchases a number of shares of common stock of School Specialty, Inc. (the "Company") with an aggregate purchase price of at least $400,000 (the "Purchase Date"), and another one-third will vest on each of the first and second anniversaries of the Purchase Date.
Option granted under the 2008 Plan. One-fourth of the underlying shares will become exercisable on the date the Average Trading Price (as defined in the applicable option agreement) equals or exceeds $5.00, and another one-fourth will become exercisable on each of the dates the Average Trading Price equals or exceeds $10.00, $15.00 and $20.00; provided, however, that the option may not be exercised with respect to more than one-third of the underlying shares on each of the first three anniversaries of the date of grant.
Option granted as an inducement to Reporting Person's acceptance of the Company's offer of employment. One-third of the underlying shares will become exercisable on the Purchase Date, and another one-third will become exercisable on each of the first and second anniversaries of the Purchase Date.
Michael P. Lavelle
2012-01-12