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New Holland Capital , LLC
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Adam T. Feild Adam Feild borrowed $100,000 from EDISON SCHOOLS INC on December 6, 1999 as evidenced by a promissory note.The note is unsecured and bears interest at an annual rate of 8.5%.The note is due on December 31, 2005.The balance of principal and accrued interest under this loan was $100,000 and $25,925, respectively, as of September 30, 2002.The loan is recourse only to the net proceeds to Mr. Feild from the sale of shares of EDISON SCHOOLS INC's Class A Common Stock and Class B Common Stock acquired by Mr. Feild through the exercise of employee stock options.Mr. Feild served as EDISON SCHOOLS INC's Chief Financial Officer and Executive Vice President until July 30, 2002. REPORT OF THE BOARD OF DIRECTORS ON EXECUTIVE COMPENSATION This report addresses the compensation policies of EDISON SCHOOLS INC applicable to its officers during fiscal 2002.EDISON SCHOOLS INC's executive compensation program is administered by the Compensation Committee of the Board of Directors, which is composed of three non-employee directors.The Compensation Committee is responsible for determining the compensation package of each executive officer, including the Chief Executive Officer.Although the Compensation Committee functioned throughout fiscal 2002, given the current absence of a Compensation Committee, as described earlier, this report is made by the full Board of Directors. OVERVIEW AND PHILOSOPHY
Adam Feild, Edison's chief financial officer, said Edison was confident that the accounting method not only was appropriate but also was the only one available to the firm under generally accepted accounting procedures.He said that Pricewaterhouse auditors had "given us unqualified support."Feild told Bloomberg that the practice complied with accounting principles established by the Financial Accounting Standards Board.This private-sector board sets financial reporting standards for companies, and its rules are recognized by the SEC.Feild said that teachers were considered "joint employees" of Edison and their districts.
Adam Feild Chief Financial Officer and Executive Vice President Adam Feild has served as Chief Financial Officer and Executive Vice President since January 2001.From February 2000 until December 2000, he was Chief Financial Officer of nickandpaul inc., a marketing and branding consultancy, as well as a non-executive member of our financial staff.From March 1997 to February 2000, he served in a variety of positions with us, most recently as our Senior Vice President, Finance, and prior to that as our Vice President, Capital Finance.Prior to joining us, from 1995 to March 1997, Mr. Feild was an associate with J.W. Childs Associates, a private equity firm.
Edison CFO Adam Feild defended the practice to Bloomberg as compliant with accounting standards, and the company issued a press release calling the article "inaccurate and irresponsible." After the Nasdaq closed Wednesday, Edison released its earning for the quarter ending Dec. 31, 2001.The company lost $8.3 million on revenues of $133.3 million for the quarter, compared with a loss of $3.0 million on revenues of $102.3 million for the same quarter in 2000. Edison has lost more than $240 million since its inception in 1992.