<SEC-DOCUMENT>0001193125-17-365023.txt : 20171208
<SEC-HEADER>0001193125-17-365023.hdr.sgml : 20171208
<ACCEPTANCE-DATETIME>20171208170402
ACCESSION NUMBER:		0001193125-17-365023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171206
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171208
DATE AS OF CHANGE:		20171208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCHOLASTIC CORP
		CENTRAL INDEX KEY:			0000866729
		STANDARD INDUSTRIAL CLASSIFICATION:	BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731]
		IRS NUMBER:				133385513
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19860
		FILM NUMBER:		171247711

	BUSINESS ADDRESS:	
		STREET 1:		555 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10012
		BUSINESS PHONE:		2123436100

	MAIL ADDRESS:	
		STREET 1:		555 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10012
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d507442d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;6, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SCHOLASTIC CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission
File Number: <FONT STYLE="white-space:nowrap">000-19860</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>DELAWARE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-3385513</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>557 Broadway </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, NY 10012 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">343-6100</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act (17&nbsp;CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17&nbsp;CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT><B></B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17&nbsp;CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule&nbsp;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2&nbsp;of</FONT> the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of
this chapter). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;&nbsp;&nbsp;Emerging growth company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously reported, Ms.&nbsp;Maureen O&#146;Connell, the former Executive Vice President, Chief Financial Officer and Chief Administrative Officer of
Scholastic Corporation, was terminated from all positions with the Corporation and its subsidiaries and affiliates on October&nbsp;27, 2017 (the &#147;<U>Separation Date</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;O&#146;Connell&#146;s termination was not for &#147;Cause,&#148; as defined in Ms.&nbsp;O&#146;Connell&#146;s previously negotiated severance
agreement dated as of September&nbsp;26, 2013 (the &#147;<U>Severance Agreement</U>&#148;), that was filed as Exhibit&nbsp;10.1 to Scholastic Corporation&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> for the quarter ended
November&nbsp;30, 2013 and, consequently, on December&nbsp;6, 2017 Ms.&nbsp;O&#146;Connell and Scholastic Inc. (the &#147;<U>Company</U>&#148;) entered into an agreement and release (&#147;<U>Separation Agreement</U>&#148;) in connection with such
termination that incorporates many of the terms which were contained in the Severance Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the Separation Agreement,
Mr.&nbsp;O&#146;Connell will receive a <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash payment equal to thirty-three times her monthly base salary, a <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash payment to purchase COBRA coverage and
a <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash payment for a prorated bonus (accrued as of the Separation Date) for the 2018 fiscal year under the Company&#146;s management incentive bonus plan, in each case subject to tax withholding and
other applicable deductions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Separation Agreement also provides for the immediate vesting of all of Ms.&nbsp;O&#146;Connell&#146;s unvested stock
options and restricted stock units granted to her, with the distribution of her restricted stock units deferred until the first business day of the seventh month following the Separation Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Separation Agreement contains a release by Ms.&nbsp;O&#146;Connell of the Company and persons related to the Company in respect of all matters and
circumstances through the date of the Separation Agreement. In addition, Ms.&nbsp;O&#146;Connell has agreed to certain <FONT STYLE="white-space:nowrap">non-solicitation</FONT> and <FONT STYLE="white-space:nowrap">non-competition</FONT> provisions
which are effective for certain agreed time periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Separation Agreement also contains a mutual
<FONT STYLE="white-space:nowrap">non-disparagement</FONT> provision as well as provisions concerning confidentiality, the use of confidential information, the return of Company property, provision of reasonable assistance to the Company by
Ms.&nbsp;O&#146;Connell, a lump sum cash payment to Ms.&nbsp;O&#146;Connell in relation to attorney&#146;s fees and other customary terms and conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the Separation Agreement, Ms.&nbsp;O&#146;Connell has the right to revoke the Separation Agreement within seven days of its execution and
if she revokes the Separation Agreement, all of the terms and conditions contained therein will become null and void. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above summary of the Separation
Agreement is not complete and is qualified in its entirety by reference to the terms of the Separation Agreement, a copy of which is filed as Exhibit&nbsp;10.1 hereto and is incorporated by reference herein. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Item&nbsp;9.01 Financial Statements and Exhibits </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Exhibit&nbsp;No</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Description</B></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d507442dex101.htm">Agreement and Release entered into December&nbsp;6, 2017, by and between Maureen O&#146;Connell and Scholastic Inc. </A></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: December&nbsp;8, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>SCHOLASTIC CORPORATION</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard Robinson</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Richard Robinson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman, President, and Chief Executive Officer</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d507442dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g507442g13d59.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND GENERAL RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agreement and General Release (&#147;Agreement&#148;), by and between Maureen O&#146;Connell (&#147;Employee&#148; or &#147;you&#148;) and
Scholastic Inc. (the &#147;Company&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Separation from Employment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Separation Date</U>. You acknowledge that your last day of employment is October&nbsp;27, 2017 (the &#147;Separation Date&#148;) at
which time your employment with the Company will be terminated. After the Separation Date, you shall not represent yourself as being an employee, officer, agent or representative of the Company or any Company Entities (as hereinafter defined) for
any purpose. The Separation Date shall be the termination date for purposes of participation in and coverage under all benefit plans and programs sponsored by or through the Company Entities, as defined in paragraph 4, except as specified in
paragraph&nbsp;2 below. You acknowledge and agree that the Company shall have no obligation to rehire you, or to consider you for employment after the Separation Date. You acknowledge that the representations in this paragraph constitute a material
inducement for the Company to provide the payments and benefits to you pursuant to paragraph&nbsp;2 of this Agreement and that you would not receive the pay and/or benefits described in this Agreement absent your execution of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Wages and Vacation.</U> No later than the next regular payroll date following the Separation Date, you will receive payment
for wages due and owing through the Separation Date, as well as for any accrued but unused vacation days through the Separation Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consideration</U>. Following the 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;day from the date on which you sign the
Agreement, (the &#147;Effective Date), and in exchange for your waiver of claims against the Company Entities and compliance with other terms and conditions of this Agreement, the Company will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Pay you thirty-three (33)&nbsp;months of severance pay in the gross amount of $2,062,500.00 (Two Million
<FONT STYLE="white-space:nowrap">Sixty-Two</FONT> Thousand Five Hundred Dollars), subject to tax withholding and other applicable deductions. This payment will be made in a lump sum in accordance with Section&nbsp;2(g) below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Pay you a lump sum to purchase COBRA coverage in the gross amount of $21,362.00 <FONT STYLE="white-space:nowrap">(Twenty-One</FONT>
Thousand Three Hundred and Sixty-Two Dollars), subject to tax withholding and other applicable deductions. This payment will be made in a lump sum in accordance with Section&nbsp;2(g) below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Pay you a prorated MIP bonus accrued as of the Separation Date, in the gross amount of $148,437.50 (One Hundred Forty-Eight Thousand Four
Hundred Thirty-Seven Dollars and Fifty Cents), subject to tax withholding and other applicable deductions. This payment will be made in a lump sum in accordance with Section&nbsp;2(g) below; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Pay you a lump sum amount of $54,500.00 for your reasonable attorneys&#146; fees in
accordance with Section&nbsp;2(g) below, for which you will receive a 1099 tax form; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) On and as of the Separation Date, immediately
vest in you all unvested equity interests granted to you under the 2011 Stock Incentive Plan, any amendment thereto, and any other stock incentive plans, as amended, including but not limited to (i)&nbsp;stock options, (ii)&nbsp;shares of restricted
stock, (iii)&nbsp;restricted stock units and (iv)&nbsp;performance shares, granted to you (including but not limited to that purchased under the Management Stock Purchase Plan and any other plan or agreement). In accordance with your August&nbsp;3,
2015 Restricted Stock Unit Agreement, Section&nbsp;2(c)&nbsp;&#150; Section&nbsp;409A Award, and any other applicable Restricted Stock Unit Agreement, distribution pursuant thereto will be delayed until six months after the Separation Date and such
distribution shall be made on the first business day of the seventh month following the Separation Date. As an individual with inside information, you are restricted from selling stock until after the Company&#146;s second quarter earnings release
on December&nbsp;14, 2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Include a statement in the required 8K filing regarding the material terms of this Agreement and that your
termination was not for cause, which shall be filed within the time required by law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) All amounts due you under this Section&nbsp;2
shall be paid to you in a lump sum no later than the next regularly scheduled pay period following the Effective Date, which shall be December&nbsp;15, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. You acknowledge and agree that the payments and other benefits provided pursuant to this Agreement: (i)&nbsp;are in full discharge of any
and all liabilities and obligations of the Company to you, monetarily or with respect to employee benefits or otherwise, including but not limited to any and all obligations arising under any alleged written or oral employment agreement, policy,
plan or procedure of the Company and/or any alleged understanding or arrangement between you and the Company, other than the Company&#146;s obligation to comply with this Agreement; and (ii)&nbsp;exceed any payment, benefit, or other thing of value
to which you might otherwise be entitled under any policy, plan or procedure of the Company and/or any agreement between you and the Company; provided however this does not apply to and shall not discharge any rights or claims that you may have
under the provisions of any qualified retirement plans (401(k) and Cash Balance Plan) maintained by the Company and/or Company Entities in which you participated during your employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Release</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In
consideration for the payments and benefits to be provided you pursuant to paragraph&nbsp;2 above, you, for yourself and for your heirs, executors, administrators, trustees, legal representatives and assigns (hereinafter referred to collectively as
&#147;Releasors&#148;), forever release and discharge the Company and its past, present and future parent entities, subsidiaries, divisions, affiliates and related business entities, successors and assigns, assets, employee benefit plans or funds,
and any of its or their respective past, present and/or future directors, officers, fiduciaries, agents, trustees, administrators, employees and assigns, whether acting on behalf of the Company or in their individual capacities (collectively the
&#147;Company Entities&#148;) from any </P>

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and all claims, demands, causes of action, fees and liabilities of any kind whatsoever, whether known or unknown, which you ever had, now have, or may have against any of the Company Entities by
reason of any act, omission, transaction, practice, plan, policy, procedure, conduct, occurrence, or other matter up to and including the date on which you sign this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the generality of the foregoing, this Agreement is intended to and shall release the Company Entities from any and all
claims, whether known or unknown, which Releasors ever had, now have, or may have against the Companies Entities arising out of your employment and/or your separation from that employment, including, but not limited to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any claim under the Age Discrimination in Employment Act, Older Workers Benefit Protection Act, Title&nbsp;VII of the Civil
Rights Act of 1964, as amended, the Americans with Disabilities Act, as amended by the ADA Amendments Act of 2008, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, as amended, (excluding claims for accrued, vested benefits
under any employee benefit or pension plan of the Company Entities subject to the terms and conditions of such plan and applicable law), the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Health Insurance
Portability and Accountability Act, the Genetic Information Nondiscrimination Act, the National Labor Relations Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fair Labor Standards Act, the Occupational Safety and Health Act,
and the Sarbanes-Oxley Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any claim under the New York State Human Rights Law, New York Executive Law, as amended,
New York Rights of Persons with Disabilities Law, New York Nondiscrimination Against Genetic Disorders Law, New York Bias Against Cancer Victims Law, New York Adoptive Parents Child Care Leave Law, New York City Administrative Code, New York State
Constitution, New York City Constitution or common law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any other claim (whether based on federal, state, or local
law, statutory or decisional) relating to or arising out of your employment, the terms and conditions of such employment, the termination of such employment, and/or any of the events relating directly or indirectly to or surrounding the termination
of that employment, including but not limited to breach of contract (express or implied), wrongful discharge, covenant of good faith and fair dealing, detrimental reliance, retaliation, defamation, emotional distress, compensatory or punitive
damages, claims for benefits or fringe benefits, claims for, or relating to, stock, stock options, or restricted stock units, claims for compensation, including but not limited to wages, bonuses, commissions, or claims for severance of termination
pay; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Nothing in this Agreement shall be a release, waiver or discharge of claims that may arise after the date on which you sign
this Agreement, nor shall it affect your rights to engage in protected concerted activity under Section&nbsp;7 of the National Labor Relations Act. Nothing in this Agreement shall be a release, waiver or discharge of your right to enforce the terms
of this Agreement. Nothing in this Agreement shall release, waive or discharge any rights or claims that you may have under the provisions of qualified retirement plans (the 401(k) and Cash Balance Plan) maintained by the Company and/or Company
Entities and in which you participated during your employment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>No Claims Filed</U>. You represent and warrant that you have not commenced, maintained,
prosecuted or participated in any action, suit, charge, grievance, complaint or proceeding of any kind against Company Entities in any court or before any administrative or investigative body or agency and/or that you are hereby withdrawing with
prejudice any such complaints, charges, or actions that you may have filed against Company Entities. You further acknowledge and agree that by virtue of the foregoing, you have waived all relief available to you (including without limitation,
monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in paragraph 4 above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.
<U>Liability for Taxes; No Tax Guarantee.</U> You agree that you shall be solely responsible for the tax consequences with respect to all amounts payable under this Agreement, and in no event shall Company have any responsibility or liability, if
this Agreement, or any payment described in this Agreement, does not meet any applicable requirements of the Internal Revenue Code Section&nbsp;409A. You acknowledge that Company has provided no advice concerning tax, benefits, or COBRA eligibility
issues in connection with the payments identified in paragraph 2 or the negotiation of this Agreement. You further agree to indemnify and hold Company harmless from any and all liability, including, without limitation, all penalties, interest and
other costs that may be imposed by the Internal Revenue Service or other governmental agencies regarding any tax obligations that may arise from the payments paid to you under this Agreement, except, however, with respect to any liability or
obligation that Company may have had as to payroll-related tax withholdings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Code Section</U><U></U><U>&nbsp;409A</U>. The benefits
and payments provided under this Agreement are intended to be exempt from, or comply with, the applicable requirements of Section&nbsp;409A of the Internal Revenue Code and shall be limited, construed and interpreted in accordance with such intent.
To the extent that a payment or benefit hereunder is subject to Section&nbsp;409A, it is intended that it be paid in a manner that will comply with Section&nbsp;409A, including final regulations or any other guidance issued by the Secretary of the
Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision of this Agreement that is inconsistent with Section&nbsp;409A shall be deemed to be amended to comply with
Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></U>. (a)&nbsp;You agree that you will not disparage or
encourage or induce others to disparage the Company and any of the Company Entities, including but not limited to Dick Robinson, Satbir Bedi, Andrew Hedden, or Iole Lucchese. For the purposes of this Section&nbsp;8(a), the term &#147;disparage&#148;
means derogatory comments or statements, whether oral or written, to the business community, press and/or media, the Company Entities or any individual or entity with whom any of the Company Entities has a business relationship which would adversely
affect or impugn in any manner (i)&nbsp;the conduct of the business of any of the Company Entities (including, without limitation, any business plans or prospects) or (ii)&nbsp;the business reputation of the Company Entities or (iii)&nbsp;the
reputation, character, integrity, qualifications, or ethics of the above-named individuals who are included in the Company Entities. You agree that the Company will be injured if you violate this provision. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company agrees to instruct Dick Robinson, Satbir Bedi, Andrew Hedden and Iole Lucchese
not to disparage you or encourage or induce others to disparage you. The Company agrees that you will be injured if Dick Robinson, Satbir Bedi, Andrew Hedden and/or Iole Lucchese violate this provision. For purposes of this Section&nbsp;8(b), the
term &#147;disparage&#148; means derogatory comments or statements, whether oral or written, to the business community, press and/or media, the Company Entities, or any individual or entity with whom you or any of the Company Entities has a business
relationship, which would adversely affect or impugn in any manner your reputation, character, integrity, qualifications or ethics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.
<U>Reasonable Assistance</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) You agree that you will cooperate with the Company and/or the Company Entities and its or their
respective counsel, as reasonably requested by the Company, in connection with any investigation, administrative proceeding or litigation relating to any matter that occurred during your employment in which you were involved or of which you have
knowledge. In the event of such a request, you and the Company will agree on a mutually acceptable rate for your assistance at that time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) You agree that, in the event you are subpoenaed by any person or entity (including, but not limited to, any government agency) to give
testimony (in a deposition, court proceeding or otherwise) which in any way relates to your employment by the Company and/or the Company Entities, you will give prompt notice of such request to Andrew Hedden, EVP&nbsp;&amp; General Counsel (or his
successor) at 557&nbsp;Broadway, NY, NY 10012, and will make no disclosure until the Company and/or the Company Entities have had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure as long as
compliance herewith does not require you to violate the law or the terms of the subpoena. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Confidentiality of Agreement</U>. The
terms and conditions of this Agreement are and shall be deemed to be confidential, except as required by law, and shall not be disclosed by you to any person or entity without the prior written consent of the Company, except if required by law,
subpoena or Court or governmental agency order, and to your accountants, attorneys and/or spouse, provided that, to the maximum extent permitted by applicable law, rule, code or regulation, they agree to maintain the confidentiality of the
Agreement. You further represent that you have not disclosed the terms and conditions of the Agreement to anyone other than your attorneys, accountants and/or spouse. The Company shall also not disclose the terms and conditions of this Agreement,
except if required by law, subpoena or Court or governmental agency order, and to the Company&#146;s attorneys and auditors, and those employees with a need to know in order to effectuate the Company&#146;s obligations in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Confidential Information</U>. You agree that you will not, directly or indirectly, use, disclose, furnish or make accessible to any
third party any confidential, sensitive and/or proprietary information learned, discovered, developed, conceived or prepared by you during or as a result of your employment by the Company. For purposes of this Paragraph, confidential, sensitive
and/or proprietary information shall include but not be limited to: customer information, financial information, business plans and policies, methods of operation, strategic initiatives, and business development plans; it shall not include any
information which (i)&nbsp;was rightfully known by you prior to your employment by the Company; (ii)&nbsp;becomes publicly </P>

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available without any fault or involvement by you; or (iii)&nbsp;is generally known prior to the date upon which you propose to use, disclose, furnish or make assessable to any third party such
information. Nothing herein precludes you from responding to an order of a court or governmental agency or subpoena, provided you comply with Section&nbsp;9(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT></U>. You agree that for twelve (12)&nbsp;months after the Separation Date, you
will not, without the written prior consent of the Company, directly or indirectly, on your own behalf or on behalf of any other person or entity, solicit, contact, approach, encourage, induce or attempt to solicit, contact, approach, encourage or
induce any of the employees or agents of the Company or the Company Entities to terminate their employment or agency with the Company and/or the Company Entities. You further agree that for six (6)&nbsp;months after the Separation Date, you will
not, without the written prior consent of the Company, directly or indirectly, on your own behalf or on behalf of any other person or entity, solicit, contact, approach, encourage, induce or attempt to solicit, contact, approach, encourage or induce
any of the Company or Company Entities&#146; customers, vendors, or suppliers to terminate or alter their relationship or contractual relations with the Company and/or the Company Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You represent that you have not violated this Section&nbsp;12 during the period between the Separation Date and the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U><FONT STYLE="white-space:nowrap">Non-Compete</FONT></U>. You agree that for nine (9)&nbsp;months after the Separation Date, you will
not, without the written prior consent of the Company, directly or indirectly, on your own behalf or on behalf of any other person or entity, enter into the employ of, render any services or assistance to, acquire any financial interest in
(excluding any securities held in your 401k account as of the Separation Date), or otherwise become associated with (i)&nbsp;Penguin Random House, (ii)&nbsp;Time, Inc., (iii)&nbsp;Pearson or (iv)&nbsp;Houghton Mifflin Harcourt. You further agree,
that for six (6)&nbsp;months after the Separation Date, you will not, without the written prior consent of the Company, directly or indirectly, on your own behalf or on behalf of any other person or entity, enter into the employ of, render any
services or assistance to, acquire any financial interest in (excluding any securities held in your 401k account as of the Separation Date), or otherwise become associated with, any person or entity engaged in a business, including the trade
publishing and <FONT STYLE="white-space:nowrap">K-12</FONT> educational publishing industries, whose products and services are competitive with the Company&#146;s products or services which you supported while employed by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You represent that you have not violated this Section&nbsp;13 during the period between the Separation Date and the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Return of Company Property</U>. You represent that you have returned to the Company all property belonging to the Company and/or the
Company Entities, including but not limited to Blackberry, iPhone, laptop, desktop, keys, card access to the building and office floors, phone card, rolodex (if provided by the Company and/or the Company Entities), computer user name and password,
disks and/or voicemail code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Severability</U>. If any provision of this Agreement is held by a court of competent jurisdiction to
be illegal, void or unenforceable, such provision shall have no effect; however, the remaining provisions shall be enforced to the maximum extent possible. Further, if a court </P>

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should determine that any portion of this Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect
of the provision found overbroad or unreasonable. Additionally, if either party breaches the terms of this Agreement, it shall constitute a material breach as to which you and the Company may seek all relief available under the law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <U>No Admissions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement is
not intended, and shall not be construed, as an admission that you or any of the Company Entities has violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong
whatsoever. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Should any provision of this Agreement require interpretation or construction, it is agreed by the parties that the entity
interpreting or constructing this Agreement shall not apply a presumption against one party by reason of the rule of construction that a document is to be construed more strictly against the party who prepared the document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Successors and Assigns</U>. This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs,
executors, administrators, successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Choice of Law</U>. This Agreement shall be construed and enforced in accordance
with the laws of the State of New York without regard to the principles of conflicts of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Complete Agreement</U>. You
understand that this Agreement constitutes the complete understanding between the Company and you, and supersedes any and all agreements, understandings, and discussions, whether written or oral, between you and any of the Company Entities,
including the Severance Agreement dated September&nbsp;26, 2013, <U>provided</U>, that this Agreement shall not supersede those provisions of the Company&#146;s Code of Ethics which by their terms apply to former employees of the Company, or any
Stock Incentive Plan, Stock Option Agreement or Restricted Stock Unit Agreement except as otherwise expressly stated in Section&nbsp;2(e) above. No other promises or agreements shall be binding unless in writing and signed by both the Company and
you after the Effective Date of this Agreement. This Agreement may not be modified or amended unless in writing signed by you and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Voluntary and Knowing Agreement</U>. You acknowledge that you: (a)&nbsp;have carefully read this Agreement in its entirety;
(b)&nbsp;are hereby advised by the Company in writing to consult with an attorney of your choice in connection with this Agreement; (c)&nbsp;fully understand the significance of all of the terms and conditions of this Agreement and have discussed
them with your independent legal counsel, or have had a reasonable opportunity to do so; (d)&nbsp;have had answered to your satisfaction by your independent legal counsel any questions you have asked with regard to the meaning and significance of
any of the provisions of this Agreement; and (e)&nbsp;are signing this Agreement voluntarily and of your own free will and agree to abide by all the terms and conditions contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Review and Revocation Period</U>. You acknowledge that you have had an opportunity to consider this Agreement for at least <FONT
STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;days before signing it. You acknowledge and agree that any modifications, material or otherwise, made to the Agreement do </P>

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not restart or affect in any manner the original <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar day consideration period. You understand you may revoke this Agreement
within seven (7)&nbsp;days after you sign it by contacting Lindsey Cotter, SVP, Human Resources at <FONT STYLE="white-space:nowrap">(212)&nbsp;343-4679.</FONT> If you do not timely revoke this Agreement, it will become effective on the Effective
Date. If you revoke the Agreement, all of the terms and conditions contained herein will become null and void, including but not limited to the obligation of the Company to provide the payments and other benefits referred to in paragraph&nbsp;2
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Paragraph Headings</U>. The paragraph headings throughout this Agreement are for convenience and reference only and the
words therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction or meaning of the provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO FOLLOW] </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/Maureen O&#146;Connell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Maureen O&#146;Connell</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date: December 6, 2017</TD></TR>
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<TD VALIGN="top">STATE OF NEW YORK</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">)&nbsp;ss.:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">COUNTY&nbsp;OF&nbsp;NEW&nbsp;YORK</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 2017, before me personally came Maureen O&#146;Connell to me known and known to me to be the person described and who executed the foregoing
Agreement, and he/she duly acknowledged to me that he/she executed the same. </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Notary Public</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHOLASTIC INC.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Lindsey Cotter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date: December 6, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lindsey Cotter</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SVP, Human Resources</P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
