Exhibit
10.2


SCHOLASTIC
CORPORATION

2007 OUTSIDE DIRECTORS’ STOCK INCENTIVE
PLAN

Stock Option Agreement


          SCHOLASTIC
CORPORATION, a Delaware corporation (the “Company”), hereby
grants to ______________________ (the “Outside Director”) an option (the
“Option”) to purchase three thousand (3,000) shares of common stock, par value
$.01 per share, of the Company (the “Common Stock”), at the price and on the
terms set forth herein, and in all respects subject to the terms and provisions
of the Scholastic Corporation 2007 Outside Directors’ Stock Incentive Plan (the
“Plan”), which terms and provisions are incorporated by reference herein.
Unless the context herein otherwise requires, the terms defined in the Plan
shall have the same meanings in this Agreement.


          1. Date
of Grant; Term of Option. The Option is granted effective as
of September __, 20__. The term of the Option is ten years from the date of
grant.


          2. Option
Exercise Price. The exercise price of the Option is $____ per
share, which price is the Fair Market Value per share on the date of grant.


          3. Exercise
of Option. The Option shall be exercisable only during its
term and only in accordance with the terms and provisions of the Plan and this Agreement
as follows:


                    (a) Right
to Exercise. The Option shall not be exercisable until
September __, 20__, the expiration of the twelve (12)-month period beginning on
the date of grant.


                    (b) Method
of Exercise. The Option shall be exercisable by written
notice to the Company specifying the number of shares of Common Stock in
respect to which the Option is being exercised and by following the procedures
established by the Company and its designated record keeper in effect at the
time of exercise. The certificate or certificates for the Common Stock as to
which the Option shall be exercised shall be registered in the name of the
Outside Director and may bear a legend as required under the Plan and/or under
applicable law.


                    (c) Restrictions
on Exercise. The Option may not be exercised if the issuance
of the Common Stock upon such exercise would constitute a violation of any
applicable federal or state securities laws or other laws or regulations. As a
condition to the exercise of the Option, the Company may require the Outside
Director to make any representation and warranty to the Company as may be
required by any applicable law or regulation.


                    (d) No
Shareholder Rights before Exercise and Issuance. No rights as
a shareholder shall exist with respect to the Common Stock subject to the
Option as a result of the grant of the Option. Such rights shall exist only
after issuance of a stock certificate following the exercise of the Option as
provided in this Agreement and the Plan.






          4. Termination of Services as an Outside
Director. 


                    (a) If
the Outside Director ceases to serve as a member of the Board of Directors of
the Company (the “Board”) for any reason other than death or disability, the
Outside Director shall have the right to exercise the Option at any time within
six (6) months after the date of such cessation to the extent that the Outside
Director was entitled to exercise the Option at the date of such cessation of
services (subject to any earlier expiration of the Option as provided under
this Agreement); provided that if the Outside Director ceases to serve on the
Board but is designated a Director Emeritus, his or her Option shall continue
to be exercisable as though the Outside Director continued to serve as a
Director until six (6) months after termination of his or her Director Emeritus
status or, if earlier, expiration of the Option under this Agreement.


                    (b) 
 If the Outside Director ceases to
serve as a Director on the Board by reason of his or her disability (as
determined by the Board), the Option may be exercised in full (even though the
twelve (12)-month holding period set forth in Section 3(a) may not yet have
expired) or in part by the Outside Director, or his or her legally appointed
representative, at any time within the twelve (12) months after the date of
such cessation of services (subject to any earlier expiration of the Option as
provided under this Agreement). 


                    (c) 
 If the Outside Director ceases to
serve as a Director on the Board by reason of his or her death, or if the
Outside Director dies within three (3) months after ceasing to serve as a
Director other than by reason of his or her disability or within twelve (12)
months after ceasing to serve as a Director by reason of his or her disability,
the Option may be exercised by the Outside Director’s heir or representative at
any time within twelve (12) months after the Outside Director’s death (subject
to any earlier expiration of the Option as provided under this Agreement) to
the following extent: (i) in the case of the Outside Director’s death while
serving as a Director, as to all or any part of the remaining unexercised
portion of the Option, notwithstanding that the Option may not have been
exercisable as of the date of the Outside Director’s death, and (ii) in the
case of the Outside Director’s death after he or she ceased to serve as a
Director as a result of disability or otherwise, to the extent that the Outside
Director was entitled to exercise the Option as of the date of his or her
death, giving effect to the provisions of the preceding subsections (a) and
(b).


                    (d) Notwithstanding the provisions of
this Section 4(b) and (c), in no event may an Option be exercised within six
(6) months from the date of grant. 


          5. Nontransferability of Option.
The Option may not be sold, pledged, assigned, hypothecated, gifted,
transferred or disposed of in any manner either voluntarily or involuntarily by
operation of law, other than by will or by the laws of descent and distribution
or pursuant to a qualified domestic relations order as provided by the Internal
Revenue Code of 1986 or the rules thereunder, and may be exercised during the
lifetime of the Outside Director only by the Outside Director. Subject to the
foregoing and the terms of the Plan, the terms of the Option shall be binding
upon the executors, administrators, heirs, successors and assigns of the
Outside Director.


          6. No Enlargement of Rights.
Neither the Plan nor the Option granted hereunder shall confer upon the Outside
Director any right to continue as a Director of the Company.


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The Outside Director
shall have only such rights and interests as are expressly provided in this
Agreement and the Plan.


          7. Withholding Tax Liability.
In connection with the exercise of the Option, the Company and the Outside
Director may incur liability for income withholding tax. The Outside Director
understands and agrees that if the Company is required to withhold part or all
of the Outside Director’s annual or meeting fees to pay any such withholding
tax, and that if such fees are insufficient, the Company may require the
Outside Director, as a condition of exercise of the Option, to pay in cash the
amount of any such withholding tax liability.


          8. Effect of the Plan on Option.
The Option is subject to, and the Company and the Outside Director agree to be
bound by, all of the terms and conditions of the Plan, as such may be amended
from time to time in accordance with the terms thereof, provided that no such
amendment shall deprive the Outside Director, without his or her consent, of
the Option or any rights hereunder. Pursuant to the Plan, the Committee
appointed by the Board of Directors of the Company is authorized to adopt rules
and regulations, consistent with the Plan and as it shall deem appropriate and
proper, with regard to the Plan. A copy of the Plan in its present form is
available for inspection during the Company’s business hours by the Outside
Director or the persons entitled to exercise the Option at the Company’s
principal office.


          9. Entire Agreement. The
terms of this Agreement and the Plan constitute the entire agreement between
the Company and the Outside Director with respect to the subject matter hereof
and supersede any and all previous agreements between the Company and the
Outside Director.


          10. If any provision of this Agreement, or the application of
such provision to any person or circumstances, is held valid or unenforceable,
the remainder of this Agreement, or the application of such provision to
persons or circumstances other than those as to which it is held valid or
unenforceable, shall not be affected thereby.


          11. Section
409A of the Code. It is the intention of the parties to this
Stock Option Agreement that no payment or entitlement pursuant to this Stock
Option Agreement will give rise to any adverse tax consequences to the Outside
Director under Section 409A of the Code or the regulations and other
interpretive guidance issued thereunder, including that issued after the date
hereof (collectively, “Section 409A”). The Stock Option Agreement and the Plan
shall be interpreted to that end and, consistent with that objective and
notwithstanding any provision herein or the Plan to the contrary, the Company
may unilaterally take any action it deems necessary or desirable to amend any
provision herein or in the Plan to avoid the application of, or the excise tax
under, Section 409A. Further, no effect shall be given to any provision in the
Plan or this Agreement in a manner that reasonably could be expected to give
rise to adverse tax consequences under Section 409A. Although the Company shall
consult with the Outside Director in good faith regarding implementation of
this Section 11, neither the Company nor its current or former employees,
officers, directors, agents or representatives shall have any liability to the
Outside Director with respect to any additional taxes, excise taxes,
accelerated taxation, penalties or interest for which the Outside Director may
become liable in the event that any amounts under this Agreement are determined
to violate Section 409A.


          IN
WITNESS WHEREOF, this Agreement has been executed by the
undersigned effective as of the day and year first set forth above.


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OUTSIDE
 DIRECTOR

	
 

	
SCHOLASTIC
 CORPORATION 


	
 

	
 

	
 


	


	
 

	



	
 

	
 

	
Richard Robinson


	
 

	
 

	
Chairman of the Board,


	
 

	
 

	
Chief Executive Officer
 & President





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