Document:

Exhibit 10.2

  STOCK UNIT AGREEMENT UNDER THE 

SCHOLASTIC CORPORATION 2001 STOCK INCENTIVE PLAN

     This Agreement (the “Agreement”)
is entered into as of the ___ day of ____________
, 20__, by and between Scholastic Corporation (the “Company”) and _______________
(the “Participant”). 

W I T N E S S E
T H:

     WHEREAS, the Company has adopted the Scholastic Corporation 2001 Stock Incentive Plan (the “Plan”), which is administered by a Committee
appointed by the Company’s Board of Directors (the “Committee”); and 

     WHEREAS, pursuant to Section 3.3 of the Plan, the Committee also adopted guidelines for the grant of Stock Units under the Plan (the
“Guidelines”), which constitute an Other Stock-Based Award under the Plan. 

     NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 

     1.      Grant of Stock Units.

      Subject
to the restrictions and other conditions set forth herein, the Committee has
authorized this grant of __________  Stock Units on _____________, 20__ (the
“Grant Date”).

        2.     
    Vesting and Payment. 

             (a)
    Except as provided in Section 2(c) of this Agreement, 25% of the Award of
    Stock Units shall vest on a date that is
    thirteen months after the Grant Date (“Initial Vesting Date”) and
    an additional 25% of such Award of Stock Units shall vest on each succeeding
    anniversary of the Grant Date, provided  that the Participant is continuously
    employed by the Company or any of its Affiliates (including any period during
    which the Participant is on leave of absence or any other break in employment
    in accordance with the Company’s policies and
procedures) on each applicable vesting date.

             (b) Except as provided in Section 2(c) and Section 2A.4 of this Agreement, a share of Common Stock shall be distributed
with respect to each vested Stock Unit as soon as practicable following the applicable vesting date. 

             (c) Upon a Termination of Employment or Termination of Consultancy (as applicable) by the Participant for Good Reason, by
the Company without Cause or as a result of the Participant’s death, Disability or Retirement, all outstanding unvested Stock Units shall immediately vest and a share of Common Stock with respect to each Stock Unit shall be distributed as soon
as practicable following such termination; provided, however, that, if a Participant makes a deferral election with respect to such Award, the foregoing accelerated vesting and
payment provisions shall not apply to the Award if the Participant’s Termination of Employment or Termination of Consultancy (as applicable) under the circumstances described herein occurs on or before the Initial Vesting Date; provided, further, however, that, the foregoing accelerated vesting and payment provisions shall apply to any unvested Stock Units covered by such Award if the Participant’s Termination
of Employment or Termination of Consultancy (as applicable) under the circumstances described herein occurs after the Initial Vesting Date. Notwithstanding the foregoing, to the extent required by Section 409A of the Code and the Treasury
Regulations upon a Termination of Employment or Termination of Consultancy (other than as a result of death or Disability) of a Key Employee, distributions shall be delayed until six months after Termination of Employment or Termination of
Consultancy if such termination constitutes a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and the Treasury Regulations. 

             (d) Except as otherwise provided in Section 2(c) of this Agreement, Stock Units that are not vested as of the date of the
Participant’s Termination of Employment or Termination of Consultancy for any reason shall terminate and be forfeited in their entirety as of the date of such termination. Stock Units that are vested as of

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the date of the Participant’s Termination of Employment or Termination of Consultancy, as applicable, shall be distributed to the Participant as of the date of such termination. 

     2A.      Deferral of Payment Date,

 2A.1 Deferral
      Election. In accordance with the Guidelines,
      the Participant may elect to defer, for a period of time (expressed in
      whole years), of not less than five years, the scheduled payment dates
      of the Stock Units covered by the Award, provided that:

      (a)       in order for a deferral election under this Section 2A.1 to be effective,
  the Participant must make the election prior to
  one year from the date of the initial payment date;

       (b)       a deferral election made by the Participant pursuant to this Section 2A.1
  shall defer each payment date by the same period of time elected (e.g., if
    a Participant elects a deferral period of five years, the Stock Units scheduled
    to be paid on October 19, 2007 will be paid on October 19, 2012, the Stock
    Units scheduled to be paid on September 19, 2008 will be paid on September
    19, 2013, etc); and

       (c)
         the Participant may not elect a deferral period (expressed in whole years)
    that is less than five years, measured from each of the payment dates.

It is intended
    that any deferral election made under this Section 2A.1 constitute a change
    in payment election covered by the transition relief available under IRS
    Notice 2005-1, Q&A-19(c), as modified by the Proposed Treasury regulations
    under Section 409A of the Code.  

2A.2 Subsequent
      Deferral Elections.  The Participant
      shall also be permitted to extend the deferred payment dates he or she
      elected pursuant to Section 2A.1, provided that: (a) in order to be effective,
      the Participant must make the subsequent deferral election at least (12)
      twelve months prior to the first scheduled deferred payment date; (b) a
      subsequent deferral election made by the Participant pursuant to this Section
      2A shall defer each previously deferred payment date by the same period
      of time (expressed in whole years) of not less than five years; and (c)
      the Participant’s subsequent deferral election will not become effective
      until (12) twelve months after the date on which it is made.

 2A.3 Procedures.  The
    Participant must make any deferral election permitted under this section
    in writing on the election form and in accordance with the procedures established
    by the Company. A deferral election is valid solely with respect to the Stock
    Units identified on the election form and must comply with the requirements
    of Section 2A to be given effect. 

 2A.4 Deferred
      Distributions. If the Participant
      defers the payment of Stock Units under this section, the distribution
      of such units, to the extent vested, shall be made to the Participant on
      the earlier of: (a) the deferred payment date or (b) the Participant’s
      Termination of Employment or Termination of Consultancy, as applicable,
      subject to the special rules in such section applicable to distributions
      to Key Employees; provided, however, that,
      no distribution shall be made upon a Participant’s Termination of
      Employment or Termination of Consultancy unless such termination constitutes
      a “separation from service” within the meaning of Section 409A(a)(2)(A)(i)
      of the Code and the Treasury regulations thereunder. 

 2A.5 Section
      409A. This Agreement is intended to
      comply with Section 409A of the Code and the Company shall construe, interpret
      and amend the provisions of this Agreement in such manner as the Company
      deems necessary, in its sole discretion, to comply with Section 409A of
      the Code but in no event shall the foregoing provisions or any other provision
      of this Agreement, the Plan or the Guidelines be construed as a guarantee
      by the Company of any particular tax treatment. 

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     3.      Withholding. 

     Participant shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable federal, state and local or foreign taxes that the
Company is required to withhold at any time. In the absence of such arrangements, the Company or one of its Affiliates shall have the right to withhold such taxes from the Participant’s normal pay or other amounts payable to the Participant. In
addition, any statutorily required withholding obligation may be satisfied, in whole or in part, at the Participant’s election, in the form and manner prescribed by the Committee, by delivery of shares of Common Stock (including shares issuable
under this Agreement). 

     4.      Plan and Guidelines. 

     In addition to the terms and conditions set forth herein, the Stock Units are subject to and governed by the terms and conditions set forth in the Plan and the Guidelines, which are hereby
incorporated by reference. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan and the Guidelines. 

     5.      Restrictions on Sale.

     Affiliates may resell Common Stock only pursuant to an effective registration statement under the Securities Act, pursuant to Rule 144 under the Securities Act, or pursuant to another exemption
from registration under the Securities Act. 

     6.      Amendment. 

     To the extent applicable, the Board or the Committee may at any time and from time to time amend, in whole or in part, any or all of the provisions of this Agreement to comply with Section 409A
of the Code and the regulations thereunder or any other applicable law and may also amend, suspend or terminate this Agreement subject to the terms of the Plan.

     7.      Notices. 

     Any notice given hereunder shall be in writing and shall be deemed to have been duly given: (i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on
the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify): If
to the Company, to: 

 Scholastic
    Corporation 

  557 Broadway

  New York, New York 10012 

Attention: Corporate Secretary Department 

     If to the Participant, to the most recent address on file with the Company. 

 

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 

 

	 	SCHOLASTIC CORPORATION 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 
	 
	 	Title:	 
	 
	 	 	 	 
	 	PARTICIPANT	 
	 	 	 
	 	 
	 

 

4EXHIBIT 10.1

<PAGE>

                            WAUWATOSA HOLDINGS, INC.
                           2006 EQUITY INCENTIVE PLAN

                                     FORM OF
                             STOCK OPTION AGREEMENT
                                   (EMPLOYEE)

     A. STOCK OPTIONS  ("Options") for a total of ____________  shares of Common
Stock,  par value $0.01 per share, of Wauwatosa  Holdings,  Inc. (the "Company")
are hereby granted to _______________  (the  "Participant").  Stock Appreciation
Rights with respect to a total of  _____________  shares are also granted to the
Participant  and relate to the  Options  granted  hereunder.  Participant  is an
employee of the Company, Wauwatosa Savings Bank (the "Bank"), or an affiliate of
the  Company  or the  Bank.  The  grant  and  terms  of the  Options  and  Stock
Appreciation  Rights shall be subject in all respects to the Wauwatosa Holdings,
Inc. 2006 Equity  Incentive  Plan (the  "Plan").  The terms of this Stock Option
Agreement are subject to the terms and conditions of the Plan.

     B. The Option  exercise  price of the Common Stock is $________  per share,
the  Fair  Market  Value  (as  defined  in the  Plan)  of the  Common  Stock  on
__________, 2007, the date of grant.

     C. The Options granted hereunder shall vest in five (5) approximately equal
annual installments, with the first installment vesting and becoming exercisable
on the first  anniversary  of the date of grant,  or on __________ __, 2008, and
succeeding  installments on each anniversary  thereafter through ___________ __,
2012. To the extent that the Options awarded are not evenly  divisible by "five"
(5), then the Options in excess of those evenly divisible by 5 shall vest at the
rate of one per  year,  commencing  with the  initial  installment  vesting  and
continuing until each such Option is fully vested. For example,  an award of 103
Options  would vest at the rate of 21  Options  on the  first,  second and third
anniversaries  of the date of  grant,  and at the rate of 20 on the  fourth  and
fifth  anniversaries of the date of grant. The Options granted  hereunder may be
exercised  for up to  ten  (10)  years  from  the  date  of  grant,  subject  to
sub-paragraph E below.

     D. All Options granted to Participant shall be deemed to be Incentive Stock
Options to the maximum  extent  permitted  under the  Internal  Revenue Code and
regulations.

     E. If you terminate employment for any reason other than death, disability,
following a Change in Control  (as  defined in the Plan) or for cause,  unvested
Options will be forfeited and vested Options will be exercisable for a period of
up to three (3) months following  termination.  If you terminate employment with
the Bank or the  Company  due to  death,  disability  or  following  a Change in
Control,  your Options,  whether or not  exercisable  at such time,  will become
exercisable by you (or your legal  representative  or  beneficiary)  for one (1)
year following termination;  provided,  however,  except in the case of death or
disability,  such Options shall not be eligible for treatment as Incentive Stock
Options  in the event  such  Option is  exercised  more  than  three (3)  months
following  termination.  In order to obtain Incentive Stock Option treatment for
an Option  exercised by the heirs or devisees of the  Participant,  the death of
the  Participant  must have occurred  while the  Participant  is employed by the
Company  or an  affiliate,  or  within  three (3)  months  of the  Participant's
termination of employment. In no event will the period of exercise extend beyond
the expiration of the Option term. If you are terminated for cause, Options will
be  exercisable  only as to those Options in which you are vested at the time of
such termination and must be exercised by the date you cease to perform services
for the Company.  All rights under this Agreement shall expire after the date of
your termination of employment for cause.

     F. Stock  Appreciation  Rights  ("SARs") are hereby granted with respect to
all  Options  granted  hereunder.  SARs are  granted in tandem  with the Options

<page>
granted  hereunder  and the exercise of one will cause the  cancellation  of the
other. If the Participant  exercises SARs, the Participant  will not be required
to pay the exercise  price of the related Option and will be entitled to receive
Common Stock of the Company  equal in value to the  difference  between the Fair
Market Value of the Common Stock on the date of exercise and the exercise  price
of the related Options (which will be cancelled).

     Example:  Participant  receives 1,000 Options and related SARs. The Options
     have an exercise  price of $12.  When the Company  Stock is trading at $18,
     the Participant  exercises 300 SARs.  Because the Participant has exercised
     SARs,  the  Participant  does  not  have to pay  the  exercise  price.  The
     Participant receives 100 shares of the Company stock.

         $18  Common Stock
       - $12  exercise price
         $ 6  SAR value
       x 300  SARs exercised
        $1,800/18  Common Stock = 100 shares

     G.  Options may not be  exercised if the issuance of shares of Common Stock
of the Company upon such exercise would constitute a violation of any applicable
federal or state securities or other law or regulation.  The  Participant,  as a
condition  to exercise of the Options,  shall  represent to the Company that the
shares of Common Stock of the Company that he acquires pursuant to such exercise
are being  acquired by such  Participant  for  investment and not with a present
view to  distribution  or resale,  unless counsel for the Company is then of the
opinion that such a  representation  is not required under the Securities Act of
1933 or any  other  applicable  law,  regulation,  or  rule of any  governmental
agency.

     H. All Options  granted to the  Participant as Incentive  Stock Options may
not be transferred in any manner  otherwise than by will or the laws of descent,
and  may be  exercised  during  the  lifetime  of the  Participant  only by such
Participant  or  the   Participant's   duly   appointed   guardian  or  personal
representative.

     I. A copy of the Plan has been provided to the Participant. The Participant
is not required to exercise the Options as to any particular number or shares at
one  time,  but the  Options  must  be  exercised,  if at all and to the  extent
exercised, by no later than ten years from the date of grant. The Options may be
exercised during such term only in accordance with the terms of the Plan. In the
event of any inconsistency between this Agreement and the Plan, the terms of the
Plan will control.

     J. All exercises of the Options must be made by executing and returning the
Notice of  Exercise  of Stock  Options  attached  hereto as  Exhibit A, and upon
receipt of any shares of Common  Stock upon the  exercise  of any  Options,  the
recipient shall complete and return to the Company the Acknowledgment of Receipt
of Stock Option Shares  attached  hereto as Exhibit B. All exercises of the SARs
must be made by  executing  and  returning  the  Notice  of  Exercise  of  Stock
Appreciation Rights attached hereto as Exhibit C, and upon receipt of any shares
of Common Stock upon the exercise of any SARs, the recipient  shall complete and
return to the Company the  Acknowledgment  of Receipt of Shares of Common  Stock
attached hereto as Exhibit D.

<page>

     K.  This  Agreement  shall  not be  deemed  to  constitute  a  contract  of
employment  between the parties hereto,  nor shall any provision hereof restrict
the right of the Company or the Bank to discharge  the  Participant  or restrict
the right of the Participant to terminate his employment.

     L.  The  Participant  acknowledges  receipt  of a  copy  of  the  Wauwatosa
Holdings,  Inc. 2006 Equity  Incentive Plan and  represents  that he is familiar
with the terms and provisions  thereof.  Participant  hereby accepts the Options
subject to all the terms and  provisions of such Plan.  The  Participant  hereby
agrees  to  accept  as  binding,   conclusive,   and  final  all  decisions  and
interpretations  of the Committee  established to administer  such Plan upon any
questions arising under such Plan.

Date:
     -----------------------

ATTEST:                                     WAUWATOSA HOLDINGS, INC.

_____________________________                _______________________________

WITNESS:                                             PARTICIPANT

_____________________________                _______________________________

 This Stock Option Agreement must be executed in duplicate originals, with one
 original retained by the Company and one original retained by the Participant.

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