Exhibit 10.16 Second Amendment to the Scholastic Inc. 401(k) Savings and Retirement Plan
SECOND AMENDMENT TO THE
SCHOLASTIC INC. 401(K) SAVINGS AND RETIREMENT PLAN
In accordance with Section 12.1 of the Scholastic Inc. 401(k) Savings and Retirement Plan (the "Plan"), the Plan
is hereby amended in the following particulars, effective January 1, 1999:
1. The first three paragraphs of the Plan (the three immediately preceding Article I) are revised to read as follows:
The Plan was originally established effective January 1, 1986, as the Scholastic Inc. Employee Stock Ownership
Plan (the "Prior Plan") by Scholastic Inc. for the exclusive benefit of its eligible employees and their beneficiaries.
On July 16, 1987, SI Acquisition Inc. merged with Scholastic Inc. and, as a result of such merger, Scholastic Inc.
became a wholly-owned subsidiary of Scholastic Corporation (formerly known as SI Holdings Inc.), a Delaware
corporation. In addition, effective on the same date, the Prior Plan was renamed the Scholastic Inc. 401(k)
Savings and Retirement Plan and converted into a profit-sharing plan with a cash or deferred arrangement and a
savings feature (the "Plan").
The Plan is intended to provide employees of Scholastic Inc. and its affiliates that have adopted the Plan with the
opportunity to accumulate savings on a pre-tax and after-tax basis. Participation in the Plan by employees is
Scholastic Inc. amended and restated the Plan, effective as of June 1, 1992 (except as otherwise specifically
provided herein) to comply with the Tax Reform Act of 1986, subsequent legislation and governmental
regulations and certain administrative and conforming amendments. The Plan has thereafter been amended from
time to time. Scholastic Inc. and Scholastic Corporation have now determined it desirable to amend Section 1.11
of the Plan effective January 1, 1999, to designate Scholastic Corporation as the "Company" with all of the
powers, authority and responsibilities of the Company as outlin