{"id":41008,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/exchange-agreement-debentures-school-specialty-inc.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"exchange-agreement-debentures-school-specialty-inc","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/exchange-agreement-debentures-school-specialty-inc.html","title":{"rendered":"Exchange Agreement &#8211; Debentures &#8211; School Specialty, Inc."},"content":{"rendered":"<p align=\"center\"><strong>EXCHANGE AGREEMENT<\/strong><\/p>\n<p align=\"center\">\n<p>___________________ (the &#8220;<strong>Undersigned<\/strong>&#8220;), for itself and on<br \/>\nbehalf of the beneficial owners listed on <u>Exhibit A<\/u> hereto<br \/>\n(&#8220;<strong>Accounts<\/strong>&#8220;) for whom the Undersigned holds contractual and<br \/>\ninvestment authority (each Account, as well as the Undersigned if it is<br \/>\nexchanging Existing Debentures (as defined below) hereunder, a<br \/>\n&#8220;<strong>Holder<\/strong>&#8220;), enters into this Exchange Agreement (the<br \/>\n&#8220;<strong>Agreement<\/strong>&#8220;) with School Specialty, Inc., a Wisconsin<br \/>\ncorporation (the &#8220;<strong>Company<\/strong>&#8220;) on July ___, 2011 whereby the<br \/>\nHolders will exchange (the &#8220;<strong>Exchange<\/strong>&#8220;) the Company153s 3.75%<br \/>\nConvertible Subordinated Debentures due 2026 issued pursuant to the Indenture,<br \/>\ndated as of November 22, 2006, between the Company and The Bank of New York<br \/>\nTrust Company, N.A. (the &#8220;<strong>Existing Debentures<\/strong>&#8220;) for the<br \/>\nCompany153s 3.75% Convertible Subordinated Debentures due 2026 (the &#8220;<strong>New<br \/>\nDebentures<\/strong>&#8220;) that will be issued pursuant to the Indenture, dated as of<br \/>\nMarch 1, 2011 (the &#8220;<strong>Indenture<\/strong>&#8220;), between the Company and The<br \/>\nBank of New York Mellon Trust Company, N.A., as Trustee (the<br \/>\n&#8220;<strong>Trustee<\/strong>&#8220;) attached hereto as <u>Exhibit B<\/u>.<\/p>\n<\/p>\n<p>On and subject to the terms hereof, the parties hereto agree as follows:<\/p>\n<\/p>\n<p align=\"center\"><strong><u>Article I<\/u><\/strong><strong>: Exchange of the<br \/>\nExisting Debentures for New Debentures<\/strong><\/p>\n<p align=\"center\">\n<p>At the Closing (as defined herein), the Undersigned hereby agrees to cause<br \/>\nthe Holders to exchange and deliver to the Company the following Existing<br \/>\nDebentures, and in exchange therefor the Company hereby agrees to issue to the<br \/>\nHolders the principal amount of New Debentures described below:<\/p>\n<\/p>\n<\/p>\n<p>Principal Amount of Existing Debentures to be Exchanged: $<u> <\/u> <br \/>\n(the &#8220;<strong>Exchanged Debentures<\/strong>&#8220;).<\/p>\n<\/p>\n<p>Original Principal Amount (before any accretion) of New Debentures to be<br \/>\nIssued in the Exchange:<\/p>\n<p>$<u> <\/u> <br \/>\n(the &#8220;<strong>Holders153 New<\/strong> <strong>Debentures<\/strong>&#8220;).<\/p>\n<\/p>\n<p>The closing of the Exchange (the &#8220;<strong>Closing<\/strong>&#8220;) shall occur on a<br \/>\ndate (the &#8220;<strong>Closing Date<\/strong>&#8220;) no later than three business days<br \/>\nafter the date of this Agreement, provided that the Closing (and the Closing<br \/>\nDate) shall not occur unless and until an aggregate of at least $50,000,000<br \/>\nprincipal amount of Existing Debentures (including the Exchanged Debentures in<br \/>\nthis Exchange) are simultaneously exchanged for New Debentures on financial<br \/>\nterms substantially the same as those set forth herein. At the Closing, (a) each<br \/>\nHolder shall deliver or cause to be delivered to the Company all right, title<br \/>\nand interest in and to its Exchanged Debentures free and clear of any mortgage,<br \/>\nlien, pledge, charge, security interest, encumbrance, title retention agreement,<br \/>\noption, equity or other adverse claim thereto (collectively,<br \/>\n&#8220;<strong>Liens<\/strong>&#8220;), together with any documents of conveyance or transfer<br \/>\nthat the Company may deem necessary or desirable to transfer to and confirm in<br \/>\nthe Company all right, title and interest in and to the Exchanged Debentures<br \/>\nfree and clear of any Liens, and (b) the Company shall deliver to each Holder<br \/>\nthe principal amount of Holders153 New Debentures specified on <u>Exhibit A<\/u><br \/>\nhereto (or, if there are no Accounts, the Company shall deliver to the<br \/>\nUndersigned, as the sole Holder, the Holders153 New Debentures specified above);<br \/>\nprovided, however, that the parties acknowledge that the delivery of the<br \/>\nHolders153 New Debentures to the Holder may be delayed due to procedures and<br \/>\nmechanics within the system of the Depository Trust Company and that such delay<br \/>\nwill not be a default under this Agreement so long as (i) the Company is using<br \/>\nits best efforts to effect the issuance of one or more global debentures<br \/>\nrepresenting the New Debentures, (ii) such delay is no longer than three<br \/>\nbusiness days, and (iii) interest shall accrue on such New Debentures from the<br \/>\nlatest Interest Payment Date under the Indenture. Simultaneously with or after<br \/>\nthe Closing, the Company may issue New Debentures to one or more other holders<br \/>\nof outstanding Existing Debentures or to other investors, subject to the terms<br \/>\nof the Indenture .<\/p>\n<\/p>\n<\/p>\n<p><\/p>\n<\/p>\n<p align=\"center\"><strong><u>Article II<\/u><\/strong><strong>: Covenants,<br \/>\nRepresentations and Warranties of the Holders<\/strong><\/p>\n<p align=\"center\">\n<p>Each Holder (and, where specified below, the Undersigned) hereby covenants<br \/>\n(solely as to itself), as follows, and makes the following representations and<br \/>\nwarranties (solely as to itself), each of which is and shall be true and correct<br \/>\non the date hereof and at the Closing, to the Company, Lazard Fr \u00a8res &amp; Co.<br \/>\nLLC and Lazard Capital Markets LLC, and all such covenants, representations and<br \/>\nwarranties shall survive the Closing.<\/p>\n<\/p>\n<p><strong>Section 2.1<\/strong><\/p>\n<\/p>\n<p><strong><u>Power and Authorization.<\/u><\/strong> The Holder is duly<br \/>\norganized, validly existing and in good standing, and has the power, authority<br \/>\nand capacity to execute and deliver this Agreement, to perform its obligations<br \/>\nhereunder, and to consummate the Exchange contemplated hereby. If the<br \/>\nUndersigned is executing this Agreement on behalf of Accounts, (a) the<br \/>\nUndersigned has all requisite discretionary and contractual authority to enter<br \/>\ninto this Agreement on behalf of, and bind, each Account, and (b) <u>Exhibit<br \/>\nA<\/u> hereto is a true, correct and complete list of (i) the name of each<br \/>\nAccount, (ii) the principal amount of such Account153s Exchanged Debentures, and<br \/>\n(iii) the principal amount of Holders153 New Debentures to be issued to such<br \/>\nAccount in respect of its Exchanged Debentures.<\/p>\n<\/p>\n<p><strong>Section 2.2<\/strong><\/p>\n<\/p>\n<p><strong><u>Valid and Enforceable Agreement; No Violations.<\/u><\/strong> This<br \/>\nAgreement has been duly executed and delivered by the Undersigned and the Holder<br \/>\nand constitutes a legal, valid and binding obligation of the Undersigned and the<br \/>\nHolder, enforceable against the Undersigned and the Holder in accordance with<br \/>\nits terms, except that such enforcement may be subject to (a) bankruptcy,<br \/>\ninsolvency, fraudulent transfer, reorganization, moratorium or other similar<br \/>\nlaws affecting or relating to enforcement of creditors153 rights generally, and<br \/>\n(b) general principles of equity, whether such enforceability is considered in a<br \/>\nproceeding at law or in equity (the &#8220;<strong>Enforceability<br \/>\nExceptions<\/strong>&#8220;). This Agreement and consummation of the Exchange will not<br \/>\nviolate, conflict with or result in a breach of or default under (i) the<br \/>\nUndersigned153s or the Holder153s organizational documents, (ii) any agreement or<br \/>\ninstrument to which the Undersigned or the Holder is a party or by which the<br \/>\nUndersigned or the Holder or any of their respective assets are bound, or (iii)<br \/>\nany laws, regulations or governmental or judicial decrees, injunctions or orders<br \/>\napplicable to the Undersigned or the Holder.<\/p>\n<\/p>\n<p><strong>Section 2.3<\/strong><\/p>\n<\/p>\n<p><strong><u>Title to the Exchanged Debentures.<\/u><\/strong> The Holder is the<br \/>\nsole legal and beneficial owner of the Exchanged Debentures set forth opposite<br \/>\nits name on <u>Exhibit A<\/u> hereto (or, if there are no Accounts, the<br \/>\nUndersigned is the sole legal and beneficial owner of all of the Exchanged<br \/>\nDebentures). The Holder has good, valid and marketable title to its Exchanged<br \/>\nDebentures, free and clear of any Liens (other than pledges or security<br \/>\ninterests that the Holder may have created in favor of a prime broker under and<br \/>\nin accordance with its prime brokerage agreement with such broker). The Holder<br \/>\nhas not, in whole or in part, except as described in the preceding sentence, (a)<br \/>\nassigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of<br \/>\nany of its Exchanged Debentures or its rights in its Exchanged Debentures, or<br \/>\n(b) given any person or entity any transfer order, power of attorney or other<br \/>\nauthority of any nature whatsoever with respect to its Exchanged Debentures.<br \/>\nUpon the Holder153s delivery of its Exchanged Debentures to the Company pursuant<br \/>\nto the Exchange, such Exchanged Debentures shall be free and clear of all Liens<br \/>\ncreated by the Holder. Upon the Closing, the Holder shall not be entitled to any<br \/>\ninterest on the Exchanged Debentures irrespective of whether such interest<br \/>\naccrued before or after the Closing.<\/p>\n<\/p>\n<p><strong>Section 2.4<\/strong><\/p>\n<\/p>\n<p><strong><u>Accredited Investor.<\/u><\/strong> The Holder is either a<br \/>\n&#8220;qualified institutional buyer&#8221; within the meaning of Rule 144A promulgated<br \/>\nunder the Securities Act of 1933, as amended (the &#8220;<strong>Securities<br \/>\nAct<\/strong>&#8220;), or an &#8220;accredited investor&#8221; within the meaning of Rule 501 of<br \/>\nRegulation D (&#8220;<strong>Regulation D<\/strong>&#8220;) promulgated under the Securities<br \/>\nAct.<\/p>\n<\/p>\n<p><strong>Section 2.5<\/strong><\/p>\n<\/p>\n<p><strong><u>No Affiliate Status.<\/u><\/strong> The Holder is not, and has not<br \/>\nbeen during the consecutive three month period preceding the date hereof, a<br \/>\ndirector, officer or &#8220;affiliate&#8221; within the meaning of Rule 144 promulgated<br \/>\nunder the Securities Act (an &#8220;<strong>Affiliate<\/strong>&#8220;) of the Company. To<br \/>\nits knowledge, the Holder did not acquire any of the Exchanged Debentures,<br \/>\ndirectly or indirectly, from an Affiliate of the Company.<\/p>\n<\/p>\n<\/p>\n<p align=\"center\">2<\/p>\n<p align=\"center\">\n<\/p>\n<p><strong>Section 2.6<\/strong><\/p>\n<\/p>\n<p><strong><u>No Illegal Transactions.<\/u><\/strong> Each of the Undersigned and<br \/>\nthe Holder has not, directly or indirectly, and no person acting on behalf of or<br \/>\npursuant to any understanding with it has, engaged in any transactions in the<br \/>\nsecurities of the Company (including, without limitation, any Short Sales (as<br \/>\ndefined below) involving any of the Company153s securities) since the time that<br \/>\nthe Undersigned was first contacted by either the Company, Lazard Fr \u00a8res &amp;<br \/>\nCo. LLC or Lazard Capital Markets LLC or any other person regarding the<br \/>\nExchange, this Agreement or an investment in the New Debentures or the Company.<br \/>\nEach of the Undersigned and the Holder covenants that neither it nor any person<br \/>\nacting on its behalf or pursuant to any understanding with it will engage,<br \/>\ndirectly or indirectly, in any transactions in the securities of the Company<br \/>\n(including Short Sales) prior to the time the transactions contemplated by this<br \/>\nAgreement are publicly disclosed. &#8220;<strong>Short Sales<\/strong>&#8221; include,<br \/>\nwithout limitation, all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO<br \/>\npromulgated under the Securities Exchange Act of 1934, as amended (the<br \/>\n&#8220;<strong>Exchange Act<\/strong>&#8220;), and all types of direct and indirect stock<br \/>\npledges, forward sale contracts, options, puts, calls, short sales, swaps,<br \/>\nderivatives and similar arrangements (including on a total return basis), and<br \/>\nsales and other transactions through non-U.S. broker-dealers or foreign<br \/>\nregulated brokers. Solely for purposes of this Section 2.6, subject to the<br \/>\nUndersigned153s and the Holder153s compliance with their respective obligations<br \/>\nunder the U.S. federal securities laws and the Undersigned153s and the Holder153s<br \/>\nrespective internal policies, (a) &#8220;Undersigned&#8221; and &#8220;Holder&#8221; shall not be deemed<br \/>\nto include any employees, subsidiaries or affiliates of the Undersigned or the<br \/>\nHolder that are effectively walled off by appropriate &#8220;Chinese Wall&#8221; information<br \/>\nbarriers approved by the Undersigned153s or the Holder&#8217;s respective legal or<br \/>\ncompliance department (and thus have not been privy to any information<br \/>\nconcerning the Exchange) , and (b) the foregoing representations of this Section<br \/>\n2.6 shall not apply to any transaction by or on behalf of an Account that was<br \/>\neffected without the advice or participation of, or such Account153s receipt of<br \/>\ninformation regarding the Exchange provided by, the Undersigned.<\/p>\n<\/p>\n<p><strong>Section 2.7<\/strong><\/p>\n<\/p>\n<p><strong><u>Adequate Information; No Reliance.<\/u><\/strong> The Holder<br \/>\nacknowledges and agrees that (a) the Holder has been furnished with all<br \/>\nmaterials it considers relevant to making an investment decision to enter into<br \/>\nthe Exchange and has had the opportunity to review (i) the Company153s filings and<br \/>\nsubmissions with the Securities and Exchange Commission (the<br \/>\n&#8220;<strong>SEC<\/strong>&#8220;), including, without limitation, all information filed or<br \/>\nfurnished pursuant to the Exchange Act and (ii) a draft form of Current Report<br \/>\non Form 8-K (the &#8220;<strong>Anticipated Disclosure<\/strong>&#8220;) disclosing all<br \/>\nmaterial terms of the Exchange and certain other matters concerning the Company,<br \/>\nthe substance of which will be publicly issued or filed with the SEC in<br \/>\naccordance with Section 3.6 below, (b) the Holder has had a full opportunity to<br \/>\nask questions of the Company concerning the Company, its business, operations,<br \/>\nfinancial performance, financial condition and prospects, and the terms and<br \/>\nconditions of the Exchange, (c) the Holder has had the opportunity to consult<br \/>\nwith its accounting, tax, financial and legal advisors to be able to evaluate<br \/>\nthe risks involved in the Exchange and to make an informed investment decision<br \/>\nwith respect to such Exchange and (d) the Holder is not relying, and has not<br \/>\nrelied, upon any statement, advice (whether accounting, tax, financial, legal or<br \/>\nother), representation or warranty made by the Company or any of its affiliates<br \/>\nor representatives including, without limitation, Lazard Fr \u00a8res &amp; Co. LLC<br \/>\nand Lazard Capital Markets LLC, except for (A) the publicly available filings<br \/>\nand submissions made by the Company with the SEC under the Exchange Act, (B) the<br \/>\nAnticipated Disclosure, and (C) the representations and warranties made by the<br \/>\nCompany in this Agreement.<\/p>\n<\/p>\n<p><strong>Section 2.8<\/strong><\/p>\n<\/p>\n<p><strong><u>No Public Market.<\/u><\/strong> The Holder understands that no<br \/>\npublic market exists for the New Debentures, and that there is no assurance that<br \/>\na public market will ever develop for the New Debentures.<\/p>\n<\/p>\n<p align=\"center\"><strong><u>Article III<\/u><\/strong><strong>: Covenants,<br \/>\nRepresentations and Warranties of the Company<\/strong><\/p>\n<p align=\"center\">\n<p>The Company hereby covenants as follows, and makes the following<br \/>\nrepresentations and warranties, each of which is and shall be true and correct<br \/>\non the date hereof and at the Closing, to the Holders, Lazard Fr \u00a8res &amp; Co.<br \/>\nLLC and Lazard Capital Markets LLC, and all such covenants, representations and<br \/>\nwarranties shall survive the Closing.<\/p>\n<\/p>\n<p><strong>Section 3.1<\/strong><\/p>\n<\/p>\n<p><strong><u>Power and Authorization.<\/u><\/strong> The Company is duly<br \/>\nincorporated, validly existing and in good standing under the laws of its state<br \/>\nof incorporation, and has the power, authority and capacity to execute<\/p>\n<\/p>\n<\/p>\n<p align=\"center\">3<\/p>\n<p align=\"center\">\n<\/p>\n<p>and deliver this Agreement and the Indenture, to perform its obligations<br \/>\nhereunder and thereunder, and to consummate the Exchange contemplated hereby.\n<\/p>\n<\/p>\n<p><strong>Section 3.2<\/strong><\/p>\n<\/p>\n<p><strong><u>Valid and Enforceable Agreements; No Violations.<\/u><\/strong><br \/>\nThis Agreement has been duly executed and delivered by the Company and<br \/>\nconstitutes a legal, valid and binding obligation of the Company, enforceable<br \/>\nagainst the Company in accordance with its terms, except that such enforcement<br \/>\nmay be subject to the Enforceability Exceptions. At the Closing, the Indenture<br \/>\nwill govern the terms of the New Debentures, and the Indenture will constitute a<br \/>\nlegal, valid and binding obligation of the Company, enforceable against the<br \/>\nCompany in accordance with its terms, except that such enforcement may be<br \/>\nsubject to the Enforceability Exceptions. This Agreement, the Indenture and<br \/>\nconsummation of the Exchange will not violate, conflict with or result in a<br \/>\nbreach of or default under (i) the charter, bylaws or other organizational<br \/>\ndocuments of the Company, (ii) any agreement or instrument to which the Company<br \/>\nis a party or by which the Company or any of its assets are bound, or (iii) any<br \/>\nlaws, regulations or governmental or judicial decrees, injunctions or orders<br \/>\napplicable to the Company.<\/p>\n<\/p>\n<p><strong>Section 3.3<\/strong><\/p>\n<\/p>\n<p><strong><u>Validity of the Holders153 New Debentures.<\/u><\/strong> The Holders153<br \/>\nNew Debentures have been duly authorized by the Company and, when executed and<br \/>\nauthenticated in accordance with the provisions of the Indenture and delivered<br \/>\nto the Holder pursuant to the Exchange against delivery of the Exchanged<br \/>\nDebentures in accordance with the terms of this Agreement, the Holders153 New<br \/>\nDebentures will be valid and binding obligations of the Company, enforceable in<br \/>\naccordance with their terms, except that such enforcement may be subject to the<br \/>\nEnforceability Exceptions, and the Holders153 New Debentures will not be subject<br \/>\nto any preemptive, participation, rights of first refusal or other similar<br \/>\nrights. Assuming the accuracy of each Holder153s representations and warranties<br \/>\nhereunder, the Holders153 New Debentures (a) will be issued in the Exchange exempt<br \/>\nfrom the registration requirements of the Securities Act pursuant to Section<br \/>\n4(2) of the Securities Act, (b) will, at the Closing, be free of any<br \/>\nrestrictions on resale by such Holder pursuant to Rule 144 promulgated under the<br \/>\nSecurities Act, and (c) will be issued in compliance with all applicable state<br \/>\nand federal laws concerning the issuance of the Holders153 New Debentures.<\/p>\n<\/p>\n<p><strong>Section 3.4<\/strong><\/p>\n<\/p>\n<p><strong><u>Validity of Underlying Common Stock.<\/u><\/strong> The Holders153 New<br \/>\nDebentures will at the Closing be convertible into shares of Common Stock, par<br \/>\nvalue $0.001 per share, of the Company (the &#8220;<strong>Conversion<br \/>\nShares<\/strong>&#8220;) in accordance with the terms of the Indenture. The Conversion<br \/>\nShares have been duly authorized and reserved by the Company for issuance upon<br \/>\nconversion of the Holders153 New Debentures and, when issued upon conversion of<br \/>\nthe Holders153 New Debentures in accordance with the terms of the Holders153 New<br \/>\nDebentures and the Indenture, will be validly issued, fully paid and<br \/>\nnon-assessable, and the issuance of the Conversion Shares will not be subject to<br \/>\nany preemptive, participation, rights of first refusal or other similar rights.\n<\/p>\n<\/p>\n<p><strong>Section 3.5<\/strong><\/p>\n<\/p>\n<p><strong><u>Listing Approval.<\/u><\/strong> At the Closing, the Conversion<br \/>\nShares shall be listed on the NASDAQ Stock Market.<\/p>\n<\/p>\n<p><strong>Section 3.6<\/strong><\/p>\n<\/p>\n<p><strong><u>Disclosure.<\/u><\/strong> On or before the first business day<br \/>\nfollowing the date of this Agreement, the Company shall issue a publicly<br \/>\navailable press release or file with the SEC a Current Report on Form 8-K<br \/>\ndisclosing all material terms of the Exchange and certain other matters<br \/>\nconcerning the Company (to the extent not previously publicly disclosed).<\/p>\n<\/p>\n<p align=\"center\"><strong><u>Article IV<\/u><\/strong><strong>:<br \/>\nMiscellaneous<\/strong><\/p>\n<p align=\"center\">\n<p><strong>Section 4.1<\/strong><\/p>\n<\/p>\n<p><strong><u>Entire Agreement.<\/u><\/strong> This Agreement and the documents<br \/>\nand agreements herein referenced embody the entire agreement and understanding<br \/>\nof the parties hereto with respect to the subject matter hereof and supersede<br \/>\nall prior and contemporaneous oral or written agreements, representations,<br \/>\nwarranties, contracts, correspondence, conversations, memoranda and<br \/>\nunderstandings between or among the parties or any of their agents,<br \/>\nrepresentatives or affiliates relative to such subject matter, including,<br \/>\nwithout limitation, any term sheets, emails or draft documents.<\/p>\n<\/p>\n<\/p>\n<p align=\"center\">4<\/p>\n<p align=\"center\">\n<\/p>\n<p><\/p>\n<\/p>\n<p><strong>Section 4.2<\/strong><\/p>\n<\/p>\n<p><strong><u>Construction.<\/u><\/strong> References in the singular shall<br \/>\ninclude the plural, and vice versa, unless the context otherwise requires.<br \/>\nReferences in the masculine shall include the feminine and neuter, and vice<br \/>\nversa, unless the context otherwise requires. Headings in this Agreement are for<br \/>\nconvenience of reference only and shall not limit or otherwise affect the<br \/>\nmeanings of the provisions hereof. Neither party, nor its respective counsel,<br \/>\nshall be deemed the drafter of this Agreement for purposes of construing the<br \/>\nprovisions of this Agreement, and all language in all parts of this Agreement<br \/>\nshall be construed in accordance with its fair meaning, and not strictly for or<br \/>\nagainst either party.<\/p>\n<\/p>\n<p><strong>Section 4.3<\/strong><\/p>\n<\/p>\n<p><strong><u>Governing Law.<\/u><\/strong> This Agreement shall in all respects<br \/>\nbe construed in accordance with and governed by the substantive laws of the<br \/>\nState of New York, without reference to its choice of law rules.<\/p>\n<\/p>\n<p><strong>Section 4.4<\/strong><\/p>\n<\/p>\n<p><strong><u>Counterparts.<\/u><\/strong> This Agreement may be executed in<br \/>\ncounterparts, each of which shall be deemed an original, but all of which taken<br \/>\ntogether shall constitute one and the same instrument. Any counterpart or other<br \/>\nsignature hereon delivered by facsimile or other electronic means shall be<br \/>\neffective as delivery of a manually executed counterpart of this Agreement and<br \/>\ndeemed for all purposes as constituting good and valid execution and delivery of<br \/>\nthis Agreement by such party.<\/p>\n<\/p>\n<p align=\"center\">[Signature Page Follows]<\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<p align=\"center\">5<\/p>\n<p align=\"center\">\n<\/p>\n<p><\/p>\n<p align=\"right\">\n<\/p>\n<p>IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to<br \/>\nbe executed as of the date first above written.<\/p>\n<\/p>\n<\/p>\n<table cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"342\"><\/td>\n<td width=\"334\"><\/td>\n<\/tr>\n<tr>\n<td width=\"342\" valign=\"top\">\n<p><strong>&#8220;UNDERSIGNED&#8221;<\/strong>:<\/p>\n<p><u> <br \/>\n<\/u>(in its capacities described in the first paragraph hereof)<\/p>\n<\/p>\n<p>By:<\/p>\n<p>Name:<\/p>\n<p>Title:<\/p>\n<\/td>\n<td width=\"334\" valign=\"top\">\n<p><strong>&#8220;COMPANY&#8221;<\/strong>:<\/p>\n<p><strong>SCHOOL SPECIALTY, INC.<\/strong><\/p>\n<\/p>\n<p>By:<\/p>\n<p>Name:<\/p>\n<p>Title:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">\n<\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<p align=\"center\">Signature Page to Exchange Agreement for School Specialty,<br \/>\nInc.<\/p>\n<p align=\"center\">\n<p align=\"center\">3.75% Convertible Subordinated Debentures due 2026<\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<p><\/p>\n<p align=\"right\">\n<\/p>\n<p align=\"center\"><strong>EXHIBIT A <br \/>\nExchanging Beneficial Owners<\/strong><\/p>\n<p align=\"center\">\n<\/p>\n<table cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"169\"><\/td>\n<td width=\"186\"><\/td>\n<td width=\"202\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\">\n<p align=\"center\"><strong><u>Name of <br \/>\nBeneficial Owner<\/u><\/strong><\/p>\n<\/td>\n<td width=\"186\" valign=\"top\">\n<p align=\"center\"><strong><u>Principal Amount of Exchanged<br \/>\nDebentures<\/u><\/strong><\/p>\n<\/td>\n<td width=\"202\" valign=\"top\">\n<p align=\"center\"><strong><u>Principal Amount of Holders153 New Debentures<br \/>\n<\/u><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"169\" valign=\"top\"><\/td>\n<td width=\"186\" valign=\"top\"><\/td>\n<td width=\"202\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<p align=\"center\"><strong>EXHIBIT B <br \/>\nIndenture<\/strong><\/p>\n<p align=\"center\">\n<\/p>\n<\/p>\n<\/p>\n<\/p><\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8772],"corporate_contracts_industries":[],"corporate_contracts_types":[9563,9560],"class_list":["post-41008","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-school-specialty-inc","corporate_contracts_types-finance__exchange","corporate_contracts_types-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41008"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41008"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41008"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}