4.21, Forever
Chloe is working in the Torch* when she notices the power doesn't work, there is no one in the halls, and the only other person she can find has been turned into a plastic mannequin. She's stuck inside a model of the Smallville High building, on the last day of class with no idea how she got there. Eventually she runs into two other students who inform her that they're being watched. Brendan, a photographer at SHS, comes out and reveals that he's controlling it all. "Some of us didn't get into our dream colleges like you," he snipes at her, trying to convince her to stay 'in high school' with him so she won't be disappointed. Brendan shows her that he turns the people into mannequins with the clear threat that if she tries to escape, she'll be one too.
By this point, Clark realizes that Chloe's missing as does Lana and they go around looking for her. The Torch is empty, and Lana contemplates if Metropolis is ready for Chloe and her Wall of Weird. Clark finds Chloe's cell phone left behind and knows that something is wrong. He goes over to the Talon to see if she's with her cousin - who blows him off. "She never published the last issue. It's kind of why I think something is going on," Clark insists. After looking at the "Most Likely To", Clark sees a pattern and gets the information from Chloe's cousin that she was looking over photos with Brendan.
Chloe is still stuck inside, when Brendan shows her that he's brought her a special surprise - Lana Lang. When explaining what's going on, Chloe has the same deductive leap that Clark had - realizing that everyone being captured is on the Most Likely List.* "We're being collected." Chloe's already enlisted Haley's help for her plan to escape. Later, Brendan comes in to flirt with Chloe that she liked him; while distracted, Lana knocks him out with a desk draw. Chloe snags the keys and the three of them make a run for it. Brendan however, meets them at the end of the maze and kills Haley.
Superman v2 #011, page 11Clark breaks in, to find Chloe as a mannequin. While he finds her, Brendan discovers Chloe's cousin inside as well and turns her also to plastic and prepares to smash her. Clark prevents that, and also prevents Brendan from smashing Lana down the steps. When he tries to freeze Clark, it back fires, freezing him and releasing everyone else.
At the end of the day, Chloe's finished at the Torch - she takes down the Wall and looks around sadly at her life for the past four years. She turns off the lights, takes one last look, and leaves carrying her beliefs out in a box. Once out side, Clark carries the Wall in a Box for her, and they - along with Lana - walk home from Smallville High for the last time. When they are commiserating, Lana reveals that she's staying in Smallville while Chloe is moving to Metropolis because she's not "explored all the options *here*." Chloe suspects that things probably won't change that much at all, and she and Clark walk off, in step, in the Superman colors, with her Wall. (Lana is not instep with them.)***
* Interesting that the first shot (and last) is of the Torch offices. The subtitle of the paper is "Summer's Arrival" which could be a play on words as there was Summer, and then came episode 5.01, Arrival. The headed says that School's out "Forever" (which is tossed around a lot in this episode.) The last article Chloe writes for the Torch is shown partially on screen and we know that all graduation speeches (from X-Ray) are printed in the end issues of the Torch. Since Chloe was valedictorian, she would of had a speech and this article seems to be it. "The friends we've made, the things we've done are all important moments in our respective lives and should be treated as such."
Superman's Girlfriend: Lois Lane #084, page 03** The "Most Likely" crowd covers all three graduates. Lana is most likely to be "A Cover Girl" - Lana Lang in some version is a model and is regarded as beautiful by many in SVverse. Clark is most likely to be a "NFL Quarterback" - which is a parallel to Superman leading the JL. Chloe is most likely "To Succeed." In the canon-fixing book by Craig Bryne, they are given new titles: Chloe is most likely to "Get a Pulitzer", Lana is most likely to "Marry a Billionaire."
***The song in the background of these two scenes is "Around the Way" - it talks about life coming back around. It's a fun parallel to the song at the start of freshman year in the Pilot called "Take the Long Way 'Round." Clark and Chloe started high school together, and end it together; it started her showing him her wall, ended with him carrying and believing her Wall. It's pretty paralleling.