<SEC-DOCUMENT>0001157523-19-001938.txt : 20190903
<SEC-HEADER>0001157523-19-001938.hdr.sgml : 20190903
<ACCEPTANCE-DATETIME>20190903170024
ACCESSION NUMBER:		0001157523-19-001938
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190829
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190903
DATE AS OF CHANGE:		20190903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K12 INC
		CENTRAL INDEX KEY:			0001157408
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				954774688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33883
		FILM NUMBER:		191072595

	BUSINESS ADDRESS:	
		STREET 1:		2300 CORPORATE PARK DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		7034837000

	MAIL ADDRESS:	
		STREET 1:		2300 CORPORATE PARK DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52087335.htm
<DESCRIPTION>K12 INC. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">&#160;SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt;">&#160;WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">&#160;CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">&#160;Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: center; font-size: 12pt;">
      <table cellspacing="0" cellpadding="0" border="0" align="center" id="zf104341ed7b94de2863aad8201183a04" style="width: 50%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td style="width: 50.00%;">
              <div>Date of Report (Date of Earliest Event Reported):</div>
            </td>
            <td style="width: 50.00%;">
              <div>August 29, 2019</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc79597102aed43b49fa2f3be307edbd8">

        <tr>
          <td style="width: 32%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 16pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">K12 Inc.</div>
          </td>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top;">
            <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
          </td>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8b0b5e1bba2f43a9bfc2ff439dbe8503">

        <tr>
          <td style="width: 32.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Delaware</div>
          </td>
          <td style="width: 1.67%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 32.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">001-33883</div>
          </td>
          <td style="width: 1.68%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 32.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">95-4774688</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.21%; vertical-align: bottom;">
            <div style="text-align: center;">(State or other jurisdiction</div>
            <div style="text-align: center;">of incorporation)</div>
          </td>
          <td style="width: 1.67%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 32.22%; vertical-align: bottom;">
            <div style="text-align: center;">(Commission</div>
            <div style="text-align: center;">File Number)</div>
          </td>
          <td style="width: 1.68%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 32.22%; vertical-align: bottom;">
            <div style="text-align: center;">(I.R.S. Employer</div>
            <div style="text-align: center;">Identification No.)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2300 Corporate Park Drive, Herndon,</div>
            <div style="text-align: center;">&#160;Virginia</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;">
            <div style="text-align: center;">20171</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; width: 32%;">
            <div style="text-align: center;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z77ff2d6c9f4e40e6ac1b3f3996004b28">

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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;">(703) 483-7000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z344d2c8157764a76b37c9bc83e6bee06">

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          <td style="width: 32%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Not Applicable</div>
          </td>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top;">
            <div style="text-align: center;">Former name or former address, if changed since last report</div>
          </td>
          <td style="width: 32%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8414; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8414; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8414; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8414; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdd3bf08a43fe4ff3bf415190a8170e42">

        <tr>
          <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Securities registered pursuant to Section 12(b) of the Act:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Trading Symbol</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Common Stock, $0.0001 par value</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">LRN</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">New York Stock Exchange (NYSE)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div>&#160;</div>
    <div>Emerging growth company &#9744;</div>
    <div>&#160;</div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange
      Act. &#9744;</div>
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    <div><font style="font-weight: bold;"> </font>
      <table cellspacing="0" cellpadding="0" border="0" id="zcb3c480f145c4647941b665b43f30cc4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">
              <div><font style="font-weight: bold;">Item 5.02</font></div>
            </td>
            <td style="width: 90%;">
              <div><font style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain<font style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font>Officers; Compensatory Arrangements of Certain Officers.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">On August 29, 2019, K12 Inc. (the &#8220;Company&#8221;) entered into a letter agreement with Nathaniel A. Davis, the Company&#8217;s Chief Executive Officer.&#160; The letter agreement amends certain provisions of (a) Mr. Davis&#8217; employment
      agreement with the Company, dated as of January 27, 2016 (the &#8220;Agreement&#8221;) and (b) the First Amendment to the Agreement previously entered into between Mr. Davis and the Company on April 20, 2018.&#160; In general, the letter agreement provides for (i) an
      increase in Mr. Davis&#8217; annual base salary to $935,000, (ii) a one-time award of performance-based restricted stock, valued at $10,000,000 that will vest over three years, subject to the Company&#8217;s attainment of free cash flow goals for 2020, 2021 and
      2022, and (iii) severance provisions that are consistent with the original terms of the Agreement.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description of the letter agreement is qualified in its entirety by the full text of the letter agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;"> </font>
      <table cellspacing="0" cellpadding="0" border="0" id="z97db1090f2be414c8c69e3db21451b6b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 10%;">
              <div><font style="font-weight: bold;">Item 9.01.</font></div>
            </td>
            <td style="width: 90%;">
              <div><font style="font-weight: bold;">Financial Statements and Exhibits</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(d) Exhibits.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z854d6db488834101a6eadc6ba376d848">

        <tr>
          <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 4%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 86%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 86%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">
            <div><a href="a52087335ex10_1.htm">10.1</a></div>
          </td>
          <td style="width: 4%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 86%; vertical-align: middle;">
            <div><a href="a52087335ex10_1.htm">Letter Agreement, dated August 29, 2019, between K12 Inc. and Nathaniel A. Davis.</a></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="z709fb243370045e18a79e069061e2ec4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 3%;">
              <div>K12 Inc.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; font-family: 'Times New Roman',Times,serif; text-align: left; text-indent: 36pt;">
              <div>Date: September 3, 2019</div>
            </td>
            <td style="width: 3%; font-family: 'Times New Roman',Times,serif; text-align: left;" rowspan="1" colspan="2">By: <u>/s/ Vincent W. Mathis</u><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 3%;">
              <div>Name:&#160; Vincent W. Mathis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 3%;">
              <div>Title:&#160;&#160; &#160; Executive Vice President, General Counsel and Secretary</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a52087335ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
    </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div><br>

    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">K12 Inc.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">August 29, 2019</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Re: Nathaniel A. Davis Compensation Terms</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Dear Mr. Davis:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Reference is made to (i) that certain Second Amended and Restated Employment Agreement (the &#8220;<u>Agreement</u>&#8221;), dated as of January 27, 2016, by and between you and K12 Inc., a Delaware corporation (&#8220;<u>K12</u>&#8221;), which sets forth
      the terms and conditions of your employment with K12, and (ii) that certain letter agreement dated as of April 20, 2018 between you and K12 (the &#8220;<u>First Amendment</u>&#8221;),
      which modified certain provisions of the Agreement. Capitalized terms not defined in this letter shall have the meanings assigned to them in the Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">This letter (the &#8220;<u>Letter</u>&#8221;) confirms the agreement between you and
      K12 regarding the terms of your continued employment with K12:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z26e5839115904646864a0747df891a34" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Effective as of July 1, 2019, your annual Base Salary is increased to $935,000. Any portion of your Base Salary attributable to this increase that has not
                yet been paid will be paid to you during the next payroll period occurring after the date of this Letter.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z397e452cad894e51a44f2f15701e96db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">On August 15, 2019 you were granted a one-time award of performance-based restricted K12 stock having a value equal to $10,000,000 (based on K12&#8217;s closing
                stock price on the date of grant) (the &#8220;<u>Stock Award</u>&#8221;).&#160; The Stock Award will vest as follows, subject, except as provided in Section 3 below, to your
                continued employment through vesting:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb5eec28ddfbe42a4b41d95b3a7a60949" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 54pt; font-family: 'Times New Roman',Times,serif;">a.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">One-third of the shares subject to the Stock Award (the &#8220;<u>First Tranche</u>&#8221;)
                will vest on the two-year anniversary of the date of grant of the Stock Award if K12&#8217;s Free Cash Flow for fiscal year 2020 equals or exceeds $60,000,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z782e6159958643379e3104d5e4cd7e60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 54pt; font-family: 'Times New Roman',Times,serif;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">One-third of the shares subject to the Stock Award (the &#8220;<u>Second Tranche</u>&#8221;)
                will vest on the two-year anniversary of the date of grant of the Stock Award if K12&#8217;s Free Cash Flow for fiscal year 2021 equals or exceeds $65,000,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb389c528eac545479883c60c4a629a70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 54pt; font-family: 'Times New Roman',Times,serif;">c.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">One-third of the shares subject to the Stock Award (the &#8220;<u>Third Tranche</u>&#8221;)
                will vest on the three year anniversary of the date of grant of the Stock Award if either (i) K12&#8217;s Free Cash Flow for fiscal year 2022 equals or exceeds $70,000,000, or (ii) K12&#8217;s cumulative aggregate Free Cash Flow for fiscal years 2020,
                2021 and 2022 equals or exceeds $195,000,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> </font><br>
      </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8376c915fecf41d8905b0b2f8bebfda0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 54pt; font-family: 'Times New Roman',Times,serif;">d.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">If the First Tranche or Second Tranche shares do not vest pursuant to Section 2.a or 2.b above, as applicable, and K12&#8217;s cumulative aggregate Free Cash
                Flow for fiscal years 2020, 2021 and 2022 equals or exceeds $195,000,000, then such shares will vest on the three-year anniversary of the date of grant of the Stock Award.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7471bba2ed5e49ea83ce610a62ae526f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 54pt; font-family: 'Times New Roman',Times,serif;">e.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Any portion of the Stock Award that does not vest pursuant to Sections 2.a, 2.b, 2.c or 2.d above will be forfeited automatically following the three-year
                anniversary of the date of grant of the Stock Award.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7d5b36dbc76f4acb87e799114059a71e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">In the event you cease employment as K12&#8217;s Chief Executive Officer, but continue service with K12 as a member of its Board of Directors, the Stock Award
                will, for so long as you continue to serve as a member of the Board of Directors, remain eligible to vest in accordance with Sections 2.a, 2.b, 2.c and 2.d above, subject to attainment of the Free Cash Flow targets set forth therein.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd04927a7b0e44089a827bbb3f79eb3d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">For purposes of the Stock Award, &#8220;<u>Free Cash Flow</u>&#8221; means K12&#8217;s cash flow
                from operations, minus capital expenditures, as reported to and accepted&#160; by K12&#8217;s Board of Directors or its Compensation Committee.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3857f1da3c4847d9821b2409ded32ef8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The Stock Award will be granted pursuant to K12&#8217;s standard form of restricted stock award agreement, provided that the terms of this letter shall control
                over any conflicting term therein.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8cd19fc3a4d94c7ca0caf5d01f90f70a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The Term of the Agreement is extended to September 30, 2022.&#160; From and after the date of this Letter, the provisions of Section 1 and Section 7 of the
                First Amendment shall no longer have any effect, such that your rights in the event you are discharged by K12 without Cause or you resign for Good Reason in either case prior to the expiration of the Term (as extended hereby) shall be as
                set forth in Sections 4.5 of the Agreement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0d7f1d560fcc48489d718c417fddd81c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">7.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">If prior to the expiration of the Term of the Agreement (as extended hereby), you cease to serve as the Chief Executive Officer of the Company but
                continue in service with K12 as its Executive Chairman, you and the Board will negotiate in good faith revised compensation terms, including a reduced Base Salary.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z53402c788ac54a448eaf8c68ed3669b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">8.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Notwithstanding any provision of the Agreement to the contrary, in the event you are discharged by K12 without Cause or you resign for Good Reason or in
                the event K12 elects not to renew the Agreement upon expiration of the Term, the special vesting provisions under Section 3.7(d) of the Agreement shall not apply, provided, however, that (i) all of your outstanding equity incentive awards
                in K12 will continue to vest for so long as you continue to serve as a member of the Board, and (ii) if, upon such a termination of employment or at any time thereafter, you are asked to leave the Board and you execute within 30 days
                following your departure from the Board, and do not revoke, a Release, then (A) all of your outstanding equity incentive awards in K12 shall immediately and automatically vest, provided that, unless a provision more favorable to you is
                included in an applicable award agreement, any such awards that are subject to performance-based vesting conditions shall only be payable subject to attainment of the performance measures for the applicable performance period as provided
                under the terms of the applicable award agreement, and (B) your vested options will remain exercisable for 365 days following your departure from the Board (subject to the regular expiration date(s) of the options and the EIA Plan).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zfd6a1f0559bc4209ac2e232c83012e63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">9.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">K12 will reimburse you for your documented legal expenses incurred in calendar year 2019 in connection with entering into this letter, up to a maximum of
                $10,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Except as expressly modified by this Letter, the Agreement (as modified by the First Amendment) and the First Amendment shall remain unchanged and
      shall continue in full force and effect according to their terms. This Letter, together with the Agreement and the First Amendment (to the extent not amended by this Letter), constitutes the entire agreement between you and K12, and expressly
      supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided for herein.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Thank you for your continued service to K12.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z1da0f888a64f4e308a74cf37db17c521">

          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>Sincerely,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Robert E. Knowling, Jr. <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>Name: Robert E. Knowling, Jr.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>Title: Chairman of the Compensation Committee of the Board of Directors of K12 Inc.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <br>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z16e9c93d33a34de390021e897979f675">

          <tr>
            <td style="width: 40%;">
              <div>Agreed and Accepted:</div>
            </td>
            <td style="width: 60%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>&#160;</div>
            </td>
            <td style="width: 60%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>&#160;</div>
            </td>
            <td style="width: 60%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Nathaniel A. Davis</div>
            </td>
            <td style="width: 60%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>Nathaniel A. Davis</div>
            </td>
            <td style="width: 60%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
  </div>


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