K12 Inc. (NYSE:LRN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
-
0

K12 Inc. (NYSE:LRN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d)  Election of the Honorable Aida M. Alvarez as a Director of the Company

On April 12, 2017 (the “Effective Date”), Aida M. Alvarez was appointed to the Board of Directors (the “Board”) of K12 Inc. (the “Company”) to fill an existing vacancy on the Board. Ms. Alvarez was also appointed to serve as a member of the Audit Committee. There are no arrangements or understandings between Ms. Alvarez and any other person to which Ms. Alvarez was appointed a director of the Company. Ms. Alvarez will serve as a director of the Company until the next annual meeting of stockholders of the Company and until her successor is elected and qualified or until her death, retirement, resignation or removal.

Ms. Alvarez will be compensated in accordance with the Company’s non-employee director compensation policy in effect from time to time.  Based on the Company’s current policy, Ms. Alvarez will receive an annual award of restricted stock equivalent to $100,000 (prorated for the period between the Effective Date and December 31, 2017, based on the number of days in such period divided by 365).  Ms. Alvarez will also receive, on a prorated basis, an annual cash retainer of $60,000, paid in quarterly installments at the end of each quarter, for her service as a member of the Board and, on a pro rata basis, an additional annual cash retainer of $10,000 paid in quarterly installments at the end of each quarter, for her service on the Audit Committee.

Item 7.01 Regulation FD Disclosure.

On April 13, 2017, the Company issued a press release announcing the appointment of Ms. Alvarez to the Board of Directors of the Company. A copy of this press release is filed as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. 99.1 – Press release of K12 Inc., dated April 13, 2017


About K12 Inc. (NYSE:LRN)

K12 Inc. (K12) is a technology-based education company. The Company offers curriculum, software systems and educational services designed to facilitate individualized learning for students in kindergarten through 12th grade (K-12). It provides a continuum of technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools and families. The Company offers a set of products and services primarily to three lines of business, which include Managed Public School Programs, which consists of virtual and blended schools; Institutional business, which includes educational products and services sold to school districts, public schools and other educational institutions, and Private Pay Schools and Other, which includes private schools, including international, for which it charges student tuition and direct consumer sales. It sells individual online courses and supplemental educational products directly to families.

K12 Inc. (NYSE:LRN) Recent Trading Information

K12 Inc. (NYSE:LRN) closed its last trading session up +0.07 at 18.69 with 127,975 shares trading hands.