Document:

Form of Restricted Share Unit

 Exhibit 10.32 
 II-VI INCORPORATED 
 RESTRICTED SHARE UNIT AWARD AGREEMENT 

THIS RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Agreement”) is dated as of the Grant Date, as specified in the
applicable Summary of Award (as defined below), by and between II-VI Incorporated, a Pennsylvania corporation (“II-VI”), and the Recipient, as specified in the applicable Summary of Award, who is a director, employee or consultant
of II-VI or one of its subsidiaries (the “Recipient”). 
 Reference is made to the Summary of Award (the
“Summary of Award”) issued to the Recipient with respect to the applicable Award, which may be found on the MorganStanley SmithBarney Benefit Access System at www.benefitaccess.com (or any successor system selected by II-VI)
(the “Benefit Access System”). Reference further is made to the Summary Plan Description relating to the Plan (as defined below) which also may be found on the Benefit Access System. 

All capitalized terms used herein, to the extent not defined, shall have the meanings set forth in the II-VI 2009 Omnibus Incentive Plan
(as amended from time to time, the “Plan”), a copy of which can be found on the Benefit Access System, and/or the applicable Summary of Award. Terms of the Plan and the Summary of Award are incorporated herein by this reference.
This Agreement shall constitute an Award Agreement as that term is defined in the Plan. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Recipient and II-VI agree as follows: 
 1. Restricted Share Unit Award. II-VI hereby grants to Recipient an Award of Restricted Share Units under the Plan, as specified in the applicable Summary of Award, subject to the terms, conditions
and restrictions set forth in this Agreement (this “Award”). For the purposes of this Award, “Restricted Share Units” shall mean the contingent right to receive the equivalent of one (1) share of II-VI Common Stock,
no par value (“II-VI Common Stock”), to the extent the Restricted Share Units vest and become payable pursuant to the terms of this Agreement. Restricted Share Units shall be payable solely in shares of II-VI Common Stock; provided,
however, that Restricted Share Units may, in II-VI’s sole discretion, be settled in cash based on the Fair Market Value of II-VI Common Stock as of the third anniversary of the Grant Date. 

2. Restrictions. Except as provided in Section 6 below, the Restricted Share Units shall vest and become payable,
pursuant to the terms of the Plan, as follows: One hundred percent (100%) of the total number of Restricted Share Units shall vest on the third anniversary of the Grant Date. Restricted Share Units that have not vested may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated. Restricted Share Units that have not vested shall be subject to forfeiture as provided in Section 3 below. In the event of the termination of your employment or other
service to the Company (as defined in Section 14 below) upon (i) early, normal or late retirement as those terms are defined in II-VI’s profit sharing plan, (ii) death or (iii) total and permanent disability as defined in
Section 105(d)(4) of the Internal Revenue Code, any unvested Restricted Share Units shall immediately vest. 

 3. Change in Status. If Recipient’s employment with or service to the Company
terminates for reasons other than (i) early, normal or late retirement as those terms are defined in II-VI’s profit sharing plan, (ii) death or (iii) total and permanent disability as defined in Section 105(d)(4) of the
Internal Revenue Code, or if Recipient’s status changes to a position which II-VI deems to be ineligible for this Award, any Restricted Share Units which have not yet become vested, as of the date of Recipient’s termination or upon
Recipient’s commencing employment or service in a non–eligible position, shall be immediately forfeited by Recipient. 

4. Delivery of Shares/Payment. Except as otherwise provided in Section 2 or Section 6, II-VI shall cause a
stock certificate representing shares of II-VI Common Stock equal to the number of Restricted Share Units vested and payable as determined under Section 2 to be issued to Recipient on the third anniversary of the Grant Date (or as soon
as administratively practicable thereafter, but in no event later than the 30th day following such date). Any payments due on account of Recipient’s death shall be paid to the Recipient’s estate. 

5. Limitation of Rights. Recipient (i) shall not have any right to transfer any rights under the Restricted Share Units
except as permitted by Section 7 below, (ii) shall not have any rights of ownership of the shares of II-VI’s Common Stock subject to the Restricted Share Units before the issuance of such shares, and (iii) shall not have
any right to vote such shares. 
 6. Change in Control. Upon a Change in Control of II-VI all unvested Restricted Share
Units shall immediately vest and be paid contemporaneously with the Change in Control. 
 7. Nontransferability. Except
as otherwise provided in the Plan, the Restricted Share Units shall not be sold, pledged, assigned, hypothecated, transferred or disposed of (a “Transfer”) in any manner, other than by will or the laws of descent and distribution.
Any attempt to Transfer the Restricted Share Units in violation of this Section or the Plan shall render the Award null and void. 
 8. Adjustments. The number of shares covered by the Restricted Share Units and, if applicable, the kind of shares covered by the Restricted Share Units, shall be adjusted to reflect any stock
dividend, stock split, or combination of the shares of II-VI’s Common Stock. In addition, the Committee may make or provide for such adjustment in the Restricted Share Units as the Committee in its sole discretion may in good faith determine to
be equitably required in order to prevent dilution or enlargement of Recipient’s rights that otherwise would result from (a) any exchange of shares of II-VI’s Common Stock, recapitalization or other change in the capital structure of
II-VI, (b) any Change in Control, merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or complete liquidation or other distribution of assets (other than a normal cash dividend), issuance of rights or
warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event, the Committee may provide in substitution for the
Restricted Share Units such alternative consideration as it may in good faith determine to be equitable under the circumstances and may require in connection therewith the surrender of the Restricted Share Units so replaced. 

9. Fractional Shares. II-VI shall not be required to issue any fractional shares pursuant to the Award, and II-VI shall round
fractions down. 

 10. Withholding. Recipient shall pay all applicable federal, state and local income
and employment taxes (including taxes of any foreign jurisdiction) which II-VI is required to withhold at any time with respect to the Restricted Share Units. Such payment shall be made in full, at Recipient’s election, in cash or check, or by
the tender of previously acquired shares of II-VI’s Common Stock (including Shares of II-VI Common Stock, if any, deliverable under this Agreement). Restricted Share Units tendered as payment of required withholding shall be valued at the
closing price per share of II-VI’s Common Stock on the date such withholding obligation arises. 
 11. Plan
Provisions. In the event of any conflict between the provisions of this Agreement and the Plan, the Plan shall control. 

12. No Continued Rights. The granting of the Award shall not give Recipient any rights to similar grants in future years or any
right to continuance of employment or other service with II-VI or the Company, nor shall it interfere in any way with any right that the Company would otherwise have to terminate Recipient’s employment or other service at any time, or the right
of Recipient to terminate his or her services at any time. 
 13. Rights Unsecured. Recipient shall have only
II-VI’s unfunded, unsecured promise to pay pursuant to the terms of this Agreement. The rights of Recipient hereunder shall be that of an unsecured general creditor of II-VI and Recipient shall not have any security interest in any assets of
II-VI. 
 14. Non-Competition; Non-Solicitation; Confidentiality. 

(a) While the Recipient is employed by the Company and for a period of one (1) year after the termination or cessation of such
employment for any reason (the “Restricted Period”), the Recipient will not directly or indirectly: 
 (i)
Engage in any business or enterprise (whether as owner, partner, officer, director, employee, consultant, investor, lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-held company), that develops,
manufactures, markets or sells any product or service that competes with any product or service developed, manufactured, marketed or sold or planned to be developed, manufactured, marketed or sold, by the Company while the Recipient was employed by
the Company, within the United States of America and/or any other country within which the Company has customers or prospective customers as of the date of such termination or cessation. 

(ii) (A) Solicit for the purpose of selling or distributing any products or services that are the same or similar to those developed,
manufactured, marketed or sold by the Company, (1) any customers of the Company, (2) any prospective customers from whom the Company has solicited business within the twelve (12) months prior to the Recipient’s termination or
cessation of employment, or (3) any distributors, sales agents or other third-parties who sell to or refer potential customers in need of the types of products and services produced, marketed, licensed, sold or provided by the Company who have
become known to Recipient as a result of his/her employment with the Company, or (B) induce or attempt to induce any vendor, supplier, licensee or other business relation of the Company to cease or restrict doing business with the Company, or
in any way interfere with the relationship between any such vendor, supplier, licensee or business relation and the Company. 

 (iii) Either alone or in association with others (A) solicit, or permit any
organization directly or indirectly controlled by the Recipient to solicit, any employee of the Company to leave the employ of the Company, or (B) solicit for employment, hire or engage as an independent contractor, or permit any organization
directly or indirectly controlled by the Recipient to solicit for employment, hire or engage as an independent contractor, any person who was employed by the Company at any time during the term of the Recipient’s employment with the Company;
provided, that this clause (B) shall not apply to any individual whose employment with the Company has been terminated for a period of one year or longer. 
 (b) The Recipient and the Company agree that certain materials, including, but not limited to, information, data, technology and other materials relating to customers, programs, costs, marketing,
investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans or the business and affairs of the Company constitute proprietary confidential information and trade secrets. Accordingly, the
Recipient will not at any time during or after the Recipient’s employment with the Company disclose or use for the Recipient’s own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture,
association, corporation or other business organization, entity or enterprise, other than the Company, any proprietary confidential information or trade secrets; provided that the foregoing shall not apply to information which is not unique to the
Company or which is generally known to the industry or the public other than as a result of the Recipient’s breach of this covenant. The Recipient agrees that, upon termination of employment with the Company for any reason, the Recipient will
immediately return to the Company all Company property including all memoranda, books, technical and/or lab notebooks, customer product and pricing data, papers, plans, information, letters and other data, and all copies thereof or therefrom, which
in any way relate to the business of the Company, except that the Recipient may retain personal items. The Recipient further agrees that the Recipient will not retain or use for the Recipient’s account at any time any trade names, trademark or
other proprietary business designation used or owned in connection with the business of the Company. 
 “Company”
shall mean II-VI and/or any Subsidiary of II-VI that the Recipient is employed by or may become employed by or provide services to during the Recipient’s employment by II-VI or any such Subsidiary. The Restricted Period will be tolled
during and for any period of time during which the Recipient is in violation of the restrictive covenants contained in this Section 14 and for any period of time which may be necessary to secure an order of court or injunction, either
preliminary or permanent, to enforce such covenants, such that the cumulative time period during which the Recipient is in compliance with the restrictive covenants contained in Section 14 will not exceed the one (1) year period set
forth above. 
 15. Remedies: Violation Clawback. 

(a) II-VI and Recipient acknowledge and agree that that any violation by Recipient of any of the restrictive covenants contained in
Section 14 would cause immediate, material and irreparable harm to Company which may not adequately be compensated by money damages and, therefore, II-VI and the Company shall be entitled to injunctive relief (including,

 
without limitation, one or more preliminary injunctions and/or ex parte restraining orders) in addition to, and not in derogation of, any other remedies provided by law, in equity or otherwise
for such a violation including, but not limited to, the right to have such covenants specifically enforced by any court of competent jurisdiction, the rights under Section 15 (b) below, and the right to require Recipient to account
for and pay over to II-VI or the Company all benefits derived or received by Recipient as a result of any such breach of covenant together with interest thereon, from the date of such initial violation until such sums are received by II-VI or the
Company, as the case may be. 
 (b) In the event that the Recipient violates or breaches any of the covenants set forth in
Section 14 of this Agreement, the Restricted Share Units (whether vested or unvested) and the right to receive shares of II-VI Common Stock and/or a cash payment for such Restricted Share Units shall be forfeited. II-VI shall also have
the right, in its sole discretion, in addition to any other remedies or damages provided by law, in equity or otherwise, to demand and require the Recipient, (i) to the extent that any cash payment was received with respect to such Restricted
Share Units, to return and transfer to II-VI any such cash payment, (ii) to the extent that any such shares of II-VI Common Stock were received with respect to such Restricted Share Units return and transfer to II-VI any such shares directly or
beneficially owned by the Recipient, and (iii) to the extent that the Recipient sold or transferred any such shares, disgorge and/or repay to II-VI any profits or other economic value (as determined by II-VI) made or realized by the Recipient
with respect to such shares, including but not limited to the value of any gift thereof. 
 (c) The Recipient further agrees, as
a condition to acceptance of these Restricted Share Units, that these Restricted Share Units, as well as any other incentive award previously granted to Recipient by II-VI, may be subject to the provisions of any other forfeiture or clawback
policy that may be adopted by II-VI in the future. 
 16. Recipient Acknowledgments. Recipient acknowledges and agrees
that (i) as a result of Recipient’s previous, current and future employment with the Company, Recipient has had access to, will have access to and/or possesses or will possess confidential and proprietary information of the Company,
(ii) the Company and its affiliates and subsidiaries are engaged in a highly competitive business and that the Company conducts such business Worldwide, (iii) this Agreement does not constitute a contract of employment, does not imply that
the Company will continue the Recipient’s employment for any period of time and does not change the at-will nature of the Recipient’s employment, except as set forth in a separate written employment agreement between the Company and the
Recipient, (iv) that the restrictive covenants set forth under Section 14 are necessary and reasonable in time and scope (including the period, geographic, product and service and other restrictions) to protect the legitimate
business interests of the Company, (v) that the remedy, forfeiture and payment provisions contained in Section 15 are reasonable and necessary to protect the legitimate interests of II-VI and the Company, (vi) that acceptance
of these Restricted Share Units and agreement to be bound by the provisions hereof is not a condition of Recipient’s employment, and (vii) Recipient’s receipt of the benefits provided under this Agreement is adequate consideration for
the enforcement of the provisions contained in Section 14 hereof. 

 17. Severability; Waiver. If any term, provision, covenant or restriction contained
in the Agreement is held by a court or a federal regulatory agency of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions contained in the Agreement shall remain in full
force and effect, and shall in no way be affected, impaired or invalidated. In particular, in the event that any of such provisions shall be adjudicated to exceed the time, geographic, product and service or other limitations permitted by applicable
law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, product and service or other limitations permitted by applicable law. No delay or omission by II-VI or the Company in
exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by II-VI or the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver
of any right on any other occasion. 
 18. Notice. II-VI may require any notice required or permitted under this
Agreement to be transmitted, submitted or received, by II-VI or the Recipient, via the Benefit Access System in accordance with the procedures established by II-VI for such notice. Otherwise, any written notice required or permitted by this
Agreement shall be mailed, certified mail (return receipt requested) or by overnight carrier, to II-VI at the following address: 

II-VI Incorporated 

Attention: Chief Financial Officer 
 375 Saxonburg Boulevard 
 Saxonburg, Pennsylvania 16056 

or to Recipient at his most recent home address on record with II-VI or the Company. Notices are effective upon receipt. 

19. Controlling Law. The validity, construction and effect of this Agreement will be determined in accordance with the internal
laws of the Commonwealth of Pennsylvania without giving effect to the conflict of laws. Recipient and II-VI hereby irrevocably submit to the exclusive jurisdiction of the state and Federal courts located in the Commonwealth of Pennsylvania and
consent to the jurisdiction of any such court, provided, however, that, notwithstanding anything to the contrary set forth above, II-VI or the Company may file an action to enforce the covenants contained in Section 14 by
seeking injunctive or other equitable relief in any appropriate court having jurisdiction, including but not limited to where the Recipient resides or where the Recipient was employed by II-VI or the Company. Recipient and II-VI also both
irrevocably waive, to the fullest extent permitted by applicable law, any objection either may now or hereafter have to the laying of venue of any such dispute brought or injunctive or equitable relief sought in such court or any defense of
inconvenient forum for the maintenance of such dispute and consent to the personal jurisdiction of any such court. The Company shall be a third-party beneficiary of this Agreement. 

20. Entire Agreement. This Agreement contains the entire understanding between the parties and supersedes any prior understanding
and agreements between them regarding the subject matter hereof with respect to the Award, and there are no other representations, agreements, arrangements or understandings, oral or written, between the parties relating to the Award which are not
fully expressed herein. Notwithstanding anything to the contrary set forth 

 
in this Agreement, any restrictive covenants contained in this Agreement are independent, and are not intended to limit the enforceability, of any restrictive or other covenants contained in any
other agreement between the Company and the Recipient. 
 21. Captions. Section and other headings contained in this
Agreement are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 

22. Limitation of Actions. Any lawsuit commenced by the Recipient with respect to any matter arising out of or relating to this
Agreement must be filed no later than one (1) year after the date that a denial of any claim hereunder is made or any earlier date that the claim otherwise accrues. 
 23. Section 409A of the Code. This Agreement and the Award are intended to satisfy all applicable requirements of Section 409A of the Code or an exception thereto and shall be construed
accordingly. II-VI in its discretion impose conditions on the timing and effectiveness of any exercise by Recipient, or take any other action it deems necessary to comply with the requirements of Section 409A or an exception thereto, including
amending the terms of the Award and this Agreement, without Recipient’s consent, in any manner it deems necessary to cause the Award and this Agreement to comply with the applicable requirements of Section 409A or an exception thereto.
Notwithstanding, Recipient recognizes and acknowledges that Section 409A of the Code may affect the timing and recognition of payments due hereunder, and may impose upon the Recipient certain taxes or other charges for which the Recipient is
and shall remain solely responsible. 
 24. Assignment. Recipient’s rights and obligations under this Agreement
shall not be transferable by Recipient, by assignment or otherwise, and any purported assignment, transfer or delegation thereof by Recipient shall be void. Recipient’s rights and obligations under this Agreement shall not be transferable by
Recipient, by assignment or otherwise, and any purported assignment, transfer or delegation thereof by Recipient shall be void. II-VI and the Company may assign/delegate all or any portion of this Agreement and its respective rights hereunder
whereupon the Recipient shall continue to be bound hereby with respect to such assignee/delegatee, without prior notice to the Recipient and without providing any additional consent thereto. 

25. Electronic Delivery. II-VI may, in its sole discretion, deliver any documents or correspondence related to this Agreement, the
Restricted Share Units, the Recipient’s participation in the Plan, or future awards that may be granted to the Recipient under the Plan, by electronic means. The Recipient hereby consents to receive such documents by electronic delivery and to
Recipient’s participation in the Plan through an on-line or electronic system established and maintained by II-VI or another third party designated by II-VI, including but not limited to the Benefit Access System. Likewise, II-VI may require
the Recipient to deliver or receive any documents or correspondence related to this Agreement by such electronic means. 
 26.
Amendments. This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto, or as otherwise provided under the Plan or this Agreement. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date set forth
above. Electronic acceptance of this Agreement by the Recipient pursuant to II-VI’s instructions to the Recipient (including through the Benefit Access System) shall constitute execution of this Agreement by the Recipient. 

The Recipient agrees that his or her electronic acceptance of this Agreement, including but not limited to via the Benefit Access System, shall
constitute his or her signature, and that he or she agrees to be bound by all of the terms and conditions of this Agreement. 
  

	
	II-VI INCORPORATED
	
	 By:
 Name: David G.
Wagner

	Title: Vice President, Human Resources
	
	PARTICIPANT
	
	 Electronic Acceptance via the Benefit
 Access SystemEmployment Agreement for Timothy L. Murray

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”), dated as of March 7, 2012, is made by and among K12 Services Inc., a Delaware corporation (together with any successor thereto, the “Company”), K12, Inc., a Delaware Corporation
(“Parent”) and Timothy L. Murray (“Executive”) (collectively referred to herein as the “Parties”). 
 WHEREAS, Executive and the Company desire that Executive provide services to the Company on the terms herein provided; 
 NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows: 

 

	1.	EMPLOYMENT. 

 (a)
General. As of the Effective Date (as defined below), the Company shall employ Executive and Executive shall enter into the employ of the Company, for the period and in the position set forth in this Section 1, and upon the other
terms and conditions herein provided. 
 (b) Employment Term. The term of employment under this Agreement (the
“Term”) shall be for the period beginning on or about April 9, 2012 (the “Effective Date”), and ending on the date Executive’s employment is terminated as provided in Section 3. 

(c) Position and Duties. Executive shall serve as President and Chief Operating Officer of the Parent and the Company with such
customary responsibilities, duties and authority as may from time to time be reasonably assigned to Executive by the Chief Executive Officer of the Parent (“CEO”), consistent with such position. Executive will report directly to the
CEO and Executive’s principal place of employment shall be the Parent’s headquarters in Herndon, Virginia. Executive shall devote substantially all of Executive’s working time and efforts to the business and affairs of the Company
(which shall include service to its affiliates). Executive agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case as amended from time to time, as set forth in writing, and
as delivered or made available to Executive (each, a “Policy”). During the Term, it shall not be a violation of this Agreement for Executive to (i) serve on industry trade, civic, charitable or not-for-profit corporate boards
or committees, (ii) serve on one for-profit board, which shall initially be the advisor board to PulsePoint, provided, however, Executive may serve on additional such boards with the prior written consent of the Board of Directors;
(iii) deliver lectures or fulfill speaking engagements; or (iv) manage personal investments, as long as such activities do not materially interfere with the performance of Executive’s duties and responsibilities hereunder.
Notwithstanding the foregoing, the Company acknowledges that Executive is contractually and legally required by PulsePoint to reasonably cooperate with PulsePoint with certain legal matters following the Effective Date that arose during
Executive’s employment with PulsePoint. In such case, Executive shall use his reasonable best efforts to provide such cooperation if requested in writing by PulsePoint at times convenient for the Company and that do not materially interfere
with his duties. Executive shall notify Company in writing when such cooperation obligations with regard to such legal matters are concluded, at which time Executive shall no longer provide such services without obtaining the consent of the Company.

	2.	COMPENSATION AND OTHER BENEFITS. 

 (a) Annual Base Salary. During the Term, Executive shall receive a base salary at a rate of $500,000.00 per annum (the “Annual Base Salary”), which shall be paid in accordance with
the customary payroll practices of the Company. Such Annual Base Salary shall be reviewed (and may be increased but not decreased) from time to time by the Parent’s Board of Directors (the “Board”) or the compensation committee
of the Board (the “Compensation Committee”). 
 (b) Bonus. During the Term, Executive will be eligible
to participate in the Company’s annual incentive cash bonus plan (“Bonus Plan”). Under the Bonus Plan, Executive may receive a bonus in the sole and absolute discretion of the Compensation Committee, which bonus shall have a
target of 60% of Executive’s Annual Base Salary (the “Target Bonus”) for achievement of 100% of the performance goals under the Bonus Plan for a given year. Executive shall also be eligible to receive a bonus in excess of the Target
Bonus, as determined by specific performance management objectives and ratios set annually by the Compensation Committee, up to a maximum amount (the “Maximum Bonus”). For purposes of illustration, pursuant to the FY 2012 Bonus Plan,
Executive could have been eligible to receive a Maximum Bonus of up to 132.5% of Executive’s Annual Base Salary. The bonus awards payable under the Bonus Plan shall be based upon the overall success of the Parent or Company and the achievement
of performance goals to be determined by the Board or the Compensation Committee. Except as otherwise provided for herein, the payment of any bonus pursuant to the Bonus Plan shall be subject to Executive’s continued employment with the Company
through the date of payment. Any annual bonus earned by Executive shall be paid to Executive when bonuses under the performance period in question are paid to similarly-situated employees of the Company, but in no event later than the last day to
qualify such bonus as a “short-term deferral” under Treasury Regulation Section 1.409A-1(b)(4). 
 (c)
Benefits. During the Term, Executive shall be eligible to participate on the same basis as other similarly situated senior executives of the Company in employee benefit plans, programs and arrangements of the Company, consistent with the
terms thereof and as such plans, programs and arrangements may be amended from time to time. Executive’s participation in such plans, programs and arrangements shall be subject to (i) the terms of the applicable plan documents, and
(ii) Company Policies. These plans or programs are subject to change or termination at the sole discretion of the Company. Executive shall have thirty days from the Effective Date (or such other qualifying event as required by the terms of an
applicable plan) to enroll or decline benefits, or make changes to benefits elections. Unless Executive elects otherwise, Executive will be automatically enrolled at a rate of 3% of Annual Base Salary to be withheld, pretax, and deposited into
Executive’s 401(k) plan account. In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 of this Agreement. 

  
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 (d) Equity Awards. 

(i) Subject to the approval of the Compensation Committee, the Company shall cause the Parent to give Executive an initial
grant of options to purchase one hundred and fifty thousand (150,000) shares of common stock of Parent (“Common Stock”) with a per share exercise price equal to the closing price of a share of Common Stock on the New York Stock
Exchange on the date of grant (the “Option”). The Option shall be granted following the approval of the Compensation Committee which shall be no later than thirty (30) days following the Effective Date. All stock option grants
are made at the discretion of the Compensation Committee and the Company has no reason to believe that the Option will not be approved by the Compensation Committee. Executive will receive a stock option agreement that incorporates the terms of
Parent’s equity incentive plan and sets forth the terms and conditions of the Option grant, including the vesting schedule and applicable exercise price, following approval thereof by the Compensation Committee. One Fourth (1/4th) of the
shares subject to the Option shall vest on the first anniversary of the date of grant (the “First Vesting Date”), and an additional one-sixteenth (1/16th) of such shares shall vest every three (3) months following the First
Vesting Date. Notwithstanding the terms of the equity incentive plan or the stock option agreement, in the event of (X) a Change in Control (as defined in the applicable equity incentive plan), the vesting of the Option shall automatically
accelerate and all unvested shares of Common Stock subject to such Option shall then become fully vested and exercisable as of the effective date of the Change in Control; or (Y) in the event Executive’s employment is terminated without
Cause or Executive resigns for Good Reason, and in either case such termination or resignation occurs prior to the one year anniversary of the grant date of the option, then, twenty-five (25%) percent of the shares of Common Stock subject to
such Option shall automatically accelerate and become fully vested and exercisable. In such case, Executive shall have 180 days following the date of termination to exercise the vested shares under the Option. Such shares shall also be subject to
the terms and conditions, including the vesting schedule, set forth in a stock option agreement and Parent’s equity incentive plan. 
 (ii) Subject to the approval of the Compensation Committee, the Company shall cause the Parent to give Executive an initial grant of fifty thousand (50,000) shares of restricted Common Stock pursuant
to a restricted stock award agreement to be entered into between Executive and Parent (“Restricted Common Stock”). The Restricted Common Stock shall be granted following the approval of the Compensation Committee which shall be no
later than thirty (30) days following the Effective Date. Executive will receive a restricted stock award agreement that incorporates the terms of Parent’s equity incentive plan and sets forth the terms and conditions of the restricted
shares, including the vesting schedule, following approval thereof by the Compensation Committee. The restrictions on the Restricted Common Stock shall lapse semi-annually with twenty percent (20%) of the total Restricted Common Stock vesting
during the first year from the date of grant and forty(40%) vesting each year thereafter for the following two (2) years. Notwithstanding the terms of the equity incentive plan or the restricted stock agreement, (X) in the event
Executive’s employment is terminated without Cause or Executive resigns for Good Reason immediately prior to or following a Change in Control, all restrictions on the Restricted Common Stock shall automatically lapse, or
(Y)

  
 3 

 
in the event Executive’s employment is terminated without Cause or Executive resigns for Good Reason, and in either case such termination or resignation occurs prior to the one year
anniversary of the grant date of the Restricted Common Stock, all restrictions on twenty-five (25%) percent of the shares shall automatically lapse. After August 1, 2012, and subject to Executive’s continued employment with the
Company, Executive will receive an additional grant of ten thousand (10,000) shares of Restricted Common Stock of Parent, to be granted at the next regularly scheduled meeting of the Compensation Committee following such date. Such shares shall
also be subject to the terms and conditions, including vesting schedule, set forth in a restricted stock award agreement and Parent’s equity incentive plan. 

(iii) The Parties acknowledge that Executive shall be eligible to receive annual equity grants on the same basis as other
similarly situated senior executives of the Company and in accordance with the equity compensation plans determined by the Compensation Committee, in its sole discretion. 
 (e) Vacation. During the Term, Executive shall be entitled to twenty (20) days of paid vacation per year in accordance with the Company’s Policies (vacation days shall be prorated for any
partial year of service). Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 

(f) Expenses. During the Term, the Company shall reimburse Executive for all reasonable and approved travel and other business
expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy. 
 (g) Lodging; Commuting Expenses. Beginning on the Effective Date and during Executive’s first twelve (12) months of employment with the Company, the Company will reimburse Executive at a
rate of five thousand dollars ($5,000) per month for an apartment in or near Herndon, Virginia and for Executive’s reasonable expenses to commute on a weekly basis to and from Executive’s home in New Jersey, which shall be paid in
accordance with the customary payroll practices of the Company any. 
 (h) Legal Expenses. The Company will reimburse
executive up to $5,000 of Executive’s legal expenses incurred during calendar year 2012 in connection with the review of this Agreement and any other agreements referred to herein. 

 

	3.	TERMINATION. 

Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this Agreement
under the following circumstances: 
 (a) Circumstances. 

  
 4 

 (i) Death. Executive’s employment hereunder shall terminate upon
Executive’s death. 
 (ii) Disability. If Executive has incurred a Disability, as defined below, the
Company may terminate Executive’s employment. 
 (iii) Termination for Cause. The Company may
terminate Executive’s employment for Cause, as defined below. 
 (iv) Termination without Cause. The
Company may terminate Executive’s employment without Cause. 
 (v) Resignation from the Company without
Good Reason. Executive may resign Executive’s employment with the Company without Good Reason, as defined below. 
 (vi) Resignation from the Company for Good Reason. Executive may resign Executive’s employment with the Company for Good Reason. 

(b) Notice of Termination. Any termination of Executive’s employment by the Company or by Executive under this
Section 3 (other than termination pursuant to paragraph (a)(i)) shall be communicated by a written notice to the other party hereto (i) indicating the specific termination provision in this Agreement relied upon, (ii) setting
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and (iii) specifying a Date of Termination which, other than
termination pursuant to paragraph (a)(iii), shall be at least thirty (30) days following the date of such notice (a “Notice of Termination”); provided, however, that in the event that Executive delivers a Notice of
Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the date of Company’s receipt of such Notice of Termination and is prior to the date specified in such Notice
of Termination. The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact
or circumstance in enforcing the Company’s rights hereunder. 
 (c) Company Obligations upon Termination. Upon
termination of Executive’s employment pursuant to any of the circumstances listed in Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base
Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any expenses owed to Executive pursuant to Section 2(f); (iii) any accrued but unused vacation days through the Date of Termination, and
(iv) any amount accrued and arising from Executive’s participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such
employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to
salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. In the event that 

  
 5 

 
Executive’s employment is terminated by the Company for any reason and Executive executes the Release (defined below), Executive’s sole and exclusive remedy shall be to receive the
severance payments and benefits described in this Section 3(c) or Section 4, as applicable. 
 (d)
Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates. 

(e) Post-Termination Cooperation. Executive agrees that following Executive’s termination of employment with Company,
Executive shall, to the extent reasonably requested by Company and reasonably convenient for Executive, reasonably cooperate and assist Company at Company’s expense in any dispute, controversy, or litigation in which Company may be involved and
with respect to which Executive obtained knowledge while employed by Company or any of its affiliates, successors, or assigns, including, but not limited to, Executive’s participation in any court or arbitration proceedings, giving of
testimony, signing of affidavits, or such other personal cooperation as counsel for Company shall reasonably request. The Company shall reimburse Executive for his reasonable expenses incurred in the course of such cooperation, and, in the event
such cooperation shall require a significant amount of Executive’s time (as reasonably determined by the Parties) shall pay Executive a reasonable per diem amount to be reasonably agreed to by Parties for Executive’s time. 

 

	4.	SEVERANCE PAYMENTS. 

(a) Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company. If Executive’s employment
shall terminate as a result of Executive’s death pursuant to Section 3(a)(i), or Disability pursuant to Section 3(a)(ii), or for Cause pursuant to Section 3(a)(iii), or upon Executive’s resignation from
the Company without Good Reason pursuant to Section 3(a)(v), then Executive shall not be entitled to any severance payments or benefits, except for the Company Arrangements as provided in Section 3(c). 

(b) Termination without Cause or Resignation for Good Reason. If Executive’s employment shall terminate
without Cause pursuant to Section 3(a)(iv) or upon Executive’s resignation from the Company for Good Reason pursuant to Section 3(a)(vi), then, subject to Executive signing on or before the 21st day following Executive’s Separation from Service (as defined
below), and not revoking, a release of claims in the form attached as Exhibit A to this Agreement (the “Release”), and Executive’s continued compliance with the Confidentiality Agreement (as defined below), Executive
shall receive, in addition to the Company Arrangements set forth in Section 3(c), the following: 

(i) an amount in cash equal to one (1) times the Annual Base Salary of Executive as of the Date of Termination,
payable in the form of salary continuation in regular installments over the twelve-month period following the date of Executive’s Separation from Service (the “Severance Period”) in accordance with the Company’s normal
payroll practices; 
 (ii) an amount equal to any accrued and earned annual bonus for the completed fiscal year
immediately preceding the Date of Termination that has been 

  
 6 

 
declared by the Board or the Compensation Committee but is not yet paid as of the Date of Termination (to be paid when such annual bonuses are paid to similarly situated employees); and

 (iii) reimbursement (or direct payment to the carrier), for the Severance Period, for a portion of the premium
costs incurred by Executive (and his spouse and dependents, where applicable) to obtain COBRA coverage pursuant to one of the group health plans sponsored by the Company, which reimbursement (or direct payment) shall equal the premium costs incurred
by the Company for the Severance Period, on behalf of a similarly-situated employee, to obtain coverage under the same group health plan sponsored by the Company. Notwithstanding the foregoing, if reimbursement or direct payment of health care
premium violates any applicable health care laws, then Executive shall be entitled to a monthly payment of such amount payment, less applicable taxes and withholding, in lieu of such reimbursement. 

Notwithstanding the foregoing, in the event Executive is entitled to the payments and benefits set forth in this Section 4(b)
as a result of a termination or resignation of employment that occurs on, immediately prior to or within one (1) year following a Change in Control, then the such payments in subparagraphs (i), and (ii) shall be made in lump-sum on the
first business day following the date on which the Release shall be non-revocable by Executive, if such Release is required, if not required, on the Date of Termination. 

 

	5.	COMPETITION; CONFIDENTIALITY; INVENTIONS. 

 Prior to the Effective Date, Executive shall enter into Parent’s standard form of Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement (the “Confidentiality
Agreement”), a form of which is attached to this Agreement as Exhibit B. 
  

	6.	ASSIGNMENT AND SUCCESSORS. 

 The Company may assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or
encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns,
personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s
rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable company Policies, to select and change a
beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written notice thereof to the Company. 

  
 7 

	7.	EXECUTIVE REPRESENTATIONS. 

 Executive represents that Executive’s employment by the Company does not and will not breach any agreement with any former employer, including any non-compete agreement or any agreement to keep in
confidence or refrain from using information acquired by Executive prior to Executive’s employment by the Company. During Executive’s employment by the Company, Executive agrees that Executive will not intentionally violate any
non-solicitation agreements Executive entered into with any former employer or improperly make use of, or disclose, any information or trade secrets of any former employer or other third party, nor will Executive bring onto the premises of the
Company or use any unpublished documents or any property belonging to any former employer or other third party, that Executives knows is in violation of any lawful agreements with that former employer or third party. 

 

	8.	CERTAIN DEFINITIONS. 

 (a) Cause. The Company shall have “Cause” to terminate Executive’s employment hereunder if the Board determines, in good faith, that any of the following have occurred: 

(i) Executive’s (A) willful failure or continual neglect to perform Executive’s material responsibilities
under this Agreement, in each case, that causes material and demonstrable damage to the Company, or (B) failure to comply with, in any material respect, any of the Company’s Policies, which failure is not remedied by Executive within
thirty (30) days after receiving written notice from the Board specifying such failure; 
 (ii) Executive
failed in any material respect to carry out or comply with any lawful and reasonable written directive of the Board consistent with the terms of this Agreement (other than as a result of Executive’s Disability), which failure is not remedied by
Executive within thirty (30) days after receiving written notice from the Board specifying such failure; 

(iii) Executive’s breach, in any material respect, of the Confidentiality Agreement or Sections 6 or 7 of this
Agreement or any material written Policy of the Company, which breach is not remedied, if possible, by Executive within thirty (30) days after receiving written notice from the Board specifying such failure; 

(iv) Executive’s conviction or plea of no contest (or of nolo contendere), for any felony or for any crime
involving moral turpitude; 
 (v) Executive’s unlawful use (including being under the influence) or
possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement; or 

(vi) Executive’s commission of an act of fraud, embezzlement, misappropriation, willful misconduct, or breach of
fiduciary duty against the Company or any of its affiliates. 

  
 8 

 (b) Date of Termination. “Date of Termination” shall mean (i) if
Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (ii) if Executive’s employment is terminated for any other reason, either the date indicated in the Notice of Termination or the date
specified by the Company pursuant to Section 3(b), whichever is earlier. 
 (c) Disability.
“Disability” shall have the meaning provided in the long-term disability insurance plan provided to the senior executives of the Company pursuant to Section 2(c) herein for the purpose of determining a participant’s
eligibility for benefits, provided, however, if the long-term disability plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which, if Executive qualified for such disability
benefits, would provide coverage for the longest period of time. The determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under the long-term disability plan.

 (d) Good Reason. “Good Reason” shall mean: 

(i) a material breach by the Company or Parent of the terms of this Agreement, or any other equity or compensation written
agreement between the Company or Parent and Executive, including, but not limited to, the failure of the Company to make any material payment or provide any material benefit specified under this Agreement, 

(ii) any material adverse change in the nature or scope of Executive’s authority, duties or responsibilities;

 (iii) the failure of the Company to continue Executive in the position of President and Chief Operating
Officer; 
 (iv) any reduction in Executive’s Salary (other than a proportional reduction as part of a
generalized reduction in the base salaries of senior management of the Company not to exceed five-percent (5%) of Annual Base Salary then in effect); or 
 (v) the relocation of the site of Executive’s principal place of employment by a distance in excess of fifty (50) miles; 
 provided, however, that Executive may not resign his employment for Good Reason unless: (x) Executive provided the Company with at least thirty (30) days prior written notice of his
intent to resign for Good Reason (which notice must be provided within sixty (60) days following the date on which Executive has knowledge of the occurrence of the event(s) purported to constitute Good Reason); and (y) the Company has not
remedied the alleged violation(s) within the thirty (30) day period. 
  

	9.	MISCELLANEOUS PROVISIONS. 

 (a) Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the
Commonwealth of Virginia without reference to the principles of conflicts of law of Virginia or any other jurisdiction, and where applicable, the laws of the United States. 

  
 9 

 (b) Validity. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 (c) Claw-Back. All compensation received by Executive shall be subject to the provisions of any claw-back policy that are applicable to other similarly situated employees of the Company that are
implemented by the Company to comply with applicable law, regulation or stock exchange rule, including, without limitation, any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and any rules or regulations promulgated thereunder. 
 (d) Notices. Any notice, request, claim, demand, document and
other communication hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows: 

(i) If to the Company: 
 K12 Inc. 
 2300 Corporate Park Drive 

Herndon, Virginia 22102 
 Attention: Office of the General Counsel 
 Fax: 703-483-7496

 If to Executive: 
 Timothy L. Murray 
 [REDACTED] 

or at any other address as any Party shall have specified by notice in writing to the other Party. 

(e) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all
of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes. 
 (f) Entire Agreement. The terms of this Agreement, including the Confidentiality Agreement and the Arbitration Agreement, the terms of which are expressly incorporated herein, are intended by the
Parties to be the final expression of their agreement with respect to the subject matters herein and supersede all prior understandings and agreements, whether written or oral. The Parties further intend that this Agreement shall constitute the
complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 

  
 10 

 (g) Amendments; Waivers. This Agreement may not be modified, amended, or terminated
except by an instrument in writing, signed by Executive and a duly authorized officer of the Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance by the other Party with
any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any
other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity. 

(h) No Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of
action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this
Agreement. 
 (i) Construction. This Agreement shall be deemed drafted equally by both the Parties. Its language shall be
construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect
construction or interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. 

(j) Arbitration. Prior to the Effective Date, Executive shall enter into Parent’s standard form of Agreement to Arbitrate
(the “Arbitration Agreement”), the form of which is attached to this Agreement as Exhibit C. 
 (k)
Enforcement. If any provision of this Agreement (including the Confidentiality Agreement or the Arbitration Agreement) is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement,
such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added
automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

(l) Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local
or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

  
 11 

 (m) Section 409A. 

(i) General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be
exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted to be in compliance therewith. 
 (ii) Separation from Service. Notwithstanding
anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is designated under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s
“separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits shall not be paid, or, in the case of
installments, shall not commence payment, until the thirtieth (30th) day following Executive’s Separation from Service. Any installment payments that would have been made to Executive during the thirty (30) day period immediately
following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the thirtieth (30th) day following Executive’s Separation from Service and the remaining payments shall be made as provided in
this Agreement. 
 (iii) Specified Employee. Notwithstanding anything in this Agreement to the contrary,
if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which
Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration
of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of the applicable Section 409A
period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise
provided herein. 
 (iv) Expense Reimbursements. To the extent that any reimbursements under this
Agreement are subject to Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred; provided, that Executive submits
Executive’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses
referred to in Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(v) Installments. Executive’s right to receive any installment payments under this Agreement, including
without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a
separate and distinct payment as permitted under Section 409A. Except as 

  
 12 

 
otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to
Section 409A. 
  

	10.	EXECUITIVE ACKNOWLEDGEMENT. 

 Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other
than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first
above written. 
  

			
	COMPANY
		
	By:	 	 /s/ Ronald J. Packard

		 	Ronald J. Packard
		 	Chief Executive Officer
	
	PARENT
		
	By:	 	 /s/ Ronald J. Packard

		 	Ronald J. Packard
		 	Chief Executive Officer
	
	EXECUTIVE
		
	By:	 	 /s/ Timothy L. Murray

		 	Timothy L. Murray

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