Document:

exv10w5

 

Exhibit
10.5

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS. THE CONFIDENTIAL REDACTED
PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH REDACTIONS
ARE INDICATED WITH THREE ASTERISKS.

AMENDED AND RESTATED

STOCK OPTION AGREEMENT

          THIS AMENDED AND RESTATED STOCK OPTION AGREEMENT (“Agreement”) is entered into as of July 12,
2007 by and between K12 INC., a Delaware corporation (the “Company”), and RONALD J. PACKARD (the
“Optionee”). This Agreement supercedes and replaces in its entirety the Stock Option Agreement
between the Company and the Optionee dated July 27, 2006 (the “Original Option Agreement”), under
which the Optionee was granted certain stock options pursuant to Sections 2.4 and 2.41 of
Optionee’s Employment Agreement with the Company dated January 1, 2006 (the “Employment
Agreement”).

     1. Continuation of Stock Options. Subject to the terms and conditions hereinafter set forth,
the following options to purchase shares of common stock of the Company (the “Stock”) previously
granted to the Optionee pursuant to the Original Option Agreement (the “Options”) shall remain in
effect as follows:

	 	(a)	 	Options to purchase the number of shares of Stock specified on Exhibit
A attached hereto at an option exercise price of One Dollar and Fifty Cents ($1.50)
per share (the “First Group of Options”) granted under the Original Option Agreement
shall continue in effect, provided, however, that any portion of such First Group of
Options that are set forth in the first and third lines of Exhibit A that has
not vested as of December 31, 2008 shall be forefeited for no consideration effective
as of such date, and any portion of such First Group of Options that are set forth in
the second line of Exhibit A that has not vested as of December 31, 2010 shall
be forfeited for no consideration effective as of such date.
	 
	 	(b)	 	Options to purchase up to One Million Five Hundred Thousand (1,500,000) shares
of Stock at an option exercise price of Six Dollars ($6.00) per share (the “Second
Group of Options”) granted under the Original Option Agreement shall continue in
effect, provided, however, that any portion of such Second Group of Options that has
not vested as of January 1, 2011 shall be forefeited for no consideration effective as
of such date.

The shares of Stock purchasable upon exercise of the Options are hereinafter sometimes collectively
referred to as the “Option Shares.” The Options are not intended to be, and shall not be treated
as, incentive stock options (as such term is defined under Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”)). Optionee understands and acknowledges that the Company granted
the Options outside of, and not as a part of, the K12 Inc. Amended and Restated Stock Option Plan.
The Company shall reserve sufficient shares of Stock from its authorized but unissued and not
outstanding shares of Stock as set forth in its Certificate of Incorporation, for purposes of
issuing Option Shares to the Optionee upon the exercise of the Options in accordance with the terms
set forth herein.

 

 

     2. Vesting Schedules. Subject to the other terms and conditions of this Agreement including,
without limitation Section 3 below, the Options shall vest and become exercisable as set forth
below:

	 	(a)	 	The First Group of Options shall vest and become exercisable upon Optionee’s
fulfillment of the vesting conditions set forth on Exhibit A attached hereto as
determined in the sole discretion of the Company’s Compensation Committee.
	 
	 	(b)	 	The Second Group of Options shall vest and become exercisable thereafter when
the “fair market value” of the Company’s Stock is equal to or greater than Six Dollars
($6.00) per share (as adjusted for stock splits, combinations, recapitalizations and
similar matters). For purposes hereof, “fair market value” means (i) the average
closing price of a share of Stock on the principal exchange on which such shares are
then trading, if any (or as reported on any composite index which includes such
principal exchange), on the ten most recent trading days immediately prior to such
date, or (ii) if such shares are not traded on an exchange but are quoted on NASDAQ or
a successor quotation system, the average mean between the closing representative bid
and asked prices for such shares on the ten most recent trading days immediately prior
to such date as reported by NASDAQ or such successor quotation system; or (iii) in the
event that clauses (i) and (ii) above are inapplicable, “fair market value” shall be
determined in good faith by the Board of Directors of the Company (the “Board”).

     3. Termination of Options.

          (a) Subject to earlier termination as provided in the other provisions of this Agreement, the
Options and all rights hereunder with respect thereto, to the extent such rights shall not have
been exercised, shall terminate and become null and void on December 31, 2012 (the “Option Term”).

          (b) Upon termination of Optionee’s employment or engagement with the Company by reason of
Optionee’s death, then the Options held by Optionee to the extent not exercisable on the date of
Optionee’s death shall terminate on the date of Optionee’s death. The Options, to the extent
exercisable on the date of Optionee’s death, may be exercised by Optionee’s estate, provided that
such exercise occurs prior to the earlier of: (i) ninety (90) days after the expiration of any
“lock-up” period applicable to the Company’s initial underwritten public offering of Stock, or (ii)
the expiration of the Option Term. The Options held by Optionee to the extent exercisable on the
date of Optionee’s death shall terminate at the end of the earliest of the periods specified in
clauses (i) and (ii) of the immediately preceding sentence.

          (c) Upon termination of Optionee’s employment or engagement with the Company by reason of
“permanent disability” (as determined by the Board, or if Optionee has an employment or engagement
agreement with the Company, then as determined pursuant to the applicable provisions of said
agreement, if any), then the Options held by Optionee to the extent not exercisable on the date of
Optionee’s termination shall terminate on the date of Optionee’s
termination. The Options, to the extent exercisable on the date of Optionee’s termination,
may

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be exercised by Optionee (or his personal representative), provided that such exercise occurs
prior to the earlier of: (i) ninety (90) days after the expiration of any “lock-up” period
applicable to the Company’s initial underwritten public offering of Stock, or (ii) the expiration
of the Option Term. The Options held by Optionee to the extent exercisable on the date of
Optionee’s termination shall terminate at the end of the earliest of the periods specified in
clauses (i) and (ii) of the immediately preceding sentence.

          (d) Upon termination of Optionee’s employment or engagement with the Company for “cause” (as
determined by the Board, or if Optionee has an employment or engagement agreement with the Company,
then as determined pursuant to the applicable provisions of said agreement, if any), the Options
may be exercised by Optionee, but only to the extent that the Options were outstanding and
exercisable on the date of Optionee’s termination, provided that such exercise occurs within both
the remaining Option Term and within ninety (90) days from the date of Optionee’s termination. The
Options held by Optionee to the extent exercisable on the date of Optionee’s termination shall
terminate at the end of the Option Term or ninety (90) days after Optionee’s termination, whichever
is earlier. The Options held by Optionee to the extent not exercisable on the date of Optionee’s
termination shall terminate on the date of Optionee’s termination.

          (e) If Optionee’s employment with the Company is terminated by Company for other than death,
“permanent disability” or “cause” (as such terms are used in paragraphs (c) and (d) above) or if
Optionee resigns from employment with the Company, the Options, to the extent exercisable on the
date of Optionee’s termination, may be exercised by Optionee, provided that such exercise occurs
prior to the earlier of: (i) ninety (90) days after the expiration of any “lock-up” period
applicable to the Company’s initial underwritten public offering of Stock, or (ii) the expiration
of the Option Term. The Options held by Optionee to the extent exercisable on the date of
Optionee’s termination shall terminate at the end of the earliest of the periods specified in
clauses (i) and (ii) of the immediately preceding sentence. The treatment and consideration of all
unvested Options held by Optionee on the date of Optionee’s termination shall be determined by the
Board in its sole discretion.

     4. Exercise of Options.

          (a) The Optionee may exercise the Options with respect to all or any part of the number of
Option Shares then exercisable hereunder from time to time by giving the Chief Financial Officer of
the Company written notice of exercise. Each such notice of exercise shall specify the number of
Option Shares as to which the Options are to be exercised and the date of exercise thereof, which
date shall be at least five days (but not more than fifteen days) after the giving of such notice
unless an earlier time shall have been mutually agreed upon by Optionee and the Company.

          (b) Full payment of the option price for the Option Shares being purchased by the Optionee
shall be made by the Optionee in cash (in U.S. dollars) on or prior to the date of exercise
specified in the notice of exercise.

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          (c) The Company shall cause to be delivered to the Optionee a certificate or certificates for
the Option Shares then being purchased (out of theretofore unissued Stock or reacquired Stock, as
the Company may elect) as soon as is reasonably practicable after the full payment for such Option
Shares and satisfaction of all other conditions to exercise set forth in this Agreement.

          (d) If the Optionee fails to pay for any of the Option Shares specified in a notice of
exercise or fails to accept delivery thereof, the Optionee’s right to purchase such Option Shares
shall terminate.

          (e) Notwithstanding any other provision of this Agreement, the Optionee’s right to exercise
Options and be issued Option Shares is subject to the conditions set forth in this Section 4(e) in
addition to any other conditions set forth elsewhere in this Agreement. The Optionee may not
exercise any Options in whole or in part or be issued any Option Shares unless (i) the transaction
is in compliance with all applicable state and Federal securities laws, (ii) the transaction is
exempt from the qualification and registration requirements of applicable state and Federal
securities laws, and (iii) the Company and the Optionee comply with any requirements applicable to
the transaction, if any, that are contained in any credit or loan agreement to which the Company is
a party. In addition, the obligation of the Company to deliver Stock shall be subject to the
condition that if at any time the Company shall determine that the listing, registration, or
qualification of the Options or the Option Shares upon any securities exchange or under any state
or Federal law, or the consent or approval of any governmental regulatory body, is necessary as a
condition of, or in connection with, the Options or the issuance or purchase of Stock thereunder,
the Options may not be exercised in whole or in part unless such listing, registration,
qualification, consent, or approval shall have been effected or obtained free of any conditions not
acceptable to the Board.

     5. Adjustment of and Changes in Stock of the Company. In the event of any change in the
outstanding shares of Stock by reason of a stock dividend, recapitalization, merger, consolidation,
split-up, combination, exchange of shares, or the like, the Company’s Compensation Committee shall
appropriately adjust the number and kind of shares subject to the Options and the option price.

     6. No Rights of Stockholders. Neither the Optionee nor any personal representative shall be,
or shall have any of the rights and privileges of, a stockholder of the Company with respect to any
shares of Stock purchasable or issuable upon the exercise of the Options, in whole or in part,
prior to the date certificates for shares of Stock are issued to the Optionee.

     7. Non-Transferability of Options. During the Optionee’s lifetime, the Options hereunder
shall be exercisable only by the Optionee or any guardian or legal representative of the Optionee,
and the Options shall not be transferable except, in case of the death of the Optionee, by will or
the laws of descent and distribution, nor shall the Options be subject to attachment, execution, or
other similar process. In the event of (a) any attempt by the Optionee to alienate, assign,
pledge, hypothecate, or otherwise dispose of the Options, except as provided for herein, or (b) the
levy of any attachment, execution, or similar process upon the rights or interest hereby

4

 

conferred, the Company may terminate the Options by notice to the Optionee and they shall
thereupon become null and void.

     8. Employment/Engagement Not Affected. Neither the granting of the Options nor exercise
thereof shall be construed as granting to the Optionee any right with respect to continuance of
employment or engagement with the Company or affect any right which the Company may have to
terminate the employment or engagement of Optionee.

     9. Amendment of Options. The Options may be amended by the Company’s Compensation Committee
at any time (i) if the Company’s Compensation Committee determines, in its reasonable discretion,
that amendment is necessary or advisable in the light of any addition to or change in the Internal
Revenue Code of 1986, as amended, or in the regulations issued thereunder, or any federal or state
securities law or other law or regulation, which change occurs after the date of grant of an Option
and by its terms applies to the Option; or (ii) other than in the circumstances described in clause
(i), with the consent of the Optionee.

     10. Sale, Merger, Consolidation and Liquidation of the Company. In the event of a sale of the
Company (whether by merger, consolidation, sale of assets, sale of stock or otherwise), if the
surviving or acquiring entity or purchaser does not expressly agree to assume the Options issued
hereunder, all Options issued hereunder which are unvested shall terminate and all Options issued
hereunder which are vested (including all Options that become vested as a result of a Vesting
Acceleration Event) but not exercised prior to or as of the closing of such event shall terminate.
In the event of a dissolution or liquidation of the Company, all Options issued hereunder which are
unvested shall terminate and all Options issued hereunder which are vested but not exercised prior
to such dissolution or liquidation shall terminate.

     11. Restrictions on Transfer of Option Shares and Related Provisions.

          (a) Except as otherwise expressly set forth in this Section 11, Optionee shall not,
voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise, sell,
transfer, assign, hypothecate, pledge or in any way alienate any Option Shares now or hereafter
owned by the Optionee or any right or interest therein (hereinafter, a “Transfer”) without the
prior written consent of the Company’s Compensation Committee, which the Compensation Committee may
withhold in its sole discretion. Any attempt to consummate a Transfer in violation of this
Agreement shall be null and void.

          (b) Notwithstanding the restrictions contained in Section 11(a) above, (i) Optionee may
Transfer Optionee’s Option Shares to the Company or a designee of the Company, or (ii) Optionee may
contribute Optionee’s Option Shares to a trust formed solely for the benefit of Optionee and/or
Optionee’s immediate family, or (iii) upon the death of Optionee, Optionee’s Option Shares may be
transferred to Optionee’s estate, personal representative or heirs by will or the laws of descent
and distribution; provided, however, that as a condition to any transfer under
clause (i), (ii) or (iii) above, the transferee shall hold the Option Shares subject to the terms
and conditions of this Agreement and the transferee shall execute and deliver to the Company an
agreement in form and substance satisfactory to the Company agreeing to be bound by the terms and
conditions of this Agreement.

5

 

          (c) All Option Shares now or hereafter owned by Optionee shall be subject to all of the terms
and conditions of this Agreement. All certificates representing such Option Shares shall contain
legends to the following effect:

ANY SALE, TRANSFER, PLEDGE, ASSIGNMENT OR ENCUMBRANCE OF THIS SECURITY IS SUBJECT TO THE
PROVISIONS OF A STOCK OPTION AGREEMENT BETWEEN THE CORPORATION AND THE STOCKHOLDER, DATED AS
OF JULY 27, 2006, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE CORPORATION.

THE OFFER AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN QUALIFIED
OR REGISTERED UNDER ANY STATE OR FEDERAL SECURITIES LAWS. SUCH SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF EITHER QUALIFICATION AND REGISTRATION
UNDER STATE AND FEDERAL SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
THAT SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED.

          (d) The provisions of Sections 11(a) and 11(b) shall terminate effective upon the consummation
an underwritten public offering of shares of Stock by the Company that results in such shares being
listed for trading on a national securities exchange or being authorized for trading on the NASDAQ
National Market System.

     12. Representations.

          (a) By executing this Stock Option Agreement, Optionee represents and warrants to the Company
that Optionee is acquiring the Options for Optionee’s own account, for investment purposes only and
not with the intent of distributing, transferring or selling all or any part of the Options.

          (b) In connection with the exercise of any portion of the Options, Optionee represents and
warrants to the Company as of the date of such exercise as follows:

               (i) Optionee is acquiring the Stock for Optionee’s own account, for investment purposes only
and not with the intent of distributing, transferring or selling all or any part thereof in
violation of applicable securities laws.

               (ii) Optionee acknowledges that the Stock has not been registered under any Federal or state
securities laws and is being issued pursuant to one or more exemptions from the registration and
qualification requirements of such securities laws.

6

 

               (iii) Optionee acknowledges that the Company is under no obligation to register or qualify the
Stock and that the Stock may not be sold unless it is so registered and qualified or an exemption
from registration and qualification is available.

     13. Lock Up In Connection with Public Offering.

          (a) In order to induce the underwriters that may participate in a public offering of the
Company’s equity securities to continue their efforts in connection with such a public offering,
the Optionee, during the period commencing 30 days prior to and ending 180 days after the effective
date of any underwritten public offering of the Company’s equity securities (except as part of such
underwritten registration):

               (i) agrees not to (x) offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, directly or indirectly, any Stock or any securities
convertible into or exercisable or exchangeable for Stock (including, without limitation, Stock or
securities convertible into or exercisable or exchangeable for Stock which may be deemed to be
beneficially owned by the undersigned in accordance with the rules and regulations of the
Securities and Exchange Commission) or (y) enter into any swap or other arrangement that transfers
all or a portion of the economic consequences associated with the ownership of any Stock
(regardless of whether any of the transactions described in clause (x) or (y) is to be settled by
the delivery of Stock, or such other securities, in cash or otherwise), without prior written
consent of the lead managing underwriter of such public offering;

               (ii) agrees not to make any demand for, or exercise any right with respect to, the
registration of any Stock or any securities convertible into or exercisable or exchangeable for
Stock, without the prior written consent of the lead underwriter; and

               (iii) authorizes the Company to cause the transfer agent to decline to transfer and/or to note
stop transfer restrictions on the transfer books and records of the Company with respect to any
Stock and any securities convertible into or exercisable or exchangeable for Stock for which the
Optionee is the record holder and, in the case of any such shares or securities for which the
Optionee is the beneficial but not the record holder, agrees to cause the record holder to cause
the transfer agent to decline to transfer and/or to note stop transfer restrictions on such books
and records with respect to such shares or securities.

Upon the Company’s request, the Optionee agrees to execute any additional documents necessary or
desirable to confirm Optionee’s obligations set forth above and/or in connection with the
enforcement of the foregoing provisions. The foregoing provisions shall survive the death or
incapacity of the Option and any obligations of the Optionee set forth above shall be binding upon
the heirs, personal representatives, successors and assigns of the Optionee.

7

 

     14. Notice. Any notice to the Company provided for in this instrument shall be addressed as
follows:

K12 Inc.

2300 Corporate Park Drive, Suite 200

Herndon, Virginia 20171

Attention: Compensation Committee

With a copy to:

K12 Inc.

2300 Corporate Park Drive, Suite 200

Herndon, Virginia 20171

Attention: Office of the General Counsel

And any notice to the Optionee shall be addressed to the Optionee at the current address shown on
the records of the Company.

Any notice shall be deemed to be duly given if and when properly addressed and posted by registered
or certified mail, postage prepaid.

     15. Income Tax Consequences. Optionee acknowledges, represents, and warrants that the Company
has made no representations whatsoever to Optionee concerning the specific Federal and/or state
income tax and alternative minimum tax consequences to Optionee of the Options or the exercise
thereof, and Optionee shall be responsible for consulting with Optionee’s personal tax advisor
regarding such matters. Without limiting the generality of the foregoing, Optionee acknowledges
that pursuant to Code Section 409A, an option that is granted with a per share exercise price that
is determined by the Internal Revenue Service (the “IRS”) to be less than the fair market value of
a share of Stock on the date of grant (a “discount option”) may be considered “deferred
compensation.” An option that is a “discount option” may result in (i) income recognition by the
Optionee prior to the exercise of the option, (ii) an additional twenty percent (20%) tax payable
by Optionee, and (iii) potential penalty and interest charges payable by Optionee. Optionee
acknowledges that the Company cannot and has not guaranteed that in the event of an examination the
IRS will agree that the per share exercise price of the Stock that is subject to this Option equals
or exceeds the fair market value of a share of Stock on the date of grant. Optionee agrees that if
the IRS determines that the Option was granted with a per share exercise price that was less than
the fair market value of a share of Stock on the date of grant, Optionee will be solely responsible
for all consequences to Optionee related to such a determination.

     16. Withholding Taxes. Whenever the Company issues or transfers shares of Stock hereunder,
the Company shall have the right to require the Optionee to remit to the Company an amount
sufficient to satisfy any Federal, state, and/or local withholding tax requirements prior to the
delivery of any certificate or certificates for such shares. Alternatively, the Company may (but
shall not be obligated to) issue or transfer such shares of Stock net of the number of shares

8

 

sufficient to satisfy the withholding tax requirements. For withholding tax purposes, the
shares of Stock shall be valued on the date the withholding obligation is incurred.

     17. Governing Law. The validity, construction, interpretation, and effect of this Agreement
shall exclusively be governed by and determined in accordance with the laws of the State of
Delaware (without regard to conflicts of law principles), except to the extent preempted by Federal
law, which shall to such extent govern.

     18. Entire Agreement. This Agreement sets forth the entire agreement between the parties
relating to the subject matter hereof and supersedes any other prior understandings or agreements
between the parties relating to such subject matter including, without limitation, the Original
Option Agreement and Sections 2.4 and 2.41 of the Employment Agreement.

          IN WITNESS WHEREOF, the Company and Optionee have executed this Agreement effective as of the
date first set forth above.

	 	 	 	 	 
	 	“Company”

K12 INC.

a Delaware corporation

 	 
	 	By:  	 /s/
Andrew Tisch	 
	 	 	Andrew Tisch 	 
	 	 	Chair, Compensation Committee 	 
	 

	 	 	 	 	 
	 	“Optionee”

 	 
	 	 /s/
Ronald J. Packard	 
	 	Ronald J. Packard 	 
	 	 	 

9

 

	 	 	 	 	 

EXHIBIT A

VESTING CONDITIONS FOR FIRST GROUP OF OPTIONS

	 	 	 	 	 	 	 
	Line	 	Number of Options	 	Vesting Conditions
	1 
	 	 	600,000	 	 	***

	2 
	 	 	1,200,000	 	 	***
1

	3 
	 	 	200,000	 	 	Achievement of fiscal year 2008 EBITDA and
Revenue targets to be determined by the Board

 

			
	1	 	***

10exv10w9

 

Exhibit
10.9

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS. THE CONFIDENTIAL REDACTED
PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH REDACTIONS
ARE INDICATED WITH THREE ASTERISKS.

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

          THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is entered into effective as
of July 1, 2007 (the “Effective Date”) between K12 INC., a Delaware corporation (“Company”), and
RONALD J. PACKARD (“Executive”), on the following terms and conditions:

SECTION 1. EMPLOYMENT.

          1.1 Responsibilities. Company hereby employs Executive on the terms and conditions
set forth in this Agreement and Executive hereby accepts such employment. Executive shall serve as
the Chief Executive Officer of Company. Executive also shall serve as a member of the Board of
Directors of Company and agrees to hold such other executive position(s) with Company and/or its
affiliates as the Board of Directors or Executive Committee shall from time to time designate.
Executive shall perform such duties and responsibilities commensurate with Executive’s position(s)
as may be required by Company from time to time, and Executive further recognizes that he will be
required to travel in the ordinary course of performing his responsibilities. Executive shall
carry out all of his employment responsibilities in an efficient, trustworthy, effective and
businesslike manner.

          1.2 Exclusive Employment. Executive shall devote Executive’s full business time to
Executive’s responsibilities under this Agreement. Without limiting the generality of the
foregoing, Executive shall not render services of a business, professional or commercial nature to
any other person, firm or corporation, whether for compensation or otherwise, except that Executive
may engage in the following activities so long as such activities do not interfere with Executive’s
ability to comply with this Agreement and are not otherwise in conflict with the policies or
interests of Company: (a) civic, philanthropic and community service activities, (b) serving as a
director or advisory board member of one outside company, and (c) publishing, solely on
Executive’s personal time, screen plays, novels and other writings for which Executive may receive
and retain separate compensation. Executive may not serve on any other outside boards of directors
without prior approval of the Board.

SECTION 2. COMPENSATION AND OTHER BENEFITS.

          2.1 Compensation/Deductions. In consideration of Executive’s employment, Executive
shall receive from Company while Executive is employed with Company the compensation and benefits
described in this Section 2 as full and complete satisfaction of all of Company’s obligations to
Executive arising from Executive’s employment. The compensation and employee benefits made
available to Executive pursuant to this Agreement may be changed only by the written agreement of
the parties. Executive authorizes Company to deduct and withhold from all compensation to be paid
to Executive any and all sums required to be deducted or withheld by Company (including, but not
limited to, income tax withholding and payroll taxes) pursuant to the provisions of all applicable
laws, regulations, rulings or ordinances of the United States and any other applicable
jurisdiction.

 

 

          2.2 Compensation. Executive shall receive, as a fixed base salary for the full time
employment referred to in Section 1 hereof and all other obligations of Executive hereunder,
compensation at the rate of Four Hundred Twenty-Five Thousand Dollars ($425,000) per year payable
not less frequently than monthly in accordance with Company’s standard payroll practices as in
effect from time to time (“Compensation”). At the request of Executive, the Board of Directors
shall review Executive’s Compensation annually and determine in its sole and absolute discretion
whether to grant Executive any increase in Compensation based on the performance of Executive and
Company.

          2.3 Bonus. Executive may receive a bonus in the sole and absolute discretion of the
Board of Directors of Company, which bonus shall not exceed an amount equal to one hundred (100)
percent of Executive’s fixed base salary.

          2.4 Stock Options. Company will grant to Executive (subject to certain conditions)
(i) stock options to purchase up to eight hundred thousand (800,000) shares of Common Stock of
Company at an exercise price of Two Dollars and Sixty-Eight Cents ($2.68) per share, 228,571 of
which shall vest on each of June 30, 2008, June 30, 2009 and June 30, 2010, and 114,287 of which
shall vest on January 1, 2011, provided that Executive remains employed by Company or its
affiliates on each such date, and (ii) stock options to purchase shares of Common Stock of Company
as listed in Exhibit A at an exercise price of Two Dollars and Sixty-Eight Cents ($2.68) per share,
which shall vest upon the satisfaction of the performance objectives identified in Exhibit A
provided that Executive remains employed by Company or its affiliates on the applicable vesting
dates. Except as set forth in this Section 2.4, all such stock options shall be subject to the
terms of Company’s Stock Option Plan (the “Plan”) and Company’s form of Stock Option Agreement
under the Plan (the “Stock Option Agreement”). In addition, upon the occurrence of a Vesting
Acceleration Event (as defined in the Stock Option Agreement), all outstanding stock options held
by Executive immediately prior to the date of such event shall become fully vested and exercisable.
At the request of Executive, the Board of Directors shall review the role, responsibility and
performance of Executive and Company annually and determine in its sole and absolute discretion
whether to grant Executive any additional stock options and, if so, the exercise price and terms
thereof.

          2.5 Previously Granted Stock Options. The stock options listed in the chart below
that were previously granted by Company to Executive pursuant to the Stock Option Agreement entered
into as of July 27, 2006, by and between Company and Executive (the “Previous Option Agreement”)
shall continue in effect subject to the terms of the Amended and Restated Stock Option Agreement
entered into as of July 12, 2007 (the “Amended and Restated Option Agreement”) which supersedes and
replaces in its entirety the Previous Option Agreement; provided, however, that such stock options
set forth in the first and third rows of the chart that have not vested as of December 31, 2008
shall be forfeited for no consideration effective as of such date, and such stock options set forth
in the second row of the chart that have not vested as of December 31, 2010 shall be forfeited for
no consideration effective as of such date.

2

 

	 	 	 	 	 	 	 
	Shares Subject to	 	Exercise	 	Vesting
	Stock Options	 	Price	 	 
	600,000 

	 	$	1.50	 	 	*** 1 
	 
	 	 	 	 	 	 
	1,200,000 

	 	$	1.50	 	 	*** 2 
	 
	 	 	 	 	 	 
	200,000 

	 	$	1.50	 	 	Achievement of fiscal year
ending June 30, 2008 EBITDA and
Revenue targets to be
determined by the
Board3

In addition, the stock options previously granted to Executive to purchase 1,500,000 shares of
Common Stock of the Company at an exercise price of $6.00 per share set forth in Section 1(d) of
the Previous Option Agreement shall continue in effect subject to the terms of the Amended and
Restated Option Agreement; provided, however, that such stock options shall be forfeited for no
consideration effective as of January 1, 2011, to the extent such stock options have not vested as
of such date. All other stock options granted to Executive pursuant to the Previous Option
Agreement that have not vested as of the Effective Date, unless otherwise provided in the Amended
and Restated Option Agreement, shall be forfeited for no consideration as of such date.

          2.6 Expense Reimbursement. Company shall reimburse Executive for reasonable and
necessary out-of-pocket business expenses incurred by Executive in the performance of Executive’s
responsibilities hereunder and within the operating budget of Company, subject to Company’s
business expense reimbursement policies in effect from time to time, including submission to
Company of a written accounting of such expenses, which accounting shall include an itemized list
of the expenses incurred, the business purposes for which such expenses were incurred, and
appropriate receipts and supporting documentation.

          2.7 Vacation. Executive shall be entitled to paid vacation for each full year of
Executive’s employment with Company (prorated for any partial year) in accordance with Company
vacation policy in effect from time to time (which as applied to Executive shall not be

 

			
	1	 	This provision shall survive until December
31, 2008.
	 
	2	 	This provision shall survive until December
31, 2010, ***
	 
	3	 	This provision shall survive until December
31, 2008.

3

 

less than 3 weeks of vacation for each full year of employment). Said vacation time shall be
planned consistent with Executive’s duties and obligations hereunder.

          2.8 Other Benefits. Executive shall be entitled to participate in all group
employment benefits that are offered by Company to Company’s employees in general, subject to the
terms and conditions of such benefit plans including any eligibility requirements.

SECTION 3. EMPLOYMENT TERM AND TERMINATION.

          3.1 Term. The term of this Agreement shall commence as of the Effective Date and
shall expire on January 1, 2011 (the “Employment Term”), unless terminated earlier as provided in
Section 3.2, 3.3, 3.4, 3.5, 3.7 or 3.8 below. In the event that Executive remains in the
employment of Company after the expiration of the Employment Term, Executive’s employment with
Company shall be on an “at will” basis and may be terminated by either party at any time by notice
to the other party. Upon termination of employment, Executive shall not be entitled to receive any
compensation, payments or benefits of any nature whatsoever, except as specifically provided in
Section 3.2, 3.3, 3.4, 3.5, 3.7 or 3.8 below.

          3.2 Termination Upon Death. Executive’s employment with Company shall terminate upon
the death of Executive. In the event of such termination, Company shall continue to pay to the
estate of Executive Executive’s Compensation in accordance with Section 2.2 for a period of one
hundred and eighty (180) days after the date of such termination.

          3.3 Termination Upon Disability. Executive’s employment with Company shall terminate
upon the “disability” of Executive. In the event of such termination, Company shall pay to
Executive any unpaid Compensation to the extent earned and payable as of the date of termination.
As used herein, the term “disability” shall mean a physical or mental disability that renders
Executive unable to perform Executive’s normal duties for Company for a period of 90 or more days
as determined in the good faith judgment of the Board of Directors of Company.

          3.4 Termination for Cause. Company shall have the right to terminate Executive’s
employment for “Cause” by written notice to Executive. In the event of such termination, Company
shall pay to Executive any unpaid Compensation to the extent earned and payable as of the date of
termination. For purposes of this Agreement, a termination shall be for Cause if Executive shall:
(i) commit a material act of fraud, dishonesty, embezzlement or misappropriation involving Company
or any of its affiliates, (ii) be convicted of, or enter a plea of guilty or no contest to, any
felony, (iii) materially breach this Agreement, (iv) willfully fail or habitually neglect to
perform Executive’s material responsibilities under this Agreement, or (v) engage in any illegal
conduct that materially adversely affects the reputation of Company and/or its relationship with
its employees, customers or suppliers.

          3.5 Termination Without Cause and Portability of Options. In the event Company
terminates Executive’s employment prior to the expiration of the Employment Term for other than
death, disability or Cause, which Company shall have the absolute right to do, Company shall
continue to pay to Executive, as severance pay, Executive’s Compensation in accordance with Section
2.2 for the balance of the Severance Period (as defined below). As used

4

 

herein, the “Severance Period” means the period commencing on the date of termination of employment
and ending eighteen (18) months thereafter. In addition, the Stock Option Agreement to be entered
into between the Company and Executive, pursuant to Section 2.4 above, shall provide that upon a
Termination Without Cause, Executive shall be afforded an extended exercise period for all vested
stock options held by Executive as of the date of termination of employment until the earlier of
ninety (90) days after the expiration of any “lock-up” period applicable to the Company’s initial
underwritten public offering of Common Stock, or the expiration of the Option Term. The treatment
and consideration of all unvested stock options at the time of such termination will be determined
by the Board of Directors in its sole discretion.

          3.6 Termination after Employment Term. In the event either party terminates
Executive’s employment after the expiration of the Employment Term, which either party shall have
the absolute right to do, Company shall pay to Executive any unpaid Compensation to the extent
earned and payable as of the date of termination.

            3.7 Constructive Termination. If there is a material reduction in
Executive’s duties, responsibilities or title as provided in Section 1.1 of this Agreement (a
“Constructive Termination”), such an action will be deemed to be a Termination Without Cause and
Executive shall be entitled to severance pay as provided in Section 3.5 and all other benefits he
is entitled to under this contract as a Termination Without Cause.

          3.8 Termination by Executive. If Executive voluntarily elects to terminate his
employment with the Company by resignation for any reason prior to the end of the term of this
Agreement, Executive shall not be entitled to any severance pay or benefits, except Executive shall
be entitled to any unpaid salary , reimbursable expenses, and accrued vacation time until the date
of termination.

SECTION 4. COVENANTS OF EXECUTIVE.

          4.1 Confidential Information. Executive acknowledges that Executive’s services
previously rendered to Company and to be rendered to Company place Executive in a position of
confidence and trust with Company and have allowed and will continue to allow Executive access to
Confidential Information (as defined below). Executive agrees that at all times during which
Executive is receiving any compensation from Company (including any severance pay) and for a period
of three (3) years thereafter, Executive will maintain the Confidential Information in strictest
confidence and will not, unless required to do so in the ordinary course of Company’s operations,
disclose to any person, or use for Executive’s own personal use or financial gain, whether
individually or on behalf of another person, any Confidential Information. Without limiting the
generality of the foregoing, Executive acknowledges that Company’s agreements and/or relationships
with other persons may impose obligations or restrictions regarding the confidential nature of work
or information relating to such persons, and Executive agrees to be bound by all such obligations
and restrictions. As used herein, “Confidential Information” shall mean information and
compilations of information relating to Company and/or its business including, but not limited to,
information regarding any trade secrets, proprietary knowledge, operating procedures, finances,
financial condition,

5

 

          ownership, organization, employees, customers, clients, suppliers, distributors, agents, and other
personnel, business activities, budgets, strategic or financial plans, objectives, marketing plans,
products, services, price and price lists, operating and training materials, data bases and
analyses and all other documents relating thereto or strategies of Company; provided,
however, that Confidential Information shall not include information that is or becomes
generally known to the public through no act or omission of Executive.

          4.2 Intellectual Property Rights. Executive shall assign and transfer to Company, and
does hereby assign and transfer to Company, all right, title and interest in and to all Company IP
(as defined below). All Company IP is and shall be the sole property of Company. Executive shall
disclose all Company IP promptly in writing to Company. Upon the request of Company, Executive
shall promptly execute a written assignment of title to Company for all Company IP, and Executive
will preserve all such Company IP as Confidential Information. As used herein, “Company IP” shall
mean all inventions and intellectual property rights (including, but not limited to, designs,
discoveries, inventions, improvements, ideas, devices, techniques, processes, writings, trade
secrets, trademarks, patents, copyrights and all other intellectual property rights including,
without limitation, notes, records, reports, software, plans, memoranda and other tangible
information relating to such intellectual property, whether or not subject to protection under
applicable laws) that Executive solely or jointly with others conceives, makes, acquires, suggests
or participates in at any time during Executive’s employment with Company and that relate to the
actual or demonstrably anticipated business, products, processes, work, operations, research and
development or other activities of Company.

          4.3 Non-Interference. During the Restricted Period (as defined below), Executive
shall not directly or indirectly, individually, or together with, or through any other person: (i)
in any manner discourage any person which is or has been a customer or supplier of Company from
continuing its relationship with Company, (ii) approach, counsel, or attempt to induce any person
who is then in the employ of or an independent contractor of Company, to leave their employment or
engagement, or employ, engage or attempt to employ or engage any such person, or (iii) aid or
counsel any other person to do any of the above. As used herein, the “Restricted Period” means the
period during which Executive is receiving any compensation from Company (including any severance
pay) and for a period of one (1) year thereafter.

          4.4 Exclusivity. During the Restricted Period Executive shall not directly or
indirectly on Executive’s own behalf or on behalf of any other person: (a) engage in; (b) own or
control any interest in (except as a passive investor of less than 1% of the publicly traded stock
of a publicly held company); (c) act as a director, officer, manager, employee, trustee, agent,
partner, joint venturer, participant, consultant of or be obligated to, or be connected in any
advisory, business or ownership capacity with; (d) lend credit or money for the purpose of the
establishing or operating; or (e) allow Executive’s name or reputation to be used by or in, any
business, venture, activity or organization (including any non-profit organization) that directly
competes with the Company or its business (collectively, the “Restricted Business”).

          4.5 Return of Records, Equipment and Confidential Information. Upon the earlier of
termination of Executive’s employment hereunder or request by Company, Executive shall promptly
return to Company: (i) all Confidential Information and all documents, records,

6

 

procedures, books, notebooks, and any other documentation in any form whatsoever (including, but
not limited to, written, audio, video or electronic) containing any information pertaining to
Company which includes Confidential Information, including any and all copies of such documentation
then in Executive’s possession or control regardless of whether such documentation was prepared or
compiled by Executive, Company, other employees of Company, representatives, agents, or independent
contractors, and (ii) all equipment or tangible personal property entrusted to Executive by
Company. Executive will not retain any original, copy, description, document, data base or other
form of media that contains or relates to any Confidential Information whether produced by
Executive or otherwise. Without limiting the generality of the foregoing, Executive shall
permanently delete all Confidential Information from all computers, disks, CD-ROMS, tapes, and
other media owned or used by or accessible to Executive, other than from any of the foregoing
owned, used or controlled by Company. Executive acknowledges that all Confidential Information and
all such documentation, copies of such documentation, equipment, and tangible personal property are
and shall at all times remain the sole and exclusive property of Company.

          4.6 Post-Employment Cooperation. Executive agrees that following Executive’s
termination of employment with Company, Executive shall 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.

SECTION 5. REPRESENTATIONS BY EXECUTIVE. Executive represents and warrants that:

          (a) Executive is free to enter into and perform each of the terms and conditions of this
Agreement. Executive is not subject to any agreement, judgment, order or restriction that would be
violated by Executive being employed by Company or that in any way restricts the services that may
be rendered by Executive for Company. Executive’s execution of this Agreement and performance of
Executive’s obligations under this Agreement does not and will not violate or breach any other
agreement between Executive and any other person or entity.

          (b) Executive has carefully considered the nature and extent of the restrictions and covenants
in this Agreement and Executive agrees that they will not prevent Executive from earning a
livelihood after employment with Company and that they are fair, reasonable and necessary to
protect and maintain the proprietary interests, goodwill and other legitimate business interests of
Company in view of the following facts: (i) Executive will hold a position of confidence and trust
with Company as a result of Executive’s employment with Company, access to confidential financial
and other information, and relationship with the customers, suppliers and other employees of
Company, (ii) it would be impossible for Executive to be employed or engaged in the Restricted
Business without inevitably using Company’s proprietary information, and (iii) Executive has broad
skills that will permit gainful employment in many areas and businesses outside the scope of
Company’s business.

7

 

          (c) Executive acknowledges that but for the above representations and warranties of Executive,
Company would not employ Executive or enter into this Agreement.

SECTION 6. ASSIGNABILITY.

          This Agreement is binding upon and inures to the benefit of the parties and their respective
heirs, executors, administrators, personal representatives, successors, and permitted assigns.
Company may assign its rights or delegate its duties under this Agreement at any time and from time
to time. The parties acknowledge that this Agreement is personal to Executive and that the
availability of Executive to perform services and the covenants provided by Executive hereunder
have been a material consideration for Company to enter into this Agreement. Accordingly,
Executive may not assign any of Executive’s rights or delegate any of Executive’s duties under this
Agreement, either voluntarily or by operation of law, without the prior written consent of Company,
which may be given or withheld by Company in its sole and absolute discretion.

SECTION 7. NOTICES.

          All notices, requests, demands or other communications hereunder shall be deemed to have been
duly given when delivered, addressed as follows (or at such other address as the addressed party
may have substituted by notice pursuant to this Section 7):

	 	 	 	 	 
	 

	 	If to Executive:
	 	At Executive’s address as it appears
	 

	 	 	 	in the records of Company
	 
	 	 	 	 
	 

	 	If to Company:
	 	K12 INC.
	 

	 	 	 	2300 Corporate Park Drive, Suite 200
	 

	 	 	 	Herndon, Virginia 22102
	 

	 	 	 	Attention: Executive Committee
	 
	 	 	 	 
	 

	 	 	 	with a copy (not itself
	 

	 	 	 	constituting notice)
	 

	 	 	 	to:
	 
	 	 	 	 
	 

	 	 	 	K12 INC.
	 

	 	 	 	2300 Corporate Park Drive, Suite 200
	 

	 	 	 	Herndon, Virginia 22102
	 

	 	 	 	Attention: Office of the General Counsel
	 

	 	 	 	Fax: (703) 483-7496

SECTION 8. MISCELLANEOUS.

          8.1 Entire Agreement. This Agreement supersedes the Employment Agreement, dated as of
January 1, 2006 between the Company and the Executive. This Agreement and the Amended and Restated
Option Agreement embodies the entire representations, warranties, covenants and agreements in
relation to the subject matter hereof.

8

 

No other representations, warranties, covenants, understandings or agreements in relation hereto
exist between the parties except as otherwise expressly provided herein.

          8.2 Amendment. This Agreement may not be amended except by an instrument in writing
duly executed by the parties hereto.

          8.3 Applicable Law. This Agreement has been made and executed under, and will be
construed and interpreted in accordance with, the laws of the State of Delaware excluding conflict
of law principles.

          8.4 Provisions Severable. Every provision of this Agreement is intended to be
severable from every other provision of this Agreement. If any provision of this Agreement is held
to be void or unenforceable, in whole or in part, or unreasonable or excessive in scope or duration
with the result that such provision (or portion thereof) as drafted is void or unenforceable, such
provision shall be deemed to be reformed to the minimum extent necessary so that such provision as
reformed may and shall be legally enforceable. If any provision of this Agreement is held to be
void or unenforceable, in whole or in part, and cannot be reformed and made enforceable as provided
in the immediately preceding sentence, the remaining provisions will remain in full force and
effect.

          8.5 Non-Waiver of Rights and Breaches. Any waiver by a party of any breach of any
provision of this Agreement will not be deemed to be a waiver of any subsequent breach of that
provision, or of any breach of any other provision of this Agreement. Except as otherwise provided
in Section 8.6 below, no failure or delay in exercising any right, power, or privilege granted to a
party under any provision of this Agreement will be deemed a waiver of that or any other right,
power, or privilege. No single or partial exercise of any right, power, or privilege granted to a
party under any provision of this Agreement will preclude any other or further exercise of that or
any other right, power, or privilege.

          8.6 Expiration of Claims. All claims that any party has against the other must be
presented in writing within one year of the date the claiming party knew or should have known of
the facts giving rise to the claim, or, with respect to claims related to termination of
Executive’s employment, within one year of the date of termination of employment. Any claim not
brought within said time period shall be waived and forever barred unless the party against whom
such claim is made agrees to waive such time period.

          8.7 Remedies. Executive agrees that in the event of any actual or threatened material
breach of this Agreement by Executive, Company shall be entitled to specific performance,
injunctive relief and other similar equitable remedies.

          8.8 Interpretation of Agreement. Each of the parties has had the opportunity to be
represented by counsel in the negotiation and preparation of this Agreement. The parties agree
that this Agreement is to be construed as jointly drafted. Accordingly, this Agreement will be
construed according to the fair meaning of its language, and the rule of construction that
ambiguities are to be resolved against the drafting party will not be employed in the
interpretation of this Agreement.

9

 

          8.9 Survival of Provisions. The provisions of Sections 4, 5, 6, 7 and 8 of this
Agreement shall survive the Employment Term and any termination of this Agreement in accordance
with their respective terms.

          8.10 Gender and Number. Concerning the words used in this Agreement, the singular
form shall include the plural form, the masculine gender shall include the feminine or neuter
gender, and vice versa, as the context requires, and the word “person” shall include any natural
person, partnership, corporation, limited liability company, association, trust, estate or other
legal entity.

          8.11 Headings. The headings of the Sections and Paragraphs of this Agreement are
inserted for ease of reference only, and will have no effect in the construction or interpretation
of this Agreement.

          8.12 Counterparts. This Agreement and any amendment or supplement to this Agreement
may be executed in two or more counterparts, each of which will constitute an original but all of
which will together constitute a single instrument. Transmission by facsimile

          of an executed counterpart signature page hereof by a party hereto shall constitute due execution
and delivery of this Agreement by such party.

          8.13 Section 409A. Notwithstanding anything to the contrary in this Agreement, no
payments contemplated by this Agreement will be paid during the six-month period following
Executive’s termination of employment unless Company determines, in its good faith judgment, that
paying such amounts at the time or times indicated in this Section 8.13 would not cause Executive
to incur an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and related Department of Treasury guidance (including such Department of Treasury guidance
as may be issued after the Effective Date) (in which case such amounts shall be paid at the time or
times indicated in this Section 8.13). If the payment of any amounts are delayed as a result of
the previous sentence, on the first day following the end of the six-month period, Company will pay
Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been
previously paid to Executive under this Agreement during such six month period. Thereafter,
payments will resume in accordance with this Agreement.

          Additionally, in the event that following the Effective Date Company reasonably determines
that any compensation or benefits payable under this Agreement may be subject to Section 409A of
the Code, Company and Executive shall work together to adopt such amendments to this Agreement or
adopt other policies or procedures (including amendments, policies and procedures with retroactive
effective), or take any other commercially reasonable actions necessary or appropriate to (x)
exempt the compensation and benefits payable under this Agreement from Section 409A of the Code
and/or preserve the intended tax treatment of the compensation and benefits provided with respect
to this Agreement or (y) comply with the requirements of Section 409A of the Code and related
Department of Treasury guidance.

[signature page follows]

10

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 	 	 
	 	 	“Company”	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	K12 INC.	 	 
	 	 	a Delaware corporation	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew Tisch	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Andrew Tisch	 	 
	 

	 	 	 	Chair, Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Ronald J. Packard	 	 
	 	 	 	 	 
	 	 	Ronald J. Packard	 	 

11

 

EXHIBIT A

NUMBER OF OPTIONS AND VESTING CONDITIONS

	 	 	 
	Number of Options	 	Vesting Conditions
	750,000

	 	***
	 
	 	 
	400,000

	 	One third of such stock options shall vest for each of the 2008, 2009 and 2010 fiscal years
based upon achievement of EBITDA and Revenue targets consistent with internal models developed
in connection with the Company’s initial public offering and mutually agreed to by Executive
and the Board for fiscal years 2008, 2009 and 2010.
	 
	 	 
	400,000

	 	Achievement of a smooth and successful transition of the Company from a private to a public
company, as determined by the Board in its sole discretion.

12

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