Document:

exv10w10

 

Exhibit 10.10

 

 

8000 Westpark Drive

Suite 500

McLean, VA22102

 

ph 703.748.4005

fax 703.288.6740

 

www.K12.com

March 4, 2005

Mr. John F. Baule

10859 Meadow Pond Lane

Oakton,Va 22124

Dear John:

K12 Inc. (the Company) is pleased to offer you the position of Chief Financial Officer. You (the
Employee) will report directly to Richard Rasmus. This position will be located in our McLean, VA
headquarters.

K12 offers employees an innovative compensation package reflecting our belief in rewarding
performance appropriately. Your salary will be $265,000 on an annualized basis.

In addition, you will become eligible for the following Employment Benefits in accordance with
Company policy:

	•	 	Health, welfare and 401k benefits.
	 
	•	 	Accrual of 20 days of vacation per year pro-rated per Company policy.
	 
	•	 	You will also be eligible to participate in the Company’s bonus plan, pro-rated based
on the date of hire. Your target bonus will be 50% of $265,000, based on Company
performance and the successful completion of performance objectives that will be
determined after your acceptance of this position.
	 
	•	 	Upon acceptance and execution of the appropriate agreements, and subject to Board
of Directors approval, you will be granted 800,000 options to purchase shares of
common stock of K12. Your Stock Option Agreement will incorporate all relevant
provisions of the Stock Option Plan, including vesting schedule and exercise price,
and is made a part hereof.
	 
	•	 	In the event that Employee resigns for “Good Reason” or Company terminates
Employee’s employment with Company for other than “Cause,” death or disability,
the Company shall (a) pay to Employee as severance pay an amount equal to
Employee’s compensation for a period of 365 days from such event, as if Employee
had continued to receive his then current rate of Compensation that existed prior to
the “Good Reason” or termination event; provided that said amount of severance
shall be paid in full during the six month period following the date of termination in
equal installments not less frequently than semi-monthly in accordance with the
Company’s standard payroll practices, and (b) if permitted by the terms of the
Company’s group medical and dental insurance plans, continue to provide Employee
coverage thereunder at no additional cost to Employee for the Severance period or

 

 

March 4, 2005

John F. Baule

Page 2 of 4

 

	 	 	until Employee is eligible for coverage with new employer if earlier, or if not
permitted by the terms of Company’s group medical and dental plans, reimburse Employee
the cost of premiums if he elects to continue the coverage under such plans as
permitted by COBRA for the Severance Period or until Employee is eligible for coverage
with new employer if earlier. Employee shall have the right to continue coverage under
the Company’s group medical and dental plans thereafter at his option and expense to
the extent COBRA may continue to apply. As used herein, the “Severance Period” means
the period commencing on the date of termination of employment and ending three hundred
and sixty five (365) days thereafter. For purposes of this Agreement, a resignation
shall be for “Good Reason” if Employee resigns because Company (or its successor in
interest or acquiror) materially reduces Employees Compensation as of the date of the
event, or assigns Employee a materially different title and responsibilities such that
Employee has been demoted, or relocates the Employee’s place of work more than 50 miles
from the Company’s current headquarters, or Company otherwise materially breaches the
Agreement. The employee shall have thirty (30) days from the date of the event
constituting “Good Reason” to determine whether he will resign for “Good Reason.” For
purposes of the Agreement, a termination shall be for “Cause” if Employee shall (i)
commit an act of fraud, dishonesty, embezzlement or misappropriation involving Company,
(ii) be convicted of, or enter a plea of guilty or no contest to, any crime involving
moral turpitude or dishonesty, (iii) commit an act, or fail to commit an act, involving
Company which amounts to, or with the passage of time would amount to, willful
misconduct, (iv) willfully fail or habitually or grossly neglect to perform job
responsibilities under this Agreement and such failure or neglect is not cured within
fifteen (15) days after written notice to Employee of such failure or neglect, or (v)
engage in any unprofessional conduct which may adversely affect the reputation of the
Company and/or his relationship with its employees, customers, or suppliers.

Your employment with K12 is not for any fixed term. This constitutes “at-will” employment
which either you or the Company may terminate at any time, for any reason, with or without
cause or advance notice. It is further understood that the “at-will” nature of your
employment with K12 is one aspect of employment that cannot be changed except in writing
and signed by the Chief Executive Officer of the Company.

As a K12 employee, you will be expected to abide by all Company rules and regulations. As
a condition of employment, you will be required to read and sign an Employee
Acknowledgement in your orientation on or about your first day of employment. This offer
of employment is contingent upon your submission and completion of 1-9 documentation and a
signed Confidentiality, Proprietary Rights, and Non-Solicitation Agreement. On your first
day, please bring with you two forms of 1-9 acceptable documentation. The enclosed 1-9
information lists examples of acceptable documentation.

This offer is valid until March 4, 2005 and a signed copy of this offer letter, including
a mutually acceptable start date, must be returned to Heather Kane at 8000 Westpark

K12 Inc. 8000 Westpark Drive, Suite 500, McLean, VA 22102

 

 

March 4, 2005

John F. Baule

Page 3 of 4

 

Drive, Suite 500, McLean, VA 22102, by such date. The additional copy should be
retained for your records.

This letter, together with your Confidentiality, Proprietary Rights, and Non-Solicitation
Agreement, provides you with the complete and exclusive statement of your employment
agreement with the Company. The employment terms in this letter supersede any other
written or oral agreements to you concerning employment at K12. If you have any questions
regarding this offer, please contact Heather Kane directly at 703-970-8006.

This Offer Letter together with the Confidentiality, Proprietary Rights, and
Non-Solicitation Agreement and the Stock Option Agreement embodies the entire
representations, warranties, covenants and agreements in relation to the subject matter
hereof. No other representations, warranties, covenants, understandings or agreements in
relation hereto exist between the parties except as otherwise expressly provided herein.
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.

We look forward to establishing a mutually rewarding relationship with you and welcome
your contribution to our company.

Sincerely,

Heather
Kane
Human Resource Manager

K12 Inc.

K12 Inc. 8000 Westpark Drive, Suite 500, McLean, VA 22102

 

 

March 4, 2005

John F. Baule

Page 4 of 4

 

By signing below, you consent that you have read and agree to the terms of the above
offer and agree to start your employment with K12 on Tuesday, March 1, 2005. In addition,
you represent that you are not subject to any agreement, judgement, order, or restriction
which would be violated by your being employed with the Company, or that in any way
restricts your ability to perform services for the Company.

	 	 	 	 	 
	Signature:
	 		 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Print name:
	 	John Baule	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Date:
	 	3/4/2005	 	 
	 
	 	 	 	 

K12 Inc. 8000 Westpark Drive, Suite 500, McLean, VA 22102

 

 

K12 INC.

FIRST AMENDMENT TO

EMPLOYMENT OFFER LETTER

          WHEREAS, K12 Inc., a Delaware corporation (the “Company”) entered into an employment
offer letter, dated as of March 4, 2005 (the “Letter”) with John F. Baule (the
“Executive”); and

          WHEREAS, the Executive and the Company desire to amend the Letter to provide for certain
changes to the Executive’s compensation.

          NOW, THEREFORE, in consideration of the foregoing, the Executive and the Company hereby agree
that effective as of July 1, 2007 (the “Effective Date”), the Letter be, and it hereby is,
amended as follows (the “Amendment”):

          1.      The second paragraph of the Letter is hereby deleted in its entirety and the following is
substituted in lieu thereof:

“K12 offers employees an innovative compensation package reflecting our belief in
rewarding performance appropriately. Your salary will be $340,000 on an annualized
basis.”

          2.      The third bullet point of the third paragraph of the Letter is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“You will also be eligible to participate in the Company’s bonus plan, pro-rated based on
the date of hire. Your target bonus will be 70% of $340,000, based on Company performance
and the successful completion of performance objectives that will be determined by the Board
of Directors of the Company in its discretion.”

          3.      The fourth bullet point of the third paragraph of the Letter is hereby deleted in its
entirety and the following is substituted in lieu thereof:

“The Company will grant to you (subject to certain conditions) (i) stock options to purchase
up to four hundred thousand (400,000) shares of Common Stock of the Company at an exercise
price of Two Dollars and Sixty-Eight Cents ($2.68) per share, one-third (1/3) of which shall
vest on each of June 30, 2008, June 30, 2009 and June 30, 2010, provided that Executive
remains employed by the Company or its affiliates on each such date, and (ii) stock options
to purchase an aggregate of four hundred thousand (400,000) shares of Common Stock of the
Company at an exercise price of Two Dollars and Sixty-Eight Cents ($2.68) per share, which
shall vest upon the satisfaction of certain performance-based goals for fiscal years 2008,
2009 and 2010 to be determined by the Board of Directors of the Company in its sole
discretion, provided that Executive remains employed by the Company or its affiliates on the
applicable vesting dates. Except as set forth herein, all such

 

 

stock options shall be
subject to the terms of the Company’s Stock Option Plan (the “Plan”) and the 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 you immediately prior to the date of such event shall
become fully vested and exercisable.”

          4.      To the extent not expressly amended hereby, the Letter remains in full force and effect.

[Signature page follows]

 

 

          The undersigned do hereby consent to the foregoing amendment as of the date set forth above.

	 	 	 	 	 
	 	K12 INC.

 	 
	 	 	 
	 	Name:  	Ronald J. Packard 	 
	 	Title:  	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	EXECUTIVE

 	 
	 	 	 
	 	John F. Bauleexv10w11

 

Exhibit 10.11

January 3, 2006

Mr. Bruce J. Davis

P.O. Box 221

Gibson Island, MD 21056

Dear Bruce:

It gives me great pleasure to confirm your employment with K12 Inc., a Delaware corporation (the
“Company”), beginning January 8, 2007 (the “Start Date”). Once countersigned by you, this letter
shall constitute a binding agreement (the “Agreement”) between you (the “Executive”) and the
Company, effective as of the date of this letter set forth above (the “Effective Date”).

	 	1.	 	Employment. The Company hereby employs Executive on the terms and conditions
set forth in this Agreement and Executive hereby accepts such employment. Executive
shall serve as Executive Vice President of School Services, and initially report to the
Company’s principal executive officer, who is now the Executive Chairman of the Board
and Founder, Ronald J. Packard. Executive’s place of employment will be at the Company
headquarters, currently located in Herndon, Virginia. Executive shall perform such
duties and have such responsibilities as are normally commensurate with Executive’s
position, including such other duties as are reasonably assigned to Executive from time
to time. Executive agrees that Company shall be his exclusive employer and Executive
shall devote his full business time to performing Executive’s responsibilities under
this Agreement. Executive shall be granted use of the Company’s apartment located in
Herndon, Virginia, as is necessary to carry out his responsibilities and duties, and
Executive further recognizes that he will be required to travel in the ordinary course
of performing such responsibilities.
	 
	 	2.	 	Salary. Executive’s salary during the first year of employment by the Company
shall be Twenty Five Thousand Dollars ($25,000) monthly, which equates to Three
Hundred Thousand Dollars ($300,000) on an annualized basis (the “Base Salary”),
subject to standard payroll deductions. The Base Salary shall be paid on the Company’s
regular payroll dates in accordance with the Company’s normal payroll practices.
Executive’s Base Salary shall be reviewed annually, and the Board of Directors and
principal executive officer shall determine, in their sole and absolute discretion,
whether to grant Executive any salary increase based on the performance of Executive
and the Company.

CONFIDENTIAL

Hauge offer

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	 	3.	 	Performance Bonus. The Company shall pay to Executive a bonus equal to forty
percent (40%) of Executive’s Base Salary on July 8, 2007, unless Executive’s start date
occurs after January 8, 2007, in which case such bonus shall be paid one hundred and
eighty (180) days after Executive’s actual start date. For the year beginning July 1,
2007 and ending June 30, 2008, and for each year thereafter during Executive’s tenure at
the Company, and subject to the sole and absolute discretion of the Board of Directors
of the Company, Executive’s annual bonus shall be determined under the same incentive
compensation plans applicable to all senior executives, and Executive may receive an
annual end of year bonus ( the “Performance Bonus”) equal to forty percent (40%) of
Executive’s Base Salary.
	 
	 	4.	 	Stock Options. Subject to approval by the Company’s Board of Directors, the
Company shall enter into a Stock Option Agreement with Executive pursuant to which the
Company is granting to Executive ( subject to certain conditions) stock options to
purchase up to five hundred thousand (500,000) shares of the Common Stock of the
Company at an exercise price to be determined by the Board of Directors of the Company,
and which shall be granted outside of and not as a part of, the K12 Inc. Amended and
Restated Stock Option Plan (the “Option”). In the event the exercise price for a share
of the Common Stock of the Company exceeds two dollars ($2.00) per share on the Option
Grant date, the number of shares of the Option shall be adjusted upward in proportion
to the difference between an exercise price of $2.00 per Common Share and any greater
exercise price determined by the Board. In the event the exercise price for a share of
the Common Stock of the Company is determined by the Board to be less than $2.00 per
share, there shall be no downward adjustment in the
number of shares in the Option. The Option will vest and become exercisable over four (4)
years, with twenty-five percent (25%) of the shares covered by the Option vesting
and becoming exercisable on the one year anniversary of the Start Date and the
remaining seventy-five (75%) of the shares covered by the Option vesting and
becoming exercisable in twelve (12) equal quarterly installments thereafter. The
Stock Option Agreement shall provide further that, in the event of a “Change in
Control” of the Company, as defined therein, Executive shall be entitled to
accelerated vesting of fifty percent(50%) of the options that have not yet vested
during the installment period as of the date of such event.
	 
	 	5.	 	Personal Time Off. Executive shall be entitled to fifteen (15) days of paid
personal time off (“PTO”) during each year of your employment. Executive will accrue
all such PTO on the first day of July of each year of employment. Executive will be
able to use PTO in accordance with the Company’s PTO policy, which policy is subject
to change or deletion at the discretion of the Company.
	 
	 	6.	 	Expenses. During Executive’s employment, the Company shall reimburse Executive
for reasonable travel (excluding travel to and from any residence), business
entertainment, and other business expenses incurred in the performance of Executive’s
duties, including reasonable and/or required professional dues and fees (e.g.,
professional association dues,

CONFIDENTIAL

 - 2 - 

 

	 	 	 	continuing education expenses), subject to the rules and regulations adopted by the
Company for the handling of such business and professional expenses.
	 
	 	7.	 	Benefits (Health and Welfare Plans). Executive will be eligible to participate
in such benefit plans as may be adopted from time to time by the Company on the same
basis as similarly situated employees, including participation in any senior-level
executive benefits plans that may be adopted by the Company. Executive’s participation
shall be subject to: (i) the terms of the applicable plan documents; (ii) generally
applicable Company policies; and (iii) the discretion of the Board of Directors of the
Company or any administrative or other committee provided for in, or contemplated by,
such plan or programs. These plans and programs are subject to change or deletion at
the discretion of the Company.
	 
	 	8.	 	Holidays. Executive will be eligible for paid holidays in accordance with
the Company’s holiday policy and schedule, as may be amended by the Company from
time to time at the sole discretion of the Company.
	 
	 	9.	 	Employment at Will; Termination.

	 	9.1	 	Employment at Will. Executive’s employment with the Company will be on
an “at-will” basis, meaning that Executive’s employment is not for a specified
period of time and can be terminated by Executive or the Company at any time, with
or without cause, and with or without notice.
	 
	 	9.2	 	Termination by Company for Cause. The Company may terminate this
Agreement at any time, effective immediately, for Cause, which shall be defined as:
(i) a Willful and continued material failure to perform Executive’s duties under
this Agreement in a satisfactory manner (other than as a result of total or partial
incapacity due to physical or mental illness or Disability, as defined in Section
9.3 below), where Willful means, when applied to any action or omission made by
Executive, that Executive did so without a good faith belief that such action or
omission was in, or was not contrary to, the best interests of the Company; (ii)
acts of dishonesty, fraud, embezzlement, misrepresentation, and misappropriation
involving the Company or any of its affiliates; (iii) unprofessional conduct which
may adversely affect the reputation of the Company and/or its relationship with its
customers, employees or suppliers ; and (iv) a conviction of, or entry of a guilty
plea or no contest to, any crime involving moral turpitude or dishonesty
(collectively “Cause”). In the event of termination of this Agreement for Cause,
Executive shall immediately be paid all accrued Base Salary, all accrued but unused
PTO and any reasonable and necessary business expenses incurred by Executive in
connection with the duties hereunder, all to the date of termination. All stock
options covered by the Option shall expire at the date of termination for any of
the above-enumerated reasons to terminate for cause. In addition, the parties’
obligations hereunder, except as set forth in the attached K12 Employee
Confidentiality, Proprietary

CONFIDENTIAL

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	 	 	 	Rights and Non-Solicitation Agreement, K12 Agreement to Arbitrate, and Sections 9
and 11 of this Agreement, shall terminate.
	 
	 	9.3	 	Termination Upon Disability. Executive’s employment with the 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” means a
physical or mental disability that renders Executive unable to perform Executive’s
normal duties for the Company for a period of 90 or more days as determined in the
good faith judgment of the Board of Directors of the Company. If Executive disagrees
with the Board’s good faith determination of Disability, the matter shall be
submitted to arbitration pursuant to the K12 Inc. Agreement to Arbitrate, which is
incorporated herein by reference as provided in Section 11.1 of this Agreement.
	 
	 	9.4	 	Termination by Company Without Cause. The Company may terminate this
Agreement at any time, effective immediately, without Cause. In the event that the
Company terminates this Agreement without Cause, Executive shall be paid
immediately (except as noted) all accrued Base Salary, all accrued but unused PTO,
and any reasonable and necessary business expenses incurred by Executive in
connection with Executive’s duties hereunder, all to the date of termination, as
well as the severance pay set forth in Section 9.6 below. In addition, the parties’
obligations hereunder, except as set forth in the attached K12 Employee
Confidentiality, Proprietary Rights and Non-Solicitation Agreement, K12 Agreement
to Arbitrate and Sections 9 and 11 of this Agreement, shall terminate.
	 
	 	9.5	 	Termination by Employee.

(a) In the event of termination of this Agreement by Executive other than for Good
Reason (as defined in Section 9.5(b) below), Executive shall not be entitled to any
salary, bonus, benefits, severance pay or other remuneration after the effective
date of termination, other than the payment for accrued but unused PTO. In addition,
the parties’ obligations hereunder, except as set forth in the attached K12 Employee
Confidentiality, Proprietary Rights and Non-Solicitation Agreement, K12 Agreement to
Arbitrate and Sections 9 and 11 of this Agreement, shall terminate

(b) In the event that this Agreement is terminated for Good Reason, then Executive
shall be entitled to the severance pay set forth in Section 9.6 below. In addition,
the parties’ obligations hereunder, except as set forth in the attached K12 Employee
Confidentiality, Proprietary Rights and Non-Solicitation Agreement, K12 Agreement
to Arbitrate and Sections 9 and 11 of this Agreement, shall terminate. Good Reason
shall be defined as: (1) any material breach of this Agreement by the Company which
is not cured within sixty (60) days after written notice thereof from Executive; (2)
a reduction in Executive’s Base Salary; (3) prior to a Change in Control, a
diminution or adverse change to

CONFIDENTIAL

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Executive’s title, or a requirement that Executive report to a person other than the
principal executive officer of the Company; (4) a material diminution in Executive’s
authority, responsibilities or duties; (5) a relocation of Executive’s primary place
of employment to a location more than twenty-five(25) miles further from Executive’s
primary residence than the current location of the Company’s headquarters in Herndon,
Virginia; and (6) within ninety (90) days after a Change in Control, this Agreement
is not assumed by the controlling entity in all material respects.

	 	9.6	 	Effect of Termination (Severance Pay).

(a) Termination prior to January 1, 2008: Upon termination of this Agreement by the
Company pursuant to Section 9.4 or by Executive pursuant to Section 9.5(b) above,
and provided Executive executes a general release of claims satisfactory to the
Company, Executive shall be entitled to one hundred eighty (180) days severance pay
at the then-existing Base Salary, payable at the same time and in the same manner as
such Base Salary had been paid prior to such termination.

(b) Termination after January 1, 2008: Upon termination of this Agreement by the
Company pursuant to Section 9.4 or by Executive pursuant to Section 9.5(b) above,
and provided Executive executes a general release of claims satisfactory to the
Company, Executive shall be entitled to three hundred sixty-five (365) days
severance pay at the then-existing Base Salary, payable at the same time and in the
same manner as such Base Salary had been paid prior to such termination

	 	10.	 	Other Conditions of Employment.

10.1 Employee Confidentiality, Proprietary Rights and Non-Solicitation/Agreement to
Arbitrate. Executive’s employment is contingent upon the execution of the enclosed K12
Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement and K12
Agreement to Arbitrate, at or before the Start Date. In addition, during the period in
which Executive is receiving any compensation from the Company (including any severance
period), Executive shall not engage in any business or organization that directly
competes with the Company or its business.

10.2 Immigration Reform and Control Act of 1986. Executive’s employment is contingent
upon satisfying the requirements for employment in the United States. Within three (3)
days of the Start Date, and thereafter if the law requires, Executive shall furnish the
Company with all necessary documentation that will satisfy the requirements of the
Immigration Reform and Control Act of 1986.

10.3 Policies and Procedures. Executive’s employment is subject to the Company’s

CONFIDENTIAL

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personnel policies and procedures as they may be interpreted, adopted, revised or deleted
from time to time in the Company’s sole discretion.

	 	11.	 	Miscellaneous.

11.1 Entire Agreement. The terms described in this Agreement, together with the K12 Employee
Confidentiality, Proprietary Rights and Non-Solicitation Agreement, and K12 Agreement to
Arbitrate, both attached hereto and incorporated herein by reference, set forth the entire
understanding between Executive and the Company, and supercede any prior representations or
agreements, whether written or oral, with respect to the subject matter hereof. No term or
provision of this Agreement or attached exhibits may be amended waived, released, discharged
or modified except in writing, signed by Executive and an authorized officer of the Company,
except as otherwise specifically provided herein.

11.2 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Virginia, without reference to conflict of law principles.

11.3 Successors. The Agreement shall be binding upon and shall inure to the benefit of the
Company and its successors and assigns. In that the Agreement constitutes a non-delegable
personal services agreement, it may not be assigned by Executive and any attempted assignment
by Executive in violation of this covenant shall be null and void.

11.4 Severability. In the event that any one ore more of the provisions of this Agreement
shall be or become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions of this Agreement shall not be affected
thereby, and all such remaining provisions shall remain in full force and effect.

11.5 Waiver. The failure of either party to insist on strict compliance with any of the terms
of this Agreement will not be deemed to be a waiver of any terms of this Agreement or of the
party’s right to require strict compliance with the terms of the Agreement in any other
instance.

11.6 Notices. All notices, demands, or requests provided for or permitted to be given
pursuant to this Agreement must be given in writing, unless otherwise specified, and shall be
deemed to have been properly given, delivered, or served by depositing the same in the United
States mail, postage prepaid, certified or registered mail, with deliveries to be made to the
following addresses:

	 	 	 
	If to Bruce Davis:

	 	Bruce Davis
	 

	 	P.O. Box 221
	 

	 	Gibson Island, MD 21056

CONFIDENTIAL

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	If to Company:

	 	Attn: General Counsel
	 

	 	K12 Inc.
	 

	 	2300 Corporate Park Dr
	 

	 	Herndon, VA 21070

Either party may change such party’s address for notices as necessary by notice given pursuant to
this Section.

11.7 Captions. Section headings used in the Agreement are for convenience of reference
only and shall not be considered a part of the Agreement.

11.8 Amendments and Further Assurances. This Agreement may be amended or modified from
time to time, but only by written instrument executed by all the parties hereto. No
variations, modifications, or changes herein or hereof shall be binding upon any party
except as set forth in such a written instrument. The parties will execute such further
instruments and take such further action as may be reasonably necessary to carry out the
intent of the Agreement.

11.9 Counterparts. The Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which together shall constitute one
instrument.

	 	12.	 	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 a
directly competitive business to that of the

CONFIDENTIAL

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Company 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.

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

Please acknowledge your acceptance of employment by signing the enclosed copy of this
letter, completing the K12 Confidentiality, Proprietary Rights and Non-Solicitation
Agreement and K12 Agreement to Arbitrate, and returning them to me as soon as possible.
Should you have any questions, please feel free to contact me. Bruce, I am personally
pleased to welcome you to the K12 team and I look forward to working with you toward our
mutual success.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	Nancy Hauge
	 

	 	Senior Vice President, Human Resources

	 

	 	K12 Inc.

	 	 	 	 	 	 	 	 	 
	Agreed and Accepted:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Bruce J. Davis

	 	 	 	 	 	January 8, 2007	 	 
	 

Bruce J. Davis

	 	 	 	 

Date
	 	 

Start Date
	 	 

CONFIDENTIAL

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