SEC Form 4 · accession 0001179110-16-029117
Stride, Inc. · LRN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Stuart Udell
Officer — Chief Executive Officer · Director
Period of report
Aug 26, 2016
Accepted (ET)
Aug 30, 2016 · 4:24 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001157408
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Aug 26, 2016 | M | 76,923 | $0.00 | A | 232,525 | D | |
| Common Stock | Aug 26, 2016 | F | 22,047 | $11.39 | D | 210,478 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock RightF4 | — | Aug 26, 2016 | M | 76,923 | D | — | Feb 8, 2019 | Common Stock | 76,923 | 0 | D |
Explanation of responses
- F1Acquisition is in connection with the February 8, 2016 award and achievement of performance objectives.
- F2These shares are restricted and will vest as follows: 50% vest immediately and the remaining 50% vest equally in five semi-annual installments.
- F3Represents the number of shares withheld by the Company upon the vesting of restricted shares to cover the executive's withholding tax on income associated with the satisfaction of all vesting conditions. The number of shares withheld is based upon the closing price of a share of K12 common stock on the vesting date, or if the vesting date fell on a weekend or market holiday, upon the closing price of a share of K12 common stock on the most recent prior market day.
- F4Each restricted stock right represents a contingent right to receive one share of K12 common stock. The restricted stock right vests upon K12's common stock achieving an average stock price that equals or exceeds $13 per share over a consecutive 30 day period within 3 years from the effective date of the recipient's employment agreement.