UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by Stride, Inc. (the “Company”), the Company terminated the employment of Les Ottolenghi, its Chief Information and Technology Officer, effective March 8, 2024.
On March 18, 2024, the Company and Mr. Ottolenghi entered into a separation agreement and release of claims (the “Ottolenghi Separation Agreement”) regarding the termination of his employment. Pursuant to the Ottolenghi Separation Agreement, upon the expiration of the revocation period thereunder, Mr. Ottolenghi will receive one lump sum payment equal to $525,000, less standard payroll deductions and withholdings, and reimbursement of COBRA premiums for medical, dental and vision benefits at the applicable employee rates through April 1, 2025, to the extent Mr. Ottolenghi is eligible for and timely elects COBRA coverage. Mr. Ottolenghi will also be eligible for six months of Company-paid outplacement benefits. The Ottolenghi Separation Agreement also contains a general release of claims by Mr. Ottolenghi, as well as customary confidentiality, non-disparagement, and cooperation provisions.
The foregoing description of the Ottolenghi Separation Agreement is qualified in its entirety by the full text of the Ottolenghi Separation Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 10.1 | Separation Agreement and Release of Claims with Les Ottolenghi, dated March 18, 2024. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stride, Inc. | ||
| Date: March 18, 2024 | By: | /s/ Vincent W. Mathis |
| Name: | Vincent W. Mathis | |
| Title: | Executive Vice President, General Counsel and Secretary |