Stride, Inc. — Form 8-K

Stride, Inc. (market cap ~$2.0B) entered into a Cooperation Agreement with Fivespan Partners, LP on October 8, 2026. Fivespan (which owns approximately 1,039,000+ shares, per the Company Ownership Level Minimum cited) will have Dylan Haggart appointed as an independent director effective October 30, 2026, and Dr. Steven Guttentag appointed as a board observer immediately, then as an independent director after the December 10, 2026 annual meeting. The company is forming a new Capital Allocation Committee co-chaired by Haggart and Brian Shepherd to review capital structure and capital allocation strategy, with the company to announce a target capital structure and cash allocation framework within three months. In exchange, Fivespan agrees to standstill restrictions: maximum 7.5% beneficial ownership (12.5% with economic interests), no activism, no proxy contests, and voting with board recommendations during the standstill period (through ~30 days before 2027 annual meeting nominations deadline).