If your passenger pegs won't stay up, pry out the rubbers and spray some silicone lube behind them. Pry back and forth and twist until they move freely then lower them, push the rubber toward the frame and slip a suitable o ring between the square metal washer and the peg rubber. That will take up the slack and keep it tight enough to stay folded.
It just worked on my K1, it should work fine on round passenger pegs too.
