Exhibit 10 (t)


 


FORM OF FULL VALUE SHARE AWARD (DIRECTOR)


 


Congratulations! Your contributions over the past fiscal year
are being recognized with a long-term incentive award. Recognizing and rewarding the contributions of our people remains a priority
as we continue to pursue our vision of becoming the leading global provider of career-oriented educational services. Thank you
for all of your hard work, support and dedication.


 


	
        Participant Name: ___________________

         

        Participant Address:

        ____________________

        ____________________

        ____________________

         

        Awards Granted : __________________

         

        Award Type : Restricted Stock Units

         

        Plan : Second Amended and Restated Incentive Plan
        of 2013

         

        Days Left to Accept : __

         

        Award Date : __________________

         

        Vesting Schedule : __________________________

         



 


THIS AGREEMENT, made and entered into as of the Award Date by
and between DeVry Education Group Inc., a Delaware corporation (“DeVry Group”), and the Participant.


 


WHEREAS, DeVry Group maintains the DeVry Education Group Inc.
Second Amended and Restated Incentive Plan of 2013 (the “Plan”); and


 


WHEREAS, the Participant is a member of the board of directors
of DeVry Group or one of its subsidiaries (a “Director”) who is entitled to receive an award of Stock Units (this award
is referred to as “Full Value Shares” in this Agreement because it represents the Participant’s ability to receive
actual shares of common stock of DeVry Group (“Common Stock”) as the Full Value Share award vests).


 


NOW, THEREFORE, DeVry Group and the Participant hereby agree
as follows:


 


1.          Agreement.
This Agreement evidences the award to the Participant of the number of Full Value Shares relating to the Common Stock of DeVry
Group as set forth above. A Full Value Shares is the right to receive a distribution of a share of Common Stock for each Full Value
Shares as described in Section 5 of the Agreement. The Agreement and Full Value Shares award shall be subject to the following
terms and conditions and the provisions of the Plan, which are hereby incorporated by reference. A copy of the Plan may be obtained
by the Participant from the office of the Secretary of DeVry Group or from the stock administrator’s website.


 




    	 



    	 



    

 


2.          Full
Value Shares Account. DeVry Group shall maintain an account (the “Account”) on its books in the name of the Participant
which shall reflect the number of Full Value Shares awarded to the Participant and not vested. Until the Full Value Shares vest,
they are not actual shares of Common Stock, but represent the right to receive shares of Common Stock upon vesting.


 


3.          Dividend
Equivalents. Upon the payment of any dividends on Common Stock occurring while any portion of the Participant’s Full
Value Shares award is outstanding, DeVry Group shall promptly pay to each Participant an amount in cash equal to the dividends
that the Participant would have received had the Participant been the actual owner of the number of shares of Common Stock represented
by the Full Value Shares in the Participant’s Account on that date.


 


4.          Vesting.


 


(a)          The
Participant shall become vested in his or her Full Value Share award in accordance with the Vesting Schedule set forth above


 


(b)          If
the Participant ceases to be a Director prior to the completion of the Vesting Schedule due to death or disability, the Full Value
Share award shall become fully vested on such date. For this purpose “disability” means the Participant is determined
to be totally disabled by the Social Security Administration.


 


(c)          Notwithstanding
the foregoing, the Participant shall forfeit any unvested portion of the Full Value Share award if the Participant ceases to be
a Director due to gross misconduct. For purposes of this Agreement, gross misconduct shall mean (i) the Participant commits a felony
or other crime involving moral turpitude or commits any other act or omission involving misappropriation, dishonesty, fraud, illegal
drug use or breach of fiduciary duty, (ii) the Participant’s gross negligence or willful misconduct with respect to the performance
of the Participant’s duties as a Director, or (iii) the Participant commits a material violation of the DeVry Group Code
of Business Conduct and Ethics.


 


5.          Settlement
of Award. If and when a Participant becomes vested in his or her Full Value Share award in accordance with Section 4, DeVry
Group shall distribute to him or her, or his or her personal representative, beneficiary or estate, as applicable, a number of
shares of Common Stock equal to the number of vested Full Value Shares. Such shares shall be delivered within 30 days following
the date of vesting.


 




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6.          Withholding
Taxes. The Participant shall pay to DeVry Group an amount sufficient to satisfy all minimum Federal, state and local withholding
tax requirements arising in connection with the vesting of the Full Value Shares award prior to the delivery of any shares subject
to such Full Value Shares award. Payment of such taxes may be made by one or more of the following methods: (a) in cash, (b) in
cash received from a broker-dealer to whom the Participant has submitted irrevocable instructions to deliver the amount of withholding
tax to DeVry Group from the proceeds of the sale of shares subject to the Full Value Shares award, (c) by directing DeVry Group
to withhold a number of shares otherwise issuable pursuant to the Full Value Shares award with a fair market value equal to the
tax required to be withheld, or (d) by delivery (including attestation) to DeVry Group of other Common Stock owned by the Participant
that is acceptable to DeVry Group, valued at its fair market value on the date of payment.


 


7.          Change
in Control. In the event of a Change in Control of DeVry Group (as defined in the Plan), the Participant shall become immediately
vested in his or her Full Value Share award, and the Compensation Committee of DeVry Group’s Board of Directors (the “Committee”)
shall have the sole discretion to take appropriate actions with respect to the Full Value Share award, including (a) to cause such
Full Value Share award to be settled in shares of Common Stock as described in Section 5 above, which shares shall be subject to
the terms of the Change in Control event in the same manner as the other shares of outstanding Common Stock, or (b) to provide
for the mandatory purchase of the Full Value Share award for an amount of cash equal to the then Fair Market Value of the Common
Stock, multiplied by the number of Full Value Shares subject to the Full Value Share award.


 


8.          Rights
as Stockholder. The Participant shall not be entitled to any of the rights of a stockholder of DeVry Group with respect to
the Full Value Shares award, including the right to vote and to receive dividends and other distributions, until and to the extent
the Full Value Shares award vests and is settled in shares of Common Stock.


 


9.          Share
Delivery. Delivery of any shares in connection with settlement of the Full Value Shares award will be by book-entry credit
to an account in the Participant’s name established by DeVry Group with DeVry Group’s transfer agent, or upon written
request from the Participant (or his or her personal representative, beneficiary or estate, as the case may be), in certificates
in the name of the Participant (or his or her personal representative, beneficiary or estate).


 


10.         Award
Not Transferable. The Full Value Shares award may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Full Value Shares award shall not otherwise be assigned,
transferred, or pledged for any purpose whatsoever and is not subject, in whole or in part, to attachment, execution or levy of
any kind. Any attempted assignment, transfer, pledge, or encumbrance of the Full Value Shares award, other than in accordance with
its terms, shall be void and of no effect.


 


11.         Beneficiary
Designation. The Participant may, from time to time, name any beneficiary or beneficiaries to whom distribution of the shares
of Common Stock subject to the vested portion of the Full Value Shares award is to be made, in the event of his or her death. Each
such designation will revoke all prior designations, shall be in a form prescribed by the Committee, and will be effective only
when filed by the Participant with the Committee during his or her lifetime. In the absence of any such designation, or if all
beneficiaries predecease the Participant, then the Participant’s beneficiary shall be his or her estate.


 




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12.         Administration.
The Full Value Shares award shall be administered in accordance with such regulations as the Committee shall from time to time
adopt.


 


13.         Governing
Law. This Agreement, and the Full Value Shares award, shall be construed, administered and governed in all respects under and
by the laws of the State of Delaware.


 


14.         Acceptance
of Agreement by Participant. The Participant’s receipt of the Full Value Shares award is conditioned upon the acceptance
of this Agreement by the Participant no later than 60 days after the Award Date set forth above or, if later, 30 days after the
Participant receives this Agreement. Upon execution of the Agreement, the Participant and DeVry Group signify their agreement with
the terms and conditions of this Agreement.


 


[____________________________]

[TITLE]


 




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