Document:

Exhibit

Exhibit 10.64

INDEMNITY AGREEMENT
This Indemnity Agreement, dated as of _______________, 20__ (the “Effective Date”), is made by and between Laureate Education, Inc., a public benefit corporation organized under the laws of Delaware (the “Company”), and _________________________ (the “Indemnitee”).
RECITALS
WHEREAS, the Company desires to attract and retain talented and experienced individuals, such as the Indemnitee, to serve as directors and officers of the Company and wishes to indemnify such individuals to the fullest extent permitted by Delaware law;
WHEREAS, the Company’s Bylaws require the Company to indemnify to the fullest extent permitted by the Delaware General Corporation Law (the “DGCL”) each director and officer of the Company.  The Bylaws expressly provide that the indemnification provisions set forth therein are not exclusive, and contemplate that contracts may be entered into between the Company and any of its officers or directors with respect to indemnification;
WHEREAS, Section 145 of the DGCL (“Section 145”) empowers the Company to indemnify its directors, officers, employees and agents by agreement and to indemnify persons who serve, at the request of the Company, as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the indemnification provided by Section 145 is not exclusive; and
WHEREAS, in order to induce the Indemnitee to serve or continue to serve as a director or officer of the Company and, if applicable, as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan, free from undue concern for claims for damages arising out of or related to such services to the Company and, if applicable, one or more of such entities, the Company has determined and agreed to enter into this Agreement with the Indemnitee.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and the Indemnitee’s agreement to serve or continue to serve as a director or officer of the Company and, if applicable, as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan, the Indemnitee and the Company hereby agree as follows:
1.Definitions.  As used in this Agreement:
(a)    “Affiliate” of any particular Person means any other Person Controlling, Controlled by or under common Control with such particular Person; provided, however, that when the term “Affiliate” is used with reference to any natural person, it shall also include such person’s spouse, domestic partner, parents and descendants (whether by blood or adoption, and including stepchildren) and the spouses and domestic partners of such persons.  “Affiliated with” shall have a correlative meaning to the term “Affiliate”.
(b)    “Agent” means any person who is or was a director or an officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan.
(c)    “Board” means the Board of Directors of the Company.
(d)    “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.  The terms “Controlling” and “Controlled” shall have meanings correlative thereto.
(e)    “Expenses” shall include all out‐of‐pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement), actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with either the investigation, defense or appeal of a Proceeding or establishing or enforcing a right to indemnification under this Agreement, Section 145 or otherwise.
(f)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither currently is, nor within the past five years has been, retained to represent:  (i) the Company or the Indemnitee or (ii) any other party to or witness in the matter giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.
(g)    “Person” means an individual, a partnership, a joint venture, a corporation, an association, a joint stock company, a limited liability company, a trust, an unincorporated organization or a government or any department or agency or political subdivision thereof, or any group (within the meaning of Section 13(d)(3) of the Exchange Act or any successor provision) consisting of one or more of the foregoing.  
(h)    “Proceeding” means any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other.
(i)    “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership or other entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is, at the time of determination, owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, (ii) if a partnership, limited liability company, association or other business entity, a majority of the partnership, limited liability company, or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof, or (iii) if a non-profit corporation or similar entity, the power to vote or direct the voting of sufficient securities or membership or other interests to elect directors (or comparable authorized persons of such entity) having a majority of the voting power of the board of directors (or comparable governing body) of such corporation or similar entity is, at the time of determination, owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person or Persons is allocated a majority of partnership, association or other business entity gains or losses or otherwise control the managing director, managing member, general partner or other managing Person of such partnership, limited liability company, association or other business entity.  
2.    Agreement to Serve.  The Indemnitee agrees to serve and/or continue to serve as an Agent of the Company, at its will (or under separate agreement, if such agreement exists), in the capacity the Indemnitee currently serves as an Agent of the Company, so long as the Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws or other charter documents of the Company or any Subsidiary or Affiliate of the Company or until such time as the Indemnitee tenders his or her resignation in writing; provided, however, that nothing contained in this Agreement is intended to create any right to continued employment by the Indemnitee.
3.    Liability Insurance.
(a)    Maintenance of D&O Insurance.  The Company hereby covenants and agrees that, so long as the Indemnitee shall continue to serve as an Agent of the Company and thereafter so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was an Agent of the Company, the Company, subject to Section 3(c), shall maintain in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable amounts from established and reputable insurers, as more fully described below.
(b)    Rights and Benefits.  In all policies of D&O Insurance, the Indemnitee shall qualify as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s independent directors (as defined by the insurer) if the Indemnitee is such an independent director; of the Company’s non-independent directors if the Indemnitee is not an independent director; or of the Company’s officers if the Indemnitee is an officer (and not a director) of the Company.
(c)    Limitation on Required Maintenance of D&O Insurance.  Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that:  (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) the Indemnitee is covered by similar insurance maintained by a Subsidiary of the Company; (v) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by the Indemnitee; or (vi) the Company is to be acquired and D&O Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by the Indemnitee.
4.    Mandatory Indemnification.  Subject to the terms of this Agreement:
(a)    Third Party Actions.  If the Indemnitee was or is a party or was or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by the Indemnitee while serving in such capacity, the Company shall indemnify the Indemnitee against all Expenses and liabilities of any type whatsoever (including, without limitation, all attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with the investigation, defense, settlement or appeal of such Proceeding, provided that the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
(b)    Derivative Actions.  If the Indemnitee was or is a party or was or is threatened to be made a party to any Proceeding brought by or in the right of the Company by reason of the fact that the Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by the Indemnitee while serving in such capacity, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with the investigation, defense, settlement or appeal of such Proceeding, provided that the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; except that no indemnification under this Section 4(b) shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been finally adjudged to be liable to the Company by a court of competent jurisdiction unless and only to the extent that the Court of Chancery of the State of Delaware (the “Delaware Court”) or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which the Delaware Court or such other court shall deem proper.
(c)    Actions where Indemnitee is Deceased.  If the Indemnitee was or is a party or was or is threatened to be made a party to any Proceeding by reason of the fact that the Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by the Indemnitee while serving in such capacity, and if, prior to, during the pendency of or after completion of such Proceeding the Indemnitee is deceased, the Company shall indemnify the Indemnitee’s heirs, executors and administrators against all Expenses and liabilities of any type whatsoever to the extent that the Indemnitee would have been entitled to indemnification pursuant to this Agreement were the Indemnitee still alive.
(d)    Certain Terminations.  The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful.
5.    Additional Mandatory Indemnification for Expenses in a Proceeding in Which the Indemnitee is Wholly or Partly Successful.  Separate and apart from any Indemnification which may be mandatory under the terms of Section 4 hereof, the following provisions shall also apply if an Indemnitee is wholly or partly successful in any Proceeding:
(a)    Successful Defense.  To the extent that the Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding (including, without limitation, an action by or in the right of the Company) in which the Indemnitee was a party by reason of the fact that the Indemnitee is or was an Agent of the Company at any time, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with the investigation, defense or appeal of such Proceeding.
(b)    Partially Successful Defense.  To the extent that the Indemnitee is a party to or a participant in any Proceeding (including, without limitation, an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was an Agent of the Company at any time and is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with each successfully resolved claim, issue or matter.  In the allocation of Expenses among claims, the presumption shall be that Expenses were attributable to the claims on which the Indemnitee was successful, except for Expenses that the Company can show were clearly and primarily attributable to the claims on which the Indemnitee was not successful. 
(c)    Dismissal.  For purposes of this section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
6.    Advancement of Expenses.  Subject to compliance with Section 7 and Section 9 of this Agreement, the Company shall advance to the Indemnitee funds in an amount sufficient to pay all Expenses, or reimburse the Indemnitee for all Expenses, reasonably paid or incurred by or on behalf of the Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding to which the Indemnitee is a party or is threatened to be made a party by reason of the fact that the Indemnitee is or was serving as an Agent of the Company (unless there has been a final determination that the Indemnitee is not entitled to indemnification for such Expenses) upon receipt of (a) an undertaking (an “Undertaking”) by or on behalf of the Indemnitee to repay any amounts advanced or reimbursed by the Company in the event that it shall ultimately be determined by final judicial decision from which there is no further right to appeal (a “Final Adjudication”) that the Indemnitee is not entitled to be indemnified and (b) satisfactory documentation supporting such Expenses.  Such advances are intended to be an obligation of the Company to the Indemnitee hereunder and shall in no event be deemed to be a personal loan.  The advances to be made hereunder shall be paid by the Company to the Indemnitee within twenty (20) days following delivery by the Indemnitee to the Company of a written request therefor and satisfactory documentation supporting such Expenses.  
7.    Notice and Other Indemnification Procedures.
(a)    Notice by Indemnitee.  Promptly after receipt by the Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, the Indemnitee shall, if the Indemnitee believes that indemnification with respect thereto may be sought from the Company under this Agreement, notify the Company in writing of the commencement or threat of commencement thereof, including a brief description of the nature of, and the facts underlying, the Proceeding; provided, however, that the failure of the Indemnitee to provide such notice will not relieve the Company of its liability hereunder if the Company receives notice of such Proceeding from any other source.
(b)    Insurance.  If the Company receives notice pursuant to Section 7(a) hereof of the commencement of a Proceeding that may be covered under D&O Insurance then in effect, the Company shall give prompt notice of the Proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all reasonable steps to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(c)    Defense.  In the event that the Company shall be obligated to pay the Indemnitee’s reasonable Expenses related to any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, with counsel selected by the Company and approved by the Indemnitee (which approval shall not be unreasonably withheld), upon the delivery to the Indemnitee of written notice of its election so to do.  After delivery of such notice, and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same Proceeding; provided that (i) the Indemnitee shall have the right to employ his or her own separate counsel in any such Proceeding at the Indemnitee’s expense, and (ii) the Indemnitee shall have the right to employ his or her own separate counsel in any such Proceeding at the Company’s expense if (A) the Company has authorized the employment of counsel by the Indemnitee at the expense of the Company, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest on any significant issue between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding.
8.    Right to Indemnification.
(a)    Right to Indemnification.  In the event that an Indemnitee is entitled to indemnity pursuant to Section 5, such indemnity shall be provided without regard to Sections 4(a) and 4(b) or this Section 8.  Otherwise, the Company shall indemnify the Indemnitee pursuant to this Agreement unless, and except to the extent that, it shall have been determined by one of the methods listed in Section 8(b) below that the Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to such indemnification.
(b)    Determination of Right to Indemnification.  A determination of the Indemnitee’s right to indemnification hereunder shall be made by (i) a majority vote of directors who are not parties to the Proceeding for which indemnification is being sought (“Disinterested Directors”), even though less than a quorum, or by a committee consisting of Disinterested Directors who have been designated by a majority vote of the Disinterested Directors, even though less than a quorum, or (ii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by an Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iii) by the stockholders of the Company, or (iv) by a panel of three arbitrators, one of whom is selected by the Disinterested Directors (or by the full Board if there are no Disinterested Directors), one of whom is selected by the Indemnitee and the last of whom is selected by first two arbitrators so selected.  The choice of the method to be used shall be made by the Disinterested Directors (or by the full Board if there are no Disinterested Directors), subject to the qualification that, regardless of the method otherwise chosen by the Disinterested Directors (or by the full Board if there are no Disinterested Directors), the Indemnitee shall have the right to direct that method (ii) be chosen.  In the event that method (ii) is chosen, whether or not at the direction of the Indemnitee, the Independent Counsel shall be selected by the Disinterested Directors (or by the full Board if there are no Disinterested Directors), subject to consent by the Indemnitee, which consent shall not be unreasonably withheld; 
(c)    Submission for Decision.  As soon as practicable, and in no event later than thirty (30) days after the Indemnitee’s written request for indemnification, the Disinterested Directors (or the full Board if there are no Disinterested Directors) shall select the method for determining the Indemnitee’s right to indemnification, subject to the Indemnitee’s right to direct that method (ii) be chosen.  The Indemnitee shall cooperate with the Person(s) making such determination with respect to the Indemnitee’s right to indemnification, including providing to such Person(s) upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.
(d)    Application to Court.  If a claim for indemnification or advancement of Expenses is (i) denied, in whole or in part, or (ii) is not paid in full by the Company within (A) sixty (60) days after a written claim for indemnification has been received by the Company or (B) twenty (20) days following delivery by the Indemnitee to the Company of a written request for an advancement of Expenses and satisfactory documentation supporting such Expenses, the Indemnitee may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim or to obtain an advancement of Expenses, as applicable.  To the fullest extent permitted by law, if successful in whole or in part in any such suit, or in a suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an Undertaking, the Indemnitee also shall be entitled to recover the expenses incurred in prosecuting or defending such suit.  In (i) any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an advancement of Expenses) it shall be a defense that, and (ii) any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an Undertaking, the Company shall be entitled to recover such expenses upon a Final Adjudication that, the Indemnitee has not met any applicable standard for indemnification set forth in the DGCL.  Neither the failure of the Company (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Company (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit.  In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an Undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of Expenses, under this Agreement shall be on the Company.
(e)    Expenses Related to the Enforcement or Interpretation of this Agreement.  The Company shall indemnify the Indemnitee against all reasonable Expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Section 8 involving the Indemnitee and against all reasonable Expenses incurred by the Indemnitee in connection with any other proceeding between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement, unless a court of competent jurisdiction finds that each of the claims and/or defenses of the Indemnitee in any such proceeding was frivolous or made in bad faith.
9.    Exceptions.  Any other provision herein to the contrary notwithstanding, the Company shall not be obligated:
(a)    Claims Initiated by Indemnitee.  To indemnify the Indemnitee or advance funds to the Indemnitee for Expenses with respect to Proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, with a reasonable allocation where appropriate, unless (i) such indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the Board, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under the DGCL or (iv) the Proceeding is brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 in advance of a final determination;
(b)    Unauthorized Settlements.  To indemnify the Indemnitee for any amounts paid in settlement of a Proceeding or claim unless the Company consents to such settlement, which consent shall not be unreasonably withheld;
(c)    Claims Under Section 16(b).  To indemnify the Indemnitee or advance funds to the Indemnitee for Expenses with respect to Proceedings or claims arising from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or
(d)    Non-Compete, Non-Disclosure, Non-Solicitation and Non-Disparagement.  To indemnify the Indemnitee or advance funds to the Indemnitee for Expenses in connection with Proceedings or claims involving the enforcement of non-compete, non-disclosure, non-solicitation or non-disparagement agreements or the non-compete, non-disclosure, non-solicitation or non-disparagement provisions of any employment, consulting or similar agreements the Indemnitee may be a party to with the Company, or any Subsidiary or Affiliate of the Company.
10.    Non‐Exclusivity.  The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee may have under any provision of law, the Company’s Certificate of Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to action in the Indemnitee’s official capacity and as to action in another capacity while occupying the Indemnitee’s position as an Agent of the Company; provided, however, that no amendment or alteration of the Company’s Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights granted to the Indemnitee under this Agreement.
11.    Permitted Defenses.  It shall be a defense to any action in which a claim for indemnification is made under this Agreement (other than an action brought to enforce a claim for an advancement of Expenses pursuant to Section 6 hereof, provided that the required Undertaking has been tendered to the Company) that the Indemnitee is not entitled to indemnification because of the limitations set forth in Sections 4 and 9 hereof.  Neither the failure of the Company (including its Board or its stockholders) or an Independent Counsel to have made a determination prior to the commencement of such enforcement action that indemnification of the Indemnitee is proper in the circumstances, nor an actual determination by the Company (including its Board or its stockholders) or an Independent Counsel that such indemnification is improper, shall be a defense to the action or create a presumption that the Indemnitee is not entitled to indemnification under this Agreement or otherwise.
12.    Subrogation.  In the event that the Company is obligated to make a payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery under an insurance policy or any other indemnity agreement covering the Indemnitee, who shall execute all documents required and take all action that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights (provided that the Company pays the Indemnitee’s costs and expenses of doing so), including, without limitation, by assigning all such rights to the extent of such indemnification or advancement of Expenses.
13.    Survival of Rights.
(a)    Survival.  All agreements and obligations of the Company contained herein shall continue during the period in which the Indemnitee is an Agent of the Company and shall continue thereafter for so long as the Indemnitee shall be subject to any possible claim or Proceeding by reason of the fact that the Indemnitee was serving in the capacity referred to herein.  The Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as an Agent of the Company and shall inure to the benefit of the heirs, executors and administrators of the Indemnitee.
(b)    Successors and Assigns.  All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
14.    Interpretation of Agreement.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to the Indemnitee to the fullest extent permitted by law, including those circumstances in which indemnification would otherwise be discretionary.
15.    Entire Agreement.  This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby (including without limitation any prior indemnification agreement between the Indemnitee and the Company or its predecessors) are expressly superseded by this Agreement.
16.    Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (a) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 14 hereof.
17.    Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless it is in a writing signed by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall any such waiver constitute a continuing waiver.
18.    Notice.  All notices, requests, demands and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given (a) upon delivery if delivered by hand to the party to whom such notice or other communication shall have been directed, (b) if mailed by certified or registered mail with postage prepaid, return receipt requested, on the third business day after the date on which it is so mailed, (c) one business day after the business day of deposit with a nationally recognized overnight delivery service, specifying next day delivery, with written verification of receipt, or (d) on the same day as delivered by email if delivered during business hours or on the next successive business day if delivered by email after business hours.  Addresses for notice to either party shall be as shown on the signature page of this Agreement, or to such other address as may have been furnished by either party in the manner set forth above.
19.    Governing Law and Consent to Jurisdiction.  This Agreement shall be governed exclusively by and construed and enforced in accordance with the laws of the State of Delaware as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.  This Agreement is intended to be an agreement of the type contemplated by Section 145(f) of the DGCL.  The Company and the Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.
20.    Effective Time.  This Agreement will be effective as of the Effective Date and will apply to any claim for indemnification or advancement of expenses thereafter made by the Indemnitee irrespective of the timing of the event or occurrence giving rise to the claim.  Any claims for indemnification or advancement of expenses made prior to the Effective Date will not be subject to this Agreement and will continue to be handled pursuant to the terms of the Company’s certificate of incorporation, by-laws and other agreements that may be in place with respect to indemnification and advancement of expenses.
21.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[Signature Page Follows]

1

The parties hereto have entered into this Indemnity Agreement effective as of the date first above written.
	
		
	Indemnitee:

   
[Name of Indemnitee]

Address:      
 
   

Email:    ___________________________ 
	Company:

LAUREATE EDUCATION, INC.

By:    

Name:    

Title:    

Address:      
 
   

Email:  ______________________________

	 
	 

2Exhibit

Exhibit 10.65
Execution version

SEPARATION AGREEMENT

To:    Ricardo M. Berckemeyer
From:  Eilif Serck-Hanssen
Date:   July 14, 2019

The following Separation Agreement (the “Agreement”) is between Laureate Education, Inc. (“Laureate”) and Ricardo M. Berckemeyer (“Executive”). Laureate has elected to eliminate the position of President and Chief Operating Officer and as a result, Executive’s employment relationship with Laureate shall terminate as described below, and Laureate and Executive wish to voluntarily resolve all issues that arise out of the employment relationship. Nothing in this Agreement constitutes an admission of fault or liability by either party.
Based on these mutual promises, Laureate and Executive agree as follows: Employment Status
The employment relationship shall end, and Executive shall be separated from service on July 15, 2019 (the “Separation Date”). Except as expressly otherwise set forth herein, this Agreement replaces all prior agreements, whether verbal or written, between Laureate and Executive as to any aspect of Executive’s employment, except Laureate and Executive acknowledge that Executive’s vested rights under the Laureate’s 401(k) Plan and executive disability insurance shall continue to be governed by such plans. The restrictive covenants (including with respect to post-employment confidential information and trade secrets, non-competition, and non- solicitation of customers and employees) set forth in the various management stockholders and any other agreements between Executive, Laureate, and Laureate’s affiliates are hereby amended, restated, and superseded by this Agreement including the covenants set forth in Exhibit A.

Executive shall remain a full-time, at-will employee of Laureate through the Separation Date. During the period from the date hereof through the Separation Date, Laureate reserves the right at any time to require Executive to remain away from Laureate’s premises, to work from home, or to otherwise assist in the transition process. Executive may be relieved of some or all of his duties in Laureate’s sole discretion. While Executive remains employed through the Separation Date, Laureate shall continue to pay Executive his base salary and all benefits to which Executive is entitled. While Executive remains employed, Executive must continue to comply with Executive’s implied duties, including those of good faith and fidelity, and comply with the obligations set out in this Agreement.

Severance Pay

Subject to the terms of this Agreement, and in accordance with the Laureate Education, Inc. Severance Policy for Executive and Non-Executive Executives, Laureate shall provide Executive

with a severance payment in the gross amount of Two Million Seven Hundred and Sixty Thousand Dollars ($2,760,000.00) less any withholding for tax and any other authorized deductions, which is an amount equivalent to one and a half (1.5) years of Executive’s current salary and target annual bonus under Laureate’s 2019 Annual Incentive Plan (collectively, the “Severance Continuation”). The Severance Continuation shall be paid in equal installments over eighteen (18) months, commencing within sixty (60) days following the Revocation Date (as defined below), in the form of payroll continuation through Laureate’s regular payroll cycle, contingent on Executive’s execution and non-revocation of the general release of claims attached hereto as Exhibit B (the “Release”).

As further consideration for entering into this Agreement, Executive shall be eligible for an amount equal to the actual bonus for 2019 that Executive would be eligible for if he continued employment with Laureate under Laureate’s 2019 Annual Incentive Plan (the “2019 Plan”), prorated for the portion of the 2019 calendar year that Executive was employed by Laureate (the “Bonus Consideration” and with the Severance Continuation, the “Severance Payment”). The Bonus Consideration shall be paid in a lump sum if and when other employees receive their bonuses in connection with the 2019 Plan, but in any event no later than March 15, 2020. The Bonus Consideration shall be calculated in accordance with the terms of the 2019 Plan, based on individual and corporate performance, as assessed by the Compensation Committee of Laureate’s Board of Directors, in its discretion. For purposes of this Agreement, Laureate shall assume that Employee met his individual goals at target such that his individual performance multiplier shall be 100% and for the corporate performance multiplier Laureate shall use the same multiplier as applied to its most senior executives. The Bonus Consideration shall be less any withholding for tax and any other authorized deductions. Executive acknowledges and agrees that, other than as provided in this paragraph Executive shall not be eligible to receive any other payment under the 2019 Plan or any subsequent year’s plan.

The Severance Payment shall be in consideration for the restrictive covenants contained herein (including on Exhibit A) and of Executive’s execution and non-revocation of the Release. In the event that Laureate shall fail to pay any installment of the Severance Payment when due and a court finally determines that such failure to pay was wrongful, then: (i) the entire balance of the unpaid balance of the Severance Payment shall bear interest at the rate of one percent (1%) per month/twelve percent (12%) per annum, compounded monthly until paid or, if less, the highest rate of interest permitted by law; and (ii) the Executive shall be entitled to reimbursement of his reasonable costs and expenses, including without limitation his legal fees, incurred in connection with enforcing his rights under this Agreement, with such reimbursement being due and payable as and when such costs are incurred.

Equity Awards

All of Executive’s various equity awards (collectively, “Equity Awards”) shall continue to be governed by their applicable terms, except as provided herein. On the Separation Date, any and all of Executive’s unvested Performance Share Units, Restricted Stock Units, and Stock Options shall be forfeited without any payment therefor. Any restrictive covenants set forth therein are replaced by this Agreement (including Exhibit A). To the extent that any Equity Awards consist

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of options then the exercise period for each such option is hereby extended to the earlier of the latest original expiration date of such option or July 15, 2021.

Executive Benefits

Executive’s Laureate-provided health benefits shall terminate as of the Separation Date. Pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Laureate shall provide Executive with written notice of the right to elect to continue health coverage, effective on the day after the Separation Date. Any conversion or continuation rights for other insurance or benefits plans shall be governed by the terms of those plans.

As further consideration for entering into this Agreement, if Executive elects to continue his healthcare benefits pursuant to COBRA and enrolls on a timely basis, Laureate shall pay the same percentage of the monthly cost of the COBRA medical, dental and vision coverage as it paid for Executive’s (and any covered dependents) coverage during Executive’s active employment for up to eighteen (18) months following the Separation Date (the “Severance Period”), including the two percent (2%) COBRA administrative premium on Executive’s medical, dental and vision coverage (the “COBRA Payment”). Thereafter, Executive may continue to receive healthcare coverage pursuant to COBRA at his own expense to the extent permitted under COBRA. Any failure by Executive to pay Executive’s portion of coverage during the Severance Period shall result in termination of continuation coverage. All payments pursuant to this paragraph shall be paid by Laureate directly to the COBRA benefit provider.

If at no time during the Severance Period has Executive become eligible for group health insurance coverage through a new employer, as soon as practicable after the Severance Period Laureate will make a lump-sum cash payment to Executive equal to six (6) multiplied by the monthly COBRA Payment. For the avoidance of doubt, such cash payment may be used for any purpose, including but not limited to continuation of medical, dental and vision coverage, and will be subject to all applicable tax withholdings.

Vacation Payout

Executive shall receive vacation payout for any earned but unused vacation days through the Separation Date.

Outplacement Services

Outplacement Services shall be rendered through a provider chosen by Laureate. Executive shall be entitled to the nine-month program of service. Laureate shall pay the provider directly and Executive shall not receive the cash equivalent of the cost of Outplacement Services should Executive choose not to use them or if such services are terminated prior to the full nine-month term. In lieu of using the provider selected by Laureate, Executive may select a different provider, subject to Laureate’s reasonable approval, provided that the cost of such provider is no greater to Laureate than the cost of the provider that was otherwise chosen by Laureate.

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Laureate Property

It is Executive’s responsibility to return all Laureate property to Laureate’s Human Resources Department by the end of the day on the Separation Date. Laureate property includes, but is not limited to, computer hardware and software, manuals, customer information, any and all confidential and proprietary information, corporate credit cards, keys and security passes.
Executive also agrees and authorizes Laureate to deduct from Executive’s Severance Payment any amounts for obligations owed by Executive (if any) for unpaid personal use of corporate credit card balances, personal telephone calls, costs of unreturned company property such as computers and keys, and other debts and obligations to Laureate, if any. Executive affirms that he has not transferred any Confidential Information (as defined in Exhibit A) to any device, email or computer system and agrees that he has returned or shall return as of the Separation Date any and all Laureate Confidential Information, regardless of format, that he has in his possession prior to and as of the Separation Date.

Cooperation during Severance Period

Executive agrees to fully cooperate with Laureate on all matters relating to Executive’s employment and the conduct of Laureate business, including resignation from various boards of directors, any litigation, claim or suit in which Laureate deems that Executive’s cooperation is needed through the end of the Severance Period. Executive further agrees that during such period Executive shall make himself available to respond to and cooperate with requests for information from Laureate. Laureate agrees that it shall reimburse Executive for any reasonable out-of- pocket expenses he may incur in providing such cooperation, including without limitation travel expenses.

Remedy for Breach of Restrictive Covenants

In the event that Executive breaches any restrictive covenant (including with respect to post- employment confidential information, trade secrets, property, cooperation, non-disparagement, non-competition, and non-solicitation of customers and employees) in this Agreement (including Exhibit A), Laureate may seek injunctive relief and damages and at such time will immediately cease the Severance Payment and any other additional benefits provided herein.
Non-Disparagement

Executive agrees that he shall not disparage Laureate or any of Laureate’s parents, subsidiaries, affiliates, directors, officers, employees and agents, as well as the directors, officers, employees and agents of Laureate’s parents, subsidiaries and affiliates. Laureate agrees that it will use commercially reasonable efforts to cause its executive officers and members of the Board of Directors to not disparage Executive. These non-disparagement agreements include, but are not limited to, the making of disparaging verbal comments to others or publication of documents containing disparaging statements, either electronically or on paper, unless (i) required by law,
(ii)made to a government agency as part of the agency’s investigation, or (iii) pursuant to lawful subpoena issued by a court of competent jurisdiction.

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Execution of General Release

Executive shall sign the Release on or after the Separation Date, but no later than forty-five (45) days following the Separation Date. Laureate shall have no obligation to provide any payments or benefits hereunder, including the Severance Payment and COBRA payments, until the Release is executed and delivered to the Laureate and the revocation period described therein has ended without a valid revocation (“Revocation Date”). Executive understands and agrees that if he does not sign the Release, this Agreement shall be void.

Section 409A

If any provision of this Agreement contravenes Section 409A of the Internal Revenue Code of 1986 (“Section 409A”), the regulations promulgated thereunder or any related guidance issued by the U.S. Treasury Department, the parties shall reform this Agreement or any provision hereof to maintain to the maximum extent practicable the original intent of the provision without violating the provisions of Section 409A.

Further, for the purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within sixty (60) days following the revocation date”), the actual date of payment within the specified period shall be within the sole discretion of Laureate.

Notwithstanding any provision of this Agreement to the contrary, if, at the time of Executive’s termination of employment Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), as determined under Laureate’s established methodology for determining specified employees, Executive shall not be entitled to any payments or benefits the right to which provides for a “deferral of compensation” within the meaning of Section 409A, and whose payment or provision is triggered by the termination of Executive’s employment, until the date which is the first business day following the six (6)-month anniversary of Executive’s Separation Date, with any such payments being paid in an aggregated lump sum on the first payroll date following the six (6)-month anniversary of Executive’s Separation Date.

Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements (within the meaning of Section 409A) provided under this Agreement during any tax year and subject to Section 409A shall not affect in-kind benefits or reimbursements to be provided in any other tax years and may not be liquidated or exchanged for any other benefit; and Laureate shall make any reimbursement payments to which Executive is entitled to within the calendar year in which the expense was incurred. To the extent any tax gross-up payments (within the meaning of Section 409A) are made under this Agreement, such tax gross-up payments, if any, shall be made in any event no later than the end of the calendar year immediately following the calendar year in which Executive remits the related taxes.

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Other Terms

In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. Any payment or benefit due to Executive per this Agreement shall not be subject to reduction for any compensation received from other employment, except that if Executive should be rehired in any capacity by Laureate or any of its affiliates during the severance pay period, no further severance payments shall be owed or paid as of the date of rehire.

This Agreement shall inure to the benefit of and shall be binding on the assigns and heirs of Executive and on the purchasers and assigns of Laureate. This Agreement contains the entire understanding of the parties, and shall not be changed except by another written, signed Agreement.

As a condition of entering into this Agreement, the Parties mutually waive and relinquish any right to a jury trial they may have with respect to any dispute pertaining to Executive’s employment with Laureate, including its termination, this Agreement and/or its terms.

This Agreement shall be interpreted under the laws of the State of Maryland. This Agreement may be signed in counterparts.
Executive has been advised to discuss this Agreement with an attorney and Laureate hereby agrees to reimburse Executive for reasonable fees and costs incurred by him in seeking the advice of such counsel. Executive has read this Agreement and understands its terms. Executive has not relied on statements made by any of the agents of the Laureate with regard to the Agreement and enters into this Agreement voluntarily.

	
			
	Ricardo M. Berckemeyer
	 
	Laureate Education, Inc.

	 
	 
	 

	EXECUTIVE: /s/ Ricardo M. Berckemeyer
	 
	BY:  /s/ Victoria Silbey

	 
	 
	 

	DATE: July 15, 2019
	 
	TITLE:  SVP – Chief Legal Officer

	 
	 
	 

	 
	 
	DATE:  July 19, 2019    

    

    

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Exhibit A

Non-Competition, Non-Solicitation, and Confidentiality

		
	(i)
	Executive hereby agrees that, without Laureate’s prior written consent, Executive shall not, directly or indirectly:

		
	a.
	at any time during or after Executive’s employment with Laureate or its affiliates, disclose or use any non-public information concerning trade secret, know-how, software, developments, inventions, processes, technology, designs, the financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media (collectively, “Confidential Information”) pertaining to the business of Laureate or its affiliates, except when required to perform his duties to Laureate or one of its affiliates, by law or judicial process;

		
	b.
	at any time during Executive’s employment with Laureate or its affiliates and for a period of two years thereafter, directly or indirectly, (A) act as a proprietor, investor, director, officer, employee, substantial stockholder, consultant, or partner in any business that directly competes, at the relevant determination date, with the post-secondary business of Laureate or its affiliates in any country where Laureate or its Affiliates then manufactures, produces, sells, leases, rents, licenses or otherwise provides products or services, or (B) provide any services to, or otherwise intentionally assist, a prospective purchaser of an affiliate of Laureate, in connection with attempting to purchase such affiliate, including by sharing any Confidential Information; provided, however, that, notwithstanding the foregoing, Executive may, directly or indirectly own, solely as an investment, securities of any person engaged in the business of Laureate or its affiliates which are publicly traded on a national or regional stock exchange or quotation system or on the over-the-counter market if Executive (A) is not a controlling person of, or a member of a group which controls, such person and (B) does not, own 5% or more of any class of securities of such person; and further provided that notwithstanding the foregoing, for the avoidance of doubt (i) in the United States the above restriction applies only to the business of Walden University and its affiliated entities; and (ii) in all countries post-secondary business does not include short-term, non-degree programs or related services;

		
	c.
	at any time during Executive’s employment with Laureate or its affiliates and for a period of two years thereafter, directly or indirectly (A) solicit customers or clients of Laureate or any of its affiliates to terminate their relationship with Laureate or any of its affiliates or otherwise solicit such customers or clients to compete with any business of Laureate or any of its affiliates or (B) solicit or offer employment to any person who is, or has been at any time during the twelve

(12) months immediately preceding the termination of Executive’s employment, employed by Laureate or any of its affiliates, provided that if an employee was involuntarily terminated by Laureate or its affiliate, the twelve (12) month look

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back period instead shall be six (6) months with respect to such involuntarily terminated employee;

		
	(ii)
	if Executive is bound by any other agreement with Laureate regarding the use or disclosure of Confidential Information, non-solicitation or non-competition, the provisions of this Agreement shall supersede and replace all such agreements; and

		
	(iii)
	notwithstanding, if at any time a court holds that the restrictions stated in this section are unreasonable or otherwise unenforceable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area determined to be reasonable under such circumstances by such court will be substituted for the stated period, scope or area. Because Executive’s services are unique and because Executive has had access to Confidential Information, the parties hereto agree that money damages will be an inadequate remedy for any breach of this Agreement. In the event of a breach or threatened breach of this Agreement, Laureate or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce, or prevent any violations of, the provisions hereof (without the posting of a bond or other security).

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EXHIBIT B - TO BE EXECUTED ON OR AFTER THE SEPARATION DATE GENERAL RELEASE OF CLAIMS
This General Release of Claims (“Release”) is made by Ricardo M. Berckemeyer (“Executive”) in favor of Laureate Education, Inc. (the “Company”), sometimes hereinafter collectively referred to as “the Parties.”

1.Incorporation of Severance Agreement. The Parties acknowledge and agree that the terms and conditions of the Separation Agreement (“Agreement”) dated [●] above are incorporated herein by reference and that the terms of this Release are material to that Agreement.

2.Consideration. In exchange for entering into this Release, the Company shall provide Executive with the Severance Payment and other benefits under the Agreement, which he would not otherwise be entitled to receive, as set forth in the Agreement. Executive acknowledges and agrees that these benefits are sufficient consideration in exchange for the promises contained in this Release.

3.No Other Payments. Executive acknowledges that the payments set out in the Agreement shall fully compensate him for all wages, bonuses, commissions, expenses, paid time off and any other benefit to which he was owed as a result of his employment with the Company. Executive further acknowledges and agrees that the Company has complied with all of its obligations pursuant to the Agreement as of the date Executive signs this Release.

4.Return of Property. By signing below, Executive acknowledges that he has returned all property belonging to the Company, as set out in the Agreement.

5.Executive’s General Release of Claims and Promise Not to Sue. In exchange for severance pay and other benefits described in the Agreement, Executive, on behalf of himself and his spouse, heirs, successors, and assigns, hereby irrevocably waives, releases, and forever discharges the Company and its parents, subsidiaries, affiliates, directors, officers, employees and agents, as well as the directors, officers, employees and agents of its parents, subsidiaries and affiliates (in this paragraph, the “Releasees”) from all claims and demands, causes of action, suits, injuries, physical or mental, and all damages resulting therefrom, including, but not limited to, attorneys’ fees and compensatory damages, litigation costs or expenses, punitive damages and damages for emotional distress, all claims under any federal, state, or local statute, law or ordinance including, but not limited to, the Fair Labor Standards Act, The Civil Rights Act of 1866, 42 U.S.C. § 1981, Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq. (including the Older Workers Benefit Protection Act) (“ADEA”), the Family and Medical Leave Act, the Americans with Disabilities Act, National Labor Relations Act, and the Labor Management Relations Act, 29
U.S.C. § 141, et seq., the Labor Management Reporting and Disclosure Act, 29 U.S.C. § 401 et seq., the Older Workers Benefit Protection Act, all claims arising under the law of any state, including but not limited to the laws of the State of Maryland, and all common law claims in law or equity of any nature that he ever had or has, shall or may have against any of the Releasees that relate to any act, event, or omission, known or unknown, intentional, unintentional, or

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negligent, suspected or unsuspected, from the beginning of time up to and including the date on which this Release is signed by Executive, including, but not limited to, all claims known or unknown, asserted or unasserted which relate to any aspect of Executive’s employment by the Company or termination therefrom. Executive further agrees not to sue or otherwise institute or cause to be instituted or in any way voluntarily participate in the prosecution of any lawsuit against any of the Releasees in any federal, state, or other court concerning any claims released by this Agreement. The Parties expressly acknowledge and agree that this general release and waiver shall exclude: (1) the rights and obligations contained in or provided under the Agreement and this Release; (2) any claim, right or entitlement that Executive is not allowed by applicable law to waive or release; (3) any right Executive has to file, cooperate in or participate in a charge, complaint or proceeding with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal state or local governmental agency or commission (“Government Agencies”), or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency. Executive acknowledges and agrees that should Executive or any administrative agency or third party pursue any Claims on Executive’s behalf, Executive waives the right to any individual monetary recovery; except that this provision does not limit Executive’s ability to recover monies pursuant to the Security and Exchange Commission’s (SEC’s) whistleblower incentive award program; (4) any claim that may arise only after his signing of this Release; (5) any right Executive may have to any benefit under the terms of the Company’s retirement benefit plans; and (6) any rights provided for in the applicable equity award agreements that Executive has as of the Separation Date related to any then vested Equity Awards. Notwithstanding the foregoing, Executive understands and acknowledges that confidential information of the Company may be disclosed where required by
(i) law or order of a court of competent jurisdiction or (ii) any federal, state or local government agency under any whistleblower or similar statute; provided that, in the case of (i) and (ii), to the extent reasonably practicable, Executive first give to the Company reasonable prior written notice of such disclosure and afford the Company, to the extent reasonably practicable, the reasonable opportunity for the Company to obtain protective or similar orders, where available. In the event that such protective order or other remedy is not obtained, or if the Company waives compliance with the terms hereof, Executive shall disclose only that portion of confidential information which, based on the advice of Executive’s legal counsel, is legally required to be disclosed and shall exercise reasonable efforts to provide that the receiving person shall agree to treat such confidential information as confidential to the extent possible (and permitted under applicable law) in respect of the applicable proceeding or process and the Company shall be given an opportunity to review the confidential information prior to disclosure thereof.

6.Specific Release of ADEA Claims. In consideration of my receipt of the Severance Payment and benefits provided to Executive under the Agreement, Executive hereby releases and forever discharges each Released Party from any and all claims that Executive may have as of the date of this Release arising under the ADEA. By signing this Release, Executive hereby acknowledges and confirm the following: (i) Executive was advised by the Company in connection with my termination of employment to consult with an attorney of Executive’s choice prior to signing this Release and to have such attorney explain to Executive the terms of this Release, including, without limitation, the terms relating to Executive’s release of claims arising under ADEA; (ii) Executive has been given a period of not fewer than 45 days to consider the

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terms of this Release and to consult with an attorney of his choosing with respect thereto; (iii) Executive is providing the release and discharge set forth in this Section 6 in exchange for the consideration provided by the Agreement; and (iv) Executive has knowingly and voluntarily accepted the terms of this Release.

7.DTSA. Executive acknowledges that, pursuant to the Defend Trade Secrets Act of 2016, an individual may not be held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret (A) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal or (C) made to the individual’s attorney or used in a court proceeding in an anti-retaliation lawsuit based on the reporting of a suspected violation of law, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.
8.Revocation. Executive has seven (7) days following the signing of this Release to revoke it, in which case this Release shall not be effective, and Executive shall not receive the Severance Payment or other benefits set out in the Agreement. Executive understands that he shall not receive any of these payments under the Agreement until the revocation period has passed without valid revocation occurring. Notice of revocation must be submitted in writing by overnight courier to the Company’s Chief Legal Officer, Laureate Education, Inc., 650 South Exeter Street, Baltimore, MD 21202, and received within the seven-day time period. IN WITNESS WHEREOF, Executive hereto knowingly and voluntarily executes this General Release of Claims as of the dates set forth below.

MAY NOT BE SIGNED PRIOR TO THE SEPARATION DATE

Ricardo M. Berckemeyer:

Date:        

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