Document:

Exhibit 10.2
    

    
      

    

    
      STRAYER EDUCATION, INC.
2011 EQUITY COMPENSATION PLAN
RESTRICTED
      STOCK AGREEMENT 
    

    
      

    

    
      Strayer Education, Inc., a Maryland corporation (the “Corporation”),
      hereby grants shares of its common stock, $.01 par value (the “Stock”)
      to the Grantee named below, subject to the vesting conditions set forth
      below and in the attachment.  Additional terms and conditions of the
      grant are set forth in this cover sheet, in the attachment and in the
      Corporation’s 2011 Equity Compensation Plan (the “Plan”).
    

    
      Grant Date:         
    

    
      Name of Grantee:  
    

    
      Number of Shares of Stock Covered by Grant:   
    

    	
          Vesting:
        	
          The restricted stock will vest based on the attainment of specified
          performance goals, as set forth on the attached Exhibit A; subject
          to special provisions for Change of Control or Termination of
          Service as described in the attachment and Plan.
        
	
           
        
	
          Cash Dividends:
        	
          Grantee will have the right to receive any cash dividends declared
          or paid on the restricted stock unless and until forfeited
        

    

    
      By signing this cover sheet, you agree to all of the terms and
      conditions described in the attached Agreement and in the Plan, a copy
      of which is also attached.  IN PARTICULAR, YOU ACKNOWLEDGE
      THAT THIS RESTRICTED STOCK GRANT CONSTITUTES CONSIDERATION FOR YOUR
      ACCEPTANCE OF THE NON-COMPETITION PROVISIONS CONTAINED IN THE ATTACHED
      AGREEMENT.  You acknowledge that you have carefully reviewed the
      Plan, and agree that the Plan will control in the event any provision of
      this Agreement should appear to be inconsistent.
    

    	
          Grantee:
        	
           
        
	

        	
          (Signature)
        
	

        	
           
        
	
          Corporation:
        	
           
        
	

        	
          (Signature)
        
	

        	
           
        
	

        	
          Title:
        	
           
        

    

    
      Attachment
    

    
      This is not a stock certificate or a negotiable instrument.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      STRAYER EDUCATION, INC.
2011 EQUITY COMPENSATION PLAN
RESTRICTED
      STOCK AGREEMENT
    

    
      

    

    	
          
            Restricted Stock/
Nontransferability
          

        	
          This grant is an award of Stock in the number of shares set forth on
          the cover sheet subject to the vesting conditions set forth in the
          cover sheet and described below ("Restricted Stock"). To the extent
          not yet vested, your Restricted Stock may not be transferred,
          assigned, pledged or hypothecated, whether by operation of law or
          otherwise, nor may the Restricted Stock be made subject to
          execution, attachment or similar process.
        

    

    	
          Issuance and Vesting
        	
          
            The Corporation will issue your Restricted Stock in your name as
            of the Grant Date.
          

          
             
          

          
            Your right to the Stock under this Restricted Stock Agreement
            vests in accordance with the vesting paragraph set forth on the
            cover sheet.
          

          
             
          

          
            Notwithstanding the vesting paragraph on the cover sheet and the
            performance goals in Exhibit A, the shares of Restricted
            Stock shall become fully vested upon the occurrence of a Change in
            Control of the Corporation or upon your death or Disability.
          

          
             
          

          
            No additional shares of Restricted Stock will vest after your
            Service has terminated for any reason other than death or
            Disability.
          

          
             
          

          
            This award of Restricted Stock, either at all or for particular
            periods, will not be applied or interpreted to provide any
            commission, bonus, or other incentive payment based directly or
            indirectly upon success in securing enrollments or financial aid
            to any person or entity engaged in any student recruiting or
            admission activities or in making decisions regarding the awarding
            of funds under Title IV of the Higher Education Act, except as
            permitted by law.
          

        

    

    

    

    
      
        

        

      

      
        
          2
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Evidence of Issuance
        	
          The issuance of the Stock under the grant of Restricted Stock
          evidenced by this Agreement shall be evidenced in such a manner as
          the Corporation, in its discretion, deems appropriate, including,
          without limitation, book-entry, direct registration or issuance of
          one or more share certificates (which may be held in escrow at the
          option of the Corporation until vested), with any unvested shares of
          Restricted Stock bearing the appropriate restrictions imposed by
          this Agreement. As your interest in the Restricted Stock vests, the
          recordation of the number of shares of Restricted Stock attributable
          to you will be appropriately modified if necessary.
        
	

        	
           
        
	
          
            Forfeiture of Unvested
Stock and Dividends
          

        	
          In the event that your Service terminates for any reason other than
          death, or Disability, you will forfeit to the Corporation all of the
          shares of Stock subject to this grant that have not yet vested, and
          you agree to remit to the Corporation within thirty (30) days an
          amount in cash equal to all dividends paid to you by the Corporation
          with respect to such unvested Restricted Stock.
        
	

        	
           
        
	
          Death or Disability
        	
          If your Service terminates because of your death, then your shares
          of Restricted Stock will immediately become fully vested. If your
          Service terminates because of your Disability, then your shares of
          Restricted Stock will immediately become fully vested.
        
	

        	
           
        
	
          Escrow
        	
          
            If the Restricted Stock is certificated, the certificates for the
            Restricted Stock shall be deposited in escrow with the Secretary
            of the Corporation to be held in accordance with the provisions of
            this paragraph. Each deposited certificate shall be accompanied by
            a duly executed Assignment Separate from Certificate in the form
            attached hereto as Exhibit B. The deposited certificates
            shall remain in escrow until such time or times as the
            certificates are to be released or otherwise surrendered for
            cancellation as discussed below. Upon delivery of the certificates
            to the Corporation, you shall be issued an instrument of deposit
            acknowledging the number of shares of Stock delivered in escrow to
            the Secretary of the Corporation.
          

          
             
          

          
            If so noted on the cover page, all regular cash dividends on the
            Stock (or other securities at the time held in escrow) shall be
            paid directly to you and shall not be held in escrow. However, in
            the event of any stock dividend, stock split, recapitalization or
            other change affecting the Corporation's outstanding common stock
            as a class effected without receipt of consideration or in the
            event of a stock split, a stock dividend or a similar change in
            the Corporation Stock, any new, substituted or additional
            securities or other property which is by reason of such
            transaction distributed with respect to the Stock shall be
            immediately delivered to the Secretary of the Corporation to be
            held in escrow hereunder, but only to the extent the Stock is at
            the time subject to the escrow requirements hereof.
          

          
             
          

          
            The shares of Stock held in escrow hereunder shall be subject to
            the following terms and conditions relating to their release from
            escrow or their surrender to the Corporation for cancellation:
          

          
             
          

          
            If your interest in the shares vests as described above, the
            certificates for such vested shares shall be released from escrow
            and delivered to you, at your request, in accordance with the
            following schedule:
          

          
             
          

          
            ●The
            release of any vested shares (or other vested assets and
            securities) from escrow shall be effected within thirty (30) days
            following the date on which such shares first become vested.
          

        

    

    

    

    
      
        

        

      

      
        
          3
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Withholding Taxes
        	
          You agree, as a condition of this grant, that you will make
          acceptable arrangements to pay any withholding or other taxes that
          may be due as a result of the payment of dividends or the vesting of
          Stock acquired under this grant. In the event that the Corporation
          determines that any federal, state, local or foreign tax or
          withholding payment is required relating to the vesting of shares
          arising from this grant, the Corporation shall have the right to
          require such payments from you, or withhold such amounts from other
          payments due to you from the Corporation or any Affiliate, including
          by reducing the shares issuable to you hereunder in an amount (based
          on the then market price for the Corporation’s common stock)
          sufficient to pay the tax due if other satisfactory arrangements for
          payment of the tax have not been made by you.
        
	

        	
           
        
	
          Section 83(b) 

          
            Election
          

        	
          
            Under Section 83 of the Internal Revenue Code of 1986, as amended
            (the "Code"), the difference between the purchase price (if any)
            paid for the shares of Stock and their fair market value on the
            date any forfeiture restrictions applicable to such shares lapse
            will be reportable as ordinary income at that time. For this
            purpose, "forfeiture restrictions" include the forfeiture as to
            unvested Stock described above. You may elect to be taxed at the
            time the shares are acquired, rather than when such shares cease
            to be subject to such forfeiture restrictions, by filing an
            election under Section 83(b) of the Code with the Internal Revenue
            Service within thirty (30) days after the Grant Date. You will
            have to make a tax payment to the extent the purchase price is
            less than the fair market value of the shares on the Grant Date.
            No tax payment will have to be made to the extent the purchase
            price is at least equal to the fair market value of the shares on
            the Grant Date. The form for making this election is attached as Exhibit
            C hereto. Failure to make this filing within the thirty (30)
            day period will result in the recognition of ordinary income by
            you (in the event the fair market value of the shares as of the
            vesting date exceeds the purchase price) as the forfeiture
            restrictions lapse.
          

          
             
          

          
            YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE
            CORPORATION'S, TO DETERMINE WHETHER OR NOT TO MAKE A FILING, AND
            IF YOU DETERMINE TO MAKE SUCH A FILING, TO FILE A TIMELY ELECTION
            UNDER SECTION 83(b), EVEN IF YOU REQUEST THE CORPORATION OR ITS
            REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE
            RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION
            AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.
          

        

    

    

    

    
      
        

        

      

      
        
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          Non-Competition
        	
          
            To the extent permitted by law and applicable professional
            regulations, during the period you are providing Services to the
            Corporation and for a period of one year thereafter, you shall not
            take actions in competition with the Corporation in any state or
            similar jurisdiction in which the Corporation conducts a material
            amount of its business. Unless otherwise specified in an
            employment or other agreement between the Corporation and you, you
            take actions in competition with the Corporation if you:
          

          
             
          

          	
              Fail to keep strictly confidential all confidential business
              information disclosed by the Corporation to you, or which is
              obtained by you or otherwise disclosed to you in connection with
              performing Services for the Corporation, or use any such
              confidential information for any purpose other than performing
              Services for the Corporation; provided, however, that the
              foregoing shall not apply to information which (1) at the time
              of disclosure to you is already a matter of public knowledge,
              (2) after disclosure to you becomes a matter of public
              knowledge, except by your breach of this provision , (3) was
              already in your possession at the time of disclosure and does
              not solely constitute specific and detailed information
              regarding the Corporation (it being acknowledged that you
              possessed extensive industry experience and general knowledge of
              the education sector prior to joining the Corporation); or (4)
              which is required to be disclosed by law or regulation;
            

          	
              Enter into any employment, consulting or similar relationships
              with third parties which will result in a direct and material
              conflict of interest with the Corporation’s business;
            

          	
              Act in any managerial capacity for or acquire an ownership
              interest in (except a minority interest of 5% or less acquired
              for investment purposes in a company whose stock is traded on a
              public exchange) any person or entity that is a direct and
              material competitor of the Corporation;
            

          	
              Without the written consent of the Corporation, solicit or
              direct anyone else to solicit any officer or key employee of the
              Corporation (y) to terminate his or her employment or other
              relationship with the Corporation or (z) to seek or accept
              employment with you or any third party; provided that the
              foregoing shall exclude actions which are the result of persons
              responding to general advertisements and do not involve any
              solicitation on your part.
            

          
             
          

        

    

    
      
        

        

      

      
        
          5
        

        
          

        

      

      
        

        

      

    

    

    

    	
          
             
          

        	
          
            You acknowledge and agree that any material breach by you of any
            of the provisions of this Section (the “Restrictive
            Covenants”) would result in irreparable injury and damage for
            which money damages would not provide an adequate remedy.
            Therefore, if you materially breach, or threaten to materially
            breach, any of the Restrictive Covenants, the Corporation and its
            affiliates shall have the right to have the Restrictive Covenants
            specifically enforced (without posting bond and without the need
            to prove damages) by any court having equity jurisdiction,
            including, without limitation, the right to an entry against you
            of restraining orders and injunctions (preliminary, mandatory,
            temporary and permanent) against violations, threatened or actual,
            and whether or not then continuing, of such covenants. This right
            and remedy shall be in addition to, and not in lieu of, any other
            rights and remedies available to the Corporation and its
            affiliates under law or in equity (including, without limitation,
            the recovery of damages). In addition, in the event of such a
            material breach of the Restrictive Covenants the Corporation shall
            have the right to cause a forfeiture of your Restricted Stock
            Agreement and the value of any shares of Restricted Stock that
            vested in the twelve (12) months prior to your material breach.
          

        
	

        	
           
        
	
          Clawback
        	
          
            This Agreement does not give you the right to be retained by the
            Corporation (or any Parent, Subsidiaries or Affiliates) in any
            capacity. The Corporation (and any Parent, Subsidiaries or
            Affiliates) reserve the right to terminate your Service at any
            time and for any reason. This Award is subject to mandatory
            repayment by you to the Corporation to the extent you are or in
            the future become subject to any Corporation “clawback” or
            recoupment policy that requires the repayment by you to the
            Corporation of compensation paid by the Corporation to you in the
            event that you fail to comply with, or violate, the terms or
            requirements of such policy.
          

        

    

    

    

    
      
        

        

      

      
        
          6
        

        
          

        

      

      
        

        

      

    

    

    

    	

        	
          
            If the Corporation is required to prepare an accounting
            restatement due to the material noncompliance of the Corporation,
            as a result of misconduct, with any financial reporting
            requirement under the securities laws and you knowingly engaged in
            the misconduct, were grossly negligent in engaging in the
            misconduct, knowingly failed to prevent the misconduct or were
            grossly negligent in failing to prevent the misconduct, you shall
            reimburse the Corporation the amount of any payment in settlement
            of this Award earned or accrued during the 12-month period
            following the first public issuance or filing with the United
            States Securities and Exchange Commission (whichever first
            occurred) of the financial document that contained information
            affected by such material noncompliance.
          

          
             
          

          
            Notwithstanding any other provision of the Plan or any provision
            of this Agreement, if the Corporation is required to prepare an
            accounting restatement, then you shall forfeit any cash or Stock
            received in connection with this Award (or an amount equal to the
            Fair Market Value of such Stock on the date of delivery if you no
            longer hold the Stock) if pursuant to the terms of this Agreement,
            the amount of the Award earned or the vesting in the Award was
            explicitly based on the achievement of pre-established performance
            goals set forth in this Agreement (including earnings, gains, or
            other performance criteria) that are later determined, as a result
            of the accounting restatement, not to have been achieved.
          

        
	

        	
           
        
	
          
            Shareholder Rights
          

        	
          You have the right to vote the Restricted Stock and if so noted on
          the cover page, you have the right to receive any cash dividends
          declared or paid on such stock unless and until forfeited. Any stock
          distributions you receive as a result of any stock split, stock
          dividend, combination of shares or other similar transaction shall
          be deemed to be a part of the Restricted Stock and subject to the
          same conditions and restrictions applicable thereto. Except as
          described in the Plan, no adjustments are made for dividends or
          other rights if the applicable record date occurs before your stock
          certificate is issued.
        
	

        	
           
        
	
          
            Adjustments
          

        	
          In the event of a stock split, a stock dividend or a similar change
          in the Corporation stock, the number of shares covered by this grant
          may be adjusted (and rounded down to the nearest whole number)
          pursuant to the Plan. Your Restricted Stock shall be subject to the
          terms of the agreement of merger, liquidation or reorganization in
          the event the Corporation is subject to such corporate activity.
        

    

    

    

    
      
        

        

      

      
        
          7
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Legends
        	
          
            All certificates representing the Stock issued in connection with
            this grant shall, where applicable, have endorsed thereon the
            following legends
          

          
            :
          

          
            “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
            RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE
            CORPORATION AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR
            IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL
            OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON WRITTEN
            REQUEST TO THE SECRETARY OF THE CORPORATION BY THE HOLDER OF
            RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”
          

        
	

        	
           
        
	
          Applicable Law
        	
          This Agreement will be interpreted and enforced under the laws of
          the State of Maryland, other than any conflicts or choice of law
          rule or principle that might otherwise refer construction or
          interpretation of this Agreement to the substantive law of another
          jurisdiction.
        
	

        	
           
        
	
          The Plan
        	
          
            The text of the Plan is incorporated in this Agreement by
            reference. Certain capitalized terms used in this Agreement
            are defined in the Plan, and have the meaning set forth in the
            Plan.
          

          
             
          

          
            This Agreement and the Plan constitute the entire understanding
            between you and the Corporation regarding this grant of Restricted
            Stock. Any prior agreements, commitments or negotiations
            concerning this grant are superseded.
          

        

    

    	
          
            Consent to Electronic
Delivery
          

        	
          The Corporation may choose to deliver certain informational
          materials relating to the Plan in electronic form. By accepting this
          grant you agree that the Corporation may deliver the Plan prospectus
          and the Corporation’s annual report to you in an electronic format.
          If at any time you would prefer to receive paper copies of these
          documents, as you are entitled to, the Corporation would be pleased
          to provide copies. Please contact the General Counsel of the
          Corporation to request paper copies of these documents.
        
	

        	
           
        
	
          Corporate Activity
        	
          Your grant shall be subject to the terms of any applicable agreement
          of merger, liquidation or reorganization in the event the
          Corporation is subject to such corporate activity.
        

    

    

    

    
      
        

        

      

      
        
          8
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Data Privacy
        	
          
            In order to administer the Plan, the Corporation may process
            personal data about you. Such data includes, but is not limited
            to, information provided in this Agreement and any changes
            thereto, other appropriate personal and financial data about you
            such as your contact information, payroll information and any
            other information that might be deemed appropriate by the
            Corporation to facilitate the administration of the Plan.
          

          
             
          

          
            By accepting this grant, you give explicit consent to the
            Corporation to process any such personal data.
          

        
	

        	
           
        
	
          Code Section 409A
        	
          It is intended that this Award comply with Code Section 409A or an
          exemption to Code Section 409A. To the extent that the Corporation
          determines that you would be subject to the additional 20% tax
          imposed on certain non-qualified deferred compensation plans
          pursuant to Code Section 409A as a result of any provision of this
          Agreement, such provision shall be deemed amended to the minimum
          extent necessary to avoid application of such additional tax. The
          nature of any such amendment shall be determined by the Corporation.
          For purposes of this Award, a termination of Service only occurs
          upon an event that would be a Separation from Service within the
          meaning of Code Section 409A.
        

    

    
      By signing the cover sheet of this Agreement, you agree to all of
      the terms and conditions described above and in the Plan.
    

    

    

    
      
        

        

      

      
        
          9
        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT A
    

    
      PERFORMANCE GOALS
    

    
      AND NUMBER OF SHARES OF STOCK
    

    
    	
          Performance Goal*
        	
           
        	
          Vesting **
        

    

    
      

      

      

      

      

    

    

    

    
      * [Describe Performance Goal and indicate whether the Committee had
      determined that the award of Restricted Stock should constitute
      “qualified performance-based compensation” for purposes of Code
      Section 162(m), in which event the grant, exercise and/or settlement of
      the Award will be contingent upon achievement of one of the
      pre-established performance goals specifically listed in Section 14.6
      of the Plan. ]
    

    
      ** No shares of Stock will be vested until the Compensation Committee
      has declared the performance goals met.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT B
    

    
      

      ASSIGNMENT SEPARATE FROM CERTIFICATE
    

    
      

    

    
      FOR VALUE RECEIVED, _____________hereby assigns and transfers unto
      Strayer Education, Inc., a Maryland corporation (the "Corporation"),
      ____________(__________) shares of common stock of the Corporation
      represented by Certificate No. ___ herewith and does hereby irrevocably
      constitute and appoint _______________________ as Attorney to transfer
      the said stock on the books of the Corporation with full power of
      substitution in the premises.
    

    
      Dated:____________, ______
    

    

    

    	
           
        	
           
        	
           
        
	

        	

        	
          Print Name
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
          Signature
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            Spouse Consent (if applicable)
          

        

    

    
      ___________________ (Purchaser's spouse) indicates by the execution of
      this Assignment his or her consent to be bound by the terms herein as to
      his or her interests, whether as community property or otherwise, if
      any, in the shares of common stock of the Corporation.
    

    
      

      

    

    	
           
        	

        
	

        	
           
        
	

        	
          Signature
        

    

    
      

      

      

      

      

    

    
      INSTRUCTIONS:  PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE
      SIGNATURE LINE.  THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE
      CORPORATION TO CANCEL YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT
      WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT C 
ELECTION UNDER SECTION 83(b) OF
THE
      INTERNAL REVENUE CODE
    

    
      The undersigned hereby makes an election pursuant to Section 83(b) of
      the Internal Revenue Code with respect to the property described below
      and supplies the following information in accordance with the
      regulations promulgated thereunder:
    

    	
           
        	
          
            1.
          

        	
          
            The name, address and social security number of the undersigned:
          

        
	

        	

        	
           
        
	

        	

        	
          Name:
        	
           
        
	

        	

        	
          Address:
        	
           
        
	

        	

        	
           
        	
           
        
	

        	

        	
          Social Security No. :
        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            2.
          

        	
          
            Description of property with respect to which the election is
            being made:
          

        
	
           
        
	

        	

        	
          ____________ shares of common stock. Strayer Education, Inc., a
          Maryland corporation, (the “Corporation”).
        
	
           
        
	

        	
          
            3.
          

        	
          
            The date on which the property was transferred is ____________ __,
            2011.
          

        
	
           
        
	

        	
          
            4.
          

        	
          
            The taxable year to which this election relates is calendar year
            2011.
          

        
	
           
        
	

        	
          
            5.
          

        	
          
            Nature of restrictions to which the property is subject:
          

        
	
           
        
	

        	

        	
          The shares of stock are subject to the provisions of a Restricted
          Stock Agreement between the undersigned and the Corporation. The
          shares of stock are subject to forfeiture under the terms of the
          Agreement.
        
	
           
        
	

        	
          
            6.
          

        	
          
            The fair market value of the property at the time of transfer
            (determined without regard to any lapse restriction) was
            $__________ per share, for a total of $__________.
          

        
	
           
        
	

        	
          
            7.
          

        	
          
            The amount paid by taxpayer for the property was $__________.
          

        
	
           
        
	

        	
          
            8.
          

        	
          
            A copy of this statement has been furnished to the Corporation.
          

        

    

    	

        	
           
        
	
          Dated: _____________, 2011
        	

        
	

        	
           
        
	

        	
           
        
	

        	
           
        
	

        	
          Taxpayer’s Signature
        
	

        	
           
        
	

        	
           
        
	

        	
          Taxpayer’s Printed Name
        

    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      PROCEDURES FOR MAKING ELECTION
UNDER INTERNAL REVENUE CODE SECTION 83(b)
    

    
      

      

    

    
      The following procedures must be followed with respect to the
      attached form for making an election under Internal Revenue Code section
      83(b) in order for the election to be effective:1
    

    
      1. You must file one copy of the completed election form with the IRS
      Service Center where you file your federal income tax returns within 30
      days after the Grant Date of your Restricted Stock.
    

    
      2. At the same time you file the election form with the IRS, you must
      also give a copy of the election form to the Secretary of the
      Corporation.
    

    
      3. You must file another copy of the election form with your
      federal income tax return (generally, Form 1040) for the taxable year in
      which the stock is transferred to you.
    

    
      

      

      

      

      

      

      

      

      

      

    

    
      ________________________________
    

    
      1.          Whether
      or not to make the election is your decision and may create tax
      consequences for you.    You are advised to consult your tax advisor if
      you are unsure whether or not to make the election.Exhibit 10.3
    

    
      

      STRAYER EDUCATION, INC.
2011 EQUITY COMPENSATION PLAN
RESTRICTED
      STOCK AGREEMENT
FOR DIRECTORS
    

    
      

      

    

    
      Strayer Education, Inc., a Maryland corporation (the “Corporation”),
      hereby grants shares of its common stock, $.01 par value (the “Stock”)
      to the Grantee named below, subject to the vesting conditions set forth
      below and in the attachment.  Additional terms and conditions of the
      grant are set forth in this cover sheet, in the attachment and in the
      Corporation’s 2011 Equity Compensation Plan (the “Plan”).
    

    
      Grant Date:         
    

    
      Name of Grantee:  
    

    
      Number of Shares of Stock Covered by Grant:   
    

    	
          Vesting Schedule:
        	
          The restricted stock will vest as follows: ________________; subject
          to special provisions for Change of Control or Termination of
          Service as described in the attachment and Plan.
        

    

    
      

    

    
      By signing this cover sheet, you agree to all of the terms and
      conditions described in the attached Agreement and in the Plan, a copy
      of which is also attached.    IN PARTICULAR, YOU
      ACKNOWLEDGE THAT THIS RESTRICTED STOCK GRANT CONSTITUTES CONSIDERATION
      FOR YOUR ACCEPTANCE OF THE NON-COMPETITION PROVISIONS CONTAINED IN THE
      ATTACHED AGREEMENT.  You acknowledge that you have carefully
      reviewed the Plan, and agree that the Plan will control in the event any
      provision of this Agreement should appear to be inconsistent.
    

    	
          Grantee:
        	
           
        
	

        	
          (Signature)
        
	

        	

        	
           
        
	
          Corporation:
        	
           
        
	

        	
          (Signature)
        
	

        	

        	
           
        
	

        	
          Title:
        	
           
        

    

    
      

      

    

    
      Attachment
    

    
      This is not a stock certificate or a negotiable instrument.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      STRAYER EDUCATION, INC.
2011 EQUITY COMPENSATION PLAN
RESTRICTED
      STOCK AGREEMENT
    

    
      

    

    	
          
            Restricted Stock/
Nontransferability
          

        	
          This grant is an award of Stock in the number of shares set forth on
          the cover sheet subject to the vesting conditions set forth in the
          cover sheet and described below ("Restricted Stock"). To the extent
          not yet vested, your Restricted Stock may not be transferred,
          assigned, pledged or hypothecated, whether by operation of law or
          otherwise, nor may the Restricted Stock be made subject to
          execution, attachment or similar process.
        

    

    	
          Issuance and Vesting
        	
          
            The Corporation will issue your Restricted Stock in your name as
            of the Grant Date.
          

          
             
          

          
            Your right to the Stock under this Restricted Stock Agreement
            vests in accordance with the vesting schedule set forth on the
            cover sheet.
          

          
             
          

          
            Notwithstanding the vesting schedule in the preceding paragraph,
            the shares of Restricted Stock shall become fully vested upon the
            occurrence of a Change in Control of the Corporation or upon your
            death or Disability.
          

          
             
          

          
            No additional shares of Restricted Stock will vest after your
            Service has terminated for any reason other than death or
            Disability.
          

        

    

    	
          Evidence of Issuance
        	
          The issuance of the Stock under the grant of Restricted Stock
          evidenced by this Agreement shall be evidenced in such a manner as
          the Corporation, in its discretion, deems appropriate, including,
          without limitation, book-entry, direct registration or issuance of
          one or more share certificates (which may be held in escrow at the
          option of the Corporation until vested), with any unvested shares of
          Restricted Stock bearing the appropriate restrictions imposed by
          this Agreement. As your interest in the Restricted Stock vests, the
          recordation of the number of shares of Restricted Stock attributable
          to you will be appropriately modified if necessary.
        
	

        	
           
        
	
          Death or Disability
        	
          If your Service terminates because of your death, then your shares
          of Restricted Stock will immediately become fully vested. If your
          Service terminates because of your Disability, then your shares of
          Restricted Stock will immediately become fully vested.
        

    

    

    

    
      
        

        

      

      
        
          2
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Escrow
        	
          
            If the Restricted Stock is certificated, the certificates for the
            Restricted Stock shall be deposited in escrow with the Secretary
            of the Corporation to be held in accordance with the provisions of
            this paragraph. Each deposited certificate shall be accompanied by
            a duly executed Assignment Separate from Certificate in the form
            attached hereto as Exhibit A. The deposited certificates
            shall remain in escrow until such time or times as the
            certificates are to be released or otherwise surrendered for
            cancellation as discussed below. Upon delivery of the certificates
            to the Corporation, you shall be issued an instrument of deposit
            acknowledging the number of shares of Stock delivered in escrow to
            the Secretary of the Corporation.
          

          
             
          

          
            All regular cash dividends on the Stock (or other securities at
            the time held in escrow) shall be paid directly to you and shall
            not be held in escrow. However, in the event of any stock
            dividend, stock split, recapitalization or other change affecting
            the Corporation's outstanding common stock as a class effected
            without receipt of consideration or in the event of a stock split,
            a stock dividend or a similar change in the Corporation Stock, any
            new, substituted or additional securities or other property which
            is by reason of such transaction distributed with respect to the
            Stock shall be immediately delivered to the Secretary of the
            Corporation to be held in escrow hereunder, but only to the extent
            the Stock is at the time subject to the escrow requirements hereof.
          

          
             
          

          
            The shares of Stock held in escrow hereunder shall be subject to
            the following terms and conditions relating to their release from
            escrow or their surrender to the Corporation for cancellation:
          

          
             
          

          
            If your interest in the shares vests as described above, the
            certificates for such vested shares shall be released from escrow
            and delivered to you, at your request, in accordance with the
            following schedule:
          

          
             
          

          
            ●
            The release of any vested shares (or other vested assets and
            securities) from escrow shall be effected within thirty (30) days
            following the date on which such shares first become vested.
          

        
	

        	
           
        
	
          Withholding Taxes
        	
          You agree, as a condition of this grant, that you will make
          acceptable arrangements to pay any withholding or other taxes that
          may be due as a result of the payment of dividends or the vesting of
          Stock acquired under this grant.
        

    

    

    

    
      
        

        

      

      
        
          3
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Section 83(b) 

          
            Election
          

        	
          
            Under Section 83 of the Internal Revenue Code of 1986, as amended
            (the "Code"), the difference between the purchase price (if any)
            paid for the shares of Stock and their fair market value on the
            date any forfeiture restrictions applicable to such shares lapse
            will be reportable as ordinary income at that time. For this
            purpose, "forfeiture restrictions" include the forfeiture as to
            unvested Stock described above. You may elect to be taxed at the
            time the shares are acquired, rather than when such shares cease
            to be subject to such forfeiture restrictions, by filing an
            election under Section 83(b) of the Code with the Internal Revenue
            Service within thirty (30) days after the Grant Date. You will
            have to make a tax payment to the extent the purchase price is
            less than the fair market value of the shares on the Grant Date.
            No tax payment will have to be made to the extent the purchase
            price is at least equal to the fair market value of the shares on
            the Grant Date. The form for making this election is attached as Exhibit
            B hereto. Failure to make this filing within the thirty (30)
            day period will result in the recognition of ordinary income by
            you (in the event the fair market value of the shares as of the
            vesting date exceeds the purchase price) as the forfeiture
            restrictions lapse.
          

          
             
          

          
            YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE
            CORPORATION'S, TO DETERMINE WHETHER OR NOT TO MAKE A FILING, AND
            IF YOU DETERMINE TO MAKE SUCH A FILING, TO FILE A TIMELY ELECTION
            UNDER SECTION 83(b), EVEN IF YOU REQUEST THE CORPORATION OR ITS
            REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE
            RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION
            AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.
          

        

    

    

    

    
      
        

        

      

      
        
          4
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Non-Competition
        	
          
            To the extent permitted by law and applicable professional
            regulations, during the period you are providing Services to the
            Corporation and for a period of one year thereafter, you shall not
            take actions in competition with the Corporation in any state or
            similar jurisdiction in which the Corporation conducts a material
            amount of its business. Unless otherwise specified in an
            employment or other agreement between the Corporation and you, you
            take actions in competition with the Corporation if you:
          

          
             
          

          	
              Fail to keep strictly confidential all confidential business
              information disclosed by the Corporation to you, or which is
              obtained by you or otherwise disclosed to you in connection with
              performing Services for the Corporation, or use any such
              confidential information for any purpose other than performing
              Services for the Corporation; provided, however, that the
              foregoing shall not apply to information which (1) at the time
              of disclosure to you is already a matter of public knowledge,
              (2) after disclosure to you becomes a matter of public
              knowledge, except by your breach of this provision , (3) was
              already in your possession at the time of disclosure and does
              not solely constitute specific and detailed information
              regarding the Corporation (it being acknowledged that you
              possessed extensive industry experience and general knowledge of
              the education sector prior to joining the Corporation); or (4)
              which is required to be disclosed by law or regulation;
            

          	
              Enter into any employment, consulting or similar relationships
              with third parties which will result in a direct and material
              conflict of interest with the Corporation’s business;
            

          	
              Act in any managerial capacity for or acquire an ownership
              interest in (except a minority interest of 5% or less acquired
              for investment purposes in a company whose stock is traded on a
              public exchange) any person or entity that is a direct and
              material competitor of the Corporation;
            

          	
              Without the written consent of the Corporation, solicit or
              direct anyone else to solicit any officer or key employee of the
              Corporation (y) to terminate his or her employment or other
              relationship with the Corporation or (z) to seek or accept
              employment with you or any third party; provided that the
              foregoing shall exclude actions which are the result of persons
              responding to general advertisements and do not involve any
              solicitation on your part.
            

          
            You acknowledge and agree that any material breach by you of any
            of the provisions of this Section (the “Restrictive
            Covenants”) would result in irreparable injury and damage for
            which money damages would not provide an adequate remedy.
            Therefore, if you materially breach, or threaten to materially
            breach, any of the Restrictive Covenants, the Corporation and its
            affiliates shall have the right to have the Restrictive Covenants
            specifically enforced (without posting bond and without the need
            to prove damages) by any court having equity jurisdiction,
            including, without limitation, the right to an entry against you
            of restraining orders and injunctions (preliminary, mandatory,
            temporary and permanent) against violations, threatened or actual,
            and whether or not then continuing, of such covenants. This right
            and remedy shall be in addition to, and not in lieu of, any other
            rights and remedies available to the Corporation and its
            affiliates under law or in equity (including, without limitation,
            the recovery of damages). In addition, in the event of such a
            material breach of the Restrictive Covenants the Corporation shall
            have the right to cause a forfeiture of your Restricted Stock
            Agreement and the value of any shares of Restricted Stock that
            vested in the twelve (12) months prior to your material breach.
          

        

    

    

    

    
      
        

        

      

      
        
          5
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Clawback
        	
          This Award is subject to mandatory repayment by you to the
          Corporation to the extent you are or in the future become subject to
          any Corporation “clawback” or recoupment policy that requires the
          repayment by you to the Corporation of compensation paid by the
          Corporation to you in the event that you fail to comply with, or
          violate, the terms or requirements of such policy.
        
	

        	
           
        
	
          Shareholder Rights
        	
          You have the right to vote the Restricted Stock and to receive any
          cash dividends declared or paid on such stock unless and until
          forfeited. Any stock distributions you receive as a result of any
          stock split, stock dividend, combination of shares or other similar
          transaction shall be deemed to be a part of the Restricted Stock and
          subject to the same conditions and restrictions applicable thereto.
          Except as described in the Plan, no adjustments are made for
          dividends or other rights if the applicable record date occurs
          before your stock certificate is issued.
        
	

        	
           
        
	
          Adjustments
        	
          In the event of a stock split, a stock dividend or a similar change
          in the Corporation stock, the number of shares covered by this grant
          may be adjusted (and rounded down to the nearest whole number)
          pursuant to the Plan. Your Restricted Stock shall be subject to the
          terms of the agreement of merger, liquidation or reorganization in
          the event the Corporation is subject to such corporate activity.
        
	

        	
           
        
	
          Legends
        	
          
            All certificates representing the Stock issued in connection with
            this grant shall, where applicable, have endorsed thereon the
            following legends:
          

          
             
          

          
            “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
            RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE
            CORPORATION AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR
            IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL
            OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON WRITTEN
            REQUEST TO THE SECRETARY OF THE CORPORATION BY THE HOLDER OF
            RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”
          

        

    

    

    

    
      
        

        

      

      
        
          6
        

        
          

        

      

      
        

        

      

    

    

    

    	
          Applicable Law
        	
          This Agreement will be interpreted and enforced under the laws of
          the State of Maryland, other than any conflicts or choice of law
          rule or principle that might otherwise refer construction or
          interpretation of this Agreement to the substantive law of another
          jurisdiction.
        
	

        	
           
        
	
          The Plan
        	
          
            The text of the Plan is incorporated in this Agreement by
            reference. Certain capitalized terms used in this Agreement
            are defined in the Plan, and have the meaning set forth in the
            Plan.
          

          
             
          

          
            This Agreement and the Plan constitute the entire understanding
            between you and the Corporation regarding this grant of Restricted
            Stock. Any prior agreements, commitments or negotiations
            concerning this grant are superseded.
          

        

    

    	
          
            Consent to Electronic
Delivery
          

        	
          The Corporation may choose to deliver certain informational
          materials relating to the Plan in electronic form. By accepting this
          grant you agree that the Corporation may deliver the Plan prospectus
          and the Corporation’s annual report to you in an electronic format.
          If at any time you would prefer to receive paper copies of these
          documents, as you are entitled to, the Corporation would be pleased
          to provide copies. Please contact the General Counsel of the
          Corporation to request paper copies of these documents.
        
	

        	
           
        
	
          Corporate Activity
        	
          Your grant shall be subject to the terms of any applicable agreement
          of merger, liquidation or reorganization in the event the
          Corporation is subject to such corporate activity.
        
	

        	
           
        
	
          Data Privacy
        	
          
            In order to administer the Plan, the Corporation may process
            personal data about you. Such data includes, but is not limited
            to, information provided in this Agreement and any changes
            thereto, other appropriate personal and financial data about you
            such as your contact information, payroll information and any
            other information that might be deemed appropriate by the
            Corporation to facilitate the administration of the Plan.
          

          
             
          

          
            By accepting this grant, you give explicit consent to the
            Corporation to process any such personal data.
          

        
	

        	
           
        
	
          Code Section 409A
        	
          It is intended that this Award comply with Code Section 409A or an
          exemption to Code Section 409A. To the extent that the Corporation
          determines that you would be subject to the additional 20% tax
          imposed on certain non-qualified deferred compensation plans
          pursuant to Code Section 409A as a result of any provision of this
          Agreement, such provision shall be deemed amended to the minimum
          extent necessary to avoid application of such additional tax. The
          nature of any such amendment shall be determined by the Corporation.
          For purposes of this Award, a termination of Service only occurs
          upon an event that would be a Separation from Service within the
          meaning of Code Section 409A.
        

    

    

    

    
      
        

        

      

      
        
          7
        

        
          

        

      

      
        

        

      

    

    

    

    
      By signing the cover sheet of this Agreement, you agree to all of
      the terms and conditions described above and in the Plan.
    

    

    

    
      
        

        

      

      
        
          8
        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT A
ASSIGNMENT SEPARATE FROM CERTIFICATE
    

    
      

    

    
      FOR VALUE RECEIVED, _____________hereby assigns and transfers unto
      Strayer Education, Inc., a Maryland corporation (the "Corporation"),
      ____________(__________) shares of common stock of the Corporation
      represented by Certificate No. ___ herewith and does hereby irrevocably
      constitute and appoint _______________________ as Attorney to transfer
      the said stock on the books of the Corporation with full power of
      substitution in the premises.
    

    
      Dated:____________, ______
    

    

    

    	
           
        	
           
        	
           
        
	

        	

        	
          Print Name
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
          Signature
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            Spouse Consent (if applicable)
          

        

    

    

    

    
      ___________________ (Purchaser's spouse) indicates by the execution of
      this Assignment his or her consent to be bound by the terms herein as to
      his or her interests, whether as community property or otherwise, if
      any, in the shares of common stock of the Corporation.
    

    
      

      

    

    	
           
        	
           
        
	

        	
          Signature
        

    

    
      

      

      

      

      

    

    
      INSTRUCTIONS:  PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE
      SIGNATURE LINE.  THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE
      CORPORATION TO CANCEL YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT
      WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT B
ELECTION UNDER SECTION 83(b) OF
THE
      INTERNAL REVENUE CODE
    

    
      The undersigned hereby makes an election pursuant to Section 83(b) of
      the Internal Revenue Code with respect to the property described below
      and supplies the following information in accordance with the
      regulations promulgated thereunder:
    

    	
           
        	
          1.
        	
          The name, address and social security number of the undersigned:
        
	

        	

        	
          Name:
        	
           
        
	

        	

        	
          Address:
        	
           
        
	

        	

        	
           
        	
           
        
	

        	

        	
          Social Security No. :
        	
           
        
	

        	

        	

        	
           
        
	

        	
          2.
        	
          Description of property with respect to which the election is being
          made:
        
	
           
        
	

        	

        	
          _______________ shares of common stock. Strayer Education, Inc., a
          Maryland corporation, (the “Corporation”).
        
	
           
        
	

        	
          3.
        	
          The date on which the property was transferred is ____________ __,
          2011.
        
	
           
        
	

        	
          4.
        	
          The taxable year to which this election relates is calendar year
          2011.
        
	
           
        
	

        	
          5.
        	
          Nature of restrictions to which the property is subject:
        
	
           
        
	

        	

        	
          The shares of stock are subject to the provisions of a Restricted
          Stock Agreement between the undersigned and the Corporation. The
          shares of stock are subject to forfeiture under the terms of the
          Agreement.
        
	
           
        
	

        	
          6.
        	
          The fair market value of the property at the time of transfer
          (determined without regard to any lapse restriction) was $__________
          per share, for a total of $__________.
        
	
           
        
	

        	
          7.
        	
          The amount paid by taxpayer for the property was $__________.
        
	
           
        
	

        	
          8.
        	
          A copy of this statement has been furnished to the Corporation.
        

    

    	

        	
           
        
	
          Dated: _____________, 2011
        	

        
	

        	
           
        
	

        	
           
        
	

        	
           
        
	

        	
          Taxpayer’s Signature
        
	

        	
           
        
	

        	
           
        
	

        	
          Taxpayer’s Printed Name
        

    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      PROCEDURES FOR MAKING ELECTION
UNDER INTERNAL REVENUE CODE SECTION 83(b)
    

    
      

      

    

    
       The following procedures must be followed with respect to
      the attached form for making an election under Internal Revenue Code
      section 83(b) in order for the election to be effective:1
    

    
      1.        You must file one copy of the completed election form with the
      IRS Service Center where you file your federal income tax returns within 30
      days after the Grant Date of your Restricted Stock.
    

    
      2.        At the same time you file the election form with the IRS, you
      must also give a copy of the election form to the Secretary of the
      Corporation.
    

    
      3.You must file another copy of the election form with your
      federal income tax return (generally, Form 1040) for the taxable year in
      which the stock is transferred to you.
    

    
      

      

      

      

      

      

      

      

      

      

    

    
      ________________________________
    

    
      1.Whether or not to make the election is your decision and
      may create tax consequences for you. You are advised to consult your tax
      advisor if you are unsure whether or not to make the election.

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