Document:

Exhibit 10(l)

 

FORM OF PERFORMANCE SHARE AWARD AGREEMENT

(EXECUTIVE OFFICER)

 

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

 

WHEREAS, DeVry maintains the DeVry Inc. Incentive Plan of 2005
(the “Plan”); and

 

WHEREAS, the Participant is an officer of DeVry or one of its
subsidiaries who is subject to Section 16 of the Securities and Exchange Act of 1934 and has been selected by the Compensation
Committee of DeVry’s Board of Directors (the “Committee”) to receive an award of Restricted Stock Units (this
award is referred to as "Performance Shares" in this Agreement because it represents the Participant`s ability to receive
actual shares of common stock of DeVry (“Common Stock”) as described in this Agreement).

 

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

 

1.                  Agreement.  This
Agreement evidences the award to the Participant of the number of Performance Shares set forth above relating to the Common Stock.  Each
Performance Share represents the right to receive a share of Common Stock following the end of the three-year Performance Period,
as described in this Agreement.  The Agreement and the Performance Share award shall be subject to the following terms
and conditions and the provisions of the Plan, including the Long-Term Incentive Program (“LTIP”) adopted by the Committee,
which are hereby incorporated by reference.  A copy of the Plan and the LTIP may be obtained by the Participant from
the office of the Secretary of DeVry.

 

2.                  Performance
Account.  DeVry shall maintain an account (the “Account”) on its books in the name of the Participant
which shall reflect the number of Performance Shares awarded to the Participant and the number of Performance Shares in which the
Participant becomes vested.

 

3.                  Vesting.

 

(a)                Except
as described in this Section 3 and in Section 5, the Participant shall become vested in a portion of his or her Performance Shares
at the end of the Performance Period, as described in Exhibit I to this Agreement, provided that he or she remains in continuous
employment with DeVry or an affiliate until the date the Committee certifies as to the achievement of the performance goals for
a Performance Period (the “Certification Date”).

 

(b)               If
the Participant’s employment with DeVry and all affiliates terminates prior to the Certification Date due to death, disability
or retirement, the Performance Shares shall remain outstanding and shall continue to vest during the Performance Period as if the
Participant’s employment had not terminated, and the vested shares shall be settled as described in Section 4 of this Agreement.  For
this purpose:

 

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(i)                 “disability”
means the Participant’s being determined to be disabled under DeVry’s long-term disability plan as in effect from time
to time, regardless of whether the Participant is an actual participant in such plan (if the Participant is a participant in such
plan, the determination of disability shall be made by the party responsible for making such determination under the plan, and
if the Participant is not a participant in such plan, the determination of disability shall be made by the Committee in its sole
discretion);

 

(ii)               “retirement”
means the Participant’s termination without cause on or after the date on which the Participant has attained age 55 and the
sum of his or her age and service equals or exceeds 65 (with age and service determined in fully completed years);

 

(iii)             “service”
means the Participant’s period of employment with DeVry and all affiliates (including any predecessor company or business
acquired by DeVry or any affiliate, provided the Participant was immediately employed by DeVry or any affiliate); and

 

(iv)             “cause”
means the Participant’s termination of employment due to unsatisfactory performance or conduct detrimental to DeVry or its
affiliates, as determined solely by DeVry. 

 

(c)                If
the Participant’s employment with DeVry and all affiliates terminates during the Performance Period or prior to the Certification
Date due to mutual agreement, the Performance Shares shall remain outstanding and shall continue to vest during the Performance
Period as if the Participant’s employment had not terminated for one year following the date the Participant’s employment
terminates and vested Performance Shares shall be settled pursuant to Section 4 despite the Participant’s termination before
the Certification Date.  For this purpose, “mutual agreement” means a written agreement between DeVry and
the Participant that the Participant’s employment with DeVry and all affiliates will be voluntarily terminated; provided
that such agreement must be executed by the Participant within 21 days after written notice is given by either party of the impending
termination, and if no such agreement is executed by the Participant within such 21-day period, no mutual agreement shall be deemed
to exist.

 

(d)               Any
Participant whose employment terminates due to retirement as described in Section 3(b) or mutual agreement as described in Section
3(c) must execute and deliver to DeVry an agreement, in a form prescribed by DeVry, and in accordance with procedures established
by DeVry, that he or she will not compete with, or solicit employees of, DeVry and its affiliates from the date of retirement or
termination until the Certification Date, and that he or she releases all claims against DeVry and its affiliates.  If
the Participant fails to execute such agreement, or if the agreement is revoked by the Participant, the Performance Share award
shall be immediately forfeited to DeVry.

 

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(e)                If
the Participant’s employment with DeVry and all affiliates terminates prior to the Certification Date for any reason other
than death, disability, retirement or mutual agreement, the Participant’s entire Performance Share award, including any previously
vested portion, shall be forfeited to DeVry on the date of the Participant’s termination.

 

(f)                For
purposes of this Agreement, the term “affiliate” means each entity with whom DeVry would be considered a single employer
under Sections 414(b) and 414(c) of the Code, substituting “at least 50%” instead of “at least 80%” in
making such determination.

 

(g)               If  the
Committee determines, in its sole discretion, that there is an Excess Award, the Excess Award shall be satisfied:

 

(i)                 From
any portion of the Award that has not yet been settled, by (A) forfeiting unvested Performance Shares, then (B) to the extent necessary,
forfeiting vested Performance Shares not yet settled.

 

(ii)               To
the extent necessary with respect to the portion of the Award that has been settled, by (A) the Participant returning the Shares
issued under this Award, (B) forfeiting all or any portion of the Participant’s other Awards, (C) in the Committee’s
sole discretion, entering into an agreement with the Participant for the repayment of all or any portion of an Excess Award, (D)
to the extent permitted by law, offsetting any portion of an Excess Award against any other amounts owed to the Participant by
DeVry or any affiliate, (E) in the Committee’s sole discretion, pursuing legal action against the Participant to secure repayment
of the Excess Award, and/or (F) any other method of recoupment the Committee determines is appropriate.

 

(h)               For
purposes of this Agreement:

 

(i)                 “Excess
Award” shall mean all or any portion of this Award that the Committee determines, in its sole discretion, was granted, vested
and/or settled based on the financial results that subsequently become Restated Financials.

 

(ii)               “Restated
Financials” shall mean any applicable financial results of DeVry and/or one or more of its affiliates that are subsequently
restated due to conduct by the Participant that the independent directors of the Board of Directors or a committee of such board
determine, in their sole discretion, was knowing, intentionally fraudulent or illegal.

 

(i)                 The
foregoing provisions of this Section 3 shall be subject to the provisions of any written employment security agreement or
severance agreement that has been or may be executed by the Participant and DeVry, and the provisions in such employment security
agreement or severance agreement concerning vesting of a Performance Share award shall supersede any inconsistent or contrary provision
of this Section 3.

 

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4.                  Settlement
of Award.  Following the Certification Date, DeVry shall distribute to the Participant, or his or her personal representative,
beneficiary or estate, as applicable, a number of shares of Common Stock equal to the number of Performance Shares that have vested
and have not been forfeited in accordance with Section 3.  Such shares shall be delivered within 30 days following the
Certification Date.

 

5.                  Change
in Control.  In the event of a Change in Control of DeVry (as defined in the Plan), the Participant shall become
immediately vested in his or her Performance Shares award at target levels, and the Committee shall have the sole discretion
to take appropriate actions with respect to the Performance Shares award, including (a) to cause such Performance Shares award
to be settled in shares of Common Stock, which shares shall be subject to the terms of the Change in Control event in the same
manner as the other shares of outstanding Common Stock, (b) to provide for the mandatory purchase of the Performance Share award
for an amount of cash equal to the then fair market value of the Common Stock, multiplied by the number of shares subject to the
Performance Share award (assuming achievement of performance goals at target levels) or (c) to cause the Performance
Share award then outstanding to be assumed by the acquiring or surviving entity after such Change in Control.

 

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

 

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

 

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

 

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

 

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

 

11.              Administration.  The
Performance Share award shall be administered in accordance with the LTIP and with such regulations as the Committee shall from
time to time adopt.

 

12.              Governing
Law.  This Agreement, and the Performance Share award, shall be construed, administered and governed in all respects
under and by the laws of the State of Delaware.

 

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

  

    	168Exhibit 10(n)

 

DEVRY INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

(Amended and Restated as of May 15, 2013)

 

Article
I - PURPOSE; EFFECTIVE DATE

 

		1.1	Purpose. The purpose of this DeVry Inc. Nonqualified Deferred Compensation Plan (hereinafter,
the “Plan”) is to permit a select group of employees of DeVry Inc. and its Affiliates and members of the Board to defer
the receipt of income which would otherwise become payable to them. It is intended that this Plan, by providing these eligible
individuals an opportunity to defer the receipt of income, will assist in retaining and attracting individuals of exceptional ability.

 

		1.2	Effective Date. The Plan was initially effective as of September 1, 1999. It was
amended and restated effective as of January 1, 2006 to reflect various revisions and to reflect the transfer into the Plan of
all account balances from the DeVry Inc. Director Deferred Compensation Plan, and again on January 1, 2008, January 1, 2012 and
February 13, 2013 to reflect various revisions. The Plan is hereby further amended and restated as of May 15, 2013.

 

		1.3	Plan Type. For purposes of Section 409A of the Code, the portion of the amounts deferred
by the Participants and earnings attributable thereto shall be considered an elective account balance plan as defined in Treas.
Reg. Section 1.409A-1(c)(2)(i)(A), or as otherwise provided by the Code, and the portion of the amounts deferred as matching or
employer contributions and earnings attributable thereto shall be considered a nonelective account balance plan as defined in Treas.
Reg. Section 1.409A-1(c)(2)(i)(B), or as otherwise provided by the Code.

 

		1.4	Plan Merger. Effective December 1, 2011, the Dominica Management, Inc. Voluntary
Deferred Compensation Plan was merged into and with the Plan.

 

Article
II - DEFINITIONS

 

For the purpose of
this Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise:

 

		2.1	Account(s). “Account(s)” means the account or accounts maintained on
the books of the Organization used solely to calculate the amount payable to each Participant under this Plan and shall not constitute
a separate fund of assets. Account(s) shall be deemed to exist from the time amounts are first credited to such Account(s) until
such time that the entire balance of each Account (hereinafter referred to as “Account Balance”) has been distributed
in accordance with this Plan. The Accounts available for each Participant shall be as designated by the Committee, including but
not limited to the following:

 

		a)	Plan Account.

 

		b)	Legacy Account.

 

		c)	Merged Plan Account.

 

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		2.2	Account Gains/Losses. “Account Gains/Losses” means the amount credited
to or charged against a Participant’s Account(s) on each Determination Date, which shall be based on the Valuation Funds
chosen by the Participant as provided in Section 2.31, below and in a manner consistent with Section 4.3, below. Such credits or
charges to a Participant’s Account may be either positive or negative to reflect the increase or decrease in value of the
Account in accordance with the provisions of this Plan.

 

		2.3	Affiliate. “Affiliate” means any person or entity that together with
the Organization would be treated as a single employer under Section 414(b), (c), (m), or (o) of the Code.

 

		2.4	Allocation Election. “Allocation Election” means the form prescribed
by the Committee and completed by the Participant, indicating the Valuation Fund(s) in which the Participant’s Accounts shall
be allocated, as elected by the Participant.

 

		2.5	Beneficiary. “Beneficiary” means the person, persons or entity as designated
by the Participant who is entitled under Article VI to receive any Plan benefits payable after the Participant’s death.

 

		2.6	Board. “Board” means the Board of Directors of the Organization.

 

		2.7	Board Participant. “Board Participant” means an individual who is Participant
because he is a Board member but who is not an employee.

 

		2.8	Code. “Code” means the Internal Revenue Code of 1986, as amended.

 

		2.9	Committee. “Committee” means the Compensation Committee of the Board,
which has been appointed by the Board to administer the Plan pursuant to Article VII.

 

		2.10	Compensation. “Compensation” means the base salary payable to and bonus
or incentive compensation earned by a Participant during a Plan Year with respect to employment services performed for the Organization
by the Participant and considered to be “wages” for purposes of federal income tax withholding; provided, however,
for a Participant who is a Board member, Compensation shall mean all retainer or meeting fees payable for services performed as
a Board member during a Plan Year. For purposes of this Plan, Compensation shall be calculated: (a) after being reduced by all
legally required deductions against such income (including, but not limited to, if applicable, wage assignments, wage garnishments,
child support payments, levies, etc.); but (b) before reduction for any amounts deferred by the Participant pursuant to the Organization’s
tax qualified plans which may be maintained under Section 401(k) or Section 125 of the Code, or pursuant to this Plan or any other
non-qualified plan which permits the voluntary deferral of compensation; and (c) before deduction for income taxes. Other forms
of compensation may be considered Compensation at the discretion of the Committee, except that any change in the definition of
Compensation will not be effective with respect to any Deferral Commitment entered into prior to such change and communication
to the Participants with respect to such calendar year.

 

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		2.11	Deferral Commitment. “Deferral Commitment” means a commitment made by
a Participant to defer a portion of Compensation as set forth in Article III, and as permitted by the Committee in its sole discretion.
The Deferral Commitment shall apply to each payment of Compensation payable to a Participant, and the Committee may aggregate various
types of Compensation for purposes of effecting the election to defer; provided, however, such aggregation of Compensation for
any calendar year to which a Deferral Commitment relates shall be made by the Committee no later than the last day of the immediately
preceding calendar year (i.e., no recharacterizations between groupings may occur during a given calendar year). By way of example:
the Committee may apply the election to defer “salary” to salary, commissions, and any other regularly occurring form
of compensation; or the Committee may apply the election to defer “bonus” to annual bonuses, short-term bonus, long
term bonus arrangements and other forms of incentive based compensation. A Deferral Commitment with respect to any bonus or incentive
compensation that is determined by the Committee to be Performance Based Compensation shall be made as provided by the Committee,
but no later than six (6) months prior to the end of such performance period. Any Deferral Commitment shall be made in a form and
at a time deemed acceptable to the Committee.

 

		2.12	Deferral Period. “Deferral Period” means each calendar year, except that
if a Participant first becomes eligible after the beginning of a calendar year, the initial Deferral Period shall begin on the
date the Participant first makes a Deferral Commitment pursuant to Article III and shall end on December 31st of such
calendar year.

 

		2.13	Determination Date. “Determination Date” means the last business day
of each calendar month.

 

		2.14	Disability. “Disability” means a physical or mental condition whereby
the Participant: (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits
for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s
employer.

 

		2.15	Distribution Election. “Distribution Election” means the form prescribed
by the Committee and completed by the Participant, indicating the chosen time and form of payment for benefits payable from the
Participant’s Plan Account, as elected by the Participant.

 

		2.16	Financial Hardship. “Financial Hardship” means a severe financial hardship
to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as
defined in Section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant.

 

		2.17	401(k) Plan. “401(k) Plan” means the DeVry Inc. Success Sharing Retirement
Plan, or any other successor defined contribution plan maintained by the Organization that qualifies under Section 401(a) of the
Code and satisfies the requirements of Section 401(k) of the Code.

 

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		2.18	Initial Account Balance. “Initial Account Balance” shall mean (a) with
respect to an individual who had an Account Balance under the Plan as of December 31, 2005, the amount credited to such Account
Balance on January 1, 2006, and (b) with respect to an individual who had an account balance under the DeVry Inc. Director Deferred
Compensation Plan as of December 31, 2005, the amount credited to such account balance which shall equal the total account balance(s)
in the DeVry Inc. Director Deferred Compensation Plan as of the same date as reasonably determined by the Committee, in its sole
discretion. The Initial Account Balances shall be subject to the terms and conditions of this Plan and any Participant with an
Initial Account Balance shall have no right to a distribution of such amounts other than as provided for herein.

 

		2.19	In-Service Distribution Date. “In-Service Distribution Date” means the
January of the year elected by the Participant on the applicable Distribution Election for distribution of the Compensation deferred
by the Participant during the Deferral Period. In no event shall the date selected be earlier than the first day of the third calendar
year following the applicable Distribution Election. Matching Contributions and Success Sharing Contributions are not eligible
for an In-Service Distribution Date.

 

		2.20	Legacy Account. “Legacy Account” means the Account established to hold
contributions contributed to the Plan on or before December 31, 2011.

 

		2.21	Matching Contribution. “Matching Contribution” means the Organization
Contribution credited to a Participant’s Account(s) under Section 4.4, below, as determined by the Committee in its sole
discretion, except that in no event will a Matching Contribution be made with respect to the deferral of Board retainer and/or
meeting fees.

 

2.22Merged
Plan.“Merged Plan” means the Dominica Management, Inc. Voluntary Deferred Compensation Plan.

 

		2.23	Merged Plan Account. “Merged Plan Account” means the Account established
to hold contributions transferred to the Plan from the Merged Plan and contributed to the Plan between December 1, 2011 and December
31, 2011 in accordance with the terms of the Merged Plan in effect prior to the merger and any elections made thereunder.

 

		2.24	Organization. “Organization” means DeVry Inc., a Delaware corporation,
or any successor to the business thereof.

 

		2.25	Organization Contributions. “Organization Contributions” means any contribution
made by the Organization to a Participant’s Account(s), including but not limited to Matching Contributions and Success Sharing
Contributions.

 

		2.26	Participant. “Participant” means any individual who is eligible, pursuant
to Section 3.1, below, to participate in this Plan, and who (a) has elected to defer Compensation under this Plan in accordance
with Article III below, (b) is determined by the Committee in its sole discretion as being eligible to receive an Organization
Contribution, or (c) otherwise has an Initial Account Balance. Such individual shall remain a Participant in this Plan for the
period of deferral, or credit, and until such time as all benefits payable under this Plan have been paid in accordance with the
provisions hereof.

 

		2.27	Performance Based Compensation. “Performance Based Compensation” means
the portion of Compensation determined by the Committee to satisfy the requirements set forth in Treas. Reg. Section 1.409A-1(e),
and such Performance Based Compensation may be determined on a fiscal or calendar year basis.

 

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		2.28	Plan. “Plan” means this DeVry Inc. Nonqualified Deferred Compensation
Plan as amended from time to time.

 

		2.29	Plan Account. “Plan Account” means the Account established to hold contributions
contributed to the Plan on and after January 1, 2012.

 

		2.30	Separation from Service. “Separation from Service” means a separation
from service as defined under Treas. Reg. Section 1.409A-1(h).

 

		2.31	Separation from Service Distribution Date. “Separation from Service Distribution
Date” means the six (6) month anniversary of the Participant’s Separation from Service.

 

		2.32	Success Sharing Contribution. “Success Sharing Contribution” means the
Organization Contribution credited to a Participant’s Account(s) under Section 4.5 below.

 

		2.33	Valuation Funds. “Valuation Funds” means one or more of the independently
established funds or indices selected by the Committee and used solely to calculate the Account Gains/Losses that are credited
to each Participant’s Account(s) in accordance with Article IV, below. No Valuation Fund represents or conveys any beneficial
interest on the part of the Participant in any asset or other property of the Organization. The determination of the increase or
decrease in the value of each Valuation Fund shall be made by the Committee in its reasonable discretion. The Committee shall select
the various Valuation Funds available to the Participants with respect to this Plan and may change available Valuation Funds at
any time in its sole discretion.

 

		2.34	Vesting Service. “Vesting Service” means the Participant’s vesting
service under the 401(k) Plan.

 

Article
III - ELIGIBILITY AND PARTICIPATION

 

		3.1	Eligibility and Participation.

 

		a)	Eligibility. Eligibility to participate in the Plan shall be limited to members of
the Board and those select key employees of the Organization or an Affiliate who are designated by the senior management of the
Organization from time to time and approved by the Committee.

 

		b)	Participation. An individual’s participation in the Plan shall be effective
upon notification to the individual by the Committee of eligibility to participate, and the earlier of:

 

		i)	a contribution under this Plan being made on behalf of the Participant by the Organization, or

 

		ii)	the completion and submission of a Deferral Commitment to the Committee no later than fifteen (15)
days prior to the beginning of the Deferral Period, or as otherwise permitted by the Committee.

 

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		c)	First-Year Participation. When an individual first becomes eligible to participate
in this Plan, and is not a participant in another plan sponsored by the Organization or an Affiliate that is considered to be of
a similar type as defined in Treas. Reg. Section 1.409A -1 (c)(2)(i)(A) or (B), or as otherwise provided by the Code, a Deferral
Commitment may be submitted to the Committee within thirty (30) days after the Committee notifies the individual of eligibility
to participate. Such Deferral Commitment will be effective only with regard to Compensation attributable to services performed
following submission of the Deferral Commitment to the Committee.

 

		3.2	Deferral Commitment. The Participant shall make an election to defer Compensation
by filing a Deferral Commitment with the Committee, and such election shall become irrevocable no later than the last day of the
calendar year prior to the Deferral Period to which it relates, except as provided in Section 3.1(c), above. In addition, notwithstanding
anything to the contrary, a Deferral Commitment with respect to Performance Based Compensation may be filed with the Committee
and such election shall become irrevocable no later than six months before the end of the performance period on which such Performance
Based Compensation is based, provided such Participant has been continuously employed with the Organization from the later of the
beginning of the performance period or the date on which the performance criteria for such Performance Based Compensation was established.
A Deferral Commitment shall be made with respect to each payment of Compensation payable by the Organization to a Participant during
the Deferral Period with respect to services performed during the Deferral Period and after the filing of the Deferral Commitment.
The Participant shall designate the amount to be deferred as a full percentage of Compensation. For any Plan Year, the Committee
or its proper delegate may establish the maximum amount of base salary that may be deferred; the maximum amount of bonus
or incentive compensation that may be deferred; and the maximum amount of Board retainer and meeting fees that may be deferred.
For any Plan Year, the Committee or its proper delegate may establish the minimum amount of base salary to be deferred; the minimum
amount of bonus or incentive compensation to be deferred; and the minimum amount of Board retainer and meeting fees to be deferred.

 

		3.3	Distribution Election. For each Deferral Period, the Participant shall complete and
submit a Distribution Election that indicates (i) the time at which any amounts contributed to the Participant’s Plan Account
for the Deferral Period shall be distributed as described in Section 5.1 and (ii) the form of payment in which such amounts shall
be paid, as described in Section 5.6. A separate Distribution Election shall apply to each contribution source contributed to the
Participant’s Plan Account during the applicable Deferral Period. If no Distribution Election is submitted for a contribution
source contributed during a Deferral Period, any such amounts contributed to the Participant’s Plan Account during such Deferral
Period shall be distributed as a lump sum on the Participant’s Separation from Service Distribution Date. A Distribution
Election shall be irrevocable during the Deferral Period to which it relates, except as described in Section 5.2 and Section 5.4.

 

		3.4	Allocation Election. The Participant shall specify in a separate form filed with
the Committee, the Participant’s initial allocation of the amounts deferred into each Account among the various available
Valuation Funds.

 

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		3.5	Period of Election. A Participant’s Deferral Commitment and Allocation Election
for each Deferral Period shall remain in effect for the applicable Deferral Period and all future Deferral Periods unless revoked
or amended in writing by the Participant and delivered to the Committee during the designated election period for a subsequent
Deferral Period, except that if a Participant suffers a Disability or incurs a Separation from Service with the Organization prior
to the end of the Deferral Period, the Deferral Period shall end as of the date of Disability or Separation from Service. A Participant
must make a new Distribution Election with respect to each Deferral Period and if the Participant does not make such an election,
it will be assumed to default to a lump sum distribution.

 

		3.6	Form of Elections. A Participant may elect to make a Deferral Commitment, a Distribution
Election and an Allocation Election during the election period established by the Committee for the Deferral Period, and in the
form permitted by the Committee.

 

		3.7	Change in Status. The Committee, in its sole discretion, may prohibit a Participant
from making any future Deferral Commitments with respect to Deferral Periods which commence after the date the Committee makes
such determination. For clarification, any such decision made or conclusion drawn by the Committee to exclude a Participant shall
take effect for that Participant as of the January 1st immediately following the date on which such decision is made.

 

		3.8	Defaults in Event of Incomplete or Inaccurate Allocation Election. In the event that
the Committee determines that a Participant’s investment directions on an Allocation Election are incomplete or inaccurate,
the Participant shall be treated as if the following elections had been made by the Participant, and such information shall be
communicated to the Participant:

 

		a)	If the Participant does not properly specify a Valuation Fund, Account Gains/Losses shall be credited
under the Plan’s default Valuation Fund, as selected by the Committee in its sole discretion.

 

		b)	If the Participant allocates deferred Compensation among Valuation Fund(s) in an amount less than
100%, the unallocated portion shall be allocated to the Plan’s default Valuation Fund, as selected by the Committee in its
sole discretion.

 

		c)	If the Participant allocates deferred Compensation among Valuation Fund(s) in an amount greater
than 100%, the amount allocated to each Valuation Fund(s) shall be proportionately reduced such that the total amount allocated
equals 100%.

 

		3.9	Special Adjustments. All Participants in the Plan or the DeVry Inc. Director Deferred
Compensation Plan as of January 1, 2006 shall be considered Participants in this Plan and shall be governed by the terms and conditions
hereof as of the effective date. Unless otherwise provided, a Participant’s Initial Account Balance is 100% vested as of
January 1, 2006 and shall become the initial Retirement or In-Service Account Balance under the Plan as determined by the Committee.

 

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Article
IV - DEFERRED COMPENSATION ACCOUNT

 

		4.1	Accounts. The Compensation deferred by a Participant under the Plan, any Organization
Contributions, and Account Gains/Losses shall be credited to the Participant’s Account(s) as selected by the Participant,
directed by the Committee or as otherwise provided in the Plan. These Accounts shall be used solely to calculate the amount payable
to each Participant under this Plan and shall not constitute a separate fund of assets.

 

		4.2	Timing of Credits; Withholding. The Initial Account Balance shall be credited to
the Participant’s Account(s) as of January 1, 2006. Thereafter, a Participant’s deferred Compensation shall be credited
to each Account designated by the Participant as soon as practical after the date such Compensation would have otherwise been payable
to the Participant. Any Organization Contributions shall be credited to the appropriate Account(s) as provided by the Committee.
Any withholding of taxes or other amounts with respect to deferred Compensation or other amounts credited under this Plan that
is required by local, state or federal law shall be withheld from the Participant’s corresponding non-deferred portion of
the Compensation to the maximum extent possible, and any remaining amount shall reduce the amount credited to the Participant’s
Account in a manner specified by the Committee, provided that such reduction is not treated as an impermissible “acceleration
of benefits” under Section 409A of the Code and any associated regulations or published guidance issued by the Internal Revenue
Service or the Treasury.

 

		4.3	Valuation Funds. A Participant shall designate, at a time and in a manner acceptable
to the Committee, one or more Valuation Funds for each Account for the sole purpose of determining the amount of Account Gains/Losses
to be credited or debited to such Account. Such election shall designate the portion of each deferral of Compensation in increments
of one percent (1%) made into each Account that shall be allocated among the available Valuation Fund(s), and such election shall
apply to each succeeding deferral of Compensation until such time as the Participant shall file a new election with the Committee.
Upon notice to the Committee, Participants shall also be permitted to reallocate the balance in each Valuation Fund in increments
of one percent (1%) among the other available Valuation Funds as determined by the Committee. For any Participant who is not a
Board Participant, no more than twenty-five percent (25%) may be allocated to the Organization stock Valuation Fund. Effective
as soon as administratively feasible after February 13, 2013, a Board Participant can allocate any amount, in increments of one
percent (1%), to the Organization stock Valuation Fund. The manner in which such elections shall be made and the frequency with
which such elections may be changed and the manner in which such elections shall become effective shall be determined in accordance
with the procedures to be adopted by the Committee or its delegates from time to time. Generally, such elections may be made on
a daily basis electronically. All elections shall be subject to the Organization’s insider trading policies and no election
shall be honored if it would violate such policies or any insider trading restrictions under the Securities Exchange Act of 1934,
as amended from time to time, or any successor act thereto.

 

		4.4	Matching Contributions. Organization shall make a Matching Contribution to the Account
of any Participant designated by the Committee, in an amount equal to:

 

		a)	one-hundred percent (100%) of both: (i) the Participant’s Compensation elected to be deferred
under this Plan and (ii) the Participant’s tax-deferred contributions under the 401(k) Plan, up to a maximum of four percent
(4%) of Compensation, minus

 

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		b)	the amount of the matching contribution made on behalf of the Participant under the 401(k) Plan.

 

The Matching Contribution shall be credited to the
Account as soon as practical after the end of the Deferral Period, but in no event later than 90 days after the close of such year.

 

		4.5	Success Sharing Contributions. In its sole discretion, the Organization may make
Success Sharing Contributions on behalf of any Participant and may make such Success Sharing Contributions regardless of whether
the Participant made a Deferral Commitment for the applicable Deferral Period. Success Sharing Contributions shall be credited
at such times and in such amounts as approved by the Committee.

 

		4.6	Additional Organization Contributions. In its sole discretion, the Organization may
make additional contributions on behalf of any Participant and may make such contributions regardless of whether the Participant
made a Deferral Commitment for the applicable Deferral Period. Any such contributions shall be credited at such times, in such
amounts and in such Account(s) as approved by the Committee.

 

		4.7	Determination of Accounts. Each Participant’s Account as of each Determination
Date shall consist of the balance of the Account as of the immediately preceding Determination Date, adjusted as follows:

 

		a)	New Deferrals. Each Account shall be increased by any deferred Compensation credited
since such prior Determination Date in the proportion chosen by the Participant, except that no amount of new deferrals shall be
credited to an Account at the same time that a distribution is to be made from that Account.

 

		b)	Organization Contributions. Each Account shall be increased by any Organization Contributions
credited since such prior Determination.

 

		c)	Distributions. Each Account shall be reduced by the amount of each benefit payment
made from that Account since the prior Determination Date. Distributions shall be deemed to have been made proportionally from
each of the Valuation Funds maintained within such Account based on the proportion that such Valuation Fund bears to the sum of
all Valuation Funds maintained within such Account for that Participant as of the Determination Date immediately preceding the
date of payment.

 

		d)	Account Gains/Losses. Each Account shall be increased or decreased by the Account
Gains/Losses credited to such Account since such Determination Date as though the balance of that Account as of the beginning of
the current month had been invested in the applicable Valuation Funds chosen by the Participant.

 

		4.8	Vesting of Accounts. Each Participant shall be one hundred percent (100%) vested
in the amounts credited to such Participant’s Account and Account Gains/Losses thereon. Notwithstanding the foregoing, a
Participant shall vest in Success Sharing Contributions credited to his or her Account for the year on and after January 1, 2012
(and Account Gains/Losses thereon) in accordance with the following schedule:

 

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	Full Years of Vesting Service	Nonforfeitable Percentage
	less than 1	0 percent
	1 but less than 2	20 percent
	2 but less than 3	40 percent
	3 but less than 4	60 percent
	4 but less than 5	80 percent
	5 or more	100 percent

 

Each Participant shall be one
hundred percent (100%) vested in Success Sharing Contributions credited to his or her Account upon the Participant’s death,
disability under the 401(k) Plan, or the date the attainment of age 62 before incurring a Separation from Service. Upon his or
her Separation from Service, a Participant shall permanently forfeit his or her interest in any Organization Contributions and
Account Gains/Losses thereon to the extent not vested under the Plan, and such amounts shall constitute forfeitures. Such forfeitures
are used to reduce the Plan receivable from the Organization.

 

		4.9	Statement of Accounts. The Committee shall give to each Participant a statement showing
the balances in the Participant’s Account on a quarterly basis.

 

Article
V - PLAN Distributions

 

		5.1	Plan Account. The vested portion of a Participant’s Plan Account shall be distributed
as follows:

 

		a)	Timing of Payment. Benefits payable from a Participant’s Plan Account shall
commence on the earlier of the Participant’s Separation from Service Distribution Date or the applicable In-Service Distribution
Date. Notwithstanding the forgoing, only the Compensation deferred by a Participant under the Plan shall be payable on an In-Service
Distribution Date.

 

		b)	Form of Payment. The form of benefit payment shall be that form selected by the Participant
in the applicable Distribution Election, and as permitted pursuant to Section 5.6 below. If the Participant has not elected a form
of payment, any applicable contributions shall be paid in a lump sum.

 

		5.2	Change of Form and/or Time of Payment. The Participant may subsequently amend the
form of payment (previously elected under paragraph (b) immediately above) or the intended date of payment (previously elected
under paragraph (a) immediately above) to a date later than that date of payment in force immediately prior to the filing of such
request, by filing such amendment with the Committee no later than twelve (12) months prior to the then current date of payment.
The Participant may file this amendment, provided that each amendment must provide for a payout as otherwise permitted under the
Plan at a date no earlier than sixty (60) months after the date of payment in force immediately prior to the filing of such request,
and the amendment may not take effect for twelve (12) months after the request is made. For purposes of this Article, a payment
of amounts under this Plan, including the payment of annual installments over a number of years, shall be treated as a single payment,
as provided in Treas. Reg. Section 1-409A-2(b)(2)(iii).

 

		5.3	Death Benefit. Upon the death of a Participant prior to the commencement of benefits
under this Plan, the Organization shall pay to the Participant’s Beneficiary an amount equal to the vested Plan Account balance
in that Plan Account in the form of a lump sum payment paid no later than ninety (90) days immediately following the date of death.
In the event of the death of the Participant after the commencement of benefits under this Plan from the Plan Account, the benefits
from the Plan Account shall be paid to the Participant’s designated Beneficiary in the form of a lump sum payment paid no
later than ninety (90) days immediately following the date of death.

 

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		5.4	Financial Hardship Distributions. Upon a finding that a Participant has suffered
a Financial Hardship, the Committee shall, terminate the existing Deferral Commitment, and/or make distributions from the Participant’s
Plan Account in accordance with the provision of this Section 5.4. The amount of any such distribution shall be limited to the
amount reasonably necessary to meet the Participant’s needs resulting from the Financial Hardship plus amounts necessary
to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such Financial
Hardship is or may be relieved through the cancellation of any Deferral Commitment, the reimbursement or compensation by insurance,
or otherwise or by liquidation of the Participant’s assets (to the extent that liquidation of such assets would not itself
cause severe financial hardship). The amount of any such distribution will not exceed the Participant’s vested Plan Account
balance. If payment is made due to Financial Hardship, the Participant’s deferrals under this Plan shall cease for the period
of the Financial Hardship and for twelve (12) months thereafter. If the Participant is again eligible to participate, any resumption
of the Participant’s deferrals under the Plan after such twelve (12) month period shall be made only at the election of the
Participant in accordance with Article III herein.

 

		5.5	Disability Distributions. Upon a finding that a Participant has suffered a Disability,
the Committee shall make distributions from the Participant’s Plan Account. The amount of such distribution shall be limited
to the amount reasonably necessary to meet the Participant’s needs resulting from the Disability determined using the guidelines
set forth in Section 5.4.

 

		5.6	Form of Payment. Unless otherwise specified in this Article, the benefits payable
from the Plan Account shall be paid in the form of benefit as provided below, and specified by the Participant in the applicable
Distribution Election as of the time of the initial deferral or credit to the Plan Account. The permitted forms of payments are:

 

		a)	A lump sum amount equal to the vested Plan Account balance.

 

		b)	Annual installments for a period of up to fifteen (15) years (or in the event of payment on an
In-Service Distribution Date, a maximum of ten (10) years) where the annual payment shall be equal to the balance of the Plan Account
immediately prior to the payment, multiplied by a fraction, the numerator of which is one (1) and the denominator of which equals
the number of annual payment initially chosen reduced by one (1) for each year an installment payment has been made. Account Gains/Losses
on the unpaid balance shall be based on the most recent Allocation Election. 

 

		5.7	Dual Status. In the case of a Participant who is both an employee of the Organization
or an Affiliate and a member of the Board, such Participant’s Separation from Service Distribution Date shall not occur until
the Participant has a Separation from Service as both an employee and a Director.

 

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		5.8	Legacy Account. The vested portion of a Participant’s Legacy Account shall
be distributed in accordance with the terms of the Plan in effect on December 31, 2011 and any Participant elections made thereunder.

 

		5.9	Merged Plan Account. The vested portion of a Participant’s Merged Plan Account
shall be distributed in accordance with the terms of the Merged Plan in effect as of December 31, 2007 and any participant elections
made thereunder.

 

		5.10	Small Account. If the total of a Participant’s vested Account balance as of
the time of payments is less than $10,000, the vested Account shall be paid in a lump sum at such time, notwithstanding any election
by the Participant to the contrary.

 

		5.11	Withholding; Payroll Taxes. The Organization shall withhold from any payment made
pursuant to this Plan any taxes required to be withheld from such payments under local, state or federal law. A Beneficiary, however,
may elect not to have withholding of federal income tax pursuant to Section 3405(a)(2) of the Code, or any successor provision
thereto.

 

		5.12	Payments in Connection with a Domestic Relations Order. Notwithstanding anything
to the contrary, the Organization may make distributions to someone other than the Participant if such payment is necessary to
comply with a domestic relations order, as defined in Section 414(p)(1)(B) of the Code, involving the Participant. Where the domestic
relations order permits discretion on the part of the non-Participant spouse and such discretion has not been exercised, the Organization
shall distribute to the non- Participant spouse the amounts subject to the order as soon as practical.

 

		5.13	Payment to Guardian. If a Plan benefit is payable to a minor or a person declared
incompetent or to a person incapable of handling the disposition of the property, the Committee may direct payment to the guardian,
legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof
of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution. Such distribution shall
completely discharge the Committee and Organization from all liability with respect to such benefit.

 

		5.14	Effect of Payment. The full payment of the applicable benefit under this Article
V shall completely discharge all obligations on the part of the Organization to the Participant (and the Participant’s Beneficiary)
with respect to the operation of this Plan, and the Participant’s (and Participant’s Beneficiary’s) rights under
this Plan shall terminate.

 

		5.15	Special Distribution Rules for Certain Organization Contributions. Instead of the
rules in Sections 5.1 through 5.10, the rules in this Section 5.15 shall govern the distribution of Organization Contributions
on behalf of a Participant pursuant to any employment contract (“Contract Contributions”) that are subject to these
distribution rules under such agreement. Such Contract Contributions through June 30, 2012 shall be distributed according to the
Participant’s valid election under Section 5.2. If the Participant is not a “specified employee” (as defined
in Treasury Regulation Section 1.409A-1(i)) when the Participant incurs a Separation from Service, Contract Contributions after
June 30, 2012 shall be paid in a lump sum ninety (90) days after the Participant’s Separation from Service. If the Participant
is a “specified employee” when the Participant incurs a Separation from Service, Contract Contributions after June
30, 2012 shall be paid on the earlier of the (a) the first day following the sixth month anniversary of the Participant’s
Separation from Service or (b) the Participant’s date of death.

 

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Article
VI - BENEFICIARY DESIGNATION

 

		6.1	Beneficiary Designation. Each Participant shall have the right, at any time, to designate
one or more persons or entities as Beneficiary (both primary as well as secondary) to whom benefits under this Plan shall be paid
in the event of Participant’s death prior to complete distribution of the Participant’s vested Account balance. Each
Beneficiary designation shall be in a written form prescribed by the Committee and shall be effective only when filed with the
Committee during the Participant’s lifetime.

 

		6.2	Changing Beneficiary. Any Beneficiary designation may be changed by a Participant
at any time without the consent of the previously named Beneficiary by the filing of a new Beneficiary designation with the Committee.

 

		6.3	No Beneficiary Designation. If any Participant fails to designate a Beneficiary in
the manner provided above, if the designation is void, or if the Beneficiary designated by a deceased Participant dies before the
Participant or before complete distribution of the Participant’s benefits, the Participant’s Beneficiary shall be the
person in the first of the following classes in which there is a survivor:

 

		a)	The Participant’s surviving spouse.

 

		b)	The Participant’s children in equal shares, except that if any of the children predeceases
the Participant but leaves surviving issue, then such issue shall take by right of representation the share the deceased child
would have taken if living.

 

		c)	The Participant’s estate.

 

Article
VII - ADMINISTRATION

 

		7.1	Committee; Duties. This Plan shall be administered by the Committee. The Committee
shall have the authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of
the Plan and decide or resolve any and all questions, including interpretations of the Plan, as they may arise in such administration.
Benefits under the Plan will be paid if the Committee, in its discretion, decides they are payable. A majority vote of the Committee
members shall control any decision. Members of the Committee may be Participants under this Plan; provided, however, that no Committee
member may make decisions regarding his own benefits under the Plan.

 

		7.2	Agents. The Committee may, from time to time, employ agents and delegate to them
such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Organization.

 

		7.3	Binding Effect of Decisions. The decision or action of the Committee with respect
to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules
and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.

 

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		7.4	Indemnity of Committee. The Organization shall indemnify and hold harmless the members
of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with
respect to this Plan on account of such member’s service on the Committee, except in the case of gross negligence or willful
misconduct.

 

Article
VIII - CLAIMS PROCEDURE

 

		8.1	Claim. Any person or entity claiming a benefit, requesting an interpretation or ruling
under the Plan (hereinafter referred to as “Claimant”), or requesting information under the Plan shall present the
request in writing to the Committee, which shall respond in writing as soon as practical, but in no event later than ninety (90)
days after receiving the initial claim (or no later than forty-five (45) days after receiving the initial claim regarding a Disability
under this Plan).

 

		8.2	Denial of Claim. If the claim or request is denied, the written notice of denial
shall state:

 

		a)	The reasons for denial, with specific reference to the Plan provisions on which the denial is based;

 

		b)	A description of any additional material or information required and an explanation of why it is
necessary, in which event the time frames listed in section 8.1 shall be one hundred and eighty (180) and seventy-five (75) days
from the date of the initial claim respectively; and

 

		c)	An explanation of the Plan’s claim review procedure.

 

		8.3	Review of Claim. Any Claimant whose claim or request is denied or who has not received
a response within sixty (60) days (or one hundred and eighty (180) days in the event of a claim regarding a Disability) may request
a review by notice given in writing to the Committee. Such request must be made within sixty (60) days (or one hundred and eighty
(180) days in the event of a claim regarding a Disability) after receipt by the Claimant of the written notice of denial, or in
the event Claimant has not received a response sixty (60) days (or one hundred and eighty (180) days in the event of a claim regarding
a Disability) after receipt by the Committee of Claimant’s claim or request. The claim or request shall be reviewed by the
Committee which may, but shall not be required to, grant the Claimant a hearing. On review, the claimant may have representation,
examine pertinent documents, and submit issues and comments in writing.

 

		8.4	Final Decision. The decision on review shall normally be made within sixty (60) days
(or forty-five (45) days in the event of a claim regarding a Disability) after the Committee’s receipt of claimant’s
claim or request. If an extension of time is required for a hearing or other special circumstances, the Claimant shall be notified
and the time limit shall be one hundred twenty (120) days (or ninety (90) days in the event of a claim regarding a Disability).
The decision shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be
final and bind all parties concerned.

 

Article
IX - AMENDMENT AND TERMINATION OF PLAN

 

		9.1	Amendment. The Board may at any time amend the Plan by written instrument, notice
of which is given to all Participants receiving installment payments, except that no amendment shall reduce the amount accrued
in any Account as of the date the amendment is adopted.

 

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		9.2	Organization’s Right to Terminate.

 

		a)	The Board may, in its sole discretion, terminate the entire Plan, or terminate a portion of the
Plan that is identified as an elective account balance plan as defined in Treas. Reg. Section 1.409A-1 (c)(2)(i)(A), or as a nonelective
account balance plan as defined in Treas. Reg. Section 1.409A-1(c)(2)(i)(B).

 

		b)	Upon termination of the Plan or portion thereof, distribution of Accounts shall continue to be
made to each Participant or Beneficiary in the manner and at the time prescribed in Article V.

 

		c)	In lieu of distributions made upon termination of the Plan or a portion thereof as described in
Section 9.2(b), the Board may in its discretion require earlier distribution of all benefits due under the Plan or portion thereof,
provided that:

 

		i)	The termination of the Plan does not occur proximate to a downturn in the financial health, as
determined by the Committee, of the Organization;

 

		ii)	The Organization also terminates all other plans or arrangements which are considered to be of
a similar type as defined in Treas. Reg. Section 1.409A-1(c)(2)(i), or as otherwise provided by the Code, as the portion of the
Plan which has been terminated;

 

		iii)	No payments made in connection with the termination of the Plan occur earlier than 12 months following
the Plan termination date other than payments the Plan would have made irrespective of Plan termination;

 

		iv)	All payments made in connection with the termination of the Plan are completed within 24 months
following the Plan termination date;

 

		v)	The Organization does not establish a new plan of a similar type as defined in Treas. Reg. Section
1.409A-1(c)(2)(i), within 3 years following the Plan termination date of the portion of the Plan which has been terminated; and

 

		vi)	The Organization meets any other requirements deemed necessary to comply with provisions of the
Code and applicable regulations which permit the acceleration of the time and form of payment made in connection with plan terminations
and liquidations.

 

		d)	Upon termination of the Plan or portion thereof, (i) no additional contributions shall be credited
to the affected Account(s) of a Participant, but such Account(s) shall continue to be credited with gains and losses pursuant to
Section 4.6 until the balance of such Account(s) has been fully distributed to the Participant or his Beneficiary.

 

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Article
X - MISCELLANEOUS

 

		10.1	Unfunded Plan. This plan is an unfunded plan maintained primarily to provide deferred
compensation benefits for a select group of “management or highly-compensated employees” within the meaning of Sections
201, 301, and 401 of the Employee Retirement Income Security. Act of 1974, as amended (“ERISA”), and therefore is exempt
from the provisions of Parts 2, 3 and 4 of Title I of ERISA.

 

		10.2	Unsecured General Creditor. Notwithstanding any other provision of this Plan, Participants
and Participants’ Beneficiaries shall be unsecured general creditors, with no secured or preferential rights to any assets
of Organization or any other party for payment of benefits under this Plan. Any property held by Organization for the purpose of
generating the cash flow for benefit payments shall remain its general, unpledged and unrestricted assets. Organization’s
obligation under the Plan shall be an unfunded and unsecured promise to pay money in the future.

 

		10.3	Trust Fund. Organization shall be responsible for the payment of all benefits provided
under the Plan. At its discretion, Organization may establish one or more trusts, with such trustees as the Board may approve,
for the purpose of assisting in the payment of such benefits. The assets of any such trust shall be held for payment of all Organization’s
general creditors in the event of insolvency. To the extent any benefits provided under the Plan are paid from any such trust,
Organization shall have no further obligation to pay them. If not paid from the trust, such benefits shall remain the obligation
of Organization.

 

		10.4	Nonassignability. Neither a Participant nor any other person shall have any right
to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance
of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly
declared to be unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to
seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any
other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy
or insolvency.

 

		10.5	Not a Contract of Employment; Not a Contract for Services. This Plan shall not constitute
a contract of employment between Organization and the Participant. Nothing in this Plan shall give a Participant the right to be
retained in the service of Organization or to interfere with the right of the Organization to discipline or discharge a Participant
at any time.

 

		10.6	Protective Provisions. A Participant will cooperate with Organization by furnishing
any and all information requested by Organization, in order to facilitate the payment of benefits hereunder, and by taking such
physical examinations as Organization may deem necessary and taking such other action as may be requested by Organization.

 

		10.7	Governing Law. The provisions of this Plan shall be construed and interpreted

according to the laws of the State of Illinois, except as preempted by federal law.

 

		10.8	Validity. If any provision of this Plan shall be held illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced
as if such illegal and invalid provision had never been inserted herein.

 

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		10.9	Notice. Any notice required or permitted under the Plan shall be sufficient if in
writing and hand delivered or sent by registered or certified mail. Such notice shall be deemed given as of the date of delivery
or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Mailed
notice to the Committee shall be directed to the Organization’s address. Mailed notice to a Participant or Beneficiary shall
be directed to the individual’s last known address in Organization’s records.

 

		10.10	Successors. The provisions of this Plan shall bind and inure to the benefit of Organization
and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Organization,
and successors of any such corporation or other business entity.

 

	 	DEVRY INC.
	 	 
	 	BY:__________________________________________________________
	 	 
	 	DATED:______________________________________________________

 

    	185

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