Document:

Exhibit 10.1

    
      

    

    AMENDMENT
      NO. 2

    TO

    SECOND
      AMENDED AND RESTATED CREDIT AGREEMENT

    

    

    THIS
      AMENDMENT NO. 2 to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT (the
      "Amendment")
      is
      dated November 16, 2006, by and among PETROQUEST
      ENERGY, L.L.C.,
      a
      Louisiana limited liability company ("Borrower");
      JPMORGAN
      CHASE BANK, N.A. (individually
      as a lender and as agent, "Agent");
      each
      of the Guarantors set forth on the signature pages hereto and the financial
      institutions set forth on the signature pages hereto, ("Lenders").

    

    R E C I T A L S:

    

    WHEREAS,
      Borrower, PetroQuest Energy, Inc., a Delaware corporation (“Parent”),
      Agent, Calyon
      New York Branch,
      as
Syndication
      Agent;
      J.P.
      Morgan Securities,
      Inc.,
      as
      Sole
      Lead Arranger and Sole Book Runner,
      and the
Lenders
      have
      entered into a Second Amended and Restated Credit Agreement dated November
      18,
      2005 (as the same may have been and may hereafter be amended from time to time,
      the "Credit
      Agreement"),
      pursuant to which Borrower amended and restated a previously existing credit
      facility dated May 13, 2003; and

    

    WHEREAS,
      Borrower, Parent, Agent and the Lenders desire to amend the Credit Agreement
      as
      herein set forth.

    

    NOW
      THEREFORE, in consideration of the premises herein contained and other good
      and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    1.    Definitions.
      Except
      as otherwise provided below, unless the context hereof indicates otherwise,
      all
      capitalized terms used herein shall have the same meaning as such capitalized
      terms are defined in the Credit Agreement. The defined terms "Consolidated
      Current Assets" and "Consolidated Current Liabilities" set forth in Article
      I of
      the Credit Agreement are hereby deleted in their entirety and replaced with
      the
      following:

    

    "Consolidated
      Current Assets"
      shall
      mean the total of the consolidated current assets of the Parent, Borrower
      and
      their Subsidiaries, including amounts available under the Available
      Borrowing Base;
      provided,
      however,
      in
      determining Consolidated
      Current Assets,
      such
      determination shall not include non-cash gains, losses or charges required
      (a)
      under
      SFAS 133, (b)
      under
      SFAS 143 or (c)
      under
      SFAS 123(R).

    

    "Consolidated
      Current Liabilities" shall mean the total of the consolidated current
      liabilities of the Parent,
      Borrower and their Subsidiaries, provided, however, in determining consolidated
      current liabilities,
      such
      determination shall not include non-cash gains, losses or charges required
      (a)
      under
      SFAS 133, (b)
      under
      SFAS 143 or (c)
      under
      SFAS 123(R).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.    Amendments
      to the Credit Agreement.
      The
      Credit Agreement is, subject to the satisfaction of the conditions precedent
      set
      forth in Section 3 hereof, hereby amended as follows: 

    

    (a)    Section
      2.2.1, Borrowing
      Base,
      of the
      Credit Agreement is hereby amended by deleting the section in its entirety
      and
      substituting the following:

    

    "2.2.1
      Until the date as of which the Borrowing Base is next redetermined pursuant
      to
      Section 2.2.2, the Borrowing Base shall be $75,000,000, as reduced by Section
      2.2.5."

    

    (b)    Section
      6.1, Financial
      Reporting,
      of the
      Credit Agreement is hereby amended by deleting (i) and (ii) thereof in their
      entirety and replacing them with the following:

    

    "
      (i)   within
      ninety (90) days after the close of each of its fiscal years, unqualified
      audited financial statements prepared by independent certified public
      accountants acceptable to the Lenders,
      prepared in accordance with Agreement
      Accounting Principles on
      a
      consolidated basis for itself and its subsidiaries, including balance sheets
      as
      of the end of such period, related profit and loss and reconciliation of surplus
      statements, and a statement of cash flows, accompanied by any management letter
      prepared by said accountant in connection with the annual audited financial
      statements;

    

    (ii)    within
      forty-five (45) days after the close of the first three quarterly periods of
      each of its fiscal years, for itself and its Subsidiaries,
      consolidated unaudited balance sheets as at the close of each such period and
      consolidated profit and loss and reconciliation of surplus statements and a
      statement of cash flows for the period from the beginning of such fiscal year
      to
      the end of such quarter, all certified by its chief financial
      officer;
      "

    

    

    3.    Conditions
      Precedent to Effectiveness of Amendment.
      This
      Amendment shall become effective when, and only when, each of the conditions
      below has been complied with to the satisfaction of the Agent and the Lenders
      and the documents required below have been delivered to the Agent and the
      Lenders:

    

    (a)    Counterparts
      of this Amendment duly executed by Borrower, Guarantors and
      Lenders;

    

    (b)    A
      copy of
      the resolutions approving this Amendment, and authorizing the transactions
      contemplated herein duly adopted by the Managers of Borrower, accompanied by
      a
      certificate of the duly authorized Secretary of Borrower, certifying that such
      copy is a true and correct copy of the resolutions duly adopted by the Managers
      of Borrower, and that such resolutions constitute all the resolutions adopted
      with respect to such transactions, and have not been amended, modified or
      revoked in any respect and are in full force and effect as of the date
      hereof;

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)    A
      copy of
      the resolutions approving this Amendment, and authorizing the transactions
      contemplated herein duly adopted by the Board of Directors or Members of each
      Guarantor, as the case may be, accompanied by a certificate of the duly
      authorized Secretary of such Guarantor, certifying that such copy is a true
      and
      correct copy of the resolutions duly adopted by the Board of Directors or
      Members of such Guarantor, and that such resolutions constitute all the
      resolutions adopted with respect to such transactions, and have not been
      amended, modified or revoked in any respect and are in full force and effect
      as
      of the date hereof;

    

    (d)    There
      shall not have been, in the sole judgment of Lenders, any material adverse
      change in the financial condition, business or operations of Borrower or any
      Guarantor;

    

    (e)    Payment
      of all fees required to be paid to the Lenders in connection with this
      Amendment;

    

    (f)    Payment
      by Borrower of the fees and expenses of counsel to Lenders in connection with
      the preparation and negotiation of this Amendment and all documents and
      instruments contemplated hereby; and

    

    (g)    The
      execution and delivery of such additional documents and instruments which the
      Agent and its counsel may deem necessary to effectuate this Amendment or any
      document executed and delivered to Lenders in connection herewith or
      therewith.

    

    4.    Representations
      and Warranties of Borrower.
      Borrower represents and warrants as follows:

    

    (a)    Borrower
      and Guarantors are each duly authorized and empowered to execute, deliver and
      perform this Amendment and all other instruments referred to or mentioned herein
      to which it is a party, and all action on its part requisite for the due
      execution, delivery and the performance of this Amendment has been duly and
      effectively taken. This Amendment, when executed and delivered, will constitute
      valid and binding obligations of Borrower and Guarantors, as the case may be,
      enforceable against such party in accordance with its terms. This Amendment
      does
      not violate any provisions of the Articles of Organization or limited liability
      agreement of Borrower, the Certificate of Incorporation or By-Laws of any
      Guarantor, or any contract, agreement, law or regulation to which Borrower
      or
      Guarantors are subject, and does not require the consent or approval of any
      regulatory authority or governmental body of the United States or any
      state;

    

    (b)   After
      giving affect to this Amendment, the representations and warranties contained
      in
      the Credit Agreement, as amended hereby, and any other Loan Document executed
      in
      connection herewith or therewith, are true, correct and complete on and as
      of
      the date hereof as though made on and as of the date hereof; and

    

    (c)    After
      giving affect to this Amendment, no event has occurred and is continuing which
      constitutes a Default or Unmatured Default.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.    Reference
      to and Effect on the Loan Documents.

    

    (a)    Upon
      the
      satisfaction of the conditions contained in Section 3 hereof each reference
      in
      the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
      words of like import, and each reference in the Loan Documents shall mean and
      be
      a reference to the Credit Agreement as amended hereby.

    

    (b)    Except
      as
      specifically amended above, the Credit Agreement, the Notes, and all other
      instruments securing or guaranteeing Borrower's obligations to Lenders,
      including the Collateral Documents, as amended (collectively, the "Security
      Instruments"),
      shall
      remain in full force and effect and are hereby ratified and confirmed. Without
      limiting the generality of the foregoing, the Security Instruments and all
      collateral described therein do and shall continue to secure the payment of
      all
      obligations of Borrower and Guarantors under the Credit Agreement, as amended
      hereby, and the Notes, and under the other Security Instruments. 

    

    (c)    Each
      of
      the Guarantors hereby expressly (i) acknowledges the terms of this Amendment;
      (ii) ratifies and affirms its obligations under its Guaranty Agreement dated
      November 18, 2005, in favor of the Agent and the Lenders; (iii) acknowledges,
      renews and extends its continued liability under its Guaranty Agreement and
      agrees that its Guaranty Agreement remains in full force and effect; and (iv)
      guarantees to the Agent and the Lenders to promptly pay when due all amounts
      owing or to be owing by it under its Guaranty Agreement pursuant to the terms
      and conditions thereof.

    

    (d)    The
      execution, delivery and effectiveness of this Amendment shall not operate as
      a
      waiver of any right, power or remedy of Lender under any of the Security
      Instruments, nor constitute a waiver of any provision of any of the Security
      Instruments.

    

    6.    Waiver.
      As
      additional consideration for the execution, delivery and performance of this
      Amendment by the parties hereto and to induce Lenders to enter into this
      Amendment, Borrower and Guarantors each warrants and represents to Lenders
      that,
      to the knowledge of Borrower and Guarantors, no facts, events, statuses or
      conditions exist or have existed which, either now or with the passage of time
      or giving of notice, or both, constitute or will constitute a basis for any
      claim or cause of action against Lenders or any defense to (i) the payment
      of
      any obligations and indebtedness under the Notes and/or the Security
      Instruments, or (ii) the performance of any of its obligations with respect
      to
      the Notes and/or the Security Instruments, and in the event any such facts,
      events, statuses or conditions exist or have existed, Borrower and Guarantors
      each unconditionally and irrevocably waive any and all claims and causes of
      action against Lenders and any defenses to its payment and performance
      obligations in respect to the Notes and the Security Instruments arising prior
      to the date of this Amendment. 

    

    7.    Costs
      and Expenses.
      Borrower agrees to pay on demand all costs and expenses of Lenders in connection
      with the preparation, reproduction, execution and delivery of this Amendment
      and
      the other instruments and documents to be delivered hereunder, including the
      reasonable fees and out-of-pocket expenses of counsel for Lenders. In addition,
      Borrower shall pay any and all fees payable or determined to be payable in
      connection with the execution and delivery, filing or recording of this
      Amendment and the other instruments and documents to be delivered hereunder,
      and
      agrees to save Lenders harmless from and against any and all liabilities with
      respect to or resulting from any delay in paying or omitting to pay such
      fees.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.    Execution
      in Counterparts.
      This
      Amendment may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed to be an original and all of which taken together shall
      constitute but one and the same instrument.

    

    9.    Governing
      Law.
      This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of Texas.

    

    10.   Final
      Agreement.
      THIS
      WRITTEN AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
      NOT
      BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
      AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
      PARTIES.

    

    [Remainder
      of Page Intentionally Left Blank]

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed in multiple counterparts, each of which is an original instrument
      for
      all purposes, all as of the day and year first above written. 

    

    
      	 	
              "Borrower"

            
	 	 	 	 
	 	
              PETROQUEST
                ENERGY, L.L.C.

            
	 	
              By:

            	
              PetroQuest
                Energy Inc., its sole member

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/  
                Michael O. Aldridge

            	 
	 	 	
              Michael
                O. Aldridge

            
	 	 	
              Chief
                Financial Officer

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              "Guarantors"

            
	 	 	 	 
	 	
              PETROQUEST
                ENERGY, INC.

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/  
                Michael O. Aldridge

            	 
	 	 	
              Michael
                O. Aldridge

            
	 	 	
              Chief
                Financial Officer

            
	 	 	 	 
	 	 	 	 
	 	
              PITTRANS,
                INC.

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/  
                Michael O. Aldridge

            	 
	 	 	
              Michael
                O. Aldridge, Chief Financial Officer

            
	 	 	 	 
	 	 	 	 
	 	
              TDC
                ENERGY, LLC

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/  
                Michael O. Aldridge

            	 
	 	 	
              Michael
                O. Aldridge

            
	 	 	
              Chief
                Financial Officer

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              "Lenders"

            
	 	 	 	 
	 	
              JPMORGAN
                CHASE BANK, N.A.,

            
	 	
              As
                the Agent, a Lender and LC Issuer

            
	 	 	 	 
	 	 	 	 
	 	
              By:
                

            	
              /s/  
                Jo Linda Papadakis

            	 
	 	 	
              Jo
                Linda Papadakis, Vice President

            
	 	 	 	 
	 	 	 	 
	 	
              CALYON
                NEW
                YORK BRANCH,

            
	 	
              As
                a
                Lender
                and
                as Syndication
                Agent

            
	 	 	 	 
	 	
              By: 

            	
              /s/
                Darrell Stanley

            	 
	 	
              Name:
                Darrell Stanley

            
	 	
              Title:
                Managing Director

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/
                Michael D. Willis

            	 
	 	
              Name:
                Michael Willis

            
	 	
              Title:
                Director

            
	 	 	 	 
	 	 	 	 
	 	
              MACQUARIE
                BANK LIMITED,

            
	 	
              As
                a
                Lender

            
	 	 	 	 
	 	
              By:
                

            	
              /s/
                Benjamin Preston

            	 
	 	
              Name:
                Benjamin Preston

            
	 	
              Title:
                Executive Director

            
	 	 	 	 
	 	
              By:
                

            	
              /s/
                Thomas Cullinan

            	 
	 	
              Name:
                Thomas Cullinan

            
	 	
              Title:
                AttorneyExhibit 10.1

    
      

    

    

    EMPLOYMENT
      AGREEMENT

    

    This
      Agreement, dated as of November 15, 2006 by andbetween Daniel Hamburger
      ("Executive"), and DeVry Inc., aDelaware corporation and DeVry University,
      Inc.,
      anIllinois corporation (collectively, the "Company");

    

    W
      I T
      N E S S E T H:

    

    WHEREAS,
      the Company wishes to continue to obtain the services of the Executive for
      the
      Company; and

    

    WHEREAS,
      the Executive is willing, upon the terms and conditions herein set forth, to
      provide services hereunder; and

    

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      herein, and intending to be legally bound hereby, the parties hereto agree
      as
      follows:

    

    
      	 	
              1.

            	
              Nature
                of Employment

            

    

    

    Beginning
      on November 15, 2006 (“Effective Date”) the Company hereby employs Executive,
      and Executive agrees to accept such employment, during the Term of Employment
      (as defined in Section 3(a)), as President and Chief Executive Officer to
      undertake such duties and responsibilities, consistent with the authority,
      duties and obligations in respect of such executive positions (i)as set forth
      in
      the By-laws of the Company, and (ii) as are assigned to him from time to time
      by
      the Board of Directors of the Company. Executive will be accorded such
      authority, duties and obligations, and the prerogatives generally associated
      with such executive position, during the Term of Employment. Such duties will
      be
      performed at a location within 20 miles of Oakbrook Terrace,
      Illinois.

    

    
      	 	
              2.

            	
              Extent
                of Employment

            

    

    

    (a)   During
      the Term of
      Employment, the Executive shall perform his obligations hereunder faithfully
      and
      to the best of his ability, under the direction of the Board of Directors of
      the
      Company, and shall abide by the rules, customs and usages from time to time
      established by the Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)   During
      the Term of
      Employment, the Executive shall devote substantially all of his business time,
      energy and skill as may be reasonably necessary for the performance of his
      duties, responsibilities and obligations hereunder (except for vacation periods
      and reasonable periods of illness or other incapacity), consistent with past
      practices.

    

    (c)   Nothing
      contained
      herein shall require Executive to follow any directive or to perform any act
      which would violate any laws, ordinances, regulations or rules of any
      governmental, regulatory or administrative body, agent or authority, any court
      or judicial authority, or any public, private or industry regulatory
      authority.

    

    
      	 	
              3.

            	
              Term
                of Employment; Termination

            

    

    

    (a)   Executive’s
      employment is at will and may be terminated by either party subject to the
      terms
      set forth herein. The "Term of Employment" shall commence on the Effective
      Date
      and shall continue until such time as either the Executive or the Company
      provides at least 180 days notice to the other of its decision not to continue
      such term, in which case, the Term of Employment will be terminated 180 days
      after the date of delivery of such notice. However, should the Executive's
      employment by the Company be earlier terminated pursuant to Sections 3(b) or
      3(d), the Term of Employment shall end as of the date of such earlier
      termination.

    

    (b)   The
      Term of
      Employment may be terminated at any time by the Company; (i) upon the death
      of
      Executive; (ii) in the event that because of physical or mental disability
      the
      Executive is unable to perform, and does not perform, his duties here under
      for
      a continuous period of 180 days; (iii) for Cause (as defined in Section 3(c);
      or
      (iv) for any reason, subject to 3(e).

    

    (c)   For
      the purposes of
      this Section 3, "Cause" shall mean any of the following: (i) Executive's
      conviction of any crime or criminal offense involving monies or other property
      or involving any felony, or (ii) Executive's conviction of fraud or
      embezzlement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d)   The
      Term of
      Employment may be terminated at any time by the Executive in the event: (i)
      Executive is not accorded the authority, duties, obligations and prerogatives
      set forth in Section 1, (ii) the authority, duties, obligation and prerogatives
      of Executive are materially or substantially reduced, (iii) the Executive is
      not
      paid or reimbursed the amounts owed to Executive under this agreement after
      10
      days' notice thereof to the Company, or (iv) the Company otherwise does not
      observe its obligations under this Agreement.

    

    (e)   In
      the event that
      the Term of Employment is terminated by the Company for any reason or no reason,
      other than pursuant to Section 3(b)(iii) or as a result of retirement at 65
      or
      more years of age, or (ii) is terminated by the Executive for any reason
      pursuant to Section 3(d), then the Company, effective immediately upon such
      termination or scheduled expiration date, will pay Executive an amount equal
      to
      the 12 times the Executive's monthly base salary at the time of termination.
      Such payment will be in addition to any other amounts otherwise owed by the
      Company to Executive. In the event of a "change of control" of the company,
      defined as a sale of substantially all of the company's assets or the
      acquisition by another entity of a majority of the company's common stock,
      and
      the Executive is subsequently terminated by the successor company, then any
      unvested stock options held by the Executive shall immediately vest, and the
      payment to the Executive on termination will be 24 times the Executive's monthly
      base salary, plus pro rated bonus, calculated based on the average of the
      previous 2 years' bonus payments.

    

      
        	 	
                4.

              	
                Compensation

              

      

       

    

    During
      the Term of Employment, the Company shall pay to Executive:

    

    (a)   As
      base
      compensation for his services hereunder, in monthly installments, a base salary
      at a rate of $675,000 per annum. Such amounts shall be increased (but not
      decreased) annually as determined by the Board of Directors in its sole
      discretion.

    

    (b)   An
      annual bonus
      opportunity of up to 100% of base salary as determined under the Executive's
      senior management incentive cash compensation program and approved by the
      Compensation Committee of the DeVry Inc. Board of Directors.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)   At
      the next meeting
      of the Compensation Committee of DeVry Inc., Executive will receive a one-time
      award of options on 50,000 shares of DeVry Inc. common stock vesting in 20%
      increments on each of the first five anniversaries of this Agreement, subject
      to
      the same terms and conditions as contained in the DeVry Inc. October 3, 2006
      award of stock options.

    

    
      	 	
              5.

            	
              Reimbursement
                of Expenses

            

    

    

    During
      the Term of Employment, the Company shall reimburse Executive for documented
      travel, entertainment and other expenses reasonably incurred by Executive in
      connection with the performance of his duties hereunder and in accordance with
      the rules, customs and usages of the Company from time to time in
      effect.

    

    
      	 	
              6.

            	
              Benefits

            

    

    

    During
      the term of Employment, the Executive shall be entitled to perquisites and
      benefits (including automobile, health, disability, pension and life insurance
      benefits consistent with past practice, or as increased from time to time)
      established from time to time, by the Board of Directors for senior managers
      of
      the Company.

    

    
      	 	
              7.

            	
              Notice

            

    

    

    Any
      notice, request, demand or other communication required or permitted to be
      given
      under this Agreement shall be given in writing and if delivered personally,
      or
      sent by certified or registered mail, return receipt requested, as follows
      or to
      such other addressee or address as shall be set forth in a notice given in
      the
      same manner): 

    

    
      	
              If
                to Executive:

            	
              Daniel
                Hamburger

            

    

    [at
      his
      home address as listed in the records of the Company]

    

    
      	
              If
                to Company:

            	
              DeVry
                Inc.

            

    

    Attn:
      General Counsel

    Suite
      1000, One Tower Lane,

    Oakbrook
      Terrace, IL 60181

    

    Any
      such
      notices shall be deemed to be given on the date personally delivered or such
      return receipt is issued.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              8.

            	
              Executive's
                Representation

            

    

    

    Executive
      hereby warrants and represents to the Company that Executive is not subject
      to
      any covenants, agreements or restrictions, including without limitation any
      covenants, agreements or restrictions arising out of Executive's prior
      employment, which would be breached or violated by Executive's execution of
      this
      Agreement or by Executive's performance of his duties hereunder.

    

    
      	 	
              9.

            	
              Validity

            

    

    

    If,
      for
      any reason, any provision hereof shall be determined to be invalid or
      unenforceable, the validity and effect of the other provisions hereof shall
      not
      be affected thereby.

    

    
      	 	
              10.

            	
              Severability

            

    

    

    Whenever
      possible, each provision of this Agreement will be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Agreement is held to be invalid, illegal or unenforceable in any respect under
      applicable law or rule in any jurisdiction, such invalidity, illegality or
      unenforceability will not affect any other provision or any other jurisdiction,
      but this Agreement will be reformed, construed and enforced in such jurisdiction
      as if such invalid, illegal or unenforceable provision had never been contained
      herein. If any court determines that any provision hereof is unenforceable
      because of being overly broad in scope or duration than the court shall have
      the
      power to reduce the scope or duration of such provision, as the case may be
      and,
      in its reduced form, such provision shall then be enforceable.

    

    
      	 	
              11.

            	
              Waiver
                of Breach; Specific Performance

            

    

    

    The
      waiver by the Company or Executive of a breach of any provision of this
      Agreement by the other party shall not operate or be construed as a waiver
      of
      any other breach by such other party. Each of the parties (and third party
      beneficiaries) to this Agreement will be entitled to enforce its rights under
      this breach of any provision of this Agreement and to exercise all other rights
      existing in its favor. The parties hereto agree and acknowledge that money
      damages may not be an adequate remedy for any breach of the provisions of this
      Agreement and that any party (and third party beneficiaries) may in its sole
      discretion apply to any court of law or equity of competent jurisdiction for
      specific performance and/or injunctive relief in order to enforce or prevent
      any
      violations of the provisions of this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              12.

            	
              Indemnity

            

    

    

    The
      Company shall indemnify and hold harmless Executive, and promptly reimburse
      Executive for any liabilities, damages, losses and expenses during and after
      the
      Term of Employment, arising from the services performed by the Executive for
      the
      Company, to the fullest amount provided by the Certificates of Incorporation
      and
      Bylaws of the Company.

    

    
      	 	
              13.

            	
              Mitigation
                and Set-Off

            

    

    

    The
      Executive shall not be required to mitigate the amount of any payment provided
      for in this Agreement by seeking employment or otherwise. The Company shall
      not
      be entitled to any set-off against the amounts payable by Company to Executive
      for any claims or other reason.

    

    
      	 	
              14.

            	
              Assignment

            

    

    

    Neither
      the Executive nor the Company may assign, transfer, pledge, encumber or
      otherwise dispose of this Agreement or any of his or its respective rights
      or
      obligations hereunder, without the prior written consent of the other. Nothing
      in this Section 14 will limit, however, Executive's rights or power to dispose
      of his property by will or limit the power or rights of any executor or any
      administrator, nor will it prevent the successor company in a "change of
      control" from being bound by and benefiting from the rights and duties of this
      agreement. 

    

    
      	 	
              15.

            	
              Amendment;
                Entire Agreement

            

    

    

    This
      Agreement may not be changed orally but only by an agreement in writing agreed
      to by the party against whom enforcement of any waiver, change, modification,
      extension or discharge is sought. This Agreement embodies the entire agreement
      and understanding of the parties hereto in respect of the subject matter of
      this
      Agreement, and supersedes and replaces all prior agreements, understandings
      and
      commitments with respect to such subject matter,
      including
      but not limited to the Employment Agreement dated as of November 1, 2002 between
      Executive and Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              16.

            	
              Litigation

            

    

    

    THIS
      AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE
      WITH THE LAWS OF THE STATE OF ILLINOIS, EXCEPT THAT NO DOCTRINE OF CHOICE OF
      LAW
      SHALL BE USED TO APPLY ANY LAW OTHER THAN THAT OF ILLINOIS, AND NO DEFENSE,
      COUNTERCLAIM OR RIGHT OF SET-OFF GIVEN OR ALLOWED BY THE LAWS OF ANY OTHER
      STATE
      OR JURISDICTION, OR ARISING OUT OF THE ENACTMENT, MODIFICATION OR REPEAL OF
      ANY
      LAW, REGULATION, ORDINANCE OR DECREE OF ANY FOREIGN JURISDICTION, SHALL BE
      INTERPOSED IN ANY ACTION HEREON. EXECUTIVE AND THE COMPANY AGREE THAT ANY ACTION
      OR PROCEEDING TO ENFORCE OR ARISING OUT OF THIS AGREEMENT MAY BE COMMENCED
      IN
      THE STATE COURTS, OR IN THE UNITED STATES DISTRICT COURTS IN CHICAGO, ILLINOIS.
      EXECUTIVE AND THE COMPANY CONSENT TO SUCH JURISDICTION, AGREE THAT VENUE WILL
      BE
      PROPER IN SUCH COURTS AND WAIVE ANY OBJECTIONS BASED UPON FORUM NON CONVENIENS.
      THE CHOICE OF FORUM SET FORTH IN THIS SECTION 16 SHALL NOT BE DEEMED TO PRECLUDE
      THE ENFORCEMENT OF ANY JUDGMENT OBTAINED IN SUCH FORUM OR THE TAKING OF ANY
      ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER
      JURISDICTION.

    

    

    IN
      WITNESS WHEREOF, the parties hereto have set their hands as of the day and
      year
      first above written.

    

    

      
        	
                EXECUTIVE:

              	 	
                COMPANY:

              
	 	 	
                DeVry
                  Inc.

              
	 	 	
                DeVry
                  University, Inc.

              
	 	 	 
	 	 	
                By:

              	 
	 	 	 
	
                Print
                  name:

              	 	 	
                Its:

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