Document:

Exhibit 10(j)

 

FORM OF FULL VALUE
SHARE AWARD AGREEMENT

(DIRECTORS)

 

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

 

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

 

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

 

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

 

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

 

4.                  Vesting. 

 

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

 

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

 

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

 

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

 

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 vesting of the Full Value Share award prior to the delivery of any shares subject
to such Full Value 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 Full Value Share award, (c) by directing
DeVry to withhold a number of shares otherwise issuable pursuant to the Full Value 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.                  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 Full Value Share award, and theCompensation Committee of DeVry’s Board of Directors (the
“Committee”) shall have the sole discretion to take appropriate actions with respect to the Full Value Share award,
including (a) to cause such Full Value Share award to be settled in shares of Common Stock as described in Section 5 above, which
shares shall be subject to the terms of the Change in Control event in the same manner as the other shares of outstanding Common
Stock, or (b) to provide for the mandatory purchase of the Full Value Share award for an amount of cash equal to the then Fair
Market Value of the Common Stock, multiplied by the number of Full Value Shares subject to the Full Value Share award.

 

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

 

9.                  Share
Delivery.  Delivery of any shares in connection with settlement of the Full Value 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). 

 

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10.              Award
Not Transferable.  The Full Value 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 Full Value 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 Full Value Share award, other
than in accordance with its terms, shall be void and of no effect.

 

11.              Beneficiary
Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries to whom distribution
of the shares of Common Stock subject to the vested portion of the Full Value 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.

 

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

 

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

 

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

 

    	159Exhibit 10(k)

 

FORM OF FULL VALUE SHARE AWARD AGREEMENT

(EMPLOYEE)

 

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 employee of DeVry or one of its
subsidiaries and has been selected by the Compensation Committee of DeVry’s Board of Directors (the “Committee”)
to receive an award of Stock Units (this award is referred to as “Full Value Shares” in this Agreement because it represents
the Participant’s ability to receive actual shares of Common Stock of DeVry as the Full Value Share award vests).

 

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

 

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

 

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

 

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

 

4.                  Vesting.

 

(a)                Except
as described below, the Participant shall become vested in his or her Full Value Share award in accordance with the Vesting Schedule
set forth above if he or she remains in continuous employment with DeVry or an affiliate until such date.

 

(b)               If
the Participant’s employment with DeVry and all affiliates terminates prior to the completion of the Vesting Schedule due
to death or disability, the Full Value Share award shall become fully vested on such date.  For this purpose “disability”
means the Participant’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).

 

    	160

    	 

    

 

(c)                If
the Participant`s employment with DeVry and all affiliates terminates prior to the completion of the Vesting Schedule due to mutual
agreement, the Participant shall be credited with one additional year of service for purposes of determining the vested portion
of the Full Value Share award.  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)               If
the Participant’s employment with DeVry and all affiliates terminates prior to the completion of the Vesting Schedule due
to retirement, the Full Value Share award shall continue to vest in accordance with the Vesting Schedule.  For this purpose,
“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.

 

For this purpose (i) the term “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 (ii) the term
“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. Age and service shall be determined in fully completed years. 

 

Any Participant whose employment terminates due to
retirement as described in this Section 4(d) 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 for the remainder of the vesting period, 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 Full Value Share award
shall be forfeited to DeVry on the date of the Participant’s retirement.

 

(e)                If
the Participant’s employment with DeVry and all affiliates terminates prior to the completion of the Vesting Schedule for
any reason other than death, disability, mutual agreement or retirement, the portion of the Participant’s Full Value Share
award that is not vested as of such date shall be forfeited to DeVry.

 

    	161

    	 

    

 

(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)               The
foregoing provisions of this Section 4 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 Full Value Share award shall supersede any inconsistent or contrary provision
of this Section 4.

 

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

 

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 vesting of the Full Value Share award prior to the delivery of any shares subject
to such Full Value 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 Full Value Share award, (c) by directing
DeVry to withhold a number of shares otherwise issuable pursuant to the Full Value 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.                  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 Full Value Share award, and the Committee shall have the sole discretion to take appropriate actions
with respect to the Full Value Share award, including (a) to cause such Full Value Share award to be settled in shares of Common
Stock as described in Section 5 above, which shares shall be subject to the terms of the Change in Control event in the same manner
as the other shares of outstanding Common Stock, or (b) to provide for the mandatory purchase of the Full Value Share award for
an amount of cash equal to the then Fair Market Value of the Common Stock, multiplied by the number of Full Value Shares subject
to the Full Value Share award.

 

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

 

    	162

    	 

    

 

9.                  Share
Delivery.  Delivery of any shares in connection with settlement of the Full Value 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). 

 

10.              Award
Not Transferable.  The Full Value 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 Full Value 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 Full Value Share award, other
than in accordance with its terms, shall be void and of no effect.

 

11.              Beneficiary
Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries to whom distribution
of the shares of Common Stock subject to the vested portion of the Full Value 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.

 

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

 

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

 

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

  

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