Document:

Exhibit 10.1

     

   
   

    

   
   

  
    

    

    
      
        ADTALEM GLOBAL EDUCATION INC.

            EXECUTIVE EMPLOYMENT AGREEMENT

        

      

      

      

      

      THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of May 17, 2022 (the “Effective Date”), by and between Adtalem Global Education Inc. (“Adtalem”),

        and Michael Betz (the “Executive”). Adtalem and the Executive are
        sometimes hereinafter referred to individually as a “Party” and together as “Parties.”

      

      

      Unless otherwise defined in the body of this Agreement, capitalized terms shall be defined as provided in Appendix I
        to this Agreement.

      

      

      In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
        which are hereby acknowledged, the Parties hereto agree as follows:

      

      

      AGREEMENT

      

      

      
        
          1. Employment Period. Adtalem will employ the Executive, and the Executive hereby accepts employment with Adtalem, upon the terms and subject to the conditions set forth in this Agreement. The Executive’s employment under this Agreement
              shall begin on the Effective Date and shall continue thereafter until the first to occur of the events described in Section 8(a) (the “Employment Period”).

        

      

      

      

      
        
          2. Position and Duties.

        

      

      

      

      
        
          (a) Title; Responsibilities. During the Employment Period, the Executive will serve as the President, Walden University and will have the normal duties, responsibilities and authority of that position, subject to the  power of the CEO to expand or
              limit such duties, responsibilities and authority; provided, however, at all times, Executive’s duties, responsibilities and authority shall be commensurate with such duties, responsibilities and authority held by executives in comparable
              positions in corporations of similar size and scope to Adtalem in Adtalem’s industry. The Executive shall report to the CEO. In this trusted, executive position, the Executive will be given access to Adtalem’s Confidential Information. The
              Executive shall comply in all material respects with all applicable laws, rules and regulations relating to the performance of the Executive’s duties and responsibilities hereunder, including Adtalem’s Code of Business Conduct and Ethics.

        

      

      

      

      
        
          3. Compensation.

        

      

      
        
          (a) Base Salary. The Executive’s Base Salary under this Agreement shall be at the initial rate of $540,000. The Executive’s Base Salary will be paid by Adtalem in substantially equal bi-weekly installments. The Base Salary will be reviewed annually, in accordance with the annual
              planning cycle beginning in August 2023, by the CEO in coordination with the Compensation Committee and upon such review the Base Salary may be increased by the CEO in coordination with the Compensation Committee (but subject to any
            applicable Adtalem policy, law, or exchange listing requirement); provided, however, the Base Salary under this Agreement, including as subsequently adjusted
            upwards, may not be decreased thereafter except in the case of an across-the-board percentage reduction in base salaries of executives at the Executive’s level affecting such executives equally. All amounts payable to the Executive under this
            Agreement will be subject to all required withholding by Adtalem.

           

          

        

        
          

          500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

          
            
              

          

        

      

      
        

        

        

        

      

      
        
          (b) Equity Awards. In addition to the Base Salary, the Executive shall be eligible for annual equity awards that are 100% of Base Salary.  Any such
              equity awards are discretionary in nature and areas determined by Adtalem, the Board and/or Compensation Committee as necessary and appropriate to comply with Adtalem policy, applicable law, or exchange listing requirements, under Adtalem’s
              equity award plan(s) covering executives at the Executive’s level, as in effect from time to time.  The equity award grant for Adtalem’s fiscal year 2022 (“FY2022”) will be made on the date that such awards are
                granted to other executive-level employees of Adtalem. The grant date value of the Executive’s FY2022 equity award shall be prorated from the Effective Date, and shall consist of a mix of grant types as used for other similarly-situated
                executive employees of Adtalem.

        

      

      

      

      
        
          (c) Sign-on Equity Grant.  The Executive shall receive a one-time
                award of Restricted Stock Units on or within thirty (30) days of the Effective Date with a value on such date of $350,000 (the “Grant Date”) consistent with Adtalem’s past practice (the “Sign-On RSUs”). Except as otherwise provided in this Agreement, subject to the
                Executive’s continued employment with Adtalem, the Sign-On RSU’s will vest in two equal installments: one-half on the one year anniversary of the Grant Date and the remainder on the second anniversary of the Grant Date.

        

      

      

      

      
        
          4. Incentive Plans

        

      

      

      

      (a) Management Incentive. In addition to the Base Salary, the Executive will be eligible to receive an annual payment under Adtalem’s annual Management Incentive Plan (MIP), as in effect from time to time, upon the achievement of specific
          Adtalem-wide and personal performance goals that will be determined each fiscal year by the CEO and/or the Compensation Committee as necessary and appropriate to comply with Adtalem policy; provided, however, the MIP Award may be based on a
          higher or lower percentage of the MIP Target for performance which is in excess of target goals or below target goals, respectively. Executive’s MIP Award is targeted at 75% of Base Salary with a potential maximum of 200% of this target. 
          Executive is eligible for the MIP on a pro-rated basis for fiscal year 2023 based on the Effective Date.  Any MIP Award due and owing hereunder with respect to any fiscal year shall be paid no later than the fifteenth day of the third month
          following the end of Adtalem’s fiscal year in which the MIP Award was earned.  During the first fiscal year of the Executive’s employment, the Adtalem-wide goals will be pro-rated to the Effective Date.

      

      

      (b) Value Capture Incentive.  In addition to
        the Base Salary and the MIP, the Executive will be eligible to participate on a pro rata basis in the Executive Officer Component of the Value Capture Incentive Program, as in effect from time to time, upon the achievement of total realized value
        capture goals that will be determined by the CEO and/or the Compensation Committee in their sole discretion.

      
        
           

          

        

        
          

          500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

          
            
              

          

        

      

      
        

        

        

        

      

      
        
          5. Time Off. The Executive will be eligible to participate in Adtalem’s Flexible Time Office (FTO) program. Under this program, the Executive may take time off as needed, subject to CEO approval, however, there is no specific
              allotment of days and no time off is accrued, as long as such program is offered by Adtalem and offered to leaders at Executive’s level.

        

      

      
        
          6. Benefits. In addition to the Base Salary
              and other compensation provided for in Section 3 and Section 4 above, the Executive shall be eligible to participate in such health and welfare benefit plans (including Executive’s eligible dependents) and any qualified and/or non-qualified
              retirement plans of Adtalem as may be in effect from time to time; provided, however, that participation shall be subject to all of the terms and conditions of such plans, including, without limitation, all waiting periods, eligibility
              requirements, vesting, contributions, exclusions and other similar conditions or limitations. Any and all benefits under any such plans shall also be payable, if applicable, in accordance with the underlying terms and conditions of such plan
              document. Executive’s participation in the foregoing plans and any perquisite programs will be on terms no less favorable than afforded to executives at the Executive’s level, as in effect from time to time. Adtalem, however, shall have the
              right in its sole discretion to modify, amend or terminate such benefit plans and/or perquisite programs at any time. Adtalem will reimburse the Executive for all reasonable business expenses incurred by Executive in the course of performing
              Executive’s duties and responsibilities under this Agreement which are consistent with Adtalem’s policies and procedures in effect from time to time, including but not limited to expenses incurred
              related to business travel to Chicago as requested by Adtalem.

        

      

      

      

      
        
          7. Relocation Expenses. [RESERVED].

        

      

      

      

      
        
          8. Termination.

        

      

      

      

      
        
          (a) When Does Termination Occur. The Executive’s employment with Adtalem and the Employment Period will end on
              the earlier of (i) the Executive’s death or Permanent Disability, (ii) the Executive’s resignation at any time with or without Good Reason, or (iii) termination by Adtalem at any time with or without Cause. Except as otherwise provided
              herein, any termination of the Employment Period by Adtalem or by the Executive will be effective as specified in a written notice from the terminating Party to the other Party; provided, however, if the Executive’s employment with Adtalem is
              terminated during the Employment Period by Adtalem without Cause or by the Executive without Good Reason, the terminating Party must give the other Party at least thirty (30) days prior written notice. For avoidance of doubt, Executive’s
              voluntary retirement from Adtalem shall be deemed a resignation by Executive without Good Reason.

        

      

      

      

      
        
          (b) Termination Due to Death or Permanent Disability. If the Employment Period is terminated pursuant to Section 8(a)(i) above, then, through the
              date of termination of Executive’s employment with Adtalem, the Executive will be entitled to the Accrued Benefits payable to the Executive or the Executive’s estate or beneficiary, as applicable, no later than thirty (30) days following
              Executive’s Termination Date. Except as set forth in this paragraph (b), the Executive will not be entitled to any other Base Salary, severance, compensation or benefits from Adtalem thereafter, other than those earned under any of Adtalem’s
              retirement or incentive plans or expressly required under applicable law.

          
            
               

              

            

            
              

              500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

              
                
                  

              

            

             

        

      

      
        

        

        

        

      

      
        
          (c) Termination by Adtalem With Cause or By the Executive Without Good Reason. If the Employment Period is
              terminated by Adtalem with Cause or if the Executive resigns without Good Reason, then the Executive will only be entitled to receive the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date. Except
              as set forth in this paragraph (c), the Executive will not be entitled to any other Base Salary, severance, compensation or benefits from Adtalem thereafter, other than those previously earned under any of Adtalem’s retirement plans or
              expressly required under applicable law. Within ten (10) days following notice of termination with Cause, the Executive may request of the CEO an opportunity to cure the Cause event, which request shall be determined by the CEO in the CEO’s
              sole discretion.

        

      

      

      

      
        
          (d) Termination by Adtalem Without Cause or By the Executive With Good Reason. If:

        

      

      

      

      
        
          (i) the Executive’s employment with Adtalem is terminated during the Employment Period (A) by Adtalem without Cause or (B) by the Executive with Good Reason; and

        

      

      
        
          (ii) the Executive executes a Release in the form attached hereto as Exhibit A and such Release is not timely revoked by Executive and becomes legally effective; and

        

      

      

      

      
        
          (iii) the
              Executive complies with the terms of this Agreement and the Release, then the Executive will be entitled to receive:

        

      

      

      

      
        
          (A) Accrued Benefits. the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date; and

        

      

      

      

      
        
          (B) Base Salary and MIP Award  payment of an amount equal to one (1) times the sum of Executive’s Base Salary (at the rate then in effect) plus 100% of the payments under the applicable year’s MIP presuming that all targets under such MIP were
              achieved by both Adtalem and the Executive, which shall be payable in twelve (12) equal monthly payments commencing with the first payroll period following the date the Release becomes legally effective; and

        

      

      

      

      
        
          (C) Other Benefits. the following
              “Additional Benefits”:

        

      

      

      

      
        
          (I) Health Continuation. Twelve (12) months of continued health benefit plan coverage following the Termination Date at active employee levels and
              active employee cost for Executive and Executive’s eligible dependents; such health benefits shall be provided and paid for by the Executive per regular payroll period of Adtalem commencing with the first payroll period following the
              Executive’s termination of employment and continuing until the earlier of (1) the twelve (12) month anniversary of Executive’s Termination Date, or (2) the date Executive is eligible for equivalent coverage and benefits under the plans and
              programs of a subsequent employer. Medical expenses (as defined in Code Section 213(d)) paid pursuant to this paragraph are intended to be exempt from Code Section 409A to the extent permitted under Treasury Regulation §§1.409A- 1(b)(9)(v)(B)
              and -3(i)(1)(iv)(B). However, to the extent any health benefits provided pursuant to this paragraph do not qualify for exemption under Code Section 409A, Adtalem shall provide Executive with a lump sum payment in an amount equal to the
            number of months of coverage to which Executive is entitled times the then applicable premium for the relevant health plan in which Executive participated. Such lump sum amount will be paid during the second month following the month in which
            such coverage expires.

          
            
               

              

            

            
              

              500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

              
                
                  

              

            

          

        

      

      
        

        

        

      

      
        
          (II) Outplacement Services. Adtalem shall, at its sole expense, provide the Executive with a six (6) month senior
              executive level outplacement program the provider of which shall be selected by Adtalem in Adtalem’s sole discretion with such expenses being payable to the outplacement service as soon as administratively practicable but in no event later
              that the last day of the calendar year immediately following the calendar year in which such expense was incurred by the Executive.

        

      

      

      

      
        
          (e) Specified Employee Six Month Delay Requirement. Notwithstanding the provisions of paragraph (d) immediately
              above, because Adtalem is a “public company” within the meaning of Code Section 409A, any amounts payable to the Executive during the first six months and one day following the Termination Date pursuant to paragraph (d) immediately above
              shall be deferred until the date which is six months and one day following such Termination Date, with the first payment being in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period
              following the Termination Date of employment if the six-month deferral had not been required. Except as otherwise expressly provided in paragraph (d) immediately above, all of the Executive’s rights to Base Salary, employee benefits,
              severance and other compensation hereunder or under any policy or program of Adtalem which accrue or become payable on or after the termination of the Employment Period will cease upon such Termination Date other than those expressly required
              under applicable law.

        

      

      

      

      
        
          (f) No Offset or Mitigation. Except for such monies due and owing Adtalem, if Executive’s employment with Adtalem is terminated for any reason,
              Adtalem will have no right of offset, nor will Executive be under any duty or obligation to seek alternative or substitute employment at any time after the effective date of such termination or otherwise mitigate any amounts payable by
              Adtalem to Executive.

        

      

      

      

      
        
          9. Change in Control.

        

      

      

      

      
        
          (a) Obligations of Adtalem upon Executive’s Termination with Good Reason or Adtalem’s Termination of Executive Without Cause During Change in Control Period. If:

           

            

        

      

      
        
          (i) during the Change in Control Period, Adtalem terminates the Executive’s employment without Cause (other than for death or Disability) or the Executive terminates employment for Good Reason, and

        

      

      

      

      
        
          (ii) the Executive executes the Release and such Release is not timely revoked by Executive and becomes legally effective; and

        

      

      

      

      
        
          (iii) the
              Executive complies with the terms of this Agreement and the Release, then the Executive will be entitled to receive:

          
            
               

              

            

            
              

              500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

              
                
                  

              

            

          

        

      

      
        
           

              

            

          (A) Accrued Benefits. the Accrued Benefits payable no later than thirty (30) days
              following Executive’s Termination Date;

        

      

      

      

      
        
          (B) Base Salary and MIP Award. payment of an amount equal to one and one-half (1-1/2) times the sum of Executive’s Base Salary (at the rate then in effect) plus 100% of the payments under the applicable year’s MIP presuming that all targets under
              such MIP were achieved by both Adtalem and the Executive, which shall be payable in twelve (12) equal monthly payments commencing with the first payroll period following the date the Release becomes legally effective; and

        

      

      

      

      
        
          (C)

            Other Benefits. Additional Benefits as delineated in Section 8(d)(iii)(C) above except that in
              subsection (I) the reference to “twelve (12) months” shall be changed to “eighteen (18) months” and in subsection (II) the reference to “six (6) months” shall be changed to “nine (9) months.”

        

      

      

      

      
        
          (b) Obligations of Adtalem upon Executive’s Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Change in
              Control Period, Adtalem shall provide the Executive’s estate or beneficiaries with the Accrued Benefits, and shall have no other severance obligations under this Agreement. The Accrued Benefits shall be paid to the Executive’s estate or
              beneficiary, as applicable, within thirty (30) days following the Termination Date.

        

      

      

      

      
        
          (c) Obligations of Adtalem upon Executive’s Permanent Disability. If the Executive’s employment is terminated by
              reason of the Executive’s Permanent Disability during the Change in Control Period, Adtalem shall provide the Executive with the Accrued Benefits, and shall have no other severance obligations under this Agreement. The Accrued Benefits shall
              be paid to the Executive within thirty (30) days following the Termination Date.

        

      

      
        
          (d) Obligations of Adtalem upon Executive’s Termination Without Good Reason or Adtalem’s Termination of Executive With Cause During Change in Control

                Period. If the Executive’s employment is terminated for Cause during the Change in Control Period or the Executive resigns during the Change in Control Period without Good Reason, Adtalem shall
              provide the Executive with the Accrued Benefits, and shall have no other severance obligations under this Agreement. In such case, all Accrued Benefits shall be paid to the Executive within thirty (30) days following the Termination Date.
              Within ten (10) days following notice of termination with Cause, the Executive may request of the CEO an opportunity to cure the Cause event, which request shall be determined by the CEO in the CEO’s sole discretion.

        

      

      

      

      
        
          (e) Anticipatory Change in Control. If a Change in Control occurs and if the Executive’s employment with Adtalem
              was terminated by Adtalem without Cause within six (6) months prior to the date such Change in Control occurred, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party
              who had taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipation of a Change in Control, then Executive shall be deemed to have been involuntarily terminated by Adtalem
              without Cause during the Change in Control Period and shall be eligible to receive the monies and benefits under Section 9(a) rather than Section 8(d) of the Agreement.

        

      

      
        
           

          

        

        
          

          500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.com

          
            
              

          

        

      

      
        
           

          10. Confidential Information.

        

      

      

      

      
        
          (a) The Executive
              recognizes and acknowledges that the continued success of Adtalem and its Affiliates depends upon the use and protection of a large body of confidential and proprietary information and that the Executive will have access to certain Adtalem
              Confidential Information (as defined below in Section 10(b)), as well as certain confidential information of other Persons with which Adtalem and its Affiliates do business, and that such information constitutes valuable, special and unique
              property of Adtalem, its Affiliates and such other Persons.

        

      

      

      

      
        
          (b) Confidential Information. For purposes of this Agreement, Adtalem’s “Confidential Information” shall include Adtalem and its Affiliates’ trade secrets
              as defined under Delaware law, as well as any other information or material which is not generally known to the public, and which: (a) is generated, collected by or utilized in the operations of Adtalem or its Affiliates’ business and relates
              to the actual or anticipated business, research or development of Adtalem, its Affiliates or Adtalem and its Affiliates’ actual or prospective Customers; or (b) is suggested by or results from any task assigned to the Executive by Adtalem or
              its Affiliates, or work performed by the Executive for or on behalf of Adtalem or its Affiliates. Confidential Information shall not be considered generally known to the public if the Executive improperly reveals such information to the
              public without Adtalem or its Affiliates’ express written consent and/or in violation of an obligation of confidentiality owed to Adtalem or its Affiliates. Confidential Information includes, without limitation, the information, observations
              and data obtained by the Executive while employed by Adtalem concerning the business or affairs of Adtalem or its Affiliates, including information concerning acquisition opportunities in or reasonably related to Adtalem or its Affiliates’
              business or industry, the identities of and other information (such as databases) relating to the current, former or prospective employees, suppliers and Customers of Adtalem or its Affiliates, development, transition and transformation
              plans, methodologies and methods of doing business, strategic, marketing and expansion plans, financial and business plans, financial data, pricing information, employee lists and telephone numbers, locations of sales representatives, new and
              existing customer or supplier programs and services, customer terms, customer service and integration processes, requirements and costs of providing service, support and equipment.

        

      

      
        
          (c) The Executive agrees to use Adtalem’s Confidential Information only as necessary and only in connection with the performance of Executive’s duties hereunder. The Executive
              shall not, without Adtalem’s prior written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of Adtalem or its Affiliates, or directly or indirectly, disclose outside of
              Adtalem or outside of the Affiliates, any of Adtalem’s Confidential Information, as long as such matters remain Confidential Information. The restrictions set forth in this paragraph are in addition to and not in lieu of any obligations the
              Executive may have by law with respect to Adtalem’s Confidential Information, including any obligations the Executive may owe under any applicable trade secrets statutes or similar state or federal statutes. This Agreement shall not prevent
              the Executive from revealing evidence or suspicions of criminal wrongdoing to law enforcement or prohibit the Executive from divulging Adtalem’s Confidential Information by order of court or agency of
              competent jurisdiction, by subpoena or pursuant to a request by an exchange. However, the Executive shall, to the extent permissible, promptly inform Adtalem of any such situations and shall, at the sole expense of  Adtalem, take such
              reasonable steps to prevent disclosure of Adtalem’s Confidential Information until Adtalem or its relevant Affiliates have been informed of such requested disclosure and Adtalem has had an opportunity to respond to the court or agency.

          
            
               

              

            

            
              

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          (d) The Executive
              understands that Adtalem and its Affiliates will receive from third parties confidential or proprietary information ("Third Party Information")
              subject to a duty on Adtalem or its Affiliates to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the foregoing
              provisions of this Section 10, the Executive will hold Third Party Information in the same manner that it holds Adtalem Confidential Information under this Agreement or use
              Third Party Information unless expressly authorized by such third party or by the CEO.

        

      

      

      

      
        
          (e) During the
              Employment Period, the Executive will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person or entity to whom the Executive has an obligation of confidentiality, and
              will not bring onto the premises of Adtalem or its Affiliates any unpublished documents or any property belonging to any former employer or any other person or entity to whom the Executive has an obligation of confidentiality unless consented
              to in writing by the former employer or such other person or entity. The Executive will use in the performance of Executive’s duties only information which is (i) generally known and used by persons with training and experience comparable to
              the Executive's and which is (x) common knowledge in the industry or (y) otherwise legally in the public domain, (ii) otherwise provided or developed by Adtalem or its Affiliates or (iii) in the case of materials, property or information
              belonging to any former employer or other person or entity to whom the Executive has an obligation of confidentiality, approved for such use in writing by such former employer or other person or entity.

        

      

      
        
          11. Return of
                Adtalem Property. The Executive acknowledges and agrees that all notes, records, reports, sketches, plans, unpublished memoranda or other documents, whether in paper, electronic or other form (and
              all copies thereof), held by the Executive concerning any information relating to the business of Adtalem or its Affiliates, whether confidential or not, are the property of Adtalem and its Affiliates. On or before the Termination Date, the
              Executive will promptly deliver to, or at any other time the CEO may request, all equipment, files, property, memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and all electronic,
              paper or other copies thereof) belonging to Adtalem or its Affiliates which includes, but is not limited to, any materials that contain, embody or relate to the Confidential Information, Work Product or the business of Adtalem or its
              Affiliates, which Executive may then possess or have under Executive’s control. Subject to Section 10(c), the Executive will take any and all actions reasonably deemed necessary or appropriate by Adtalem or its Affiliates from time to time in
              its sole discretion to ensure the continued confidentiality and protection of the Confidential Information. The Executive will notify Adtalem and the appropriate Affiliates promptly and in writing of any circumstances of which the
            Executive has knowledge relating to any possession or use of any Confidential Information by any Person other than those authorized by the terms of this Agreement.

          
            
               

              

            

            
              

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          12. Intellectual Property Rights. The Executive acknowledges and agrees that all inventions, technology, processes, innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin,
              writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable or subject to copyright), including but not limited to all resulting patent applications, issued
              patents, copyrights, copyright applications and registrations, and trademark applications and registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies,
              publish, license, or create works derivative of any of the foregoing, and the right to choose not to do or permit any of the aforementioned actions, which relate to Adtalem or Affiliates’ actual or anticipated Business, research and
              development or existing or future products or services and which are conceived, developed or made by the Executive while employed by Adtalem or an Affiliate (collectively, the "Work Product") belong to Adtalem. The Executive further acknowledges and agrees that to the extent relevant, this Agreement constitutes a “work for hire agreement” under the Copyright Act, and that any
              copyrightable work (“Creation”) constitutes a “work made for hire” under the Copyright Act such that Adtalem is the copyright owner of the Creation. To
              the extent that any portion of the Creation is held not to be a “work made for hire” under the Copyright Act, the Executive hereby irrevocably assigns to Adtalem all right, title and interest in such Creation. All other rights to any new Work
              Product and all rights to any existing Work Product are also hereby irrevocably conveyed, assigned and transferred to Adtalem pursuant to this Agreement. The Executive will promptly disclose and deliver such Work Product to Adtalem and, at
              Adtalem's expense, perform all actions reasonably requested by Adtalem (whether during or after the Employment Period) to establish, confirm and protect such ownership (including, without limitation, the execution of assignments, copyright
              registrations, consents, licenses, powers of attorney and other instruments). All Work Product made within six months after termination of the Executive's employment with Adtalem will be presumed to have been conceived during the Executive's
              employment with Adtalem, unless the Executive can prove conclusively that it was created after such termination.

        

      

      

      

      
        
          13. Non-Compete, Non-Solicitation.

        

      

      

      

      
        
          (a) In further consideration of the compensation to be
              paid to the Executive hereunder, the Executive acknowledges that in the course of Executive’s employment with Adtalem, Executive has, and will continue to, become familiar with Adtalem's Confidential Information, methods of doing business,
              business plans and other valuable proprietary information concerning Adtalem, its Affiliates, and their customers and suppliers and that Executive’s services have been and will be of special, unique and extraordinary value to Adtalem and its
              Affiliates. The Executive agrees that, during the Employment Period and continuing for, as applicable, (i) twelve (12) months thereafter, regardless of the reason for the termination of Executive's employment (the "Restricted Period"), the Executive will not, directly or indirectly, any wherein the Restricted Area:

          
            
               

              

            

            
              

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          (i) own, manage,
              operate, or participate in the ownership, management, operation, or control of, or be employed by, any entity which is in competition with the Business of Adtalem or its Affiliates in which the Executive would hold a position with
              responsibilities that are entirely or substantially similar to any position the Executive held during the last twelve (12) months of the Executive’s employment with Adtalem or in which the Executive would have responsibility for and access to
              confidential information that is similar to or relevant to that which the Executive had access to during the last twelve (12) months of the Executive’s employment with Adtalem; or

        

      

      

      

      
        
          (ii) Intentionally Deleted.

        

      

      

      

      Nothing herein will prohibit the Executive from being a passive owner of not more than one percent (1%) of the
        outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation.

      

      

      
        
          (b) During the Restricted Period, the Executive will not, directly or indirectly, in any manner: (i) hire or engage, or recruit, solicit or otherwise attempt to employ or retain any individual who is or was an employee of
              or consultant to Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, (ii) induce or attempt to induce any individual who is or was an employee of, or consultant to,
              Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, to leave the employ of Adtalem or the relevant Affiliates, or (iii) recommend the hiring of, or provide a reference
              for any individual who was an employee of or consultant to Adtalem or its Affiliates (provided, however that the Executive may hire former employees and individual consultants to Adtalem and its Affiliates after such former employees or
              individual consultants have ceased to be employed or otherwise engaged by Adtalem or its Affiliates for a period of at least twelve (12) months).

        

      

      
        
          (c) During the Restricted Period, the Executive will not, directly or indirectly: (i) call on, solicit or service any Customer with the intent of selling or attempting to sell
              any service substantially the same as the services or products sold by Adtalem or its Affiliates for which the Executive was involved as of the date of the termination of Executive's employment, or (ii) in any way interfere with the
              relationship between Adtalem, its Affiliates and any Customer, supplier, licensee or other business relation (or any prospective Customer, supplier, licensee or other business relationship) of Adtalem or its Affiliates (including, without
              limitation, by make any negative or disparaging statements or communications regarding Adtalem, its Affiliates or any of their operations, officers, directors or investors). This non-solicitation provision

              applies solely to those Customers, suppliers, licensees or other business relationships of Adtalem with whom the Executive: (1) has had contact or has solicited at any time in the twelve (12) month period of time preceding the termination of
              the Executive's employment; (2) has supervised the services of any of Adtalem's or Affiliates’ employees who have had any contact with or have solicited at any time during the twelve (12) month period of time preceding the termination of
              Executive's employment; or (3) has accessed any Confidential Information about such Customers, suppliers, licensees or other business relationships at any time during the twelve (12) month period of time preceding the termination of
              Executive’s employment.

          
            
               

              

            

            
              

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          (d) The Executive
              acknowledges and agrees that the restrictions contained in this Section 13 with respect to time, geographical area and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect the goodwill and other
              legitimate business interests of Adtalem and its Affiliates. In particular, the Executive agrees and acknowledges that Adtalem is currently engaging in Business and actively marketing its services and products throughout the Restricted Area,
              that Executive's duties and responsibilities for Adtalem and/or its Affiliates are co-extensive with the entire scope of Adtalem's Business, that Adtalem has spent significant time and effort developing and protecting the confidentiality of
              its methods of doing business, technology, customer lists, long term customer relationships and trade secrets and that such methods, technology, customer lists, customer relationships and trade secrets have significant value. However, if, at
              the time of enforcement of this Section 13, a court holds that the duration, geographical area or scope of activity restrictions stated herein are unreasonable under circumstances then existing or impose a greater restraint than is necessary
              to protect the goodwill and other business interests of Adtalem and its Affiliates, the Parties agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and
              that the court will be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions contained herein be given
              effect to the broadest extent possible. The existence of any claim or cause of action by the Executive against Adtalem, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by Adtalem of the
              provisions of Sections 10, 11, 12 or this Section 13, which Sections will be enforceable notwithstanding the existence of any breach by Adtalem. Notwithstanding the foregoing, the Executive will not be prohibited from pursuing such claims or
              causes of action against Adtalem. The Executive consents to Adtalem notifying any future employer of the Executive of the Executive's obligations under Sections 10, 11, 12 and this Section 13 of this Agreement.

        

      

      

      

      
        
          (e) In the event of the breach or a threatened breach by the Executive of any of the provisions of Sections 10, 11, 12 or this Section 13, Adtalem, in addition and supplementary to any other rights and remedies existing
              in its favor, will be entitled to seek specific performance and/or injunctive or other equitable relief (in the form of a temporary restraining order, preliminary injunction and/or permanent injunction) from a court of competent jurisdiction
              in order to enforce or prevent any violations of the provisions hereof.

        

      

      
        
          (f) Upon the Executive’s written request, the CEO may, in the CEO’s sole discretion, permit the Executive to engage in certain work or activity that is otherwise prohibited by this Agreement, if and only if the Executive
              first provides the CEO with written evidence satisfactory to the CEO, including assurances from any new employer of the Executive, that the contribution of Executive’s knowledge to that work or activity will not cause the Executive to
              disclose, base judgment upon, or use Adtalem’s trade secrets or other Confidential Information. The Executive shall not engage in such work or activity unless and until the Executive receives written consent from the CEO.

        

      

      

      

      
        
          (g) Neither the
              CEO’s consent under Section 13(f) nor Adtalem’s failure to seek enforcement of any restrictive covenant under this Agreement shall be deemed a consent or waiver by Adtalem of any subsequent breach of this Agreement by the Executive and
              Adtalem shall have the right to seek enforcement of this Agreement against the Executive for any breach not specifically consented to in writing by the CEO or Adtalem.

          
            
               

              

            

            
              

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          (h) (h) Nothing in this Section 13
              shall prohibit any entity that employs the Executive from making general solicitations of employment (including, but not limited to, the use of search firms) and hiring persons that respond to such general solicitations, provided that
              Executive is not directly or indirectly involved in such solicitations.

        

      

      

      

      
        
          14. Executive’s Representations.
              [RESERVED].

        

      

      

      

      
        
          15. Survival. Any provision which by its nature is intended to survive and continue in full force in accordance with its terms shall continue notwithstanding the termination of the Employment Period.

        

      

      

      

      
        
          16. Notices. Any notice provided for in this Agreement will be in writing and will be
              either personally delivered, sent by reputable overnight courier service, sent by facsimile (with hard copy to follow by regular mail) or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:

        

      

      Notices to the
            Executive:

      

      

      Michael Betz

      

      

      At such home address which is on record with Adtalem

      

      

      

      

      

      

      Notices to Adtalem:

      

      

      Adtalem Global Education Inc.

      

      

      Attn: President and Chief Executive Officer

       

      

      500 West Monroe

       

      

      Chicago, IL 60661

      

      

      with copies to (which will not constitute
            notice to Adtalem):

      

      

      

      

      

      

      Douglas Beck, SVP & General Counsel

       

      

      Adtalem Global Education

       

      

      500 West Monroe

      

      

      Chicago, IL 60661

      

      

      
        
           

          

        

        
          

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      or such other address or to the attention of such other person as the recipient Party will have specified by prior written notice to the sending Party. Any
        notice under this Agreement will be deemed to have been given when so delivered, sent or mailed.

      

      

      
        
          17. 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 any applicable law or rule in any jurisdiction, such
              invalidity, illegality or unenforceability will not affect any other provision or any action in 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.

        

      

      

      

      
        
          18. Complete Agreement. This Agreement, including the documents referenced herein and the exhibits hereto, embodies the complete agreement and understanding among the Parties and supersedes and preempts any prior understandings, agreements
              or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way.

        

      

      

      

      
        
          19. Counterparts. This Agreement may be executed in separate counterparts (including by facsimile signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

        

      

      

      

      
        
          20. No Strict Construction. The parties hereto jointly participated in the negotiation and drafting of this Agreement. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their collective
              mutual intent, this Agreement will be construed as if drafted jointly by the parties hereto, and no rule of strict construction will be applied against any Person.

        

      

      

      

      
        
          21. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, Adtalem and their respective heirs, successors and assigns. The Executive
              may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of Adtalem. Adtalem may not assign its rights and obligations hereunder, without the consent of, or notice to, the
              Executive, with the sole exception being a sale to any Person that acquires all or substantially all of Adtalem whether stock or assets, in which case such consent of the Executive is not necessary.

        

      

      

      

      
        
          22. Choice of Law; Exclusive Venue.
            THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
              OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER
              THAN THE STATE OF DELAWARE. SUBJECT TO SECTION 23 OF THIS AGREEMENT, THE PARTIES AGREE THAT ALL LITIGATION ARISING OUT OF OR RELATING TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT MUST BE BROUGHT EXCLUSIVELY IN DELAWARE (COLLECTIVELY THE “DESIGNATED COURTS”). EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. WITH RESPECT TO LITIGATION UNDER
              SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS OR DEFENSES OF LACK OF PERSONAL JURISDICTION OR ANY OTHER JURISDICTION DEFENSE, AND ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE
              LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT IN AN IMPROPER OR
              INCONVENIENT FORUM OR VENUE.

          
            
               

              

            

            
              

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          23. Dispute Resolution. Notwithstanding anything to the contrary, any and all other disputes, controversies or questions arising under, out of, or relating to this Agreement (or the breach thereof), or, the Executive’s employment with
              Adtalem or termination thereof, other than those disputes relating to Executive’s alleged violations of Sections 10 (Confidential Information), 11 (return of property), 12 (intellectual property) and 13 (covenants of noncompete and
              non-solicitation) of this Agreement, shall be referred for binding arbitration in Chicago, Illinois to a neutral arbitrator (who is licensed to practice law in any state within the United States of America) selected by the Executive and
              Adtalem and this shall be the exclusive and sole means for resolving such dispute. Such arbitration shall be conducted in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association. The
              arbitrator shall have the discretion to award reasonable attorneys' fees, costs and expenses to the prevailing party. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 23
              does not apply to any action by Adtalem to enforce Sections 10, 11, 12 and 13 of this Agreement and does not in any way restrict Adtalem’s rights under Section 22 of this Agreement.

        

      

      
        
          24. Mutual Waiver of Jury Trial. IN THE
              EVENT OF LITIGATION AS PERMITTED UNDER SECTION 22 (AND SUBJECT TO SECTION 23) OF THIS AGREEMENT, ADTALEM AND THE EXECUTIVE EACH WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
              ACTION BASED UPON OR ARISING OUT OF OR RELATED TO ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, AS PERTAINS TO A CONTRACT CLAIMS, TORT
              CLAIMS OR OTHERWISE UNDER SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT. ADTALEM AND THE EXECUTIVE EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES
              FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF SECTIONS
              10, 11, 12 OR 13 OF THIS AGREEMENT. THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT.

        

      

      

      

      
        
          25. Indemnification. In addition to any rights to indemnification to which the Executive is entitled under Adtalem’s charter and by-laws, to the extent permitted by applicable law, Adtalem will indemnify, from the assets of Adtalem
              supplemented by insurance in an amount determined by Adtalem, the Executive at all times, during and after the Employment Period, and, to the maximum extent permitted by applicable law, shall pay the Executive’s expenses (including reasonable
              attorneys’ fees and expenses, which shall be paid in advance by Adtalem as incurred, subject to recoupment in accordance with applicable law) in connection with any threatened or actual action, suit or proceeding to which the Executive may be
              made a party, brought by any shareholder of Adtalem directly or derivatively or by any third party by reason of any act or omission or alleged act or omission in relation to any affairs of Adtalem or any subsidiary or Affiliate of Adtalem of
              the Executive as an officer, director or employee of Adtalem or of any subsidiary or Affiliate of Adtalem. Adtalem shall use its best efforts to maintain during the Employment Period and thereafter insurance coverage sufficient in the
              determination of the Board to satisfy any indemnification obligation of Adtalem arising under this Section 25.

          
            
               

              

            

            
              

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          26. Non-disparagement. Executive agrees that both during the Employment Period and thereafter, the Executive shall not make or publish any statements or comments that disparage or injure the reputation or goodwill of Adtalem or any of its
              affiliates, or any of its or their respective officers or directors, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or
              injuring the reputation or goodwill of Adtalem, or any of its affiliates, or any of its or their respective officers or directors; provided, however, nothing herein shall prevent the Executive from providing any information that may be
              compelled by law. Likewise, Adtalem and its affiliates, as represented by their respective Directors and Officers, shall not both during the Employment Period and thereafter make or publish any statements or comments that disparage or injure
              the reputation of the Executive, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or injuring the reputation of the Executive;
              provided, however, nothing herein shall prevent Adtalem from providing any information that may be compelled by law.

        

      

      
        
          27. Assistance in Proceedings. During the Employment Period and thereafter, the
              Executive will cooperate with Adtalem in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by Adtalem (including, without limitation, the Executive being available to Adtalem upon
              reasonable notice for interviews and factual investigations, appearing at Adtalem’s request to give testimony without requiring service of a subpoena or other legal process, providing to Adtalem all pertinent information and turning over to
              Adtalem all relevant documents which are or may come into the Executive's possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments). In the event Adtalem requires
              the Executive’s cooperation in accordance with this Section 27, Adtalem will pay the Executive a reasonable per diem as determined by the Board and agreed to by the Executive and reimburse the Executive for reasonable expenses incurred in
              connection therewith (including lodging and meals, upon submission of receipts).

        

      

      

      

      
        
          28. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of Adtalem and the Executive or pursuant to Section 17, and no course of conduct or course of dealing or failure or delay
              by any Party hereto in enforcing or exercising any of the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

        

      

      

      

      * * * * *

       

      

      
        
          

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      IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

       

        

      	 	ADTALEM GLOBAL EDUCATION INC.  

            
	 	 
	 	 
	 	By: 

            	/s/ Stephen W. Beard 

                
	 	Printed: Stephen W. Beard   
	 	Title: President and Chief Executive Officer  

            

      

      

      
         

          

        	 	EXECUTIVE
	 	 
	 	 
	 	By: 

              	/s/ Michael Betz
	 	Printed: Michael Betz  

      

      
         

        

        
          
            

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        APPENDIX I

        

        

        DEFINITIONS

        

        

        “Accrued Benefits”
          means (a) Base Salary earned through the Termination Date; (b) except in the event of a termination by Adtalem with Cause, the balance of any awarded (i.e., the amount and payment of the specific award has been fully approved by the Board) but as
          yet unpaid, annual cash incentive or other incentive awards for any fiscal year prior to the fiscal year during which the Executive’s Termination Date occurs; (c) a payment representing the Executive’s accrued but unused vacation; and (d)
          anything in this Agreement to the contrary notwithstanding, (i) the payment of any vested, but not forfeited, benefits as of the Termination Date under Adtalem’s employee benefit and incentive plans payable in accordance with the terms of such
          plans and (ii) the availability of such benefit continuation and conversion rights to which Executive is entitled in accordance with the terms of such plans.

         

        

        “Affiliates” means any
          company, directly or indirectly, controlled by, controlling or under common control with Adtalem, including, but not limited to, Adtalem’s subsidiary entities, parent, partners, joint ventures, and predecessors, as well as its successors and
          assigns.

        

        

        “Base Salary” means the amount specified in
          Section 3(a) of the Agreement, as adjusted from time to time.

         

        

        “Board” means the Board of Directors of
          Adtalem Global Education Inc.

        

        

        “Business” means (a) the provision of
          educational services to individuals at the secondary through post-secondary levels of education and/or training services to individuals seeking professional certifications or professional education by (i) a market funded institution offering
          degree and non-degree programs (ii) at classroom locations in multiple states and/or through an online curriculum delivery mechanism, and (b) any other business directly engaged in by Adtalem and its Affiliates during the Employment Period.

        

        

        “Cause” means (i) the commission of a
          felony or other crime involving moral turpitude or the commission of any other act or omission involving misappropriation, dishonesty, fraud, illegal drug use or breach of fiduciary duty, (ii) willful failure to perform duties as reasonably
          directed by the CEO, (iii) the Executive’s gross negligence or willful misconduct with respect to the performance of the Executive’s duties hereunder, (iv) obtaining any personal profit not fully disclosed to and approved by the Board in
          connection with any transaction entered into by, or on behalf of, Adtalem, or (v) any other material breach of this Agreement or any other agreement between the Executive and Adtalem.

        

        

        “CEO” means the President and Chief
          Executive Officer of Adtalem Global Education Inc.

      

      

      

      

      
        
          

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      “Change in Control”
        means such term as defined in the Adtalem Global Education Inc. Incentive Plan of 2013.

      

      

      “Change in Control Period”
        means the period commencing on the date of a Change in Control and ending on the twelve (12) month anniversary of such date.

      

      

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

      

      

      “Code of Business Conduct and Ethics” means
        such code as maintained by Adtalem Global Education Inc., as amended from time to time.

      

      

      “Compensation Committee” means that committee
        of the Board which shall have authority over the compensation (cash and non-cash) of certain aspects of Adtalem, including, but not limited to, all officers and executives of Adtalem, including Adtalem’ s CEO and all option grants for any employee,
        executive, officer, director or consultant of Adtalem.

      

      

      “Copyright Act” means the United States
        Copyright Act of 1976, as amended.

       

      

      “Customer” means any Person:

       

      

      
        
          (a) who purchased products or services from Adtalem or any of
            its Affiliates during the twelve (12) month period prior to the date of termination of the Executive's employment; or

        

      

      

      

      
        
          (b) to whom Adtalem or any of its Affiliates solicited the
            sale of its products or services during the twelve (12) month period prior to the date of termination of the Executive’s employment.

        

      

      

      

      “Good Reason” means, without the Executive’s
        consent, (i) material diminution in title, duties, responsibilities or authority; (ii) reduction of Base Salary, MIP Target or employee benefits except for across-the-board changes for executives at the Executive’s level; (iii) exclusion from
        executive benefit/compensation plans; (iv) material breach of the Agreement that Adtalem has not cured within thirty (30) days after the Executive has provided Adtalem notice of the material breach which shall be given within sixty (60) days of the
        Executive’s knowledge of the occurrence of the material breach; (v) requirement to relocate to an employment location more than 50 miles from Executive’s current employment location or (vi) resignation in compliance with securities, corporate
        governance or other applicable law (such as the US Sarbanes-Oxley Act) as specifically applicable to such Executive.

      

      

      “MIP Award” means the amount actually awarded
        Executive under Adtalem’s annual Management Incentive Plan, as in effect from time to time, upon the achievement of specific Adtalem-wide and personal performance goals of the Executive that will be determined each fiscal year by the CEO and/or the
        Compensation Committee as necessary and appropriate to comply with Adtalem policy.

      
        
           

          

        

        
          

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      “MIP Target” means the
        percentage of Executive’s Base Salary established as the target under Adtalem’s Management Incentive Plan as adjusted from time to time.

      

      

      “Permanent Disability”
        means mental, physical or other illness, disease or injury, which has prevented the Executive from substantially performing Executive’s duties hereunder for the greater of: (a) the eligibility waiting period under the Adtalem long term disability
        program in which he/she participates, if any, (b) an aggregate of six (6) months in any twelve (12) month period, or (c) a period of three (3) consecutive months.

      

      

      “Person” means any natural person,
        corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship, other business organization, trust, union, association or governmental or regulatory entities, department, agency or authority.

      

      

      “Release” means the waiver and release
        agreement attached hereto as Exhibit A.

      

      

      “Restricted Area” means (a) throughout the
        world, but if such area is determined by judicial action to be too broad, then it means (b) within North America, but if such area is determined by judicial action to be too broad, then it means (c) within the continental United States, but if such
        area is determined by judicial action to be too broad, then it means (d) within any state in which Adtalem and its Affiliates is engaged in Business.

      

      

      “Termination Date” means
        the last day of Executive’s employment with Adtalem Global Education Inc.

      
        
           

          

        

        
          

          500 West Monroe St • Chicago, IL • 60661 • T: 312-651-1400 • adtalem.comEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 FIRST
SUPPLEMENTAL INDENTURE 
 FIRST SUPPLEMENTAL INDENTURE (“Supplemental Indenture”), dated as of May 23, 2022, among
Zynga Inc., a Delaware corporation (the “Company”), Zebra MS II, Inc. (the “Successor Company”), Take-Two Interactive Software, Inc., a Delaware corporation (“Take-Two”), and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the
Company and the Trustee are parties to an Indenture, dated as of June 14, 2019 (the “Indenture”), pursuant to which the Company issued its 0.25% Convertible Senior Notes due 2024 (the “Notes”); 

WHEREAS, on January 9, 2022, the Company, Take-Two, Zebra MS I, Inc., a Delaware corporation and
wholly owned subsidiary of Take-Two (“Merger Sub 1”), and the Successor Company, entered into an Agreement and Plan of Merger (as amended by the First Amendment to the Agreement and Plan of
Merger, dated as of March 10, 2022, and the Second Amendment to the Agreement and Plan of Merger, dated as of May 4, 2022, the “Merger Agreement”); 

WHEREAS, pursuant to the Merger Agreement, Merger Sub 1 will merge with and into the Company with the Company continuing as the surviving
corporation and as a wholly-owned subsidiary of Take-Two (the “First Merger”), and immediately following the First Merger, the Company will merge with and into the Successor Company with the
Successor Company continuing as the surviving corporation and as a wholly-owned subsidiary of Take-Two (the “Second Merger”, and together with the First Merger, the
“Combination”); 
 WHEREAS, at the effective time of the Combination (the “Effective Time”), each share of
Class A common stock, par value $0.00000625 per share, of the Company (“Company Common Stock”), issued and outstanding immediately prior to the Effective Time (other than (i) shares of Company Common Stock owned or held in
treasury and (ii) Company Common Stock with respect to which appraisal rights are properly exercised and not withdrawn under Delaware law) will be converted into the right to receive 0.0406 shares of common stock, $0.01 par value per share, of Take-Two (“Take-Two Common Stock,” and the shares received, the “Share Consideration”) and $3.50 in cash, without interest and less any
withholding taxes (the “Cash Consideration,” and together with the Share Consideration, the “Merger Consideration”); 

WHEREAS, Section 11.02 of the Indenture provides that the Company shall not consolidate with, merge with or into, or sell, convey,
transfer or lease all or substantially all of the consolidated properties and assets of the Company and its Subsidiaries, taken as a whole, to another Person unless, among other things, the resulting, surviving or transferee Person shall expressly
assume by supplemental indenture all of the obligations of the Company under the Notes and the Indenture; 

 WHEREAS, as a result of the Combination, the separate existence of the Company will cease,
and the Successor Company will continue as the surviving corporation, and pursuant to this Supplemental Indenture, the Successor Company will expressly assume all of the obligations of the Company under the Notes and the Indenture in accordance with
Section 11.02 of the Indenture; 
 WHEREAS, the Combination constitutes a Share Exchange Event under Section 14.07(a)(ii) of the
Indenture; 
 WHEREAS, Section 14.07(a) of the Indenture provides, among other things, that, upon the occurrence of a Share Exchange
Event, the Company shall execute with the Trustee a supplemental indenture permitted under Section 10.01(i) of the Indenture providing that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000
principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a Holder of
a number of shares of Company Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the “Reference Property”) upon such Share Exchange Event;
provided, however, that at and after the effective time of such Share Exchange Event (A) the Successor Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon
conversion of Notes in accordance with Section 14.02 of the Indenture and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with such Section 14.02 shall continue to be payable in cash, (II) any
Company Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with such Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a Holder of that number
of shares of Company Common Stock would have been entitled to receive in such Share Exchange Event and (III) the Daily VWAP shall be calculated based on the value of a Unit of Reference Property; 

WHEREAS, Take-Two wishes to fully and unconditionally guarantee all of the obligations of the
Successor Company under the Notes and the Indenture (the “Guarantee”); 
 WHEREAS, in accordance with Section 10.01(b)
of the Indenture, the Company, the Successor Company and the Trustee may enter into this Supplemental Indenture without the consent of any Holder, to provide for the assumption by a Successor Company of the obligations of the Company under the
Indenture pursuant to Article 11 of the Indenture; 
 WHEREAS, in accordance with Section 10.01(c) of the Indenture, the Company, the
Successor Company and the Trustee may enter into this Supplemental Indenture without the consent of any Holder, to add guarantees with respect to the Notes; 

WHEREAS, in accordance with Section 10.01(i) of the Indenture, the Company, the Successor Company and the Trustee may enter into this
Supplemental Indenture without the consent of any Holder to provide that the Notes are convertible into Reference Property, subject to the provisions of Section 14.02 of the Indenture, and to make such related changes to the terms of the Notes
to the extent expressly required by Section 14.07 of the Indenture; 
 WHEREAS, each of the Company and the Successor Company have,
pursuant to Sections 10.05, 11.03, 14.07(b) and 17.05 of the Indenture, heretofore delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel; and 

  
 2 

 WHEREAS, all conditions for the execution and delivery of this Supplemental Indenture have
been complied with or have been done or performed. 
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of all Holders of the Notes as follows:

 ARTICLE 1. 
 DEFINITIONS

 Section 1.01. General. Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Indenture. 
 Section 1.02. Unit of Reference Property. “Unit of Reference
Property” shall mean 0.0406 shares of Take-Two Common Stock and $3.50 in cash, without interest, plus cash in lieu of any fractional shares of Take-Two Common
Stock. 
 ARTICLE 2. 

MODIFICATIONS TO INDENTURE 

Section 2.01. Assumption. Pursuant to, and in compliance and in accordance with, Section 11.02 of the
Indenture, the Successor Company hereby expressly and unconditionally assumes all of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be,
of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Company. 

Section 2.02. Successor Corporation Substituted. In accordance with Section 11.02 of the Indenture, upon
the Effective Time of the Combination, the Successor Company shall succeed to, and shall be substituted for the Company under the Indenture and the Notes, with the same effect as if the Successor Company had been named in the Indenture as the party
of the first part. 
 Section 2.03. Conversion Right. Pursuant to Section 14.07 of the Indenture, as a
result of the Combination: (a) at and after the Effective Time, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the number of units of Reference Property
equal to the Conversion Rate in effect immediately prior to the Effective Time; (b) at and after the Effective Time (i) the Successor Company shall continue to have the right to determine the Settlement Method applicable upon conversion of
Notes in accordance with Section 14.02 of the Indenture and (ii)(A) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 of the Indenture shall continue to be payable in cash, (B) any shares of
Company Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 of the Indenture shall instead be deliverable in units of Reference Property, and (C) the Daily VWAP
shall be calculated based on the value of a Unit of Reference Property; (c) the definitions of “Scheduled Trading Day,” “Trading Day” and “Market Disruption Event” shall be determined by reference to Take-Two Common Stock; and (d) the provisions of the Indenture, as modified herein, including without limitation, (i) all references and provisions respecting the terms “Common Stock,”
“Conversion Price,” “Conversion Rate,” and “Last Reported Sale Price” and (ii) the provisions of Article 14 of the Indenture shall continue to apply, mutatis mutandis, to the Holders’ right to convert
each Note into Reference Property. 

  
 3 

 Section 2.04. Anti-Dilution Adjustments. As and to the
extent required by Section 14.07(a) of the Indenture, the Conversion Rate shall be subject to anti-dilution and other adjustments with respect to the portion of Reference Property constituting Take-Two
Common Stock that shall be as nearly equivalent as is possible to the adjustments provided for in Article 14 of the Indenture. 

Section 2.05. Repurchase of Notes at Option of Holders. References to the “Company” and to
“Common Stock” in the definition of “Fundamental Change” in Section 1.01 of the Indenture shall instead be references to “Take-Two” and
“Take-Two Common Stock,” respectively. Except as amended hereby, the purchase rights set forth in Article 15 of the Indenture shall continue to apply. 

ARTICLE 3. 
 GUARANTEE 

Section 3.01. Note Guarantee. Take-Two hereby fully, unconditionally
and irrevocably guarantees on a senior unsecured basis, to each Holder of Notes and to the Trustee and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at the
Maturity Date, by acceleration or otherwise, and all other monetary obligations of the Company under the Indenture and the Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company
with respect to the Notes under the Indenture and the Notes (all such obligations set forth in clauses (a) and (b) above being hereinafter collectively called the “Guaranteed Obligations”; and the guarantee of the
Guaranteed Obligations is hereinafter called the “Note Guarantee”). Take-Two further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or
further assent from Take-Two and that Take-Two will remain bound under this Supplemental Indenture notwithstanding any extension or renewal of any Guaranteed Obligation.

 Take-Two waives presentation to, demand of, payment from and protest to the Company of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment. Take-Two waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of
Take-Two hereunder shall not be affected by (a) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company,
Take-Two or any other Person under the Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any obligation of the Company under the Indenture or any Note, by operation
of law or otherwise; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement; or (d) any change in the ownership of
Take-Two. 

  
 4 

 Take-Two further agrees that its Note Guarantee
herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed
Obligations. 
 Take-Two further agrees that its Note Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or
reorganization of the Company or otherwise. 
 Take-Two also agrees to pay any and all costs and
expenses (including reasonable attorneys’ fees, including court costs) incurred by the Trustee or any Holder in enforcing any rights under this Section 3.01. 

Section 3.02. Release of Guarantor. The Note Guarantee of Take-Two
will be released with respect to the Notes under this Supplemental Indenture without any further action required on the part of the Trustee, the Paying Agent, the Conversion Agent or any Holder if the Company satisfies and discharges its obligations
under the Notes in accordance with Article 3 of the Indenture. 
 ARTICLE 4. 

ACCEPTANCE OF SUPPLEMENTAL INDENTURE 

Section 4.01. Trustee. The Trustee makes no representation as to and shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. The recitals shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. All of the
provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though fully set forth
in full herein. 
 ARTICLE 5. 

MISCELLANEOUS PROVISIONS 

Section 5.01. Confirmation of Indenture. The Indenture, as supplemented and amended by this Supplemental
Indenture, is in all respects ratified and confirmed, and the Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 5.02. Headings. The titles and headings of the articles and sections of this Supplemental Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 5 

 Section 5.03. Execution in Counterparts. This Supplemental
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature
pages by facsimile or PDF transmission and any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
This Supplemental Indenture (and to any document executed in connection with this Supplemental Indenture) shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by
means of (a) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”); (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed,
scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no
liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental
Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used
for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

Section 5.04. Governing Law; Jurisdiction. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

Each of the Company, the Successor Company and Take-Two irrevocably consents and agrees, for the
benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Supplemental Indenture
may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably
consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of
its properties, assets and revenues.
 Each of the Company, the Successor Company and Take-Two
irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this
Supplemental Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

  
 6 

 Section 5.05. Severability. In the event any provision of
this Supplemental Indenture shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 5.06. Waiver of Jury Trial. EACH OF THE COMPANY, THE SUCCESSOR COMPANY, TAKE-TWO AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL
INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	 ZYNGA INC.

		
	 By:
	 	 /s/ Gerard Griffin

		 	Name: Gerard Griffin
		 	Title: Chief Financial Officer
	
	 ZEBRA MS II, INC.

		
	 By:
	 	 /s/ Matthew Breitman

		 	Name: Matthew Breitman
		 	Title: Vice President
	
	 TAKE-TWO INTERACTIVE SOFTWARE,
INC.

		
	 By:
	 	 /s/ Matthew Breitman

		 	Name: Matthew Breitman
		 	Title: Senior Vice President & General Counsel Americas
	
	 COMPUTERSHARE TRUST COMPANY, N.A., AS TRUSTEE

		
	 By:
	 	 /s/ Jill Melhus

		 	Name: Jill Melhus
		 	Title: Assistant Vice President

 [Signature Page to First Supplemental Indenture – 2024 Notes]

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