Document:

Exhibit 10.1
    

    

    

    
      DEVRY INC.
EXECUTIVE EMPLOYMENT AGREEMENT

    

    
      THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”)
      is made and entered into as of September 9, 2009 (the “Effective
      Date”), by and between DeVry Inc. (“DeVry”),
      and William B. Hughson (the “Executive”).  DeVry 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.  DeVry will employ the
      Executive, and the Executive hereby accepts employment with DeVry, 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, Medical
      and Healthcare Group and Sr. Vice President, DeVry Inc. 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 DeVry
      in DeVry’s industry.  The Executive shall report to the CEO or the CEO’s
      designee.  In this trusted, executive position, the Executive will be
      given access to DeVry’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 DeVry’s Code of Business Conduct
      and Ethics.
    

    
      3.  Compensation.
    

    
      (a)  Base Salary.  The Executive shall receive a
      yearly Base Salary under this Agreement established as of the Effective
      Date.  The Executive’s Base Salary will be paid by DeVry in
      substantially equal bi-monthly installments.  The Base Salary will be
      reviewed annually 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 DeVry 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 DeVry.
    

    
      
        

        

      

      
        
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      (b)  Equity Awards.  In addition to the Base
      Salary, the Executive shall be eligible for annual equity awards, as
      determined by DeVry, the Board and/or Compensation Committee as
      necessary and appropriate to comply with DeVry policy, applicable law,
      or exchange listing requirements, under DeVry’s equity award plan(s)
      covering executives at the Executive’s level, as in effect from time to
      time.
    

    
      4.  Management Incentive.  In addition to the
      Base Salary, the Executive will be eligible to receive an annual MIP
      Target payment under DeVry’s annual Management Incentive Plan, as in
      effect from time to time, upon the achievement of specific DeVry-wide
      and personal performance goals that will be determined each fiscal year
      by the Executive’s direct supervisor and/or the Compensation Committee
      as necessary and appropriate to comply with DeVry 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.  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 DeVry’s fiscal
      year in which the MIP Award was earned.
    

    
      5.  Vacation.  The Executive will be entitled to
      the number of weeks of vacation each fiscal year equal to that of other
      executives at the Executive’s level.
    

    
      6.  Benefits.
    

    
      (a)  Other Benefit Plans and Programs.  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 DeVry 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.  DeVry, however, shall have the right in its sole discretion to
      modify, amend or terminate such benefit plans and/or perquisite programs
      at any time.  DeVry 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 DeVry’s policies and procedures in effect from time to
      time.
    

    
      7.  Relocation Expenses.  In accordance with the
      DeVry Inc. Executive Relocation Policy as in effect July 1, 2009,
      attached hereto as Exhibit B.
    

    
      8.  Termination.
    

    
      (a)  When Does Termination Occur.  The
      Executive’s employment with DeVry 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 DeVry at any time with or without
      Cause.  Except as otherwise provided herein, any termination of the
      Employment Period by DeVry 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 DeVry is
      terminated during the Employment Period by DeVry 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 DeVry shall be deemed a
      resignation by Executive without Good Reason.
    

    
      
        

        

      

      
        
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      (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
      DeVry, the Executive will be entitled to the Accrued Benefits payable 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 DeVry thereafter, other than those previously earned under
      any of DeVry’s retirement plans or expressly required under applicable
      law.
    

    
      (c)  Termination by DeVry With Cause or By the Executive
      Without Good Reason.  If the Employment Period is terminated by
      DeVry 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 DeVry thereafter, other than those previously earned under
      any of DeVry’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 DeVry Without Cause or By the
      Executive With Good Reason.  If:
    

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

    
      (ii)  the Executive executes a 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:
    

    
      (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 MIP Target, which shall be
      payable in eighteen (18) equal monthly payments commencing with the
      first payroll period following the date the Release becomes legally
      effective; and
    

    
      
        

        

      

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

    
      (I)  Pro-Rated MIP Award.  Provided that
      Executive has been employed for not less than six (6) months during the
      fiscal year during which Executive’s Termination Date occurs, payment of
      a pro-rated MIP Award pursuant to Section 4 (based on the number of days
      in the fiscal year which have passed divided by 365) based upon
      accomplishment of the relevant performance targets for the relevant
      fiscal year which includes the Executive’s Termination Date, which MIP
      Award shall be payable in a lump sum payment at the time all other MIP
      Awards for such fiscal year are paid to the other DeVry senior
      executives;
    

    
      (II)  Health Continuation.  Eighteen (18) 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 DeVry commencing with the first payroll period following
      the Executive’s termination of employment and continuing until the
      earlier of (1) the eighteen (18) 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, DeVry 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; and
    

    
      (III)  Outplacement Services.  DeVry shall, at
      its sole expense, provide the Executive with a nine (9) month senior
      executive level outplacement program the provider of which shall be
      selected by DeVry in DeVry’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 DeVry 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 DeVry
      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 DeVry, if Executive’s employment with DeVry is
      terminated for any reason, DeVry 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 DeVry to
      Executive.
    

    
      
        

        

      

      
        
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      9.  Change in Control.  
    

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

    
      (i)  during the Change in Control Period, DeVry 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:
    

    
      (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 two (2) times the sum of Executive’s Base Salary (at the
      rate then in effect) plus MIP Target, which shall be payable in
      twenty-four (24) 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 (II)
      the reference to “eighteen (18) months” shall be changed to “twenty-four
      (24) months” and in subsection (III) the reference to “nine (9) month”
      shall be changed to “twelve (12) months.”
    

    
      (b)  Obligations of DeVry upon Executive’s Death.  If
      the Executive’s employment is terminated by reason of the Executive’s
      death during the Change in Control Period, DeVry 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 DeVry 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, DeVry 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 DeVry upon Executive’s Termination
      Without Good Reason or DeVry’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, DeVry 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.
    

    
      
        

        

      

      
        
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      (e)  Anticipatory Change in Control.  If a
      Change in Control occurs and if the Executive’s employment with DeVry
      was terminated by DeVry 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 DeVry
      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.
    

    
      10.  Confidential Information.
    

    
      (a)  The Executive recognizes and acknowledges that the continued
      success of DeVry 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 the entire universe of DeVry’s
      Confidential Information (as defined below in Section 10(b)), as well as
      certain confidential information of other Persons with which DeVry and
      its Affiliates do business, and that such information constitutes
      valuable, special and unique property of DeVry, its Affiliates and such
      other Persons.
    

    
      (b)  Confidential Information.  For purposes of this
      Agreement, DeVry’s “Confidential Information”
      shall include DeVry 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 DeVry or its Affiliates’ business
      and relates to the actual or anticipated business, research or
      development of DeVry, its Affiliates or DeVry and its Affiliates’ actual
      or prospective Customers; or (b) is suggested by or results from any
      task assigned to the Executive by DeVry or its Affiliates, or work
      performed by the Executive for or on behalf of DeVry or its
      Affiliates.  Confidential Information shall not be considered generally
      known to the public if the Executive or others improperly reveal such
      information to the public without DeVry or its Affiliates’ express
      written consent and/or in violation of an obligation of confidentiality
      owed to DeVry or its Affiliates.  Confidential Information includes,
      without limitation, the information, observations and data obtained by
      the Executive while employed by DeVry concerning the business or affairs
      of DeVry or its Affiliates, including information concerning acquisition
      opportunities in or reasonably related to DeVry 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 DeVry 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.  
    

    
      
        

        

      

      
        
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      (c)  The Executive agrees to use DeVry’s Confidential Information only
      as necessary and only in connection with the performance of Executive’s
      duties hereunder.  The Executive shall not, without DeVry’s prior
      written permission, directly or indirectly, utilize for any purpose
      other than for a legitimate business purpose solely on behalf of DeVry
      or its Affiliates, or directly or indirectly, disclose outside of DeVry
      or outside of the Affiliates, any of DeVry’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
      DeVry’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 of criminal wrongdoing to law
      enforcement or prohibit the Executive from divulging DeVry’s
      Confidential Information by order of court or agency of competent
      jurisdiction.  However, the Executive shall promptly inform DeVry of any
      such situations and shall take such reasonable steps to prevent
      disclosure of DeVry’s Confidential Information until DeVry or its
      relevant Affiliates have been informed of such requested disclosure and
      DeVry has had an opportunity to respond to the court or agency.
    

    
      (d)  The Executive understands that DeVry and its Affiliates will
      receive from third parties confidential or proprietary information ("Third
      Party Information") subject to a duty on DeVry 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
      strictest confidence and will not disclose to anyone (other than
      personnel and consultants of DeVry and its Affiliates who need to know
      such information in connection with their work for DeVry or its
      Affiliates) 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 DeVry 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 DeVry 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 DeVry 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 DeVry or its
      Affiliates, whether confidential or not, are the property of DeVry and
      its Affiliates.  The Executive will immediately deliver to DeVry at the
      termination or expiration of the Employment Period, 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 DeVry  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 DeVry or its
      Affiliates, which Executive may then possess or have under Executive’s
      control.  The Executive will take any and all actions reasonably deemed
      necessary or appropriate by DeVry 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
      DeVry 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 DeVry 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 DeVry or an Affiliate (collectively, the "Work
      Product") belong to DeVry.  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 DeVry 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 DeVry 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 DeVry pursuant to this
      Agreement.  The Executive will promptly disclose and deliver such Work
      Product to DeVry and, at DeVry's expense, perform all actions reasonably
      requested by DeVry (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 DeVry will be presumed to have been conceived during the
      Executive's employment with DeVry, 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 DeVry, Executive has, and will continue to,
      become familiar with DeVry's Confidential Information, methods of doing
      business, business plans and other valuable proprietary information
      concerning DeVry, its Affiliates, and their customers and suppliers and
      that Executive’s services have been and will be of special, unique and
      extraordinary value to DeVry and its Affiliates.  The Executive agrees
      that, during the Employment Period and continuing for, as applicable,
      (i) eighteen (18) months thereafter, regardless of the reason for the
      termination of Executive's employment other than under Section 9(a)
      above or (ii) twenty-four (24) months in the event of a termination
      under Section 9(a) above (the "Restricted Period"),
      the Executive will not, directly or indirectly, anywhere in 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 DeVry 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 DeVry 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 DeVry; or
    

    
      (ii)  provide services to any person or entity that engages in any
      business that is similar to, or competitive with DeVry or its
      Affiliates’ Business if doing so would require the Executive to use or
      disclose DeVry’s Confidential Information.
    

    
      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 or enter into any business
      relationship with, any Person who is or was an employee of or consultant
      to DeVry or its Affiliates within the twelve (12) month period
      immediately preceding the termination of Executive's employment,
      (ii) induce or attempt to induce any person who is or was an employee
      of, or consultant to, DeVry or its Affiliates within the twelve (12)
      month period immediately preceding the termination of Executive's
      employment, to leave the employ of DeVry or the relevant Affiliates, or
      in any way interfere with the relationship between DeVry, its Affiliates
      and any of their employees or consultants, (iii) employ or retain or
      enter into any business relationship with any person who was an employee
      of or consultant to DeVry or its Affiliates within the twelve (12) month
      period immediately preceding the termination of Executive's employment,
      or (iv) recommend the hiring of, or provide a reference for any person
      who was an employee of or consultant to DeVry or its Affiliates
      (provided, however that the Executive may hire former employees and
      consultants to DeVry and its Affiliates after such former employees or
      consultants have ceased to be employed or otherwise engaged by DeVry 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 or product similar
      to, or competitive with, the services or products sold by DeVry or its
      Affiliates as of the date of the termination of Executive's employment,
      or (ii) in any way interfere with the relationship between DeVry, its
      Affiliates and any Customer, supplier, licensee or other business
      relation (or any prospective Customer, supplier, licensee or other
      business relationship) of DeVry or its Affiliates (including, without
      limitation, by making any negative or disparaging statements or
      communications regarding DeVry, its Affiliates or any of their
      operations, officers, directors or investors).  This non-solicitation
      provision applies to those Customers, suppliers, licensees or other
      business relationships of DeVry 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 DeVry'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 had access to 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.
    

    
      
        

        

      

      
        
          9
        

        
          

        

      

      
        

        

      

    

    
      (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 DeVry and its Affiliates.  In particular, the Executive
      agrees and acknowledges that DeVry is currently engaging in Business and
      actively marketing its services and products throughout the Restricted
      Area, that Executive's duties and responsibilities for DeVry and/or its
      Affiliates are co-extensive with the entire scope of DeVry's Business,
      that DeVry has spent significant time and effort developing and
      protecting the confidentiality of their 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 DeVry 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
      DeVry, whether predicated on this Agreement or otherwise, will not
      constitute a defense to the enforcement by DeVry of the provisions of
      Sections 10, 11, 12 or this Section 13, which Sections will be
      enforceable notwithstanding the existence of any breach by
      DeVry.  Notwithstanding the foregoing, the Executive will not be
      prohibited from pursuing such claims or causes of action against
      DeVry.  The Executive consents to DeVry 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,
      DeVry, 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
      DeVry’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 DeVry’s failure
      to seek enforcement of any restrictive covenant under this Agreement
      shall be deemed a consent or waiver by DeVry of any subsequent breach of
      this Agreement by the Executive and DeVry 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 DeVry.
    

    
      
        

        

      

      
        
          10
        

        
          

        

      

      
        

        

      

    

    
      14.  Executive’s Representations. [RESERVED].
    

    
      15.  Survival.  Any provisions 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:
          

        
	

        	
           
        
	

        	
          William B. Hughson
        
	

        	
          At such home address which is currently on record with DeVry
        
	

        	
           
        
	

        	
          
            Notices to DeVry:
          

        
	

        	
           
        
	

        	
          DeVry Inc.
        
	

        	
          Attn: President and Chief Executive Officer
        
	

        	
          One Tower Lane
        
	

        	
          Oakbrook Terrace, IL 60181
        
	

        	
           
        
	

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

        
	

        	
           
        
	

        	
          Eugene Jacobs, Esq.
        
	

        	
          Seyfarth Shaw LLP
        
	

        	
          131 S. Dearborn Street, Suite 2400
        
	

        	
          Chicago, IL 60603
        

    

    

    

    
      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.
    

    
      
        

        

      

      
        
          11
        

        
          

        

      

      
        

        

      

    

    
      18.  Complete Agreement.  This Agreement,
      along with the offer letter (Exhibit A) and attachments (Exhibits B and
      C) from DeVry Inc. dated July 9, 2009, 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, DeVry 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 DeVry.  DeVry 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 DeVry 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
      24 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.
    

    
      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 DeVry 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 nonsolicitation) 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 DeVry 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 24 does not apply to any action by
      DeVry to enforce Sections 10, 11, 12 and 13 of this Agreement and does
      not in any way restrict DeVry’s rights under Section 22 of this
      Agreement.
    

    
      
        

        

      

      
        
          12
        

        
          

        

      

      
        

        

      

    

    
      24.  Mutual Waiver of Jury Trial.  IN THE
      EVENT OF LITIGATION AS PERMITTED UNDER SECTION 22 (AND SUBJECT TO
      SECTION 23) OF THIS AGREEMENT, DEVRY 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.  DEVRY 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 DeVry’s charter and by-laws, to the extent permitted by
      applicable law, DeVry will indemnify, from the assets of DeVry
      supplemented by insurance in an amount determined by DeVry, 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 DeVry 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 DeVry 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 DeVry or any
      subsidiary or affiliate of DeVry of the Executive as an officer,
      director or employee of DeVry or of any subsidiary or affiliate of
      DeVry.  DeVry 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
      DeVry arising under this Section 25.
    

    
      26.  Nondisparagement. Executive agrees
      that during the Employment Period, the Executive shall not make or
      publish any statements or comments that disparage or injure the
      reputation or goodwill of DeVry 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 DeVry, 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.
    

    
      
        

        

      

      
        
          13
        

        
          

        

      

      
        

        

      

    

    
      27.  Assistance in Proceedings. During
      the Employment Period and thereafter, the Executive will cooperate with
      DeVry in any internal investigation or administrative, regulatory or
      judicial proceeding as reasonably requested by DeVry (including, without
      limitation, the Executive being available to DeVry upon reasonable
      notice for interviews and factual investigations, appearing at DeVry’s
      request to give testimony without requiring service of a subpoena or
      other legal process, volunteering to DeVry all pertinent information and
      turning over to DeVry 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 DeVry requires the Executive’s
      cooperation in accordance with this Section 27, DeVry will pay the
      Executive a reasonable per diem as determined by the Board 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 DeVry 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.  
    

    
      *    *    *    *    *
    

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

    

    

    
    	
           
        	
          
            DEVRY INC.
          

        
	

        	
           
        
	

        	
          
            By: /s/ Daniel M. Hamburger
          

        
	

        	
           
        
	

        	
          Printed: Daniel M. Hamburger
        
	

        	
          Title: President and Chief Executive Officer
        
	

        	
           
        
	

        	
          
            EXECUTIVE
          

        
	

        	
           
        
	

        	
          
            /s/ William B. Hughson
          

        
	

        	
          Printed: William B. Hughson
        

    

    

    

    
      
        

        

      

      
        
          14
        

        
          

        

      

      
        

        

      

    

    
      APPENDIX I
    

    
      DEFINITIONS
    

    
      “Accrued Benefits” means (a) Base Salary earned
      through the Termination Date; (b) except in the event of a termination
      by DeVry 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 DeVry’s employee
      benefit 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
      DeVry, including, but not limited to, DeVry’s subsidiary entities,
      parent, partners, joint ventures, and predecessors, as well as its
      successors and assigns.
    

    
       “Board” means the Board of Directors of DeVry
      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 DeVry 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 or the CEO’s designee, (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, DeVry,
      or (v) any other material breach of this Agreement or any other
      agreement between the Executive and DeVry.
    

    
      “CEO” means the President and Chief Executive
      Officer of DeVry Inc.
    

    
      “Change in Control” means such term as defined in
      the DeVry Inc. Incentive Plan of 2005.
    

    
      “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 DeVry Inc., as amended from time to time.
    

    
      
        

        

      

      
        
          15
        

        
          

        

      

      
        

        

      

    

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

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

    
      “Customer” means any Person:
    

    
      (a)       who purchased products or services from DeVry 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 DeVry 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 DeVry has not cured
      within thirty (30) days after the Executive has provided DeVry 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; or (v)
      resignation in compliance with securities, corporate governance or other
      applicable law (such as the US Sarbanes-Oxley Act) as specifically
      applicable to such Executive.  For avoidance of doubt, a change in
      reporting relationship to the CEO’s designee shall not constitute “Good
      Reason.”
    

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

    
      “MIP Target” means the percentage of Executive’s
      Base Salary established as the target under DeVry’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 DeVry’s long term
      disability Plan, 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
      generally used by DeVry for executives, as amended from time to time.
    

    
      “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
      DeVry and its Affiliates is engaged in Business.
    

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

    

    

    

    

    
      

      

      

      

      

      

      

      

      

      

      168-K

EXHIBIT 10.1  

SECURITIES PURCHASE
AGREEMENT  

This SECURITIES PURCHASE AGREEMENT
(this “Agreement”) is made and entered into as of September 10, 2009, by and
between Global Energy, Inc., a Nevada corporation having an address for the purposes of
this Agreement at Moshe Aviv Tower, 46th floor, 7 Jabotinski Street, Ramat Gan 52520, (the
“Company”) and Yuval Ganot (by himself or a legal entity fully owned by him),
having an address at 35 Shaul Hamelech, Tel-Aviv (the “Investor”). 

	A. 	WHEREAS, the
Investor wishes to purchase from the Company, and the           Company wishes to sell
and issue to the Investor, upon the terms and conditions           stated in this
Agreement, up to 150,000,000 shares (the           “Shares” or the “Securities”)
of the           Company’s Common Stock, par value $0.001 per Share (the “Common
          Stock”); and 

	B. 	Subject
to the terms and conditions of this Agreement, and in reliance on the
          representations, warranties and covenants contained herein, the Company is
          selling, and the Investor is purchasing from the Company the Shares at the
          Closing and at the Subsequent Closings (as herein defined) for a purchase price
          of up to U.S. Dollars 1,500,000 (one and a half million U.S. Dollars) (the
          “Purchase Price”). 

NOW, THEREFORE, in
consideration of the mutual terms, conditions and other agreements set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree to
the sale and purchase of the Shares as set forth herein. 

	1.  	DEFINITIONS  

	 	
For
purposes of this Agreement, the terms set forth below shall have the corresponding
meanings provided below. 

	 	(a) 	“1933
Act” means the Securities Act of           1933, as amended. 

	 	(b) 	“1934
Act” means the Securities Exchange Act of           1934, as
amended. 

	 	(c) 	“Affiliate” shall
mean, with respect to any specified Person: 

	 	(i) 	if
such Person is an individual, the spouse of that Person and, if deceased or
          disabled, his heirs, executors, or legal representatives, if applicable, or any
          trusts for the benefit of such individual or such individual’s spouse
          and/or lineal descendants, or  

	 	(ii) 	otherwise,
another Person that directly, or indirectly through one or more           intermediaries,
controls, is controlled by, or is under common control with, the           Person
specified. As used in this definition, “control” shall           mean
the possession, directly or indirectly, of the power to cause the direction           of
the management and policies of a Person, whether through the ownership of
          voting securities or by contract or other written instrument.  

	 	(d) 	“Board”,
as defined in Section 6.3. 

	 	(e) 	“Business
Day” shall mean any day on which banks located in New           York City are
not required or authorized by law to remain closed. 

	 	(f) 	“Closing” and
“Closing Date” as defined in           Section 2.2. 

	 	(g) 	“Common
Stock” as defined in the recitals above. 

	 	(h) 	“Company
Financial Statements” as defined in Section 7.5           hereto. 

	 	(i) 	“Company’s
knowledge” means the actual knowledge of any of           the executive officers
(as defined in Rule 405 under the 1933 Act) of the           Company, after due inquiry. 

	 	(j) 	“ERISA” as
defined in Section 7.18 hereto. 

	 	(k) 	“Environmental
Laws” as defined in Section 7.12 hereto. 

	 	(l) 	“Escrow
Account”, as defined in Section 2.3 hereto. 

	 	(m) 	“Escrow
Agent” shall have the meaning ascribed to it in the           Escrow Agreement,
as such term is defined in sub-section (bb) below. 

	 	(n) 	“Intellectual
Property” means the Company’s patents,           patent applications,
provisional patents, trademarks, service marks, trade           names, trademark
registrations, service mark registrations, copyrights,           licenses, information,
formulae, mask works, customer lists, internet domain           names, know-how and other
intellectual property of any kind whatsoever, either           being potentially
registered or not, including trade secrets and other           unpatented and/or
unpatentable proprietary or confidential information, systems,           procedures or
registrations or applications relating to any of the foregoing. 

	 	(o) 	“Liens” means
any mortgage, lien, title claim, assignment,           encumbrance, security interest,
adverse claim, contract of sale, restriction on           use or transfer or other defect
of title of any kind. 

	 	(p) 	“Material
Adverse Effect” means a material adverse effect on: 

	 	(i) 	the
assets, liabilities, results of operations, condition (financial or           otherwise),
business, or prospects of the Company taken as a whole; or  

	 	(ii) 	the
ability of the Company to perform its obligations under the Transaction
          Documents.  

	 	(q) 	“OTCBB” shall
mean the Over-the-Counter Bulletin Board system. 

	 	(r) 	“Person” shall
mean an individual, entity, corporation,           partnership, association, limited
liability company, limited liability           partnership, joint-stock company, trust or
unincorporated organization. 

	 	(s) 	“Purchase
Price” as defined in the recitals above. 

	 	(t) 	“Regulation
D” as defined in Section 4.11 hereto. 

	 	(u) 	“Rule
144” as defined in Section 6.1 hereto. 

	 	(v) 	“SEC” means
the United States Securities and Exchange           Commission. 

	 	(w) 	“SEC
Documents” as defined in Section 7.5 hereto. 

	 	(x) 	“Securities” as
defined in the recitals above. 

	 	(y) 	“Shares” as
defined in the recitals above. 

	 	(z)	“Subsidiaries” shall
mean any corporation or other entity or           organization, whether incorporated or
unincorporated, in which the Company owns,           directly or indirectly, any
controlling equity or other controlling ownership           interest or otherwise
controls through contract or otherwise. 

	 	(aa)	“Subsequent
Closing” as defined in section 2.1 hereto. 

	 	(bb) 	“Transaction
Documents” shall mean this Agreement, all its           appendices, exhibits and
schedules, and a certain Escrow Deposit Agreement by           and between the Company,
the Investor and the Escrow Agent (the “Escrow           Agreement”),
and Investor Questionnaire (the           “Questionnaire”) enclosed
hereto. 

	 	(cc) 	“Transfer” shall
mean any sale, transfer, assignment,           conveyance, charge, pledge, mortgage,
encumbrance, hypothecation, security           interest or other disposition, or to make
or effect any of the above. 

	2. 	SALE
AND PURCHASE OF SHARES.

	 	2.1	Purchase
of Shares by the Investor. Subject to the terms and conditions of this Agreement, on
the Closing Date (as hereinafter defined) and on the 15th day of each calendar month
subsequent to the Closing Date, for a period of sixteen (16) months (each such day, a “Subsequent
Closing”), the Investor shall purchase, and the Company shall sell to the
Investor, a total aggregate amount of up to 150,000,000 but not less than 100,000,000
Shares in exchange for the Purchase Price. Notwithstanding, the Investor may, at his sole
and absolute discretion and with no need to show any cause, elect not to purchase all or
part of the portion of the Purchase Shares scheduled to be transferred on the final (16th)
Subsequent Closing (50,000,000 Shares). The Purchase Price amount to be paid to the
Company by the Investor at the Closing, and thereafter at each Subsequent Closing, except
the 15th and 16thSubsequent Closings will be equal to $60,000. The
Purchase Price amount to be paid to the Company by the Investor at the 15th Subsequent
Closing will be equal to $100,000. The Purchase Price amount to be paid to the Company by
the Investor at the final Subsequent Closing will be $500,000, or a portion thereof,
based on the effective purchase price specified below and the number of Shares the
Investor will wish to purchase on such Closing. Notwithstanding the above, the number of
Shares to be issued by the Company to the Investor at the Closing shall be 5,400,000. The
additional 600,000 Shares shall be held in escrow by the Escrow Agent, and shall be
released to the Investor at the 15th Subsequent Closing, subject to the
completion of an investment amount of $1,000,000 by the Investor at such Closing. At
Closing, the Company shall issue and deposit with the Escrow Agent 144,600,000 Shares,
which shall be released by the Escrow Agent to the Investor as follows: (1) at each
Subsequent Closing, except the 15th and 16th Subsequent Closings
– 5,400,000 Shares; (2) at the 15th Subsequent Closing (and subject to
the completion of an investment amount of $1,000,000 by the Investor at such Closing)
– 15,000,000 Shares; and (3) at the 16th Subsequent Closing – up to
50,000,000 Shares. The effective purchase price per one Common Stock in this Agreement is
one cent ($0.01). 

	 	2.2	Closings. Subject
to the terms and conditions set forth in this Agreement, the Company shall issue and sell
to the Investor, and the Investor shall purchase from the Company on the Closing Date
(the “Closing”) and at each Subsequent Closing, such number of Shares
set forth in section 2.1. The date of the Closing is hereinafter referred to as the “Closing
Date”. The Closing shall occur, subject to the fulfilment of the conditions to
Closing set forth in this Agreement, at such date agreed upon by the parties in writing,
which shall be within 30 days from the date hereof. The Closing shall take place at the
offices of PEARL COHEN ZEDEK LATZER, counsel to the Company, at 5 Shenkar Street, Herzlia
46733, Israel, or remotely via the exchange of documents and signatures. 

	 	2.3	Payment
Method. Until September 14, 2009, the Investor shall deposit an amount of $60,000
with the Escrow Agent or transfer such amount directly to the Escrow Account (as defined
herein). The Escrow Agent shall release this amount to the Company at the Closing,
against issuance of such number of Shares as specified in Section 2.1 above to the
Investor. All payments due until the later of the Closing Date, the KDV Demo (as such
term defined below) or the appointment of the Investor’s representative to the Board
pursuant to section 6.3 below, shall be made to the Escrow Agent’s account (the “Escrow
Account”): 

	 	
First
International Bank of Israel, Branch 051 (Herzliya Pituach)

Account
Number: 409 – 278211  

IBAN:
IL570310510000000278211

SWIFT CODE: FIRBILIT

In
the name of ______________

All
other payments shall be made to the Company’s account: 

National
Bank of Israel, Branch 857

Branch
Code: 10

Account
no.: 108400/46

SWIFT CODE : LUMILITTLV 

In
the name of Global Fuel Ltd.

If
the Board (as defined herein) does not approve this Agreement within 7 days from the date
hereof, the Investor shall have the right to cancel the Agreement and receive the amounts
deposited with the Escrow Agent by him.

	3.  	ACKNOWLEDGEMENTS
OF THE INVESTOR  

The Investor acknowledges
that: 

	 	3.1	Resale
Restrictions. None of the Securities have been registered under the 1933 Act, or
under any state securities or “blue sky” laws of any state of the United
States, and, unless so registered, none of the Securities may be offered or sold by the
Investor except pursuant to an effective registration statement under the 1933 Act, or
pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the 1933 Act and in each case only in accordance with applicable state
securities laws. 

	 	3.2	Legends
on Shares. The Investor understands that, until such time as the Shares may be sold
without restriction as contemplated in Section 4.10, below, certificates evidencing the
Shares shall bear a restrictive legend in substantially the following form (and a
stop-transfer order may be placed against transfer of the certificates evidencing such
Shares): 

	 	
THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. 

	 	
If
required by the authorities of any state in connection with the issuance or sale of the
Shares, the certificates will also bear any legend required by such state authority.  

	 	3.3	Independent
Advice. The Investor has been advised to consult the Investor’s own legal, tax
and other advisors with respect to the merits and risks of an investment in the
Securities and with respect to applicable resale restrictions, and he is solely
responsible (and the Company is not in any way responsible) for compliance with: 

	 	(a) 	any
laws of the jurisdiction in which the Investor is resident, applicable to           the
Investor, in connection with the distribution of the Securities hereunder,           and  

	 	(b) 	applicable
resale restrictions;  

	 	3.4 	No
Insurance. There is no government or other insurance covering any of the Securities. 

	4.  	REPRESENTATIONS,
WARRANTIES AND ACKNOWLEDGMENTS OF THE INVESTOR  

	 	
The
Investor represents and warrants to the Company that as of the date of execution of this
Agreement and until the completion of the transactions contemplated by this agreement: 

	 	4.1	Capacity. The
Investor has the legal capacity and competence to enter into and execute this Agreement
(whether by himself or on behalf of the legal entity fully owned by him) and to take all
actions required pursuant hereto and, if the Investor is a corporation, it is duly
incorporated and validly subsisting under the laws of its jurisdiction of incorporation
and all necessary approvals by its directors, shareholders and others have been obtained
to authorize execution and performance of this Agreement on its behalf; 

	 	4.2	No
Violation of Corporate Governance Documents. If the Investor is a corporation or
other entity, the entering into and completion of this Agreement and the transactions
contemplated hereby do not and will not result in the violation of any of the terms and
provisions of any law applicable to, or the articles of incorporation, bylaws or other
constating documents of, the Investor (and the legal entity fully owned by him) or of any
agreement, written or oral, to which the Investor (and the legal entity fully owned by
him) may be a party or by which the Investor (and the legal entity fully owned by him) is
or may be bound. 

	 	4.3	Binding
Agreement. The Investor has duly executed and delivered this Agreement and it
constitutes a valid and binding agreement of the Investor (and the legal entity fully
owned by him) enforceable against the Investor (and the legal entity fully owned by him)
(subject to Section 8.12 below). 

	 	4.4	No
SEC Review or Approval. Neither the SEC nor any other securities commission,
securities regulator or similar regulatory authority has reviewed or passed on the merits
of the Securities or on any of the documents reviewed or executed by the Investor in
connection with the sale of the Securities; 

	 	4.5	Authorization.
The execution, delivery and performance by the Investor (and the legal entity fully owned
by him) of the Transaction Documents to which the Investor (and the legal entity fully
owned by him) is a party have been duly authorized and will constitute the valid and
legally binding obligation of the Investor (and the legal entity fully owned by him)
(subject to Section 8.12 below), enforceable against the Investor (and the legal entity
fully owned by him) in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability, relating to or affecting creditors’ rights generally. 

	 	4.6	Purchase
Entirely for Own Account. The Securities are being acquired for the Investor’s
(and the legal entity fully owned by him) own account, not as nominee or agent, for
investment purposes and not with a view to the resale or distribution of any part thereof
in violation of the 1933 Act, and the Investor (and the legal entity fully owned by him)
has no present intention of selling, granting any participation in, or otherwise
distributing the same in violation of the 1933 Act, without prejudice, however, to the
Investor’s right at all times to sell or otherwise dispose of all or any part of
such Securities in compliance with applicable federal and state securities laws. Nothing
contained herein shall be deemed a representation or warranty by the Investor to hold the
Securities for any period of time. 

	 	4.7	Not
a Broker-Dealer. The Investor (and the legal entity fully owned by him) is not a
broker-dealer registered with the SEC under the 1934 Act or engaged in a business that
would require it to be so registered, nor is it an Affiliate of a such a broker-dealer or
any Person engaged in a business that would require it to be registered as a
broker-dealer. 

	 	4.8	Not
an Underwriter. The Investor (and the legal entity fully owned by him) is not an
underwriter of the Company’s Common Stock nor is it an Affiliate of an underwriter
of the Company’s Common Stock. 

	 	4.9	Investment
Experience. The Investor (and the legal entity fully owned by him) acknowledges that
the purchase of the Securities is a speculative investment and that it can bear the
economic risk and complete loss of its investment in the Securities and has such
knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of the investment contemplated hereby. 

	 	4.10	Restricted
Securities. The Investor (and the legal entity fully owned by him) understands that
the sale or re-sale of the Securities has not been and is not being registered under the
1933 Act or any applicable state securities laws, and the Securities, as applicable, may
not be transferred unless: 

	 	(a) 	they
are sold pursuant to an effective registration statement under the 1933           Act; or  

	 	(b) 	they
are being sold pursuant to a valid exemption from the registration           requirements
of the 1933 Act and, if required by the Company, the Investor (and           the legal
entity fully owned by him) shall have delivered to the Company, at the           Investor’s
sole cost and expense, an opinion of counsel that shall be in           form, substance
and scope customary for opinions of counsel in comparable           transactions to the
effect that the Shares, as applicable, to be sold or           transferred may be sold or
transferred pursuant to an exemption from the           registration requirements of the
1933 Act, which opinion shall be reasonably           acceptable to the Company; or  

	 	(c) 	they
are sold or transferred to an “affiliate” (as defined in Rule           144) of
the Investor (and the legal entity fully owned by him) who agrees to           sell or
otherwise transfer the Securities only in accordance with this Section           4.10 and
who is an accredited investor, or  

	 	(d) 	they
are sold pursuant to Rule 144.  

	 	
Notwithstanding
the foregoing or anything else contained herein to the contrary, the Securities may be
pledged as collateral in connection with a bona fide margin account or other
lending arrangement.  

	 	4.11	Accredited
Investor. The Investor (and the legal entity fully owned by him) is an accredited
investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act (“Regulation
D”). 

	 	4.12	No
General Solicitation. The Investor (and the legal entity fully owned by him) did not
learn of the investment in the Securities as a result of any public advertising or
general solicitation, and is not aware of any public advertisement or general
solicitation in respect of the Company or its securities. 

	 	4.13	Brokers
and Finders. The Investor (and the legal entity fully owned by him) will not have, as
a result of the transactions contemplated by the Transaction Documents, any valid right,
interest or claim against or upon the Company, any Subsidiary or any other investor for
any commission, fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of the Investor. 

	 	4.14	Prohibited
Transactions. During the last thirty (30) days prior to the date hereof, neither the
Investor (and the legal entity fully owned by him) nor any Affiliate of the Investor
which (x) had knowledge of the transactions contemplated hereby, (y) has or shares
discretion relating to the Investor’s (or the legal entity fully owned by him)
investments or trading or information concerning the Investor’s investments,
including in respect of the Securities, or (z) is subject to the Investor’s (or the
legal entity fully owned by him) review or input concerning such Affiliate’s
investments or trading (collectively, “Trading Affiliates”) has,
directly or indirectly, effected or agreed to effect: 

	 	(a) 	any
purchase or long sale of the Company’s securities; or  

	 	(b) 	any
short sale, whether or not against the box, established any “put
          equivalent position” (as defined in Rule 16a-1(h) under the 1934 Act) with
          respect to the Common Stock, granted any other right (including, without
          limitation, any put or call option) with respect to the Common Stock or with
          respect to any security that includes, relates to or derived any significant
          part of its value from the Common Stock or otherwise sought to hedge its
          position in the Securities (each of such transactions specified in this clause
          (b), a “Prohibited Transaction”).  

	 	4.15	Governmental
Review. The Investor (and the legal entity fully owned by him) understands that no
United States federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Securities. 

	 	4.16	Residency.
The Investor is a resident of the State of Israel at the full address as detailed in the
enclosed Questionnaire. If the Investor shall execute the investment through a fully
owned legal entity, such entity is incorporated under the laws of the State of Israel. 

	 	4.17	Reliance
on Exemptions. The Investor (and the legal entity fully owned by him) understands
that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and
that the Company is relying upon the truth and accuracy of, and the Investor’s (and
the legal entity fully owned by him) compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Investor (and the legal entity
fully owned by him) set forth herein in order to determine the availability of such
exemptions and the eligibility of the Investor to acquire the Securities. All of the
information which the Investor (and the legal entity fully owned by him) has provided to
the Company is correct and complete as of the date this Agreement is signed, and if there
should be any change in such information prior to the Closing, the Investor (and the
legal entity fully owned by him) will immediately provide the Company with such
information. 

	 	4.18	Sufficient
Funds. The Investor (and the legal entity fully owned by him) warrants and represents
that he has the sufficient funds in liquid assets and cash to pay the total aggregated
Purchase Price of one and a half million US Dollars ($1,500,000). 

	 	4.19	Loss
of Shares. The Investor (and the legal entity fully owned by him) acknowledges that
in the event the Investor (or the legal entity fully owned by him) breaches his
undertaking to transfer the Purchase Price at any of the Subsequent Closings, and he has
not cured it within fifteen days from receipt of a written demand to cure the breach, the
Investor (and the legal entity fully owned by him) shall have no rights in and/or
entitlements to the Shares not yet sold and transferred to the Investor (or the legal
entity fully owned by him), and all Shares deposited in the Escrow Account shall be
released to the Company. Such loss of Shares shall be the sole remedy available to the
Company for such breach of the Investor’s undertaking to transfer the Purchase Price
at the Subsequent Closing by the Investor, and the Company shall have no further claim or
demand against the Investor in this respect. 

	5.  	COVENANTS
OF THE INVESTOR  

	 	
No
Prohibited Transactions. The Investor (and the legal entity fully owned by him)
hereby covenants that it (and the legal entity fully owned by him) shall not, and shall
cause its Trading Affiliates not to, engage, directly or indirectly, in a Prohibited
Transaction until the first anniversary of this agreement.  

	6.  	COVENANTS
OF THE COMPANY  

	 	6.1	Furnishing
of Information. Until the date that the Investor owning Shares may sell all of them
promulgated under Rule 144 of the Securities Act (or any successor provision) (the “Rule
144”) without restriction, the Company covenants to use its commercially
reasonable efforts to (a) timely file (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by the Company after
the date hereof pursuant to the Exchange Act and (b) make and keep adequate “current
public information” (as such term is described in Rule 144) available. 

	 	6.2	Filing
of Tax Reports. The Company shall, and shall cause each of its Subsidiaries to (a)
prepare and file all delinquent tax returns required to be filed by each of them in all
required jurisdictions and (b) timely file (or obtain extensions in respect thereof and
file within the applicable grace period) all tax reports required to be filed by the
Company and its Subsidiaries after the date hereof pursuant to applicable tax laws. 

	 	6.3	Appointment
of a Board Member. The Company shall endeavour that the Investor (or a representative
of the Investor) is appointed as a member of the Board of Directors of the Company (the
“Board”), pursuant and subject to the Company’s governing documents
and applicable law. Such appointment shall take place as soon as reasonably practical
after the Closing (for the sake of clarification, the Investor shall have the right to
exercise his voting rights attached to the Shares actually owned by the Investor, with
regard to the appointment of Board members). For the avoidance of doubt, the Company
shall not be construed in breach of this Agreement if it endeavours to appoint the
Investor’s representative to the Board and yet the Investor (or a representative of
the Investor) is not elected to serve on the Board. If the Investor representative will
not be appointed to the Board within 60 days from the date hereof, the Investor will have
the right to cancel the Agreement and receive the amounts deposited with the Escrow Agent
by him, and the Investor shall not be entitled to any other further rights and/or
remedies due to the cancellation of the Agreement pursuant to this Section. It is
clarified that the Company shall not transfer to the Investor (and the Escrow Agent shall
not release to the Investor) any Shares, for which the respected Purchase Price was not
paid to the Company pursuant to the terms of this Section. 

	 	6.4	Undertaking
to Keep Shabat. The Company undertakes that if it commences operations in the State
of Israel, it will endeavour to abide the Jewish Shabbat rules. 

	 	6.5	Registration
Rights. Six month pursuant to the Closing, at any time at the Investor’s demand,
the Company shall grant to the Investor registration rights in respect of the Shares. 

	 	6.6	Use
of Proceeds. The proceeds from this Agreement (the “Proceeds”) shall
be used for general working capital. The use of the Proceeds in order to repay any
outstanding debt, as of the date of Closing, will be approved by the Board, which
majority approval shall include the Board member appointed by the Investor pursuant to
Section 6.3 above. 

	 	6.7	KDV
Demo. The Company shall demo a working unit of the KDV in Germany or Spain to the
Investor within sixty (60) days period after the date hereof (the “KDV Demo”).
Any delay in the KDV Demo will entitle the Investor to either suspend or cancel the
transfer of the remainder of the Purchase Price and the Subsequent Closings which were
not executed by that time. If the Investor elects to cancel the agreement, he will
receive all the amounts deposited with the Escrow Agent by him, and the Investor shall
not be entitled to any other further rights and/or remedies due to the cancellation of
the Agreement pursuant to this Section. It is clarified that the Company shall not
transfer to the Investor (and the Escrow Agent shall not release to the Investor) any
Shares, for which the respected Purchase Price was not paid to the Company pursuant to
the terms of this Section 6.7. The aforementioned cancellation or suspension shall be the
sole remedy available to the Investor (and the fully owned entity) for failure by the
Company to perform the Demo, and the Investor (and the fully owned entity) shall have no
further claim or demand against the Company in this respect. For the purpose hereof, a
KDV Demo is the actual production of diesel from waste at a rate of at least 500 litres
per hour, in accordance with the presentation attached hereto as Schedule 6.7. 

	 	6.8	Right
of First Offer. For a period that shall expire on the earlier of (a) one (1) year
after the execution of this Agreement, or (b) the expiration of the Right of First Offer
Period, the Investor shall have the right of first offer to participate in any subsequent
equity financing by the Company (the “Right of First Offer”). The
Company shall give the Investor a thirty (30) day advanced notice of its intent to seek
or conclude additional equity financing, in which it shall specify the material terms of
any such potential equity financing with a third party (the “Notice”).
The Company shall not be obligated to disclose the identity of such potential third party
investor to the Investor. The Investor shall have 14 (fourteen) days to advise the
Company of his agreement to provide the Company with the additional financing pursuant to
the same terms (or other terms suggested by the Investor, which are better than the terms
included in the Notice, based on the Company’s sole and undisputed judgement)
provided in the Notice (the “Right of First Offer Period”). If, at
the expiration of the Right of First Offer Period, the Investor has declined or otherwise
failed to respond to the Notice, the Company shall be free to seek and conclude the
additional equity financing with the third party as it deems fit, the Right of First
Offer granted hereby shall expire and the Investor shall have no further claims and/or
participation entitlements in respect of the aforementioned additional equity financing.
Should the Investor breach his commitment to pay for the Shares pursuant to the terms of
this Agreement, the Right of First Offer shall be null and void. 

	 	6.9	Rights
Offering. Provided that such right is not prohibited by applicable law, the Investor
shall have the right to participate in any equity financing pursued by the Company for a
two (2) year period after the Closing in the same terms as the third party in a way that
will maintain his percentage of ownership of the Company. For the avoidance of doubt it
is clarified that at the Company’s sole and absolute discretion, the Inventor’s
participation in such equity financing shall be additional to the financing provided by
the third party. 

	7.  	REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.  

	 	
The
Company represents, warrants and covenants to the Investor that on the date of Closing (or
on any such date otherwise specifically stated herein): 

	 	7.1 	Organization;
Execution, Delivery and Performance. 

	 	(a) 	The
Company and each Subsidiary is a corporation duly organized, validly
               existing and in good standing under the laws of the jurisdiction in which
it is                incorporated or organized, with full power and authority (corporate
and other)                to own, lease, use and operate its properties and to carry on
its business as                and where now owned, leased, used, operated and conducted.
The Company and its                Subsidiaries are duly qualified to do business and are
in good standing in every                jurisdiction in which their ownership or use of
property or the nature of the                business conducted by them makes such
qualification necessary except where the                failure to be so qualified or in
good standing would not have a Material Adverse                Effect on the Company.  

	 	(b) 	Subsidiaries.
The Company has no Subsidiaries other than those listed in Schedule 7.1(b)  hereto.
Except as disclosed in Schedule 7.1(b) hereto,                the Company owns, directly
or indirectly, all of the capital stock or comparable                equity interests of
each Subsidiary, free and clear of any Lien, and all of the                issued and
outstanding shares of capital stock or comparable equity interest of                each
Subsidiary are validly issued and are fully paid, non-assessable and free
               of preemptive and similar rights. The Company has the unrestricted right
to                vote, and (subject to limitations imposed by applicable law) to receive
               dividends and distributions on, all capital stock or other equity
securities of                its Subsidiaries that are owned by the Company.  

	 	(c) 	(i)	
The Company has all requisite corporate power and authority to enter into
               and perform the Transaction Documents and to consummate the transactions
               contemplated hereby and thereby and to issue the Securities in accordance
with                the terms hereof and thereof;  

	 	(ii) 	the
execution and delivery of the Transaction Documents by the Company and the
               consummation by the Company of the transactions contemplated hereby and
thereby                have been duly authorized by the Board and no further consent or
authorization                of the Company, its Board, or its stockholders, is required
except as                contemplated by this Agreement.  

	 	(iii) 	each
of the Transaction Documents has been duly executed and delivered by the
               Company by its authorized representative, and such authorized
representative is                a true and official representative with authority to
sign each such document and                the other documents or certificates executed
in connection herewith and bind the                Company accordingly; and  

	 	(iv) 	each
of the Transaction Documents constitutes, and upon execution and delivery
               thereof by the Company will constitute, a legal, valid and binding
obligation of                the Company enforceable against the Company in accordance
with its terms,                subject to bankruptcy, insolvency, fraudulent transfer,
reorganization,                moratorium and similar laws of general applicability,
relating to or affecting                creditors’ rights generally.  

	 	7.2 	Shares
Duly Authorized. The Shares to be issued to the Investor pursuant to this
Agreement, when issued and delivered in accordance with the terms of this Agreement, will
be duly and validly issued and will be fully paid and nonassessable and free from all
taxes or Liens with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of stockholders of the Company or to other third party
rights. 

	 	7.3 	No
Conflicts. Except as disclosed in Schedule 7.3, the execution, delivery and
performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby will not: 

	 	(a) 	conflict
with or result in a violation of any provision of the Articles of           Incorporation
or By-laws; or  

	 	(b) 	violate
or conflict with, or result in a breach of any provision of, or           constitute a
default (or an event which with notice or lapse of time or both           could become a
default) under, or give to others any rights of termination,           amendment,
acceleration or cancellation of, any agreement, indenture, patent,           patent
license or instrument to which the Company is a party, except for           possible
violations, conflicts or defaults as would not, individually or in the
          aggregate, have a Material Adverse Effect; or  

	 	(c) 	result
in a violation of any law, rule, regulation, order, judgment or decree
          (including federal and state securities laws and regulations and regulations of
          any self-regulatory organizations to which the Company or its securities are
          subject) applicable to the Company or by which any property or asset of the
          Company is bound or affected.  

	 	(d) 	The
Company is not in violation of its Articles of Incorporation, By-laws or           other
organizational documents. The Company is not in default (and no event has
          occurred which with notice or lapse of time or both could put the Company in
          default) under, and the Company has not taken any action or failed to take any
          action that would give to others any rights of termination, amendment,
          acceleration or cancellation of, any agreement, indenture or instrument to
which           the Company is a party or by which any property or assets of the Company
is           bound or affected, except for possible defaults as would not, individually
or in           the aggregate, have a Material Adverse Effect. The businesses of the
Company are           not being conducted in violation of any law, rule ordinance or
regulation of any           governmental entity, except for possible violations which
would not,           individually or in the aggregate, have a Material Adverse Effect.
Except as           required under the 1933 Act, the 1934 Act, or any applicable state
securities           laws, the Company is not required to obtain any consent,
authorization or order           of, or make any filing or registration with, any court,
governmental agency,           regulatory agency, self regulatory organization or stock
market or any third           party in order for it to execute, deliver or perform any of
its obligations           under this Agreement. All consents, authorizations, orders,
filings and           registrations which the Company is required to obtain pursuant to
the preceding           sentence have been obtained or effected on or prior to the date
hereof or will           be obtained or effected in a timely manner following the Closing
Date.  

	 	7.4 	Capitalization.
As of April 30, 2009, the authorized capital stock of the Company consists solely of
750,000,000 shares of Common Stock, of which 83,982,536 sharesare issued and
outstanding, 10,505,021 shares are reserved for issuance pursuant to options granted
under the Company’s stock option plan, and 66,200,000 shares are reserved for
issuance pursuant to securities exercisable for, or convertible into or exchangeable for
shares of Common Stock. The Company will provide the Investor within 7 days as of the
date hereof an updated capitalization table, and copies of all agreements that are in
effect, which relate to the Company’s capitalization. Except as described above, in
the SEC Documents (as such term is defined below) or Schedule 7.4 annexed hereto, 

	 	(a) 	there
are no outstanding options, warrants, scrip, rights to subscribe for,           puts,
calls, rights of first refusal, agreements, understandings, claims or           other
commitments or rights of any character whatsoever relating to, or           securities or
rights convertible into or exchangeable for any shares of capital           stock of the
Company, or arrangements by which the Company is or may become           bound to issue
additional shares of capital stock of the Company; and  

	 	(b) 	No
shares of capital stock of the Company are subject to preemptive rights or           any
other rights of the stockholders of the Company or any Lien imposed through           the
actions or failure to act of the Company.  

	 	7.5 	SEC
Information.  

	 	(a) 	The
Company has timely filed (subject to 12b-25 filings with respect to certain
               periodic filings) all reports, schedules, forms, statements and other
documents                required to be filed by it with the SEC pursuant to the
reporting requirements                of the 1934 Act (all of the foregoing and all other
documents filed with the SEC                from April 30, 2007 to the date hereof and
all exhibits included therein and                financial statements and schedules
thereto and documents incorporated by                reference therein, being hereinafter
referred to herein as the “SEC                Documents”). The SEC
Documents have been made available to the Investor                via the SEC’s
EDGAR system. Except as set forth on Schedule 7.5 to                this
Agreement, as of their respective dates the SEC Documents complied in all
               material respects with the requirements of the 1934 Act and the rules and
               regulations of the SEC promulgated thereunder applicable to the SEC
Documents,                and none of the SEC Documents, at the time they were filed with
the SEC,                contained any untrue statement of a material fact or omitted to
state a material                fact required to be stated therein or necessary in order
to make the statements                therein, in light of the circumstances under which
they were made, not                misleading. In addition, at Closing, the SEC
Documents, together with any                additional documents filed with the SEC after
the date hereof and through the                date of Closing, when taken in their
entirety, shall not contain any untrue                statements of a material fact or
omit to state a material fact required to be                stated therein or necessary
in order to make the statements therein, in light of                the circumstances
under which they were made, not misleading. As of their                respective dates,
the financial statements of the Company included in the SEC                Documents (“Company
Financial Statements”) complied as to form                in all material
respects with applicable accounting requirements and the                published rules
and regulations of the SEC with respect thereto. The Company                Financial
Statements have been prepared in accordance with United States                generally
accepted accounting principles (“GAAP”), consistently
               applied, during the periods involved (except:  

	 	(i) 	as
may be otherwise indicated in such financial statements or the notes thereto;
               or  

	 	(ii) 	in
the case of unaudited interim statements, to the extent they may not include
               footnotes or may be condensed or summary statements)  

	 	
and
fairly present in all material respects the consolidated financial position of the
Company and its consolidated Subsidiaries, if any, as of the dates thereof and the
consolidated results of their operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit adjustments). 

	 	
Except
as set forth in the Company Financial Statements, the Company has no liabilities,
contingent or otherwise, other than: 

	 	(i) 	liabilities
incurred in the ordinary course of business subsequent to June 30,           2009; and  

	 	(ii) 	obligations
under contracts and commitments incurred in the ordinary course of           business and
not required under generally accepted accounting principles to be           reflected in
such financial statements, which, individually or in the aggregate,           are not
material to the financial condition or operating results of the Company.  

	 	(b) 	The
shares of Common Stock are currently quoted on the OTCBB. The Company has           not
received notice (written or oral) from the OTCBB to the effect that the           Company
is not in compliance with the continuing requirements of the OTCBB. The           Company
is, and it has no reason to believe that it will not in the foreseeable           future
continue to be, in compliance with all such maintenance requirements.  

	 	7.6	Intellectual
Property. Except as set forth in Schedule 7.6, the Company or its subsidiaries
owns valid title, free and clear of any Liens, or possesses the requisite valid and
current licenses or rights, free and clear of any Liens, to use all Intellectual Property
in connection with the conduct its business as now operated. The Company has not received
any demand, threat, claim or action by any person pertaining to, or proceeding pending,
which challenges the right of the Company or of a Subsidiary with respect to any
Intellectual Property necessary to enable it to conduct its business as now operated
(and, to the best of the Company’s knowledge, as presently contemplated to be
operated in the future). To the best of the Company’s knowledge, the Company’s
current and intended products, services and processes do not infringe on any Intellectual
Property or other rights held by any person, and the Company is unaware of any facts or
circumstances which might give rise to any of the foregoing. The Company has not received
any notice of infringement of, or conflict with, the asserted rights of others with
respect to the Intellectual Property. The Company has taken reasonable security measures
to protect the secrecy, confidentiality and value of its Intellectual Property. 

	 	7.7	Permits;
Compliance. The Company is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates, approvals
and orders necessary to own, lease and operate its properties and to carry on its
business as it is now being conducted (collectively, the “Company Permits”),
if any, and there is no action pending or, to the knowledge of the Company, threatened
regarding suspension or cancellation of any of the Company Permits. The Company is not in
breach, default or violation of any of the Company Permits, the Company has received no
notification with respect to possible conflicts, defaults or violations of Company
Permits and applicable laws. 

	 	7.8	Absence
of Litigation. Except as set forth in Schedule 7.8, there is no action, suit,
claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of
the Company, threatened against or affecting the Company, or its businesses, properties
or assets or their officers or directors in their capacity as such, that would have a
Material Adverse Effect. 

	 	7.9	No
Materially Adverse Contracts, etc. The Company is not subject to any charter,
corporate or other legal restriction, or any judgment, decree, order, rule or regulation
which in the judgment of the Company’s officers has or is expected in the future to
have a Material Adverse Effect. Except to the Material Agreements provided in Schedule
7.14, the Company is not a party to any contract or agreement which has
or is reasonably expected to have a Material Adverse Effect on the Company. 

	 	7.10	No
Material Changes. Since June 30, 2009, except as set forth in the documents
filed by the Company with the SEC since that date, there has not been: 

	 	(a) 	Any
material adverse change in the financial condition, operations or business           of
the Company from that shown on the Company Financial Statements, or any
          material transaction or commitment effected or entered into by the Company
          outside of the ordinary course of business;  

	 	(b) 	Any
effect, change or circumstance which has had, or could reasonably be           expected
to have, a Material Adverse Effect on the Company; or  

	 	(c) 	Any
incurrence of any material liability outside of the ordinary course of
          business.  

	 	7.11 	Labor
Matters.  

	 	(a) 	The
Company is not a party to or bound by any collective bargaining agreements           or
other agreements with labor organizations. The Company and the Subsidiaries
          have has not violated in any material respect any laws, regulations, orders or
          contract terms, affecting the collective bargaining rights of employees, labor
          organizations or any laws, regulations or orders affecting employment
          discrimination, equal opportunity employment, or employees’ health,
safety,           welfare, wages and hours.  

	 	(b) 	The
Company and the Subsidiaries are, and at all times have been, in compliance           in
all material respects with all applicable laws respecting employment           (including
laws relating to classification of employees and independent           contractors) and
employment practices, terms and conditions of employment, wages           and hours, and
immigration and naturalization.  

	 	7.12	Environmental
Matters. Neither the Company nor any Subsidiary is in violation of any statute, rule,
regulation, decision or order of any governmental agency or body or any court, domestic
or foreign, relating to the use, disposal or release of hazardous or toxic substances or
relating to the protection or restoration of the environment or human exposure to
hazardous or toxic substances (collectively, “Environmental Laws”), owns
or operates any real property contaminated with any substance that is subject to any
Environmental Laws, is liable for any off-site disposal or contamination pursuant to any
Environmental Laws, and is subject to any claim relating to any Environmental Laws, which
violation, contamination, liability or claim has had or could reasonably be expected to
have a Material Adverse Effect, individually or in the aggregate; and there is no pending
or, to the Company’s knowledge, threatened investigation that might lead to such a
claim. 

	 	7.13	Tax
Matters. Except as set forth in Schedule 7.13, the Company and its
Subsidiaries have made or filed any federal, state and foreign income or any other tax
returns, reports and declarations required by any jurisdiction to which it is subject and
have paid any taxes and other governmental assessments or charges that are material in
amount. There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company know of no basis for any
such claim. Neither the Company nor any of its Subsidiaries have executed a waiver with
respect to the statute of limitations relating to the assessment or collection of any
foreign, federal, state or local tax. 

	 	7.14	Certain
Transactions. All the Company’s material contracts (the “Material
Agreements”) are those as set forth in Schedule 7.14. All the Material
Agreements are in effect. The Company is not in breach of any of the Material Agreements.
The Company has not received any notice with regard to alleged breaches of any of the
Material Agreements, and is not aware of any breach of the Material Agreements by the
other parties. The foregoing shall not apply to breaches that do not have Material
Adverse Effect on the Company. 

	 	7.15	No
General Solicitation. The Company has not, and to the Company’s knowledge no
Person participating in the offering on the Company’s behalf in the transactions
contemplated hereby has, conducted any “general solicitation,” as such term is
defined in Regulation D promulgated under the 1933 Act, with respect to any of the
Securities being offered hereby. 

	 	7.16	No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf, has directly or indirectly made any offers or sales of any
security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the
Investor. The issuance of the Securities to the Investor will not be integrated with any
other issuance of the Company’s securities (past, current or future) for purposes of
any stockholder approval provisions applicable to the Company or its securities. 

	 	7.17	No
Brokers. Except as set forth in Schedule 7.17, the Company has taken no action
which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated
hereby. 

	 	7.18	ERISA.
The Company has not made or currently makes no contributions to any employee pension
benefit plan for its employees which plan is subject to the Employee Retirement Income
Security Act of l974, as amended from time to time (“ERISA”). 

	 	7.19	Title
to Property. The Company holds no title in fee simple to any real property. The
Company holds good and marketable title to all personal property owned by it which is
material to the business of the Company, in each case free and clear of all Liens, except
such as are described in Schedule 7.1(b). Any real property and facilities held
under lease by the Company is held under valid, subsisting and enforceable leases. 

	 	7.20 	Insurance.
Except for Directors and Officers' liability insurance, the Company does not
carry any insurance policies. 

	 	7.21	Internal
Controls. Except as set forth in Schedule 7.21, the Company is in material
compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently
applicable to the Company and the Company maintains a system of internal accounting
controls sufficient to provide reasonable assurance that: 

	 	(a) 	transactions
are executed in accordance with management’s general or           specific
authorizations;  

	 	(b) 	transactions
are recorded as necessary to permit preparation of financial           statements in
conformity with GAAP and to maintain asset accountability;  

	 	(c) 	access
to assets is permitted only in accordance with management’s general           or
specific authorization; and  

	 	(d) 	the
recorded accountability for assets is compared with the existing assets at
          reasonable intervals and appropriate action is taken with respect to any
          differences.  

	 	
The
Company has established disclosure controls and procedures (as defined in 1934 Act Rules
13a-14 and 15d-14) for the Company and designed such disclosure controls and procedures
to ensure that material information relating to the Company is made known to the
certifying officers by others within those entities, particularly during the period in
which the Company’s most recently filed period report under the 1934 Act, as the
case may be, is being prepared. The Company’s certifying officers have evaluated the
effectiveness of the Company’s controls and procedures as of the end of the period
covered by the most recently filed periodic report under the 1934 Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed
periodic report under the 1934 Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of
the Evaluation Date. Since the Evaluation Date and except as set forth in the SEC
Documents, there have been no significant changes in the Company’s internal controls
(as such term is defined in Item 308 of Regulation S-K) or, to the Company’s
knowledge, in other factors that could significantly affect the Company’s internal
controls. The Company maintains and will continue to maintain a standard system of
accounting established and administered in accordance with GAAP and the applicable
requirements of the 1934 Act.  

	 	7.22	Books
and Records. The books of account, ledgers, order books, records and documents of the
Company accurately and completely reflect all material information relating to the
businesses of the Company, the location and collection of its assets, and the nature of
all transactions giving rise to the obligations or accounts receivable of the Company. 

	 	7.23	FCPA
Matters. Neither the Company, nor any director, officer, agent, employee or other
person acting on behalf of the Company has, in the course of his or her actions for, or
on behalf of, the Company: 

	 	(a) 	used
any corporate funds for any unlawful contribution, gift, entertainment or           other
unlawful expenses relating to political activity;  

	 	(b) 	made
any direct or indirect unlawful payment to any foreign or domestic           government
official or employee from corporate funds;  

	 	(c) 	violated
or is in violation of any provision of the U.S. Foreign Corrupt           Practices Act of
1977, as amended; or  

	 	(d) 	made
any bribe, rebate, payoff, influence payment, kickback or other unlawful
          payment to any foreign or domestic governmental or private official or person.  

	 	7.24	Disclosure.
All information relating to or concerning the Company and its officers, directors,
employees, customers or clients (including, without limitation, all information regarding
the Company’s internal financial accounting controls and procedures): 

	 	(a) 	set
forth in this Agreement is true and correct in all material respects, and  

	 	(b) 	as
disclosed in any SEC Document or exhibit or certification thereto was true           and
correct in all material respects at the time it was disclosed,  

	 	
and
the Company has not omitted to state any material fact necessary in order to make the
statements made herein or therein, in light of the circumstances under which they were
made, not misleading.  

	 	7.25	Registration
Rights. Except as contemplated pursuant to this Agreement or as set forth on Schedule
7.25 to this Agreement, the Company has not granted or agreed to grant to any Person
any rights (including “piggy-back” registration rights) to have any securities
of the Company registered pursuant to the Registration Rights Agreement that have not
been satisfied or waived. 

	 	7.26	Event
of Misrepresentation. The Company acknowledges that in the event of misrepresentation
by the Company to the Investor, the Investor shall have the right to suspend or cancel
this Agreement (without derogating from any other remedy available to the Investor under
law or under this Agreement). If the Investor cancels the Agreement and receives the
entire amount invested by him, he shall have no further claims. The Investor shall notify
the Company in writing of his suspicion/s and the Company shall have 30 days to respond
in writing to the Investor’s allegations. 

	8.  	CONDITIONS
TO CLOSING OF THE INVESTOR  

	 	
The
obligation of the Investor to purchase the Securities at the Closing is subject to the
fulfillment to the Investor’s satisfaction, on the Closing Date, of the following
conditions, any of which may be waived by the Investor: 

	 	8.1	Representations
and Warranties. The representations and warranties made by the Company in Section 7
hereof qualified as to materiality shall be true and correct at all times prior to and on
the Closing Date, except to the extent any such representation or warranty expressly
relates to an earlier date, in which case such representation or warranty shall be true
and correct as of such earlier date, and, the representations and warranties made by the
Company in Section 7 hereof not qualified as to materiality shall be true and correct in
all material respects at all times prior to and on the Closing Date, except to the extent
any such representation or warranty expressly relates to an earlier date, in which case
such representation or warranty shall be true and correct in all material respects as of
such earlier date. 

	 	8.2	Performance
of Obligations and Covenants. The Company shall have performed all obligations and
covenants herein required to be performed by it on or prior to the Closing Date. 

	 	8.3	Authority
to Issue Shares. The Shares to be issued to the Investor pursuant to this Agreement
shall have been duly and validly authorized to be issued as fully paid and nonassessable
shares of the Company, free from all taxes or Liens with respect to the issue thereof and
shall not be subject to preemptive rights or other similar rights of stockholders of the
Company. 

	 	8.4	Approvals.
The Company shall have obtained any and all consents, permits, approvals, registrations
and waivers necessary or appropriate for consummation of the purchase and sale of the
Securities and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect. 

	 	8.5	Judgments,
Etc. No judgment, writ, order, injunction, award or decree of or by any court, or
judge, justice or magistrate, including any bankruptcy court or judge, or any order of or
by any governmental authority, shall have been issued, and no action or proceeding shall
have been instituted by any governmental authority, enjoining or preventing the
consummation of the transactions contemplated hereby or in the other Transaction
Documents. 

	 	8.6	Stop
Orders. No stop order or suspension of trading shall have been imposed by the SEC or
any other governmental or regulatory body having jurisdiction over the Company or the
market(s) where the Company’s Common Stock is listed or quoted, with respect to
public trading in the Common Stock. 

	 	8.7	Company
CEO/CFO Certificate. The Company shall have delivered a Certificate, executed on
behalf of the Company by its Chief Executive Officer or its Chief Financial Officer,
dated as of the Closing Date, certifying to the fulfillment of the conditions specified
in subsections 8.1, 8.5, and 8.6. 

	 	8.8	Company
Secretary Certificate. The Company shall deliver within 7 business days after the
Closing, a Certificate, executed on behalf of the Company by its Secretary certifying the
resolutions adopted by the Board of Directors of the Company approving the transactions
contemplated by this Agreement and the other Transaction Documents and the issuance of
the Securities, certifying the current versions of the Articles of Incorporation and
Bylaws of the Company and certifying as to the signatures and authority of persons
signing the Transaction Documents and related documents on behalf of the Company. The
foregoing certificate shall only be required to be delivered on the Closing Date, unless
any material information contained in the certificate has changed. To avoid any doubt,
the Company will bring this Agreement to the Board’s approval within 7 days from the
date hereof, and will notify the Investor in writing of the resolution taken by the Board
on this regard. 

	 	8.9 	The
Investor shall receive prior to the Closing a monthly budget plan for the years 2009 and
2010. Such plan shall be binding and could be change only by the Board. 

	 	8.10 	Asi
Shalgi, the chief executive of the Company shall remain in his position for a period of
no less than twenty four months after the Closing. The Company shall take all steps to
formalize this engagement prior to Closing. 

	 	8.11 	The
Company shall provide the Investor with a legal opinion regarding the Shares, in a form
agreed by the parties. 

	 	8.12 	Notwithstanding
any other provision of this Agreement, the Investor shall have the right, at any time
prior to the first Closing Date, at his sole discretion, to notify the Company in writing
that he has decided to withdraw from the investment contemplated by this Agreement. In
such event the Escrow Agent shall transfer to the Investor all the amounts paid by the
Investor until that time and the Investor shall have no rights in the Shares issued to
it, if any, and it shall return such Shares to the Company. Neither the Investor nor the
Company shall have any claims, one against the other, in respect to all matters
pertaining to the transactions contemplated by this Agreement, if such notice is given. 

	9.  	CONDITIONS
TO CLOSING OF THE COMPANY.  

	 	
The
obligations of the Company to effect the transactions contemplated by this Agreement are
subject to the fulfillment at or prior to the Closing Date of the conditions listed below. 

	 	9.1	Representations
and Warranties. The representations and warranties made by the Investor in Section 4
shall be true and correct in all material respects at the time of Closing as if made on
and as of such date. 

	 	9.2	Corporate
Proceedings. The Investor shall notify the Company in writing, as soon as reasonable
practicable and at least 7 Business Days prior to the Closing Date of the identity of the
Investor. All corporate and other proceedings required to be undertaken by the Investor
in connection with the transactions contemplated hereby shall have occurred and all
documents and instruments incident to such proceedings shall be reasonably satisfactory
in substance and form to the Company. 

	 	9.3 	Investor’s
Certificate. The Investor shall have acknowledged and certified to the Company
in writing as follows: 

	 	(a) 	that
he has received and carefully read the Transaction Documents;  

	 	(b) 	that
the books and records of the Company were made available upon reasonable
               notice, subject to customary confidentiality restrictions, by the Investor
               during reasonable business hours at its principal place of business and
that all                documents, records and books in connection with the sale of the
Shares hereunder                for inspection by it and its attorney and/or advisor(s);  

	 	(c) 	that
the Investor has had an opportunity to receive, and fully and carefully
               review, all information related to the Company (including its affiliates)
and                the Shares, requested by him, and to ask questions of and receive
answers from                the Company regarding the Company, its business and the terms
and conditions of                the offering of the Shares;  

	 	(d) 	that
the Investor has had the opportunity to receive, and fully and carefully
               reviewed copies of the SEC Documents, either in hard copy or
electronically                through the SEC’s EDGAR system; and  

	 	(e) 	that
the Investor understands that his investment in the Securities involves a
               significant degree of risk, and that the Investor’s decision to enter
into                this Agreement has been made based solely on the independent
evaluation of the                Investor and its representatives, (without derogating
from reliance upon                representations given by the Company).  

	10. 	MISCELLANEOUS.

	 	10.1	Notices.
All notices, requests, demands and other communications provided in connection with this
Agreement shall be in writing and shall be deemed to have been duly given at the time
when hand delivered, delivered by express courier, or sent by facsimile (with receipt
confirmed by the sender’s transmitting device) in accordance with the contact
information provided below or such other contact information as the parties may have duly
provided by notice. 

	 	(a)	The
Company:  

	 	
Global
Energy, Inc. 

Moshe Aviv Tower, 46th floor,

7 Jabotinski Street,

Ramat Gan 52520, Telephone: (972)  772025444

Facsimile:  972 77 2285678

Attention: Mr. Asi Shalgi

Chief Executive Officer

	 	
With
a copy to:

Gross,
Kleinhender, Hodak, Halevy, Greenberg & Co. 

One Azrieli Center, Round Building

 

	 	
Tel
Aviv, 67021, Israel 

	 	
Telephone:
+972-3-607-4444 

	 	
Facsimile:
+972-3-607-4433 

	 	
Attention:
Perry Wildes, Adv. 

	 	
With
additional copy to:  

	 	
Pearl
Cohen Zedek Latzer LLP. 

	 	
1500
Broadway, 12th Floor 

	 	
New
York, NY10036 

	 	
Telephone:
+1 (646) 878-0800 

	 	
Facsimile:
+1 (646) 878-0801 

	 	
Attention:
Doron Latzer, Esq., Senior Partner 

	 	(b)	The
Investor:  

	 	
35
Shaul Hamelech, Tel-Aviv 61181 

	 	
Telephone:
+972-3-609-1690 

	 	
Facsimile:
++972-3-609-1691 

	 	
With
a copy to:  

	 	
Gil
Ron, Keinan & Co. 

	 	
32
Weizmann St., Tel-Aviv 62091 

	 	
Telephone:
+972-3-696-7676 

	 	
Facsimile:
+972-3-696-7673 

	 	
Attention:
Gil Ron, Eyal Keinan, Aviram Barfi 

	 	10.2 	Survival
of Representations and Warranties. 

	 	
Each
party hereto covenants and agrees that the representations and warranties of such party
contained in this Agreement shall survive the Closing.  

	 	10.3 	Indemnification.  

	 	(a) 	The
Company agrees to indemnify and hold harmless the Investor and its
               directors, officers, employees and agents (the “Investor
               Indemnitees”) from and against any and all losses, claims,
damages,                liabilities and expenses (including without limitation reasonable
attorney fees                and disbursements and other expenses incurred in connection
with investigating,                preparing or defending any action, claim or
proceeding, pending or threatened                and the costs of enforcement thereof)
(collectively, “Losses”)                to which the Investor
Indemnitees may become subject as a result of any breach                of
representation, warranty, covenant or agreement made by the Company under the
               Transaction Documents and will reimburse the Investor Indemnitees for all
such                amounts as they are incurred by the Investor Indemnitees.  

	 	(b) 	The
Investor agrees to indemnify and hold harmless the Company and its
               directors, officers, employees and agents (collectively, the “Company
               Indemnitees”) from and against any and all Losses to which such
Company                Indemnitees may become subject as a result of any breach of
representation,                warranty, covenant or agreement made by or to be performed
on the part of the                Investor under the Transaction Documents, and will
reimburse any such Company                Indemnitees for all such amounts as they are
incurred by such Company                Indemnitees.  

	 	(c) 	Promptly
after receipt by the Investor Indemnitees or Company Indemnitees, as
               applicable, of notice of any demand, claim or circumstances which would or
might                give rise to a claim or the commencement of any action, proceeding
or                investigation in respect of which indemnity may be sought pursuant to
Section                10.3, the Investor Indemnitees or Company Indemnitees, as
applicable, shall                promptly notify the other Party in writing and such
other Party shall assume the                defense thereof, including the engagement of
counsel reasonably satisfactory to                the Investor Indemnitees or Company
Indemnitees, as applicable, and shall assume                the payment of all fees and
expenses; provided, however, that the                failure of the Investor
Indemnitees or Company Indemnitees, as applicable, so to                notify the other
Party shall not relieve the other Party of its obligations                hereunder
except to the extent that the other Party is materially prejudiced by                such
failure to notify. In any such proceeding, the Investor Indemnitees or
               Company Indemnitees, as applicable, shall have the right to retain its own
               counsel, but the fees and expenses of such counsel shall be at the expense
of                the Investor Indemnitees or Company Indemnitees, as applicable, unless:  

	 	(i) 	the
Parties shall have mutually agreed to the retention of such counsel; or  

	 	(ii) 	in
the reasonable judgment of counsel to the Investor Indemnitees or Company
               Indemnitees, as applicable, representation of both parties by the same
counsel                would be inappropriate due to actual or potential differing
interests between                them.  

	 	
The
other Party shall not be liable for any settlement of any proceeding effected without its
written consent, which consent shall not be unreasonably withheld, but if settled with
such consent, or if there be a final judgment for the plaintiff, the other Party shall
indemnify and hold harmless the Investor Indemnitees or Company Indemnitees, as
applicable, from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. Without the prior written consent of the Investor
Indemnitees or Company Indemnitees, as applicable, which consent shall not be
unreasonably withheld, the other Party shall not effect any settlement of any pending or
threatened proceeding in respect of which any Investor Indemnitees or Company
Indemnitees, as applicable, is or could have been a party and indemnity could have been
sought hereunder by the Investor Indemnitees or Company Indemnitees, as applicable,
unless such settlement includes an unconditional release of the Investor Indemnitees or
Company Indemnitees, as applicable, from all liability arising out of such proceeding. 

	 	(d) 	Threshold.
No claims shall be asserted against an Indemnifying party unless the           aggregate
Loss claimed exceeds USD 50,000 (Fifty Thousand U.S. Dollars),           provided that,
in case of a claim or claims in excess of the aforesaid           threshold, the claim
can be submitted for the entire amount.  

	 	10.4	Entire
Agreement. This Agreement contains the entire agreement between the parties hereto in
respect of the subject matter contained herein and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject matter
contained herein. 

	 	10.5	Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto
and their respective permitted successors and assigns, and is not for the benefit of, nor
may any provision hereof be enforced by, any other person. 

	 	10.6	Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties and their successors and assigns. Neither the Company nor the Investor shall
assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. 

	 	10.7	Independent
Nature of the Investor’s Obligations and Rights. The obligations of the Investor
under the Transaction Document are several and not joint with the obligations of any
other third party, and neither the Company nor any third party shall be responsible in
any way for the performance of the obligations of the Investor under the Transaction
Document. Nothing contained herein or in any other Transaction Document, and no action
taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the
Investor to be in partnership, an association, a joint venture or any other kind of
entity with any third party, or create a presumption that the Investor is in any way
acting in concert or as a group with other shareholders of the Company with respect to
such obligations or the transactions contemplated by the Transaction Documents and the
Company acknowledges that the Investor is not acting in concert or as part of a group
with respect to such obligations or the transactions contemplated by the Transaction
Documents. The Investor confirms that it has independently participated in the
negotiation of the transaction contemplated hereby with the advice of its own counsel and
advisors. The Investor shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement or out of any
other Transaction Document. 

	 	10.8	Publicity.
The Investor shall not disclose the terms of the transactions contemplated by the
Transaction Documents, the fact that such transactions have been discussed, negotiated
and/or completed and/or any other information related to them to any third party prior to
obtaining the Company’s prior written consent to such disclosure. The Investor shall
have the right to review a reasonable period of time before issuance of any press
releases or any other public statements with respect to the transactions contemplated
hereby by the Company; provided, however, that the Company shall be entitled,
without the prior approval of the Investor, to make any press release or SEC or other
regulatory filings with respect to such transactions as is required by applicable law and
regulations. 

	 	10.9	Binding
Effect; Benefits. This Agreement and all the provisions hereof shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and
permitted assigns; nothing in this Agreement, expressed or implied, is intended to confer
on any persons other than the parties hereto or their respective successors and permitted
assigns, any rights, remedies, obligations or liabilities under or by reason of this
Agreement. 

	 	10.10	Amendment;
Waivers. All modifications, amendments or waivers to this Agreement shall require the
written consent of both the Company the Investor. 

	 	10.11	Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to
the choice of law principles thereof. Each of the parties hereto irrevocably submits to
the exclusive jurisdiction of the courts of the State of New York located in New York
County and the United States District Court for the Southern District of New York for the
purpose of any suit, action, proceeding or judgment relating to or arising out of this
Agreement and the transactions contemplated hereby. Each of the parties hereto
irrevocably consents to the jurisdiction of any such court in any such suit, action or
proceeding and to the laying of venue in such court. Each party hereto irrevocably waives
any objection to the laying of venue of any such suit, action or proceeding brought in
such courts and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. EACH OF THE
PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH
RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER. 

	 	10.12	Further
Assurances. Each party hereto shall do and perform or cause to be done and performed
all such further acts and shall execute and deliver all such other agreements,
certificates, instruments and documents as any other party hereto reasonably may request
in order to carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby. 

	 	10.13	Counterparts.
This agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, and all of which shall constitute one and the same document. in
the event that any signature (including a financing signature page) is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such
signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof. 

	 	10.14	Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof but shall be
interpreted as if it were written so as to be enforceable to the maximum extent permitted
by applicable law, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction. To the
extent permitted by applicable law, the parties hereby waive any provision of law which
renders any provision hereof prohibited or unenforceable in any respect. 

[SIGNATURE PAGES
IMMEDIATELY FOLLOW] 

        IN
WITNESS WHEREOF, the undersigned Investor and the Company have caused this Securities
Purchase Agreement to be duly executed as of the date first above written 

	GLOBAL ENERY INC

By: /s/ Asi Shalgi
——————————————

Name: Asi Shalgi
Title: CEO  		

	INVESTOR

By: /s/ Yuval Ganot
——————————————

Print Name: Yuval Ganot

Date: September 10, 2009

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