Document:

Exhibit

Exhibit 10.39

SEPARATION AND RELEASE AGREEMENT

This SEPARATION AND RELEASE AGREEMENT (“Release”) is entered into by and between Chicago Bridge & Iron Company (Delaware) and its parent and affiliate companies (the “Company”), and Luke V. Scorsone (“Retiree”).

RECITALS

WHEREAS, Retiree is signatory to certain Long Term Incentive Plan Agreements and Acknowledgments (the “LTIP Agreements”) relating to Retiree’s participation in the Company’s 2008 Long-Term Incentive Plan, as amended (the “LTIP”); and

WHEREAS, Retiree has notified the Company that Retiree would like to retire from the Company, effective October 18, 2017 (the “Retirement Date”); 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and Retiree agree as follows:  

		
	1)
	Consideration for Release.  

		
	a)
	As soon as practicable (not more than 30 days) after the Effective Date (as defined in Section 5(d) of this Release), the Company will make a lump sum cash payment to Retiree in the amount of $232,080.00, less all applicable withholdings.  This payment was determined by reference to the prorated forecasted award for Retiree under the Company’s Incentive Compensation Program for 2017, but is not an amount earned or otherwise payable under that program and is in addition to anything of value to which Retiree is otherwise entitled.

		
	b)
	Subject to the terms and conditions of this Agreement, the Committee (as defined in the Plan) has amended each of the LTIP Agreements relating to grants made to Retiree on or after February 18, 2015, such that, as of the Effective Date, Retiree shall be deemed to have met the age and service conditions necessary for Retirement within the meaning of the LTIP and the LTIP Agreements. Retiree understands and agrees that this action by the Committee to amend the LTIP Agreements is in addition to anything of value to which Retiree is otherwise entitled.  Accordingly, the Company agrees and acknowledges that, on the Effective Date, the Company shall consider Retiree’s departure from the Company to be a Retirement as defined by Retiree’s LTIP Agreements, including those amended by this Release, and Section 2.34 of the LTIP with respect to all outstanding grants of Options, Restricted Stock Units and Performance Shares previously awarded in the LTIP Agreements, including any such grants made to Retiree on or after February 18, 2015; provided, however, that the Company will not deem Retiree’s departure a Retirement if Retiree does not strictly 

1

adhere to the post-employment restrictions included in the definition of Retirement as set forth in the Agreements .  In addition, as of the Retirement Date, Retiree’s salary will cease, and any entitlement he has or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as otherwise expressly provided by the terms of the applicable plan or program, as required by law or as otherwise described below.  Retiree understands that the LTIP awards otherwise remain subject to the terms and conditions of the LTIP and the LTIP Agreements, including the requirements regarding a 6-month payment delay for vested restricted stock units granted on February 20, 2014.

		
	2)
	Release.  

		
	a)
	Retiree, on behalf of himself, his heirs, executors, administrators, successors and assigns, hereby irrevocably and unconditionally releases the Company and its parents, subsidiaries, divisions and Affiliates, together with their respective current and former owners, assigns, agents, Supervisory Board members, directors, partners, officers, employees, attorneys and representatives and any of their predecessors and successors and each of their estates, heirs and assigns (all both individually and in their official capacities, and collectively, the “Company Releasees”) from any and all complaints, claims, liabilities, obligations, promises, agreements, causes of action, rights, costs, losses, debts and expenses of any nature whatsoever, known or unknown, which Retiree or his heirs, executors, administrators, successors or assigns ever had, now have or hereafter can, will or may have (either directly, indirectly, derivatively or in any other representative capacity) by reason of any matter, fact or cause whatsoever against the Company or any of the other Company Releasees from the commencement of employment with the Company Releasees to the close of business on the date of retirement, except those claims which cannot be released as a matter of law or as arise under this Agreement.  This release includes all claims arising out of, or relating to, Retiree’s employment with or retirement from employment with the Company Releasees, including but not limited to, any and all claims pursuant to Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e, et seq., as amended by the Civil Rights Act of 1991; the Civil Rights Act of 1866, 42 U.S.C. §§1981 and 1985; Retiree Retirement Income Security Act of 1974, as amended, 29 U.S.C. §621, et seq.; the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §12101, et seq.; the Age Discrimination in Employment Act of 1967, 29 U.S.C.§621, et seq., as amended by the Older Workers Benefit Protection Act of 1990 (the “ADEA”); the Family and Medical Leave Act of 1993, 29 U.S.C. §2601, et seq., as amended; the Fair Labor Standards Act, 42 U.S.C. §201, et seq., including the Wage and Hour Law relating to payment of wages and overtime; the Worker Adjustment and Retraining Notification Act; the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended; the Sarbanes-Oxley Act, as amended, the Genetic Information Nondiscrimination Act of 2008; Chapter 21 of the Texas Labor Code (also known as the “Texas Commission on Human Rights Act”); Section 451 of the Texas Labor Code; the Texas Payday Law (Chapter 61 of the Texas Labor Code); any other claims under the Texas Labor Code, Texas disability discrimination law (Tex. Hum. Res. Code §§ 121.001 et seq.), the Texas Communicable Diseases Law (Tex. Health & Safety Code §§ 81.101 et seq.), the Texas and Health and Safety Code, the Texas Civil Practice and Remedies Code (including any claim for attorneys’ fees under Chapter 38 of the Texas Civil Practice and Remedies 

2

Code), and/or the Texas Occupations Code; and all other federal, state or local laws or regulations.  This Release also includes, but is not limited to, a release of any claims for breach of contract, tortious, negligent and any other wrongful conduct, mental pain and anguish, impairment of economic opportunities, unlawful interference with employment rights, defamation, intentional or negligent infliction of emotional distress, fraud, misrepresentation, wrongful termination, retaliation, wrongful discharge in violation of public policy, breach of any express or implied covenant of good faith and fair dealing, bad faith, unpaid hours worked, overtime pay, vacation pay, punitive damages, compensatory damages, back pay, reinstatement, front pay, liquidated damages, unpaid bonuses or incentive compensation, unfulfilled tax preparation services, unpaid/un-provided perquisites, injunctive and other equitable relief, costs or attorneys’ fees, based on or arising from or in any way relating to Retiree’s employment with the Company Releasees and/or Retiree’s retirement from employment with the Company Releasees.  Retiree is not waiving any rights or claims that may arise after this Release is effective under the ADEA, any Company ERISA plan, or otherwise.  To the extent the approval of a court or administrative agency is required to waive any of the aforementioned causes of action, Retiree agrees to obtain such approval, if and when needed, and not to pursue any such causes of action.  

THE PRECEDING PARAGRAPH MEANS THAT UPON THE EFFECTIVE DATE, RETIREE WILL HAVE WAIVED ANY RIGHT RETIREE MAY HAVE TO BRING A LAWSUIT OR MAKE ANY LEGAL CLAIM OR DEFENSE AGAINST THE COMPANY BASED ON ANY ACTIONS TAKEN BY THE COMPANY RELATED TO THE SUBJECT MATTER OF THIS RELEASE UP TO THE DATE THIS RELEASE BECOMES EFFECTIVE.

		
	b)
	Retiree represents that he has not initiated any lawsuit or administrative charge of discrimination against the Company with any federal, state or local court or administrative agency.  Retiree understands that nothing contained in this Release limits Retiree’s right, if permitted by law, to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local government agency or commission (“Government Agencies”).  Retiree further understands that this Release does not limit Retiree’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies, including providing documents or other information, without notice to the Company.  Retiree understands that he has waived and released any and all claims for money damages and equitable relief that Retiree may recover from the Company pursuant to the filing or prosecution of any administrative charge against the Company by Retiree, or any resulting civil proceeding or lawsuit brought on Retiree’s behalf for the recovery of such relief, and which arises out of the matters that are and may be released or waived by this Agreement.  Although Retiree waives all rights to recover any damages for the claims related to his employment released herein, this Release does not limit Retiree’s right to receive an award for information provided to any Government Agency.

3

		
	c)
	If Retiree is subpoenaed or otherwise compelled to testify in connection with any matter relating to the Company, he shall immediately notify the Company’s Chief Legal Officer.  Nothing in this Agreement is intended to preclude Retiree from truthfully responding to inquiries pursuant to a subpoena in connection with any lawsuit or administrative proceeding, or prohibit Retiree from initiating communications directly with, or responding to any inquiry from, or providing testimony before, any state or federal authority, or from any other cooperation with any government agency.  Retiree is not required to notify the Company if Retiree has made such disclosures, or to secure the Company’s permission to do so.  

		
	3)
	Mutual Indemnification

The Company shall indemnify Retiree and hold him harmless from any cost, expense or liability arising out of or relating to any acts or omissions made by him as an employee, officer or director of the Company to the extent required by the Company’s Certificate of Incorporation and Bylaws, the Articles of Association of Chicago Bridge & Iron Company N.V., and any other written policies or agreements covering Retiree regarding indemnification protection, including any applicable director and officer liability coverage maintained by the Company or its affiliates (together, the “Indemnification Documents”), to the extent not related to acts of intentional misconduct and not prohibited by applicable law.  

Retiree agrees to reimburse, indemnify, defend and hold Company harmless for any claims or suits, costs or liabilities asserted against the Company due to actions Retiree took while working for the Company to the extent resulting from his intentional misconduct or violation of applicable law.

		
	4)
	Obligations of Retiree.

		
	a)
	Confidentiality.  During Retiree’s employment, Retiree had access to certain information concerning the Company that is confidential and proprietary and constitutes valuable and unique property of the Company (hereinafter referred to as “Confidential Information”).  Confidential Information shall include, without limitation, the Company’s plans; current and future strategies, potential acquisitions and divestitures; costs; prices; client lists; pricing policies; financial and tax information; the names of and pertinent information regarding suppliers; computer programs; policies and procedures; training and recruiting procedures; accounting procedures; the status and content of the Company’s contracts with its suppliers or clients; and inventions, products, methods and manufacturing techniques at any time used, developed, or investigated by the Company.  Retiree agrees that he will not, at any time following his retirement from the Company, disclose to others, use, copy or permit to be copied any Confidential Information (whether or not developed by Retiree) without the prior written consent of the Company.  Retiree further agrees to continue to maintain in confidence any confidential information of third parties received as a result of Retiree’s employment and duties with the Company.

4

		
	b)
	Return of Company Property.  Retiree represents and agrees that Retiree has returned to the Company all property of the Company, including, but not limited to, documents, contracts, agreements, plans, succession plans, staffing plans, Retiree information, photographs, books, notes, reports, files, memoranda, records and software, cloud software accounts containing property of the Company or data relating to the Company, desktops/laptops, tablets, flash drives, hard drives and other computer equipment, credit cards, cardkey passes, door and file keys, computer access codes or disks and instructional manuals, and other physical or electronic property that Retiree received and/or prepared or helped prepare in connection with Retiree’s employment with the Company, and that Retiree has not retained any copies, duplicates, reproductions or excerpts thereof.  

		
	c)
	Agreements Concerning Retirement.  In the event that Retiree is determined not to have satisfied and complied with all of the post-employment requirements under the definition of “Retirement” within the meaning of the LTIP Agreements or this Release, the following shall occur:

		
	(i)
	Notwithstanding any provision to the contrary in any agreement or plan, Retiree shall be obligated to forfeit to the Company any Restricted Stock that vested on an accelerated basis as a result of Retiree’s representation of Retirement to Company.  In the event Retiree no longer owns said Restricted Stock, then Retiree shall be obligated to pay to the Company the cash equivalent of the Restricted Stock based on the closing price of Company stock on the accelerated vesting date immediately upon demand;

		
	(ii)
	Notwithstanding any provision to the contrary in any agreement or plan, Retiree shall: (a) forfeit any Performance Shares that vested since the Effective Date; (b) if the Performance Shares are already vested and sold, pay to the Company the cash equivalent based on the closing price of Company stock on the vesting date immediately upon demand; and (c) forfeit any right to vest any Performance Shares/Units not already vested; and

		
	(iii)
	Notwithstanding any provision to the contrary in any agreement or plan, Retiree shall be obligated to forfeit to the Company any Options that vested following Retiree’s termination of employment as a result of Retiree’s representation of Retirement to Company.  In the event Retiree has already sold said Options, then Retiree shall be obligated to pay to the Company the cash equivalent of any gain above the Option Price Retiree earned on the sale of said Options immediately upon demand.

		
	d)
	Non-Solicitation.  For a period of 2 years following the Effective Date, Retiree shall not, either on Retiree’s own behalf or on behalf of any person or entity (either directly or indirectly via a corporate recruiter, headhunter or any other individual or entity) attempt to induce or otherwise entice any other Retiree of the Company to leave the employment of the Company.  Retiree agrees that he will not, either individually or on behalf of any person or entity, (i) attempt to hire or hire any of the employees of the Company during this period or (ii) 

5

otherwise initiate communications with the employees of the Company concerning any such employee ceasing employment with the Company during this period. 

		
	e)
	Cooperation.  

		
	i)
	Services.  Retiree agrees to cooperate upon the reasonable, written request of the Company, by making himself reasonably available to provide information that may, in the exclusive discretion of the Company or its attorneys, assist or be relevant to the Company’s legal proceedings including specifically, but not exclusively, depositions, meetings in advance of depositions, meetings in advance of giving a statement in a government investigation, and the giving of a statement in a government investigation, meetings in advance of trial or hearing, and trial or hearing, relating to or arising from the business, actions against Retiree related to his prior employment with the Company, acts or claimed omissions of the Company or any of its affiliates (the “Services”).  Furthermore, Retiree agrees that Retiree shall testify fully and truthfully in any civil, criminal or administrative investigation proceeding unless Retiree elects to invoke a Fifth Amendment privilege against self-incrimination.  

		
	ii)
	Independent Contractor Status.  The Company and Retiree expressly agree and understand that Retiree will perform the Services as an independent contractor and nothing in this Release nor the Services rendered hereunder is meant, or shall be construed in any way or manner, to create between Retiree and the Company a relationship of employer and employee, principal and agent, partners or any other relationship other than that of independent parties contracting with each other solely for the purpose of carrying out the Services.  Accordingly, Retiree acknowledges and agrees that he shall not be entitled to any compensation or benefits provided by the Company to its employees in connection with carrying out the Services.  In addition, Retiree shall have sole and exclusive responsibility for the payment of all federal, state and local income taxes with respect to any compensation provided by the Company hereunder for the Services.  Retiree further agrees that Retiree is not an agent of the Company and is not authorized and shall not have the power or authority to bind Company or incur any liability or obligation, or act on behalf of Company following the Retirement Date.  Retiree and the Company do not intend for the Services to exceed 20% of the average level of services Retiree provided to the Company during the 36-month period prior to Retiree’s retirement, and consequently it is intended that Retiree will have a “separation from service” with the Company within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), as of October 18, 2017, regardless of the commitment to provide the Services under this Release.

		
	iii)
	Compensation For Services.  

		
	(1)
	Amount.  In consideration for the Services, the Company shall pay Retiree a fee based on the number of documented hours of service rendered by Retiree for the Services at the hourly rate of $335.  In no event shall Retiree receive hourly fees for time spent travelling for the Services.

6

		
	(2)
	Payment Terms.  Within 10 business days after the close of each calendar month in which Retiree provide Services, Retiree shall submit to the Company a monthly service report that summarizes Retiree’s time and activities for the month in rendering the Services.  The Company shall then have 10 business days to request any clarifications or additional information about the Services.  Once the monthly service report is approved, the Company shall pay Retiree all amounts due for Services rendered in a calendar month no later than the end of the following calendar month.

		
	(3)
	Reimbursement for Expenses.  The Company shall timely reimburse Retiree for reasonable business expenses incurred in connection with the Services in accordance with the Company’s then-current policies for independent contractors as soon as practicable after all required documentation has been timely furnished by Retiree, generally no later than 30 days following the date such documentation has been furnished (but in no event later than the last day of the year following the year in which the expense was incurred).

		
	(4)
	Travel.  The Company may choose to provide Retiree with transportation or accommodations for the Services provided at its own direct cost to the transportation or accommodation provider, which may include travel on the Company’s aircraft. 

		
	5)
	Acknowledgments.  

		
	a)
	Retiree has been advised in writing by the Company to consult with an attorney before executing this Release.

		
	b)
	Retiree has carefully read the contents of this Release and understands its contents.  Retiree is executing this Release voluntarily, knowingly, and without any duress or coercion.

		
	c)
	Retiree has been extended a period of twenty-one (21) days, commencing October 19, 2017, within which to consider this Release and this has afforded Retiree ample opportunity to consult with financial and legal advisors prior to executing this Release.  In the event Retiree decided to execute this Release prior to the expiration of the twenty-one (21) day period after presentment of this Release to Retiree, Retiree hereby certifies and represents that Retiree’s decision to accept such shortening of time is knowing and voluntary and is not induced by the Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the twenty-one (21) day period.  Should Retiree sign this Release before the expiration of the twenty-one (21) day period, the Company may expedite the processing of the consideration provided in exchange for this Release.  

		
	d)
	Retiree understands that for a period of seven (7) days following Retiree’s execution of this Release, Retiree may revoke the Release by notifying the Company’s Chief Legal Officer, in writing, of Retiree’s desire to do so.  Provided that Retiree does not revoke this Release this Release shall become effective on the eighth (8th) calendar day after the date on which 

7

Retiree signs this Release (the “Effective Date”).  In the event of a timely revocation by Retiree, this Release will be deemed null and void and the Company will have no obligations hereunder.

		
	e)
	Any consideration received pursuant hereto is subject to applicable taxes.  Retiree acknowledges and agrees that the Company has made no representations regarding the tax consequences of any consideration received by Retiree, and Retiree further acknowledges and agrees that Retiree is solely liable and responsible, and will indemnify the Company and hold it harmless, for any consideration that may be deemed subject to withholding tax which were not withheld from these amounts.

		
	6)
	General Provisions.  

		
	a)
	Effective as of the Retirement Date, Retiree resigns from his position as an employee of the Company, from any and all officer or director positions of the Company, and from any committee, trustee or fiduciary position with respect to any employee benefit plan to which Retiree has been appointed by reason of his employment with the Company.  

		
	b)
	This Release, together with the LTIP and LTIP Agreements, sets forth the entire agreement between the parties hereto and supersedes any and all prior agreements or understandings, written or oral, between the parties pertaining to the subject matter of this Release, except as otherwise expressly stated herein.  This Release expresses the full terms upon which the Company and Retiree conclude the employment relationship.  There are no other representations or terms relating to the employment relationship, the conclusion of that relationship, or any pay, benefits or perquisites to which Retiree might otherwise be entitled other than those set forth in writing in this Release.  Retiree hereby represents and acknowledges that in executing this Release, except as otherwise set forth herein, Retiree does not rely and has not relied upon any representations or statements made by any of the parties, agents, attorneys, Retirees, or representatives with regard to the subject matter, basis or effect of this Release.

		
	c)
	The provisions of this Release shall be deemed severable.  Thus, in the event that any provision (or portion thereof) of this Release should be held to be void, voidable, or unenforceable, the remaining portions shall remain in full force and effect.

		
	d)
	Governing Law and Dispute Resolution.

		
	i)
	This Release shall be construed and enforced according to the laws of the State of Texas without regard to its conflict of law rules. 

		
	ii)
	Retiree and the Company agree that any dispute regarding the terms of this Release and/or the validity of this Release and its addenda, if any, shall be resolved through arbitration.  Retiree and the Company hereby expressly acknowledge that Retiree’s position in the Company had, and the Company’s business have, a substantial impact on interstate 

8

commerce and that Retiree’s involvement with the Company and the Company’s business had a national and international territorial scope commercially.  

		
	(1)
	Any arbitration-related matter or arbitration proceeding of a dispute regarding the covenants herein and/or the validity of this Release and its addenda, shall be governed, heard, and decided under the provisions and the authority of the Federal Arbitration Act, 9 U.S.C.A. §1, et seq., and shall be submitted for arbitration to the office of the American Arbitration Association (“AAA”) in Houston, Texas, on demand of either Party.

		
	(2)
	Such arbitration proceedings shall be conducted in The Woodlands, Texas, and shall be conducted in accordance with the then-current Employment Arbitration Rules and Mediation Procedures of the AAA, with the exception that (i) Retiree expressly waives the right to request interim measures or injunctive relief from a judicial authority.  Retiree acknowledges that the Company alone retains the right to seek injunctive relief from a judicial authority based on the nature of this Release; and (ii) the resolution of any dispute via this mechanism shall be before a single arbitrator.  Each Party shall have the right to be represented by counsel or other designated representatives.  The Parties shall negotiate in good faith to appoint a mutually acceptable arbitrator; provided, however, that, in the event that the Parties are unable to agree upon an arbitrator within 30 days after the commencement of the arbitration proceedings, the AAA shall appoint the arbitrator. 

		
	(3)
	The arbitrator shall have the right to award or include in his or her award any relief that he or she deems proper under the circumstances, including, without limitation, all types of relief that could be awarded by a court of law, such as money damages (with interest on unpaid amounts from date due), specific performance and injunctive relief.  The arbitrator shall issue a written opinion explaining the reasons for his or her decision and award.  The award and decision of the arbitrator shall be conclusive and binding upon both Parties, and judgment upon the award may be entered in any court of competent jurisdiction.  The Parties acknowledge and agree that any arbitration award may be enforced against either or both of them in a court of competent jurisdiction, and each waives any right to contest the validity or enforceability of such award.  The Parties further agree to be bound by the provisions of any statute of limitations that would be otherwise applicable to the controversy, dispute, or claim that is the subject of any arbitration proceeding initiated hereunder. Without limiting the foregoing, the Parties shall be entitled in any such arbitration proceeding to the entry of an order by a court of competent jurisdiction pursuant to a decision of the arbitrator for specific performance of any of the requirements of this Release. 

		
	(4)
	The provisions of this Section shall survive and continue in full force and effect subsequent to and notwithstanding expiration or termination of this Agreement for any reason.  The Company and Retiree shall be equally responsible for the payment of the arbitration fees, including those of the arbitrator.  The arbitrator shall have the 

9

right to award reasonable attorney's fees and costs to the prevailing Party.  Retiree and the Company acknowledge and agree that any and all rights they may have to resolve their claims by a jury trial are hereby expressly waived.  The provisions of this Section do not preclude Retiree from filing a complaint with any federal, state, or other governmental administrative agency, if applicable

		
	e)
	Retiree and the Company will neither make nor authorize any public statement to be made to any third party disparaging, defaming or criticizing the other in their business interests, conduct and/or affairs.  The Company shall make reasonable efforts to cause its officers or any member of Board of Directors to comply with this requirement.    

		
	f)
	Any waiver, alteration, amendment or modification of any of the terms of this Release shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification is consented to on the Company’s behalf by a properly authorized corporate officer of the Company.  No waiver by the Company of its rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.  

		
	g)
	The headings contained in this Release are for reference purposes only and shall not affect in any way the meaning or interpretation of this Release.  The recital(s) set forth herein are expressly made a part of this Release.

		
	h)
	This Release may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.  The execution of this Release may be by actual or scanned signature.  

		
	i)
	This Release was jointly prepared by the Company and Retiree, and any uncertainty or ambiguity existing in it shall not be interpreted against any party as the primary drafter of this Release.  The language of all parts of this Release shall in all cases be construed as a whole, according to its meaning and not strictly for or against any of the parties.

		
	j)
	The Company and Retiree shall promptly execute, acknowledge and deliver any additional document or agreement that the other party reasonably believes is necessary to carry out the purpose or effect of this Release.

		
	k)
	Retiree may not assign any of his rights or delegate any of his duties under this Release.  The rights and obligations of the Company shall inure to the benefit of the Company’s successors and assigns by merger, acquisition or other transaction.

		
	l)
	The Release is intended to comply, to the extent applicable, with the provisions of Section 409A and shall, to the extent practicable, be construed in accordance with Section 409A. For purposes of the Release, each amount to be paid or benefit to be provided will be construed as a separate identified payment for purposes of Section 409A, and any payments that are due within the “short term deferral period” as defined in Section 409A will not be 

10

treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or additional taxes under Section 409A, amounts reimbursable to Retiree under the Release shall be paid to Retiree on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Retiree) during any one year may not effect amounts reimbursable or provided in any subsequent year. The Company makes no representations or warranties that the payments provided under the Release or any other agreement comply with, or are exempt from, Section 409A, and in no event shall the Company be liable for any portion of any taxes, penalties, interest, or other expenses that may be incurred by Retiree on account of Section 409A.

*   *   *

11

IN WITNESS WHEREOF, the undersigned have executed this Release as of the dates indicated below.  

Chicago Bridge & Iron Company (Delaware)

/s/ Kirsten B. David____________________________________    10/25/17_______________
By:    Kirsten B. David                Date
Title:    EVP and Chief Legal Officer

Retiree

/s/ Luke V. Scorsone____________________________________    10/24/17________________
Luke V. Scorsone                    Date

12EX-10.3

 Exhibit 10.3 

GRAND CANYON EDUCATION, INC. 

RESTRICTED STOCK AGREEMENT 

(For U.S. Participants) 

Grand Canyon Education, Inc. (the “Company”) has granted to the Participant named in the Notice of
Grant of Restricted Stock (the “Grant Notice”) to which this Restricted Stock Agreement (the “Agreement”) is attached an Award consisting of Shares subject to the terms
and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and shall in all respects be subject to the terms and conditions of the Grand Canyon Education, Inc. 2017 Equity Incentive Plan (the
“Plan”), as amended to the Date of Grant, the provisions of which are incorporated herein by reference. By signing the Grant Notice, the Participant: (a) acknowledges receipt of and represents that the
Participant has read and is familiar with the Grant Notice, this Agreement, the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the Shares (the “Plan
Prospectus”), (b) accepts the Award subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all decisions or interpretations
of the Committee upon any questions arising under the Grant Notice, this Agreement or the Plan. 
  

	 	1.	DEFINITIONS AND CONSTRUCTION. 

1.1    Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings
assigned to such terms in the Grant Notice or the Plan. 
 1.2    Construction. Captions and titles
contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
  

	 	2.	ADMINISTRATION. 

 All
questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Committee. All such
determinations by the Committee shall be final, binding and conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the
exercise of its discretion pursuant to the Plan or the Award or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an
interest in the Award. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the Officer
has apparent authority with respect to such matter, right, obligation, or election. 

	 	3.	THE AWARD. 

3.1    Grant and Issuance of Shares. On the Date of Grant, the Participant shall acquire and the Company shall
issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares, subject to adjustment as provided in Section 9. As a condition to the issuance of the Shares, the Participant shall execute and deliver
the Grant Notice to the Company, and, if required by the Company, an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the form provided by the Company. 

3.2    No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to
satisfy applicable tax withholding, if any, with respect to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration for which shall be past services actually rendered or future services to be rendered to a
Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a
value not less than the par value of the Shares issued pursuant to the Award. 
 3.3    Beneficial Ownership of
Shares; Certificate Registration. The Participant hereby authorizes the Company, in its sole discretion, to deposit the Shares with the Company’s transfer agent, including any successor transfer agent, to be held in book entry
form during the term of the Escrow pursuant to Section 6. Furthermore, the Participant hereby authorizes the Company, in its sole discretion, to deposit, following the term of such Escrow, for the benefit of the Participant with any broker with
which the Participant has an account relationship of which the Company has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate for the Shares shall be registered in the name of the
Participant, or, if applicable, in the names of the heirs of the Participant. 
 3.4    Issuance of Shares in
Compliance with Law. The issuance of the Shares shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares shall be issued hereunder if their issuance
would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to
obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any Shares shall relieve the Company of any liability in respect of the failure to issue
such Shares as to which such requisite authority shall not have been obtained. As a condition to the issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 
  

	 	4.	VESTING OF SHARES. 

Shares acquired pursuant to this Agreement shall become Vested Shares as provided in the Grant Notice. For purposes of determining the number
of Vested Shares 

  
 2 

 
following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such
corporation is a Participating Company both before and after the Ownership Change Event. 
  

	 	5.	COMPANY REACQUISITION RIGHT. 

5.1    Grant of Company Reacquisition Right. Except to the extent otherwise provided by the
Superseding Agreement, if any, in the event that (a) the Participant’s Service terminates for any reason or no reason, with or without cause, or (b) the Participant, the Participant’s legal representative, or other holder of the
Shares, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an Ownership Change Event), including, without limitation, any transfer to a nominee or agent of the Participant, any Shares which are not Vested
Shares (“Unvested Shares”), the Participant shall forfeit and the Company shall automatically reacquire the Unvested Shares, and the Participant shall not be entitled to any payment therefor (the
“Company Reacquisition Right”). 
 5.2    Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other
property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property to which the Participant is entitled by reason of the
Participant’s ownership of Unvested Shares shall be immediately subject to the Company Reacquisition Right and included in the terms “Shares,” “Stock” and “Unvested Shares” for all purposes of the Company
Reacquisition Right with the same force and effect as the Unvested Shares immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Shares following an
Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating
Company both before and after any such event. 
 5.3    Forfeiture of Cash Dividends and Distributions. All
dividends and other distributions payable in cash with respect to Unvested Shares shall be subject to the same Vesting Conditions set forth in the Grant Notice as the Shares with respect to which such dividends or distributions are payable. Until
such Unvested Shares become Vested Shares, any such related cash dividends and distributions shall be included in the term “Unvested Shares” and shall be subject to the Escrow described in Section 6 and the Company Reacquisition Right
upon the Participant’s termination of Service to the same extent as the related Unvested Shares. 
  

	 	6.	ESCROW. 

6.1    Appointment of Agent. To ensure that Shares (including and any cash dividends or distributions as provided by
Section 5.3) subject to the Company Reacquisition Right will be available for reacquisition, the Participant and the Company hereby appoint the Secretary of the Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the “Agent”) to hold any and all Unvested Shares and to sell, assign and transfer to the Company
any such Unvested Shares reacquired by the Company 

  
 3 

 
pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this Agreement and that such appointment is coupled with an
interest and is irrevocable. The Agent shall not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant while acting in good faith and in the exercise
of the Agent’s own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence of such good faith. The Agent may rely upon any letter, notice or other document
executed by any signature purporting to be genuine and may resign at any time. 
 6.2    Establishment of
Escrow. The Participant authorizes the Company to deposit the Unvested Shares with the Company’s transfer agent to be held in book entry form, as provided in Section 3.3, and the Participant agrees to deliver to and
deposit with the Agent each certificate, if any, evidencing the Shares and, if required by the Company, an Assignment Separate from Certificate with respect to such book entry shares and each such certificate duly endorsed (with date and number of
Shares blank) in the form attached to this Agreement, to be held by the Agent under the terms and conditions of this Section 6 (the “Escrow”). Upon the occurrence of an Ownership Change Event, a dividend or
distribution to the stockholders of the Company paid in shares of Stock or other property or any other adjustment upon a change in the capital structure of the Company, as described in Section 9, any and all new, substituted or additional
securities or other property to which the Participant is entitled by reason of his or her ownership of the Shares that remain, following such Ownership Change Event, dividend, distribution or change described in Section 9, subject to the
Company Reacquisition Right shall be immediately subject to the Escrow to the same extent as the Shares immediately before such event. The Company shall bear the expenses of the Escrow. 

6.3    Delivery of Shares to Participant. The Escrow shall continue with respect to any Shares for so
long as such Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company shall so notify the Agent and direct the Agent to deliver such number of Shares (and any
related cash dividends or distributions payable with respect to such Shares) to the Participant. As soon as practicable after receipt of such notice, the Agent shall cause the Shares (and any related cash dividends or distributions payable with
respect to such Shares) specified by such notice to be delivered to the Participant, and the Escrow shall terminate with respect to such Shares. 
  

	 	7.	TAX MATTERS. 

7.1    Tax Withholding. 

(a)    In General. At the time the Grant Notice is executed, or at any time thereafter as requested by a
Participating Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and
foreign tax (including any social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, including, without limitation, obligations arising upon (a) the transfer of Shares to the
Participant, (b) the lapsing of any restriction with respect to any Shares, (c) the filing of an election to recognize tax liability, or (d) the transfer by the 

  
 4 

 
Participant of any Shares. The Company shall have no obligation to deliver the Shares or to release any Shares from the Escrow established pursuant to Section 6 until the tax withholding
obligations of the Participating Company have been satisfied by the Participant. 
 (b)    Assignment of Sale
Proceeds. Subject to compliance with applicable law and the Company’s Trading Compliance Policy, if permitted by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance
with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company
of the proceeds of a sale with respect to some or all of the shares becoming Vested Shares on a Vesting Date as provided in the Grant Notice. 

(c)    Withholding in Shares. The Company shall have the right, but not the obligation, to require the
Participant to satisfy all or any portion of a Participating Company’s tax withholding obligations by withholding a number of whole, Vested Shares otherwise deliverable to the Participant or by the Participant’s tender to the Company of a
number of whole, Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of
the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates if required to avoid liability classification of the Award under generally accepted accounting principles in the United States. 

7.2    Election Under Section 83(b) of the Code. 

(a)    The Participant understands that Section 83 of the Code taxes as ordinary income the difference between the
amount paid for the Shares, if anything, and the fair market value of the Shares as of the date on which the Shares are “substantially vested,” within the meaning of Section 83. In this context, “substantially vested” means
that the right of the Company to reacquire the Shares pursuant to the Company Reacquisition Right has lapsed. The Participant understands that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares
rather than when and as the Company Reacquisition Right lapses by filing an election under Section 83(b) of the Code with the Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The
Participant understands that failure to make a timely filing under Section 83(b) will result in his or her recognition of ordinary income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and
the fair market value of the Shares at the time such restrictions lapse. The Participant further understands, however, that if Shares with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to
its Company Reacquisition Right, such forfeiture will be treated as a sale on which there is realized a loss equal to the excess (if any) of the amount paid (if any) by the Participant for the forfeited Shares over the amount realized (if any) upon
their forfeiture. If the Participant has paid nothing for the forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize any loss on the forfeiture of the Shares even
though the Participant incurred a tax liability by making an election under Section 83(b). 

  
 5 

 (b)    The Participant understands that he or she should consult with his or
her tax advisor regarding the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant
to this Agreement. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding
the tax consequences to the Participant of the acquisition of Shares hereunder. ANY ELECTION UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES.
THIS TIME PERIOD CANNOT BE EXTENDED. THE PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE PARTICIPANT’S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH
ELECTION ON HIS OR HER BEHALF. 
 (c)    The Participant will notify the Company in writing if the Participant files an
election pursuant to Section 83(b) of the Code. The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax deduction for any amount which would otherwise be taxable to the Participant in
the absence of such an election. 
  

	 	8.	EFFECT OF CHANGE IN CONTROL. 

In the event of a Change in Control, the Award shall be subject to the definitive agreement entered into by the Company in connection with the
Change in Control. Except to the extent that the Committee determines to cash out the Award in accordance with Section 13.2(b) of the Plan, the surviving, continuing, successor, or purchasing corporation or other business entity or parent
thereof, as the case may be (the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and effect the Company’s rights and obligations under the Award or substitute for
the Award a substantially equivalent award for the Acquiror’s stock. For purposes of this Section, the Award shall be deemed assumed if, following the Change in Control, the Award confers the right to receive, subject to the terms and
conditions of the Plan and this Agreement, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of
Stock on the effective date of the Change in Control was entitled. Notwithstanding the foregoing, Shares acquired pursuant to the Award prior to the Change in Control and any consideration received pursuant to the Change in Control with respect to
such shares shall continue to be subject to all applicable provisions of this Agreement except as otherwise provided herein. 
  

	 	9.	ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. 

Subject to any required action by the stockholders of the Company, in the event of any change in the Stock effected without receipt of
consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of

  
 6 

 
payment of a dividend or distribution to the stockholders of the Company in a form other than Stock (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s
dividend policy) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and kind of shares of stock or other property subject to the Award, in order to prevent
dilution or enlargement of the Participant’s rights under the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the
Company.” Any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend policy, subject to Section 5.3) to which Participant is
entitled by reason of ownership of shares acquired pursuant to this Award will be immediately subject to the provisions of this Award on the same basis as all shares originally acquired hereunder. Any fractional share resulting from an adjustment
pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive. 

 

	 	10.	RIGHTS AS A STOCKHOLDER, DIRECTOR, EMPLOYEE OR
CONSULTANT. 

 The Participant shall have no rights as a
stockholder with respect to any Shares subject to the Award until the date of the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall
be made for dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 9. Subject to the provisions of this Agreement, the Participant shall exercise all rights
and privileges of a stockholder of the Company with respect to Shares deposited in the Escrow pursuant to Section 6, including the right to vote such Shares and to receive all dividends and other distributions paid with respect to such Shares,
subject to Section 5.3. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the
Participant’s employment is “at will” and is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of
the Participating Company Group to terminate the Participant’s Service at any time. 
  

	 	11.	LEGENDS. 

 The Company
may at any time place legends referencing the Company Reacquisition Right and any applicable federal, state or foreign securities law restrictions on all certificates representing the Shares. The Participant shall, at the request of the Company,
promptly present to the Company any and all certificates representing the Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such
certificates may include, but shall not be limited to, the following: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS SET FORTH IN AN AGREEMENT BETWEEN THIS CORPORATION AND THE REGISTERED HOLDER, OR HIS PREDECESSOR IN 

  
 7 

 
INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION.” 
  

	 	12.	TRANSFERS IN VIOLATION OF AGREEMENT. 

No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any
manner which violates any of the provisions of this Agreement and, except pursuant to an Ownership Change Event, until the date on which such shares become Vested Shares, and any such attempted disposition shall be void. The Company shall not be
required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to
pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company shall be authorized to give a stop transfer instruction with respect to the Shares to the
Company’s transfer agent. 
  

	 	13.	MISCELLANEOUS PROVISIONS. 

13.1    Termination or Amendment. The Committee may terminate or amend the Plan or this Agreement at any time;
provided, however, that no such termination or amendment may have a materially adverse effect on the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply
with applicable law or government regulation. No amendment or addition to this Agreement shall be effective unless in writing. 

13.2    Nontransferability of the Award. The right to acquire Shares pursuant to the Award shall not be subject in
any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and
distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative. 

13.3    Further Instruments. The parties hereto agree to execute such further instruments and to take such further
action as may reasonably be necessary to carry out the intent of this Agreement. 
 13.4    Binding Effect. This
Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors
and assigns. 
 13.5    Delivery of Documents and Notices. Any document relating to participation in the Plan or
any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery,
electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail,
or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the 

  
 8 

 
other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party. 

(a)    Description of Electronic Delivery and Signature. The Plan documents, which may include but do not
necessarily include: the Plan, the Grant Notice, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition, if permitted
by the Company, the parties may deliver electronically any notices called for in connection with the Escrow and the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as
the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the
delivery of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed. 

(b)    Consent to Electronic Delivery and Signature. The Participant acknowledges that the Participant has
read Section 13.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice and notices in connection with the Escrow, as described in
Section 13.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature shall have the same effect as handwritten signature for the purposes of validity,
enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The
Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the
Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in
Section 13.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 13.5(a).

 13.6    Integrated Agreement. The Grant Notice, this Agreement and the Plan, together with the Superseding
Agreement, if any, shall constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings,
restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to such subject matter. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan
shall survive any settlement of the Award and shall remain in full force and effect. 

  
 9 

 13.7    Applicable Law. This Agreement shall be governed by the laws
of the State of Arizona as such laws are applied to agreements between State of Arizona residents entered into and to be performed entirely within the State of State of Arizona. 

13.8    Counterparts. The Grant Notice may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 

  
 10 

 ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto 

 
  

                          
                                         
                                         
                                
(                    ) shares of the Capital Stock of Grand Canyon Education, Inc. standing in the undersigned’s name on the books of
said corporation represented by Certificate No.                      herewith and does hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said stock on the books of said corporation with full power of substitution in the premises. 
 Dated:
                     
  

	
	
                     
                    

	Signature
	
                     

	Print Name

 Instructions: Please do not fill in any blanks other than the signature line. The purpose of this assignment is
to enable the Company to exercise its Company Reacquisition Right set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Participant. 

 SAMPLE 

Internal Revenue Service 

                          
               

                          
               
 [IRS Service Center where Form 1040 is Filed] 

 

	Re:	Section 83(b) Election 

 Dear Sir or Madam: 

The following information is submitted pursuant to section 1.83-2 of the Treasury Regulations in connection with
this election by the undersigned under section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  

	1.	The name, address and taxpayer identification number of the taxpayer are: 

 Name:
                                         
                                         
               
 Address:
                                         
                                         
           
  

                       
                                         
                                         
   
 Social Security Number:
                                         
                          
  

	2.	The following is a description of each item of property with respect to which the election is made: 

                 shares of common stock of Grand Canyon
Education, Inc. (the “Shares”), acquired from Grand Canyon Education, Inc. (the “Company”) pursuant to a restricted stock grant. 
  

	3.	The property was transferred to the undersigned on: 

 Restricted stock grant date:
                     
 The
taxable year for which the election is made is: 
 Calendar Year
                     
  

	4.	The nature of the restriction to which the property is subject: 

 The Shares are subject to
automatic forfeiture to the Company upon the occurrence of certain events. This forfeiture provision lapses with regard to a portion of the Shares based upon the continued performance of services by the taxpayer over time. 

	5.	The following is the fair market value at the time of transfer (determined without regard to any restriction other than a restriction which by its terms will never lapse) of the property with respect to which the
election is made: 

 $            
(                 Shares at $             per Share). 

The property was transferred to the taxpayer pursuant to the grant of an award of restricted stock. 

 

	6.	The following is the amount paid for the property: 

 No monetary consideration was provided in
exchange for the Shares. 
  

	7.	A copy of this election has been furnished to the Company, the corporation for which the services were performed by the undersigned. 

Please acknowledge receipt of this election by date or received-stamping the enclosed copy of this letter and returning it to the undersigned. A
self-addressed stamped envelope is provided for your convenience. 
  

							
	Very truly yours,	  		 		 	
				
	  
	  		 	Date:	 	
                     

				
	Enclosures	  		 		 	
	cc:    Grand Canyon Education, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]