Document:

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                                                                    EXHIBIT 4.02

                          REGISTRATION RIGHTS AGREEMENT

                  This Agreement, dated May 15, 2001, is entered into by and
among New Mountain Partners, L.P. and DB Capital Investors, L.P. (the
"Purchasers") and Strayer Education, Inc., a Maryland corporation (the
"Company").

                  Reference is made to the Preferred Stock Purchase Agreement
dated as of November 28, 2000 (the "Purchase Agreement"), by and between the
Company and the Purchasers pursuant to which, among other things, the Company
will issue and sell to the Purchasers upon the terms set forth therein 5,769,231
shares of Series A Convertible Preferred Stock, par value $0.01 per share, of
the Company (the "Series A Preferred Stock"). The Company agrees with the
Purchasers for the benefit of the Covered Holders (as defined herein) from time
to time of the Registrable Securities (as defined herein) as follows:

1. DEFINITIONS. (a) As used in this Agreement and except as otherwise defined
herein, the following defined terms shall have the following meanings:

                  "Affiliate" of any specified Person means any other Person
which, directly or indirectly, is in control of, is controlled by, or is under
common control with such specified Person. For purposes of this definition,
control of a Person means the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

                  "Applicable Securities" means in relation to a Registration
Statement the Registrable Securities identified in the related Demand Notice or
Piggy-back Notice.

                  "Commission" means the United States Securities and Exchange
Commission.

                  "Common Stock" means the Company's common stock, par value
$0.01 per share.

                  "Covered Holder" means each of (i) the Purchasers and any of
their respective Affiliates that acquires Registrable Securities from any
Purchaser or any of their respective Affiliates and (ii) any other Person who
acquires (consistent with the terms of the Purchase Agreement and the Articles
Supplementary relating to the Series A Preferred Stock) Registrable Securities
for an aggregate purchase price of at least $10 million (or which have a
Liquidation Amount of at least $10 million) and who shall have been designated
as a Covered Holder by any Purchaser in a written notice to the Company,
provided that the rights of any Person designated as a Covered Holder referred
to in clause (ii) shall be limited if and to the extent provided in such notice;
and provided further, that each Purchaser shall not be entitled (x) to designate
more than 5 Covered Holders or (y) to designate any Covered Holder to the extent
the Registrable Securities would continue to be Registrable Securities for a
period longer than would be the case in the hands of such Purchaser or any of
its Affiliates (so that the period for which such Registrable Securities shall
continue to be Registrable Securities in the hands of such designee shall be

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limited to the period in which they would have been Registrable Securities in
the hands of such Purchaser or any of its Affiliates).

                  "Demand Notice" means a notice given by Covered Holders
pursuant to Section 2(a).

                  "Effective Time" means the date on which the Commission
declares a Registration Statement effective or on which a Registration Statement
otherwise becomes effective.

                  "Effectiveness Period" means as to a Registration Statement
the period during which such Registration Statement is effective.

                  "Electing Holder" means, with respect to a Registration, any
Covered Holder that has delivered a completed and signed Notice and
Questionnaire to the Company in accordance with the provisions hereof.

                  "Exchange Act" means the United States Securities Exchange Act
of 1934, as amended.

                  "Liquidation Amount" has the meaning assigned to such term in
the Articles Supplementary classifying and designating the Series A Preferred
Stock.

                  "NASD Rules" means the Rules of the National Association of
Securities Dealers, Inc., as amended from time to time.

                  "Notice and Questionnaire" means a Notice of Registration
Statement and Selling Stockholder Questionnaire substantially in the form of
Exhibit A hereto.

                  "Person" means an individual, partnership, corporation, trust,
limited liability company or unincorporated organization, or other entity or
organization, including a government or agency or political subdivision thereof.

                  "Piggy-back Notice" means a Notice given by a Covered Holder
pursuant to Section 3(a) hereof.

                  "Prospectus" means the prospectus (including, without
limitation, any preliminary prospectus, any final prospectus and any prospectus
that discloses information previously omitted from a prospectus filed as part of
an effective Registration Statement in reliance upon Rule 430A under the Act)
included in a Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion
of the Applicable Securities covered by a Registration Statement and by all
other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

                  "Registrable Securities" means the Series A Preferred Stock
and the Common Stock and other securities, if any, issuable upon conversion of
the Series A Preferred Stock, as well as any Common Stock that may be sold and
purchased if any, pursuant to the Support

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and Option Agreement (as defined in the Purchase Agreement) upon exercise of the
option described therein and any securities issued in respect of the rights of
the holders under Article Second of the Articles of Amendment (as defined in the
Purchase Agreement), in each case, until any such security is effectively
registered under the Securities Act and disposed of in accordance with the
Registration Statement covering it, or is distributed to the public by the
holder thereof pursuant to Rule 144, or with respect to any Covered Holder
owning less than $10 million in fair market value of the Registrable Securities,
all the Registrable Securities held by that Covered Holder are eligible for sale
pursuant to Rule 144 without holding period or volume limitations.

                  "Registration" means a registration under the Securities Act
effected pursuant to Section 2 or Section 3 hereof.

                  "Registration Expenses" means all expenses incident to the
Company's performance of or compliance with any Registration of Registrable
Securities pursuant to this Agreement, including, without limitation, (a) all
registration, filing and National Association of Securities Dealers, Inc. fees,
(b) all fees and expenses of complying with securities or blue sky laws, (c) all
word processing, duplicating and printing expenses, messenger and delivery
expenses, (d) the fees and disbursements of counsel for the Company and of its
independent public accountants, including the expenses of any special audits or
"comfort" letters required by or incident to such performance and compliance,
(e) premiums and other costs of policies of insurance obtained by the Company
against liabilities arising out of the public offering of Registrable Securities
being registered and (f) any fees and disbursements of underwriters customarily
paid by issuers, but excluding (i) any fees and disbursements of underwriters
customarily paid by sellers of securities who are not the issuers of such
securities and (ii) all underwriting discounts and commissions and transfer
taxes, if any, relating to Registrable Securities.

                  "Registration Statement" means a registration statement filed
under the Securities Act by the Company pursuant to the provisions of Section 2
or Section 3 hereof, including the Prospectus contained therein, any amendments
and supplements to such registration statement, including post-effective
amendments, and all exhibits and all material incorporated by reference in such
registration statement.

                  "Rule 144" means Rule 144 promulgated by the Commission under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission.

                  "Rules and Regulations" means the published rules and
regulations of the Commission promulgated under the Securities Act or the
Exchange Act, as in effect at any relevant time.

                  "S-3 Eligible" means that the Company meets the registrant
requirements and transaction requirements for the use of Form S-3 of the
Commission, as set forth in the General Instructions to such Form.

                  "Securities Act" means the United States Securities Act of
1933, as amended.

                  "Underwriter" means any underwriter of Applicable Securities
designated by Covered Holders pursuant to Section 2(e) hereof.

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          (b) The words "include," "includes" and "including," when used in this
Agreement, shall be deemed to be followed by the words "without limitation."

2. DEMAND REGISTRATION. (a) The Covered Holders shall have the right, on not
more than two occasions in the aggregate, occurring no more frequently than once
during any six month period, to require the Company (subject to the next
sentence) to use its reasonable best efforts to register for offer and sale
under the Securities Act all or a portion of the Registrable Securities then
outstanding; provided, however, that, without limiting the foregoing, if the
Company is S-3 Eligible during any calendar year, then the Covered Holders shall
also have the right, on not more than two occasions in the aggregate during such
calendar year, to require the Company to register for offer and sale pursuant to
a Registration Statement on Form S-3 (which shall be a "shelf" Registration
Statement pursuant to Rule 415 under the Securities Act, or a successor
provision) if so requested by a majority of the Covered Holders (which majority
shall be calculated based on the number of Registrable Securities held by all
Covered Holders) all or a portion of the Registrable Securities then
outstanding. As promptly as practicable after the Company receives a notice from
the Covered Holders (a "Demand Notice") demanding that the Company register for
offer and sale under the Securities Act Registrable Securities having as to each
Registration an expected aggregate offering price of at least $10,000,000,
subject to Section 2(b), the Company shall (i) file with the Commission a
Registration Statement relating to the offer and sale of the Applicable
Securities on Form S-3, or if Form S-3 is not available, on such other form as
the Company may reasonably deem appropriate and, thereafter, (ii) use all
reasonable efforts to cause such Registration Statement to be declared effective
under the Securities Act as promptly as practicable after the date of filing of
such Registration Statement; provided, however, that no Covered Holder shall be
entitled to be named as a selling stockholder in the Registration Statement or
to use the Prospectus forming a part thereof for resales of Registrable
Securities unless such Covered Holder is an Electing Holder. Subject to Section
2(b), the Company shall use all reasonable efforts to keep each Registration
Statement continuously effective in order to permit the Prospectus forming a
part thereof to be usable by Covered Holders for resales of Registrable
Securities for an Effectiveness Period ending on the earlier of (i) 90 days from
the Effective Time of such Registration Statement (two years in the case of a
shelf registration pursuant to Rule 415 or any successor rule thereto on Form
S-3) and (ii) such time as all of such securities have been disposed of by the
selling stockholders.

          (b) If the Company determines in good faith based upon the advice of
counsel that the use of such Registration would result in a disclosure of
information that would materially and adversely affect any proposed or pending
material acquisition, merger, business combination or other material transaction
involving the Company and that such disclosure is not in the best interests of
the Company and its stockholders, the Company shall have the right (i) to
postpone (or, if necessary or advisable, withdraw) the filing, or delay the
effectiveness, of a Registration Statement, (ii) to fail to keep such
Registration Statement continuously effective and (iii) not to amend or
supplement the Registration Statement or included Prospectus after the
effectiveness of the Registration Statement; provided that no one such
postponement shall exceed 90 days in any six month period and all such
postponements shall not exceed 120 days in the aggregate in any 12 month period.
The Company shall advise the Purchasers of any such determination as promptly as
practicable.

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          (c) The Company may include in any registration requested pursuant to
Section 2(a) hereof other securities for sale for its own account or for the
account of another Person, provided that such inclusion shall not affect the
number of Applicable Securities that can be sold in the related offering. In
connection with an underwritten offering, if the managing underwriter or
underwriters advise the Company in writing that in its or their opinion the
number of Applicable Securities requested by Covered Holders to be registered
exceeds the number which can be sold in such offering, the Company shall include
in such Registration the number of Applicable Securities that, in the opinion of
such managing underwriter or underwriters, can be sold as follows: (i) first,
the Applicable Securities requested to be registered, pro rata among the Covered
Holders that have requested their Applicable Securities to be registered and
(ii) second, any other securities requested to be included in such Registration.

          (d) The Covered Holders requesting any Registration pursuant to
Section 2(a) hereof shall have the right to withdraw such request, without such
Registration being deemed to have been effected (and, therefore, requested) for
purposes of Section 2(a), (i) prior to the time the Registration Statement in
respect of such Registration has been declared effective, (ii) upon the issuance
by a governmental agency or the Commission of a stop order, injunction or other
order which interferes with such Registration, (iii) upon the Company availing
itself of Section 2(b) hereof, or (iv) if such Covered Holders are prevented
pursuant to Section 2(c) hereof from selling all of the Applicable Securities
they requested to be registered. Notwithstanding the foregoing, the Registration
requested by such Covered Holders shall be deemed to have been effected (and,
therefore, requested) for purposes of Section 2(a) hereof if the Covered Holders
withdraw any Registration request pursuant to Section 2(a) hereof (i) after the
Commission filing fee is paid in full with respect to all Applicable Securities
requested to be registered or (ii) as a result of the provisions of Section 2(c)
hereof in circumstances where at least 75% of the Applicable Securities
requested to be included in such Registration by the Covered Holders demanding
such Registration have been included, and in each case, (x) the Company has not
availed itself of Section 2(b) or Section 7(j) with respect to such Registration
request or (y) the Company has availed itself of Section 2(b) or Section 7(j)
hereof and the withdrawal request is not made within 10 days after the
termination of the suspension period occasioned by the Company's exercise of its
rights under Section 2(b) or Section 7(j) hereof. If the Covered Holders
withdraw a request pursuant to Section 2(a) but the Company nevertheless
determines to complete, within 30 days after such withdrawal, the Registration
so requested as to securities other than the Applicable Securities, such Covered
Holders shall be entitled to participate in such Registration pursuant to
Section 3 hereof, but in such case the Intended Offering Notice (as defined in
Section 3) shall be required to be given to the Covered Holders at least 10
business days prior to the anticipated filing date of the registration statement
and such Covered Holders shall be required to give the Piggy-back Notice no
later than 5 business days after the Company's delivery of such Intended
Offering Notice.

          (e) In the event that any Registration pursuant to this Section 2
shall involve, in whole or in part, an underwritten offering, one co-lead
managing underwriter shall be selected by the Company and shall be reasonably
acceptable to the Covered Holders participating therein, and the other co-lead
managing underwriter shall be selected by the Covered Holders participating
therein and shall be reasonably acceptable to the Company.

3. PIGGY-BACK REGISTRATION. (a) If at any time the Company intends to file on
its behalf or on behalf of any of its stockholders (including Covered Holders
with respect to Registrable Secu-

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rities) a registration statement in connection with a public offering of any
securities of the Company on a form and in a manner that would permit the
registration for offer and sale under the Securities Act of Registrable
Securities of the same class held by such Covered Holder, other than a
registration statement on Form S-8 or Form S-4 or any successor form or other
forms promulgated for similar purposes, then the Company shall give written
notice (an "Intended Offering Notice") of such intention to each Covered Holder
at least 30 business days prior to the anticipated filing date of such
registration statement. Such Intended Offering Notice shall offer to include in
such registration statement for offer to the public such number or amount of
Registrable Securities as each such Covered Holder may request, subject to the
conditions set forth herein, and shall specify, to the extent then known, the
number and class of securities proposed to be registered, the proposed date of
filing of such registration statement, any proposed means of distribution of
such securities, any proposed managing underwriter or underwriters of such
securities and (if available or as soon as available) a good faith estimate
(which may be a range) by the Company of the proposed maximum offering price of
such securities, as such price is proposed to appear on the facing page of such
registration statement. Any Covered Holder desiring to have Registrable
Securities included in such registration statement and offered to the public
shall so advise the Company in writing (the written notice of any such Covered
Holder being a "Piggy-back Notice") not later than 10 business days after the
Company's delivery to the Covered Holders of the Intended Offering Notice,
setting forth the number of Registrable Securities such Covered Holder desires
to have included in the registration statement and offered to the public. Upon
the request of the Company, such Covered Holders shall enter into such
underwriting, custody and other agreements as shall be customary in connection
with registered secondary offerings or necessary or appropriate in connection
with the offering. No Covered Holder shall be entitled to be named as a selling
stockholder in the Registration Statement or to use the Prospectus forming a
part thereof for sales of Registrable Securities unless such Covered Holder is
an Electing Holder.

          (b) No Covered Holder shall be entitled to be named as a selling
stockholder in the Registration Statement as of the Effective Time, and no
Covered Holder shall be entitled to use the Prospectus forming a part thereof
for sales of Registrable Securities at any time, unless such Covered Holder has
returned a completed and signed Notice and Questionnaire to the Company at least
two business days before the anticipated filing date specified in the Intended
Offering Notice.

          (c) In connection with an underwritten offering, if the managing
underwriter or underwriters advise the Company in writing that in its or their
opinion the number of securities proposed to be registered exceeds the number
that can be sold in such offering, the Company shall include in such
Registration the number of securities that, in the opinion of such managing
underwriter or underwriters, can be sold as follows: (i) first, the securities
that the Company proposes to sell on its behalf or, if the offering is a demand
registration the securities proposed to be sold for the stockholder or
stockholders initiating such demand registration, as the case may be, (ii)
second, the Applicable Securities requested to be included in such Registration,
pro rata among the Electing Holders who are Covered Holders which have requested
their Applicable Securities to be included therein, and (iii) third, other
securities requested to be included in such Registration.

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          (d) The rights of the Covered Holders pursuant to Section 2 hereof and
this Section 3 are cumulative, and the exercise of rights under one such Section
shall not exclude the subsequent exercise of rights under the other such
Section. Notwithstanding anything herein to the contrary, the Company may
abandon and/or withdraw any registration (other than pursuant to Section 2
hereof) as to which any right under this Section 3 may exist at any time and for
any reason without liability hereunder. In such event, the Company shall so
notify each Covered Holder that has delivered a Piggy-back Notice to participate
therein.

4. REGISTRATION PROCEDURES. In connection with a Registration Statement, the
following provisions shall apply:

          (a) The Company shall furnish to each Electing Holder, prior to the
Effective Time, a copy of the Registration Statement initially filed with the
Commission, and shall furnish to such Electing Holders copies of each amendment
thereto and each amendment or supplement, if any, to the Prospectus included
therein.

          (b) In respect of a Registration Statement under Section 2 (and not
Section 3), the Company shall use reasonable efforts to promptly take such
action as may be reasonably necessary so that (i) each of the Registration
Statement and any amendment thereto and the Prospectus forming part thereof and
any amendment or supplement thereto (and each report or other document
incorporated therein by reference in each case), when it becomes effective,
complies in all material respects with the Securities Act and the Exchange Act
and the respective rules and regulations thereunder, (ii) each of the
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) each of the Prospectus forming part of the
Registration Statement, and any amendment or supplement to such Prospectus, does
not at any time during the period during which the Company is required to keep a
Registration Statement continuously effective under Section 2(a) include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

         Notwithstanding the forgoing provisions of this Section 4(b), the
Company shall notify each Electing Holder at any time after effectiveness of a
Registration Statement (when a Prospectus relating thereto is required to be
delivered under the Securities Act) of the happening of any event or other
circumstance as the result of which (i) the Prospectus included in such
Registration Statement, as then in effect, would include an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the
circumstances then existing, or (ii) the continued effectiveness of such
Registration Statement or a subsequent Registration Statement, and the use of
such Prospectus, would otherwise have a material and adverse effect on any
proposed or pending material acquisition, merger, business combination or other
material transaction involving the Company, and, upon receipt of such notice and
until the Company makes available to each Electing Holder a supplemented or
amended Prospectus, each Electing Holder shall not offer or sell any Registrable
Securities pursuant to such Registration Statement and shall (at the Company's
expense) return all copies of such Prospectus to the Company if requested to do
so by it. As promptly as practicable following any such occurrence, the Company
shall prepare and furnish to each Electing Holder a reasonable number of copies
of a supplement or an amendment

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to such Prospectus as may be necessary so that, as thereafter delivered to
subsequent purchasers of the Registrable Securities, such Prospectus shall meet
the requirements of the Securities Act and relevant state securities laws;
provided that the Company's obligations under and actions pursuant to this
paragraph shall be subject to the provisions, including time limits, of Section
2(b).

          (c) The Company shall, promptly upon learning thereof, advise each
Electing Holder, and shall confirm such advice in writing if so requested by any
such Electing Holder:

                    (i) when the Registration Statement and any amendment
          thereto has been filed with the Commission and when the Registration
          Statement or any post-effective amendment thereto has become
          effective;

                    (ii) of any request by the Commission for amendments or
          supplements to the Registration Statement or the Prospectus included
          therein or for additional information;

                    (iii) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          initiation of any proceedings for such purpose;

                    (iv) of the receipt by the Company of any notification with
          respect to the suspension of the qualification of the securities
          included in the Registration Statement for sale in any jurisdiction or
          the initiation of any proceeding for such purpose; and

                    (v) of the happening of any event or the existence of any
          state of facts that requires the making of any changes in the
          Registration Statement or the Prospectus included therein so that, as
          of such date, such Registration Statement and Prospectus do not
          contain an untrue statement of a material fact and do not omit to
          state a material fact required to be stated therein or necessary to
          make the statements therein (in the case of the Prospectus, in light
          of the circumstances under which they were made) not misleading (which
          advice shall be accompanied by an instruction to such Electing Holders
          to suspend the use of the Prospectus until the requisite changes have
          been made).

          (d) The Company shall use reasonable efforts to prevent the issuance,
and if issued to obtain the withdrawal, of any order suspending the
effectiveness of the Registration Statement at the earliest possible time.

          (e) The Company shall furnish to each Electing Holder, without charge,
at least one copy of the Registration Statement and all post-effective
amendments thereto, including financial statements and schedules, and, if such
holder so requests in writing, all reports, other documents and exhibits that
are filed with or incorporated by reference in the Registration Statement.

          (f) The Company shall, during the period during which the Company is
required to keep a Registration Statement continuously effective under Section
2(a) or elects to keep effective under Section 3(a), deliver to each Electing
Holder, without charge, as many copies of the Prospectus (including each
preliminary Prospectus) included in the Registration Statement and any amendment
or supplement thereto as such Electing Holder may reasonably request; and the
Company consents (except during the continuance of any event described in
Section 2(b)

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or Section 4(c)(v) hereof) to the use of the Prospectus, with any amendment or
supplement thereto, by each of the Electing Holders in connection with the
offering and sale of the Applicable Securities covered by the Prospectus and any
amendment or supplement thereto during such period.

          (g) Prior to any offering of Applicable Securities pursuant to the
Registration Statement, the Company shall use all reasonable efforts to (i)
register or qualify or cooperate with the Electing Holders and their respective
counsel in connection with the registration or qualification of such Applicable
Securities for offer and sale under the securities or "blue sky" laws of such
jurisdictions within the United States as any Electing Holder may reasonably
request, (ii) keep such registrations or qualifications in effect and comply
with such laws so as to permit the continuance of offers and sales in such
jurisdictions for the period during which the Company is required to keep a
Registration Statement continuously effective under Section 2(a) and (iii) take
any and all other actions reasonably requested by an Electing Holder which are
necessary or advisable to enable the disposition in such jurisdictions of such
Applicable Securities; provided, however, that in no event shall the Company be
obligated to (i) qualify as a foreign corporation or as a dealer in securities
in any jurisdiction where it would not otherwise be required to so qualify but
for this Agreement or (ii) file any general consent to service of process or
subject itself to tax in any jurisdiction where it is not so subject.

          (h) The Company shall cooperate with the Electing Holders to
facilitate the timely preparation and delivery of certificates representing
Applicable Securities to be sold pursuant to the Registration Statement, which
certificates shall comply with the requirements of any United States securities
exchange or automated quotation system upon which any Applicable Securities are
listed or quoted (provided that nothing herein shall require the Company to list
any Registrable Securities on any securities exchange or automated quotation
system on which they are not currently listed), and which certificates shall be
free of any restrictive legends and in such permitted denominations and
registered in such names as Electing Holders may request in connection with the
sale of Applicable Securities pursuant to the Registration Statement.

          (i) Not later than the Effective Time of the Registration Statement,
the Company shall use reasonable efforts to provide any required CUSIP number
for any Applicable Securities.

          (j) The Company shall, in the event of an underwriting of Applicable
Securities, enter into indemnification provisions and procedures substantially
identical to those set forth in Section 6 hereof with respect to all parties to
be indemnified pursuant to Section 6 hereof, provided that the applicable
Electing Holders do the same.

          (k) The Company shall use reasonable efforts to:

                    (i) cooperate with the Electing Holders and their advisors
          in their efforts to conduct appropriate due diligence as is customary
          for a company of the size and character of the Company and make such
          reasonable representations and warranties in the applicable
          underwriting agreement to the Underwriters, in form, substance and
          scope as are customarily made by the Company to underwriters in
          underwritten offerings of equity and/or convertible securities, as
          applicable;

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<PAGE>

                    (ii) in connection with any underwritten offering, obtain
          opinions of counsel to the Company (which counsel and opinions (in
          form, scope and substance) shall be reasonably satisfactory to the
          Underwriters) addressed to the Underwriters, covering such matters
          that the Company customarily covers in opinions requested in secondary
          underwritten offerings of equity and/or convertible securities, as
          applicable, to the extent reasonably required by the applicable
          underwriting agreement;

                    (iii) in connection with any underwritten offering, obtain
          "cold comfort" letters and updates thereof from the independent public
          accountants of the Company (and, if necessary, from the independent
          public accountants of any Subsidiary (as defined in the Purchase
          Agreement) of the Company or of any business acquired by the Company
          for which financial statements and financial data are, or are required
          to be, included in the Registration Statement), addressed to each
          Electing Holder participating in such underwritten offering (if such
          Electing Holder has provided such letter, representations or
          documentation, if any, required for such cold comfort letter to be so
          addressed) and the Underwriters, in customary form and covering
          matters of the type customarily covered in "cold comfort" letters in
          connection with underwritten offerings of Company securities; and

                    (iv) in connection with any underwritten offering, deliver
          such documents and certificates as may be reasonably requested by any
          Electing Holders participating in such underwritten offering and the
          Underwriters, if any, including, without limitation, certificates to
          evidence compliance with any conditions contained in the underwriting
          agreement or other agreements entered into by the Company.

          (l) In respect of a Registration Statement under Section 2 (and not
Section 3), the Company shall use reasonable efforts to take all other steps
reasonably necessary to effect the timely registration, offering and sale of the
Applicable Securities covered by the Registration Statements contemplated
hereby.

5. REGISTRATION EXPENSES. The Company shall bear the Registration Expenses in
connection with the performance of its obligations under Sections 2, 3 and 4
hereof.

6. INDEMNIFICATION AND CONTRIBUTION. (a) Upon the Registration of Applicable
Securities pursuant to Section 2 or 3 hereof, the Company shall indemnify and
hold harmless each Electing Holder and each Underwriter, selling agent or other
securities professional, if any, which facilitates the disposition of Applicable
Securities, and each of their respective officers, directors, employees and
agents and each person who controls such Electing Holder, Underwriter, selling
agent or other securities professional within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (each such person being
sometimes referred to as an "Indemnified Person") against any losses, claims,
damages or liabilities, joint or several, to which such Indemnified Person may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement under which such Applicable
Securities are to be registered under the Securities Act, or any Prospectus
contained therein or furnished by the Company to any Indemnified Person, or any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged

                                      -10-

<PAGE>

omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and the Company hereby
agrees to reimburse such Indemnified Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that the
Company shall not be liable to any such Indemnified Person in any such case to
the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such Registration Statement or Prospectus, or amendment
or supplement, in reliance upon and in conformity with written information
furnished to the Company by such Indemnified Person expressly for use therein.
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any of the prospective
sellers, or any of their respective Affiliates, directors, officers, employees,
agents or controlling Persons and shall survive the transfer of securities by
any Electing Holder.

          (b) Each Electing Holder agrees, as a consequence of the inclusion of
any of such Holder's Applicable Securities in such Registration Statement, and
each Underwriter, selling agent or other securities professional, if any, which
facilitates the disposition of Applicable Securities shall agree, as a
consequence of facilitating such disposition of Applicable Securities, severally
and not jointly, to indemnify and hold harmless the Company, its directors and
officers and each person, if any, who controls the Company within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any losses, claims, damages or liabilities to which the Company or such
other persons may become subject, under the Securities Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in such Registration Statement or Prospectus, or
any amendment or supplement, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such Holder,
Underwriter, selling agent or other securities professional expressly for use
therein. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company, the underwriters or any of
the prospective sellers, or any of their respective Affiliates, directors,
officers or controlling Persons and shall survive the transfer of securities by
any Electing Holder. In no event shall the liability of any Electing Holder
hereunder be greater in amount than the dollar amount of the proceeds received
by that Electing Holder upon the sale of the Registrable Securities giving rise
to the indemnification obligation.

          (c) Promptly after receipt by any Person entitled to indemnity (an
"Indemnitee") under Section 6(a) or (b) hereof of notice of the commencement of
any action or claim, such Indemnitee shall, if a claim in respect thereof is to
be made against an indemnifying party under this Section 6 (an "Indemnitor"),
notify such Indemnitor in writing of the commencement thereof, but the omission
so to notify the Indemnitor shall not relieve it from any liability which it may
have to any Indemnitee except to the extent of any actual prejudice. In case any
such action shall be brought against any Indemnitee and the Indemnitee shall
notify an Indemnitor of the commencement thereof, such Indemnitor shall be
entitled to participate therein and, jointly with any other Indemnitor similarly
notified, to assume the defense thereof, with counsel satisfactory

                                      -11-

<PAGE>

to such Indemnitee, and, after notice from the Indemnitor to such Indemnitee of
its election so to assume the defense thereof, such Indemnitor shall not be
liable to such Indemnitee under this Section 6 for any legal expenses of other
counsel or any other expenses, in each case subsequently incurred by such
Indemnitee, in connection with the defense thereof. No Indemnitor shall, without
the prior written consent of the Indemnitee, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the Indemnitee is an actual or potential
party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the Indemnitee from all liability
arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of
any Indemnitee.

          (d) If the indemnification provided for in this Section 6 is
unavailable to or insufficient to hold harmless an Indemnitee under Section 6(a)
or (b) hereof in respect of any losses, claims, damages or liabilities (or
actions in respect thereof) referred to therein, then each Indemnitor, in lieu
of indemnifying the Indemnitee, shall contribute to the amount paid or payable
by such Indemnitee as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect
the relative fault of the Indemnitor and the Indemnitee in connection with the
statements or omissions which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such Indemnitor and Indemnitee
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such Indemnitor or by
such Indemnitee, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 6(d) were determined solely by pro rata allocation
(even if the Electing Holders or any Underwriters, selling agents or other
securities professionals or all of them were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in this Section 6(d). The amount paid or
payable by an Indemnitee as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such
Indemnitee in connection with investigating or defending any such action or
claim. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The obligations
of the Electing Holders and any Underwriters, selling agents or other securities
professionals in this Section 6(d) to contribute shall be several in proportion
to the percentage of principal amount of Applicable Securities registered or
underwritten, as the case may be, by them and not joint and shall be subject to
the limitations set forth in the last sentence of Section 6(b).

          (e) The obligations of the Company under this Section 6 shall be in
addition to any liability which the Company may otherwise have to any Indemnitee
and the obligations of any Indemnified Person under this Section 6 shall be in
addition to any liability which such Indemnified Person may otherwise have to
the Company. The remedies provided in this Section 6 are not exclusive and shall
not limit any rights or remedies that may otherwise be available to an
Indemnitee at law or in equity.

                                      -12-

<PAGE>

7. MISCELLANEOUS. (a) This Agreement, including this Section 7(a), may be
amended, and waivers or consents to departures from the provisions hereof may be
given, only by a written instrument duly executed, (x) in the case of an
amendment, by the Company and (i) the Covered Holders representing a majority of
Registrable Securities at the time outstanding (who shall be deemed to be acting
for themselves and as agents for each Covered Holder), and (ii) any Covered
Holder on whom such amendment would have an adverse effect materially
disproportionate to the Covered Holders in general, or (y) in the case of a
waiver or consent, by the party against whom the waiver or consent, as the case
may be, is to be effective. Each Holder of Registrable Securities outstanding at
the time of any such amendment, waiver or consent or thereafter shall be bound
by any amendment, waiver or consent effected pursuant to this Section 7(a),
whether or not any notice, writing or marking indicating such amendment, waiver
or consent appears on the Registrable Securities or is delivered to such holder.
Further if at any time a Covered Holder no longer holds Registrable Securities,
the consent of such Covered Holder shall no longer be required to amend this
agreement or to waive or consent to departures from the provisions hereof.

                                      -13-

<PAGE>

          (b) All notices, requests and other communications to any party
hereunder shall be in writing (including facsimile transmission) and shall be
given as follows:

                           if to the Company, to:

                           Strayer Education, Inc.
                           1025 15th Street, N.W.
                           Washington, D.C.  20005
                           Attention: Chief Financial Officer
                           Telecopy: (301) 470-2265

                           with a copy to:

                           Hogan & Hartson L.L.P.
                           111 South Calvert Street
                           Suite 1600
                           Baltimore, Maryland 21202-6191
                           Attention: Walter G. Lohr, Jr.
                           Telecopy: (410) 539-6981

                           if to Purchasers or any Covered Holder, to:

                           New Mountain Partners, L.P.
                           712 Fifth Avenue, 23rd Floor
                           New York, New York  10019
                           Attention: Steve B. Klinsky
                           Telecopy: (212) 582-1816

                           and

                           DB Capital Investors, L.P.
                           c/o DB Capital Partners, Inc.
                           One Market Plaza
                           Steuart Tower, Suite 2400
                           San Francisco, California  94105
                           Attention:  Steven K. Dollinger
                           Telecopy:  (415) 217-4288

                           with copies to:

                           Wachtell, Lipton, Rosen & Katz
                           51 West 52nd Street
                           New York, New York  10019
                           Attention:  Trevor S. Norwitz
                           Telecopy:  (212) 403-2000

                                      -14-

<PAGE>

                           White & Case LLP
                           1155 Avenue of the Americas
                           New York, New York 10036-2787
                           Attention:  Oliver C. Brahmst
                           Telecopy:  (212) 354-8113

          (c) The parties to this Agreement intend that all Covered Holders of
Registrable Securities shall be entitled to receive the benefits of and shall be
bound by the terms and provisions of this Agreement by reason of electing to
have Applicable Securities included in a Registration Statement. Except as
provided herein respecting Covered Holders, the terms and provisions of this
Agreement shall not be assignable or transferable and there shall be no
third-party beneficiaries hereto. All the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by
the respective legal successors and permitted assigns of the parties hereto and
any Covered Holder.

          (d) This Agreement may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

          (e) The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

          (f) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT GIVING EFFECT TO ANY PROVISIONS
RELATING TO CONFLICTS OF LAWS.

          (g) The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. If any provision of this
Agreement, or the application thereof to any Person or entity or any
circumstance, is invalid or unenforceable, (i) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, such provision and (ii) the remainder of this Agreement
and the application of such provision to other Persons, entities or
circumstances shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

          (h) The respective indemnities, agreements, representations,
warranties and other provisions set forth in this Agreement or made pursuant
hereto shall remain in full force and effect, regardless of any investigation
(or any statement as to the results thereof) made by or on behalf of any
Electing Holder, any director, officer or partner of such Electing Holder, any
agent or Underwriter, any director, officer or partner of such agent or
Underwriter, or any controlling person of any of the foregoing, and shall
survive the transfer and registration of the Applicable Securities of such
Holder.

                                      -15-

<PAGE>

          (i) Each Covered Holder and Electing Holder shall cooperate with
respect to any Registration effected under this Agreement and shall provide such
information, documents, and instruments as may be reasonably requested in
connection therewith.

          (j) Each Covered and Electing Holder agrees, if so requested by the
managing underwriter in any underwritten offering of the Company's securities
(based on the negative impact that the inclusion of such Covered and Electing
Holder's Registrable Securities would have on the pricing of such offering), not
to effect any public sale or public distribution of Registrable Securities
during the 30 days prior to and the 60 days after any registration statement for
any underwritten offering of the Company's securities (either for its own
account or for the benefit of the holders of any securities of the Company) has
become effective (or such period of time shorter than 90 days that is sufficient
and appropriate, in the opinion of the managing underwriter, in order to
complete the sale and distribution of securities included in such registration).

          (k) The obligations of the Company hereunder shall terminate upon the
earlier of (i) 10 years from the date hereof and (ii) the date upon which there
ceases to be any Registrable Securities outstanding.

          (l) The Company shall have no liability to any Covered Holder for any
actions taken or omitted on the basis of actions of the Purchasers as agents for
the Covered Holders.

          (m) The Company shall use reasonable efforts to timely file all
reports required to be filed with respect to the Company under Section 13 or
Section 15(d) of the Exchange Act for so long as the Company has obligations
hereunder.

                                      -16-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their respective authorized officers as of the day
and year first above written.

                                       NEW MOUNTAIN PARTNERS, L.P.

                                       By: New Mountain Investments, L.P., its
                                               general partner

                                       By: New Mountain GP, LLC, its
                                                general partner

                                       By:     /s/ Steven B. Klinsky
                                           -------------------------------------
                                              Name:  Steven B. Klinsky
                                              Title:  Member

                                       DB CAPITAL INVESTORS, L.P.

                                       By: DB Capital Partners, L.P., its
                                                general partner

                                       By: DB Capital Partners, Inc., its
                                                general partner

                                       By:   /s/ Steven Dollinger
                                           -------------------------------------
                                            Name:  Steven Dollinger
                                            Title:    Director

                                       STRAYER EDUCATION, INC.

                                       By:      /s/ Robert S. Silberman
                                           -------------------------------------
                                          Name: Robert S. Silberman
                                          Title: President and Chief Executive
                                                        Officer

                                      -17-

<PAGE>

                                                                       Exhibit A

                             Strayer Education, Inc.

                        Notice of Registration Statement
                                       and
                        Selling Stockholder Questionnaire

                                     (Date)

                  Reference is hereby made to the Registration Rights Agreement
(the "Registration Rights Agreement") between Strayer Education, Inc. (the
"Company") and the Purchasers named therein. Pursuant to the Registration Rights
Agreement, the Company [has filed] with the United States Securities and
Exchange Commission (the "Commission") a registration statement on Form _______
(the "Registration Statement") for the registration and resale under the
Securities Act of 1933, as amended (the "Securities Act"), of the Company's
[Title of Securities] (the "Securities"). All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement.

                  Each Holder of Registrable Securities is entitled to have the
Registrable Securities owned by it included in the Registration Statement. In
order to have Registrable Securities included in the Registration Statement,
this Notice of Registration Statement and Selling Stockholder Questionnaire
("Notice and Questionnaire") must be completed, executed and delivered to the
Company's counsel at the address set forth herein for receipt ON OR BEFORE
[DEADLINE FOR RESPONSE]. Holders of Registrable Securities who do not complete,
execute and return this Notice and Questionnaire by such date (i) will not be
named as selling stockholders in the Registration Statement and (ii) may not use
the Prospectus forming a part thereof for resales of Registrable Securities.

                  Certain legal consequences arise from being named as a selling
stockholder in the Registration Statement and related Prospectus. Accordingly,
Holders of Registrable Securities are advised to consult their own securities
law counsel regarding the consequences of being named or not being named as a
selling stockholder in the Registration Statement and related Prospectus.

<PAGE>

                                    ELECTION

                  The undersigned Holder (the "Selling Stockholder") of
Registrable Securities hereby elects to include in the Registration Statement
the Registrable Securities beneficially owned by it and listed below in Item
(3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement, including, without limitation, Section 6 of the Registration Rights
Agreement, as if the undersigned Selling Stockholder were an original party
thereto.

                  Upon any sale of Registrable Securities pursuant to the
Registration Statement, the Selling Stockholder will be required to deliver to
the Company the Notice of Transfer set forth in Appendix A to the Prospectus.

                  The Selling Stockholder hereby provides the following
information to the Company and represents and warrants that such information is
accurate and complete:

                                      A-2

<PAGE>

                                  QUESTIONNAIRE

(1)       (a)   Full Legal Name of Selling Stockholder:

          (b)   Full Legal Name of Registered Holder (if not the same as in (a)
                above) of Registrable Securities Listed in (3) below:

(2)       Address for Notices to Selling Stockholder:

         Telephone:

         Fax:

         Contact Person:

(3)      Except as set forth below in this Item (3), the undersigned does not
         beneficially own any Securities or Common Stock.

          (a)   Principal amount or number of Registrable Securities (as defined
                in the Registration Rights Agreement) beneficially owned:___

          (b)   Principal amount or number of Registrable Securities which the
                undersigned wishes to be included in the Registration
                Statement:___

(4)      Beneficial Ownership of Other Securities of the Company:

         Except as set forth below in this Item (4), the undersigned Selling
Stockholder is not the beneficial or registered owner of any shares of Common
Stock or any other securities of the Company, other than the Securities and
shares of Common Stock listed above in Item (3).

         State any exceptions here:

(5)      Relationships with the Company:

         Except as set forth below, neither the Selling Stockholder nor any of
its affiliates, officers, directors or principal equity holders (5% or more) has
held any position or office or has had any other material relationship with the
Company (or its predecessors or affiliates) during the past three years.

                                      A-3

<PAGE>

         State any exceptions here:

(6)      Plan of Distribution:

         Except as set forth below, the undersigned Selling Stockholder intends
to distribute the Registrable Securities listed above in Item (3) only as
follows (if at all): Such Registrable Securities may be sold from time to time
directly by the undersigned Selling Stockholder or, alternatively, through
underwriters, broker-dealers or agents. Such Registrable Securities may be sold
in one or more transactions at fixed prices, at prevailing market prices at the
time of sale, at varying prices determined at the time of sale, or at negotiated
prices. Such sales may be effected in transactions (which may involve crosses or
block transactions) (i) on any national securities exchange or quotation service
on which the Registered Securities may be listed or quoted at the time of sale,
(ii) in the over-the-counter market, (iii) in transactions otherwise than on
such exchanges or services or in the over-the-counter market, or (iv) through
the writing of options. In connection with sales of the Registrable Securities
or otherwise, the Selling Stockholder may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Registrable
Securities in the course of hedging the positions they assume. The Selling
Stockholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable
Securities to broker-dealers that in turn may sell such securities.

         State any exceptions here:

         By signing below, the Selling Stockholder acknowledges that it
understands its obligation to comply, and agrees that it will comply, with the
provisions of the Exchange Act and the rules and regulations thereunder,
particularly Regulation M.

         In the event that the Selling Stockholder transfers all or any portion
of the Registrable Securities listed in Item (3) above after the date on which
such information is provided to the Company, the Selling Stockholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Registration Rights
Agreement.

         By signing below, the Selling Stockholder consents to the disclosure of
the information contained herein in its answers to Items (1) through (6) above
and the inclusion of such information in the Registration Statement and related
Prospectus. The Selling Stockholder understands that such information will be
relied upon by the Company in connection with the preparation of the
Registration Statement and related Prospectus.

                                      A-4

<PAGE>

         In accordance with the Selling Stockholder's obligation under Section 4
of the Registration Rights Agreement to provide such information as may be
required by law for inclusion in the Registration Statement, the Selling
Stockholder agrees to promptly notify the Company of any inaccuracies or changes
in the information provided herein which may occur subsequent to the date hereof
at any time while the Registration Statement remains in effect. All notices
hereunder and pursuant to the Registration Rights Agreement shall be made in
writing by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows:

(i)               To the Company:

                           Strayer Education, Inc.
                           1025 15th Street, N.W.
                           Washington, DC  20005
                           Attn:  Chief Financial Officer
                           Telecopy:  (301) 470-2265

(ii)              With a copy to:

                           Hogan & Hartson L.L.P.
                           111 South Calvert Street
                           Suite 1600
                           Baltimore, Maryland  21202-6191
                           Attention:  Walter G. Lohr, Jr.
                           Telecopy:  (410) 539-6981

                  Once this Notice and Questionnaire is executed by the Selling
Stockholder and received by the Company's counsel, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Stockholder (with respect to the Registrable Securities
beneficially owned by such Selling Stockholder and listed in Item (3) above).
This Agreement shall be governed in all respects by the laws of the State of
Maryland.

                                      A-5

<PAGE>

                  IN WITNESS WHEREOF, the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated:
      ------------------------

                                      Selling Stockholder

                                      By:
                                      Name:
                                      Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

                           Hogan & Hartson L.L.P.
                           111 South Calvert Street
                           Suite 1600
                           Baltimore, Maryland  21202-6191
                           Attention:  Walter G. Lohr, Jr.
                           Telecopy:  (410) 539-6981

                                      A-6<PAGE>

                                                                   Exhibit 10.03

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
as of April 6, 2001, by and between STRAYER EDUCATION, INC., a Maryland
corporation (the "Company"), and ROBERT S. SILBERMAN (the "Executive").

         WHEREAS, the Company believes that it would benefit from the
application of the Executive's skill, experience and background to the
management and operation of the Company, and that the Executive will make major
contributions to the short- and long-term profitability, growth and financial
strength of the Company; and

         WHEREAS, the Company desires to employ the Executive and the Executive
desires to be employed by the Company; and

         WHEREAS, the Company and the Executive desire to set forth in a written
agreement the terms and conditions of the Executive's employment with the
Company;

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:

         1. Employment. The Company hereby agrees to employ the Executive and
the Executive hereby agrees to be employed by the Company upon the terms and
conditions set forth herein.

         2. Term. The Executive's employment shall be for a term (the
"Employment Term") commencing on March 16, 2001 (the "Commencement Date") and,
subject to termination under Section 8, expiring on December 31, 2004; provided,
however, that commencing on January 1, 2002 and each January 1 thereafter, the
Employment Term will automatically be extended for an additional year unless,
not later than September 30 of the immediately preceding year, the Company or
the Executive shall have given written notice to the other that it or the
Executive, as the case may be, does not wish to have the Employment Term
extended.

         3. Duties of the Executive. The Executive shall serve as the President
and Chief Executive Officer of the Company, and as such shall have primary
responsibility for the oversight, management and general operation of all of the
operations of the Company. The Executive shall report solely to the Company's
Board of Directors (the "Board") and shall be assigned only those executive
policy and management duties that are consistent with the Executive's position
as President and Chief Executive Officer of the Company. The Executive shall
devote substantially all of his working time and his best efforts, full
attention and energies to the business of the Company, the responsibilities
provided for the President and Chief Executive Officer in the Company's Bylaws,
and such other related duties and responsibilities as may from time to time be
reasonably prescribed by the Board; provided, however, that it shall not be a
violation of this Agreement for Executive to (a) devote reasonable periods of
time to

<PAGE>

charitable and community activities (other than serving on boards of
directors, trustees or similar governing bodies of not-for-profit entities
("Not-for-Profit Boards")) and, with the prior written approval of the Board,
devote reasonable periods of time to serving on Not-for-Profit Boards and
engaging in industry or professional activities (including membership on the
board of directors or governing body of other corporations or entities and
participation on governmental panels and commissions), and/or (b) manage
personal business interests and investments, in each case so long as such
activities do not interfere with the performance of Executive's responsibilities
under this Agreement. The Company shall include the Executive in the management
slate for election as a director at every stockholders' meeting during the
Employment Term at which his term as a director would otherwise expire.

4.       Compensation.

          (a) Base Salary. During the Employment Term, the Company shall pay to
the Executive a base salary of not less than $350,000 per annum (the "Base
Salary"). The Board shall review Executive's Base Salary annually (after
approval of the forthcoming year's budget and receipt of the prior year's
financial statements) and increase it by an amount no less than the increase in
the consumer price index for the Washington, D.C. metropolitan area from the
immediately preceding year.

          (b) Annual Bonus. In addition to the Base Salary, the Executive shall
be eligible to receive an annual bonus (the "Bonus") for each fiscal year of the
Company that ends during the Employment Term, under a bonus plan for senior
executives to be adopted by the Company (the "Plan"), subject to the approval of
the Company's shareholders as required for purposes of exemption from the
limitations on deductibility imposed by Section 162(m) of the Internal Revenue
Code of 1986, as amended (the "Code"), and based upon the achievement of
objective performance goals meeting the requirements for such exemption. The
Executive's target Bonus under the Plan shall be at least 75% of the Executive's
Base Salary for the year involved, provided that the Company achieves the
targeted level of performance for the relevant fiscal year. The first Bonus that
the Executive shall be eligible to receive under the Plan shall be for the
Company's 2001 fiscal year, and the targeted level of performance required to
earn the tar-geted Bonus amount shall be as agreed by the Compensation Committee
or the Executive Committee of the Board, on the one hand, and the Executive, on
the other hand.

          (c) Stock Options. As of the Commencement Date, the Executive shall be
granted options to purchase 350,000 shares of the Company's Common Stock (the
"Options") under the Company's 1996 Stock Option Plan. The Options shall be
subject to the terms of the Company's 1996 Stock Option Plan and of the stock
option agreement which will accompany the grant and will be entered into between
the Company and the Executive, provided however that the terms contained in such
stock option agreement shall be consistent with the terms of this Agreement.
Except as otherwise provided for in this Agreement, the Options shall vest based
on the continued employment of the Executive as to 116,666 shares on March 16,
2002, as to an additional 116,667 shares on March 16, 2003 and as to the final
116,667 shares on March 16, 2004; provided, that the Options shall vest in full
(to the extent they have not previously vested, terminated or expired) upon the
occurrence of a Change of Control. The per-share exercise price of the Options
shall equal the fair market value of a share of the Company's Common Stock on
April 6, 2001. The Options shall have a seven-year term from the date of grant,
except as

                                       2
<PAGE>

otherwise provided in this Agreement. The Options shall not be
considered "incentive stock options", as such term is defined in Section 422 of
the Code.

        5.   Executive Benefits.

          (a) General. In addition to the compensation described in Section 4,
during the Employment Term, the Company shall make available to the Executive,
on the most favorable terms and conditions available to executive and management
employees of the Company, (i) all Company-sponsored employee benefit plans or
arrangements and such other usual and customary benefits now or hereafter
generally available to employees of the Company, and (ii) such benefits and
perquisites as may be made available to senior executives of the Company as a
group, including, without limitation, equity and cash incentive programs,
director and officer insurance which includes coverage for service on other
boards of directors at the request of the Company, governmental panels, etc.,
vacations, and retirement, deferred compensation and welfare plans. The
intention of the parties is to coordinate the Executive's coverage under the
Company's medical benefit plans and his current COBRA benefits to ensure that no
gap in coverage occurs because of pre-existing condition limitations or
otherwise.

        (b)   Relocation.

                    (i) No later than September 1, 2001, the Executive shall
          relocate to a residence within 50 miles of the Company's principal
          executive offices, currently located in the Washington, D.C.
          metropolitan area.

                    (ii) The Company shall, on a fully grossed-up basis for tax
          purposes, reimburse the Executive for the reasonable and documented
          costs and expenses of moving the Executive's principal household to
          the Washington, D.C. metropolitan area and temporary housing in the
          Washington, D.C. metropolitan area before such relocation for up to
          six months from the Executive's first day of work pursuant to this
          Agreement.

          (c) Attorneys' Fees. The Company shall pay or reimburse the Executive
for reasonable attorneys' fees and disbursements incurred by the Executive in
connection with the negotiation and execution of this Agreement up to $17,000.

        6.   Expenses. The Company shall also pay or reimburse the Executive for
reasonable and necessary expenses incurred by the Executive in connection with
his duties on behalf of the Company in accordance with the expense policy of the
Company applicable to members of senior management of the Company.

        7.   Place of Performance. In connection with his employment by the
Company, unless otherwise agreed by the Executive, the Executive shall be based
at the principal executive offices of the Company, except for travel reasonably
required for Company business. It is expected that for at least three years from
the Commencement Date, the principal executive offices of the Company will be in
the Washington, D.C. metropolitan area.

                                       3
<PAGE>

        8.   Termination.

          (a) Termination By the Company. The Executive's employment hereunder
and the Employment Term may be terminated by the Company for any reason by
written notice as provided in Section 18. For purposes of this Agreement, the
Executive will be treated as having been terminated by the Company if the
Executive terminates his employment with the Company under the following
circumstances: (i) the Company breaches any material provision of Sections 4, 5,
6 or 7 of this Agreement and fails to cure such breach within thirty (30)
calendar days after receiving notice thereof from the Executive; (ii) there
occurs a material reduction in the Executive's authority, functions, duties or
responsibilities as provided in Section 3 and the Company fails to restore to
the Executive such authority, functions, duties or responsibilities within
thirty (30) calendar days after receiving notice thereof from the Executive; or
(iii) the Executive resigns for any reason, or without reason, during the
thirty-day period immediately following the six-month anniversary of the first
occurrence of a "Change in Control" of the Company (as defined in Section 11) (a
"COC Termination"). In the event of such a termination or any other termination
of the Executive's employment by the Company for any reason other than Cause (as
defined herein), the Executive shall be entitled to the payments and benefits
set forth in Section 9(a).

          (b) Termination By the Executive. The Executive may voluntarily
terminate his employment and this Agreement at any time by notice to the Company
as provided in Section 18. In the event of a termination of the Executive's
employment by the Executive during the Employment Term other than pursuant to
the second sentence of Section 8(a) or a termination by the Company for Cause
(as defined herein) during the Employment Term the Executive shall be entitled
to the payments and benefits set forth in Section 9(b).

          (c) Termination Due to Death or Disability. In the event of a
termination of the Executive's employment during the Employment Term due to
death or Disability (as defined herein), the Executive shall be entitled to the
payments and benefits set forth in Section 9(c).

        9.   Compensation and Benefits Upon Termination of Employment.

          (a) Termination by Company Without Cause. If the Executive's
employment hereunder is terminated by the Company (including within the meaning
of the second sentence of Section 8(a)) for any reason other than for Cause (as
defined herein) during the Employment Term, the Company shall be obligated to
pay to the Executive the following termination payments and make available the
following benefits:

                    (i) Accrued Rights. The Company shall within ten (10) days
          of the date of termination pay the Executive a lump-sum amount equal
          to the sum of (A) his earned but unpaid Base Salary through the date
          of termination, (B) any earned but unpaid Bonus under Section 4(b)
          above, and (C) any business expenses due to the Executive from the
          Company as of the date of termination. In addition, the Company shall
          provide to the Executive all payments, rights and benefits due as of
          the date of termination under the terms of the Company's employee and
          fringe benefit plans and programs (other than severance plans or
          programs) in which the

                                       4

<PAGE>

          Executive participated during the Employment Term (together with the
          lump-sum payment, the "Accrued Rights").

                    (ii) Severance Payment. The Company shall within thirty (30)
          days of the date of termination pay the Executive a lump sum payment
          in an amount equal to (A) three times the Base Salary (at the highest
          rate in effect for any period prior to the date of termination), plus
          (B) in the case of a COC Termination only, three times the latest
          previous Bonus actually paid.

                    (iii) Medical Benefits. For a period of three (3) years
          following the date of termination, except as provided in Section 8(f),
          the Company will arrange to provide the Executive with medical
          benefits substantially similar to those that the Executive was
          receiving or entitled to receive immediately prior to the date of
          termination, provided that if and to the extent that any benefit
          described in this paragraph is not or cannot be paid or provided under
          any policy, plan, program or arrangement of the Company or any
          subsidiary, as the case may be, then the Company will itself pay or
          provide for the payment to the Executive, his dependents and
          beneficiaries, of such benefits.

                    (iv) Stock Options. As of the date of the Executive's
          termination under this paragraph, any unvested Options then held by
          the Executive shall immediately terminate and any vested Options held
          by the Executive shall remain exercisable until the six-month
          anniversary of the date of termination.

          (b) Voluntary Resignation or Termination for Cause. If the Executive's
employment hereunder is terminated during the Employment Term because of his
voluntary resignation other than as described in the second sentence of Section
8(a) or because the Company has terminated the Executive for Cause, (i) the
Company shall have no further obligations to the Executive hereunder, except to
pay or provide to the Executive any and all Accrued Rights, (ii) unvested
Options shall terminate immediately and be of no further force or effect and
(iii) all vested Options shall terminate and be of no further force or effect
(x) immediately, if the termination is for Cause, or (y) 90 days after the
termination, if it is because of voluntary resignation.

          (c) Disability; Death. If the Executive's employment hereunder is
terminated during the Employment Term by reason of the Executive Disability (as
defined herein) or death, the Company shall pay and provide the Executive (or
his legal representative or estate) with the following:

                    (i) Accrued Rights. The Company shall pay and provide to the
          Executive (or his legal representative or estate) any and all Accrued
          Rights, including all disability or life insurance benefits as
          applicable;

                    (ii) Salary Continuation. The Company shall provide the
          Executive (or his legal representative or estate) with continued
          payment of the Executive's then-current Base Salary for a period of 12
          months; provided, that such payments shall be reduced (but not below
          zero) by all amounts payable to the Executive (or

                                       5

<PAGE>

          his legal representative, estate, beneficiaries or dependents) under
          any Company-provided life insurance or disability benefit plans.

                    (iii) Stock Options. As of the date of the Executive's
          termination under this paragraph, any unvested Options shall vest and
          all Options then held by the Executive shall remain exercisable for
          one year, or if less, the remaining term thereof.

          (d) Termination for Cause. For purposes of this Agreement, "Cause"
shall mean:

                    (i) the willful and continued failure by the Executive
          substantially to perform his duties hereunder (other than any such
          failure resulting from the Executive's Disability), which failure is
          not or cannot be cured within ten (10) business days after the Company
          has given written notice thereof to the Executive specifying in detail
          the particulars of the acts or omissions deemed to constitute such
          failure,

                    (ii) the engaging by the Executive in willful misconduct
          which is materially injurious to the Company, monetarily or otherwise,

                    (iii) the Executive's conviction of, or entry of a plea of
          nolo contendre with respect to, any felony, or

                    (iv) the Executive's breach of any material provision of
          this Agreement, if the Executive fails to cure such breach within ten
          (10) business days after the Company has given written notice thereof
          to the Executive.

For purposes of this definition, no act, or failure to act, on the Executive's
part shall be considered "willful" unless done, or omitted to be done, by the
Executive in bad faith and without reasonable belief that the Executive's action
or omission was in the best interests of the Company. The Executive shall not be
deemed to have been terminated for Cause unless and until the Board finds that
the Executive's termination for Cause is justified and has given the Executive
written notice of termination, specifying in detail the particulars of the
Executive's conduct found by the Board to justify such termination for Cause.

          (e) Disability Defined. "Disability" shall mean the Executive's
inability to perform the duties of his position with the Company by reason of a
medically determined physical or mental impairment which has existed for a
continuous period of at least 26 weeks and which, in the judgment of a physician
who certifies to such judgment, is expected to be of indefinite duration or to
result in imminent death.

          (f) No Obligation to Mitigate. The Executive is under no obligation to
mitigate damages or the amount of any payment provided for hereunder by seeking
other employment or otherwise; provided, however, that the Executive's coverage
under the Company's medical benefit plans will terminate when the Executive
becomes covered under any employee medical plan made available by another
employer. The Executive shall notify the Company within thirty (30) days after
the commencement of any such benefits.

                                       6

<PAGE>

10.      Certain Additional Payments by the Company.

          (a) Anything in this Agreement to the contrary notwithstanding and
except as set forth below, in the event it shall be determined that any Payment
would be subject to the Excise Tax, then the Executive shall be entitled to
receive an additional payment (the "Gross-Up Payment") in an amount such that,
after payment by the Executive of all taxes (and any interest or penalties
imposed with respect to such taxes), including, without limitation, any income
taxes (and any interest and penalties imposed with respect thereto) and Excise
Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.
Notwithstanding the foregoing provisions of this Section 10(a), if it shall be
determined that the Executive is entitled to the Gross-Up Payment, but that the
Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount,
then no Gross-Up Payment shall be made to the Executive and the amounts payable
under this Agreement shall be reduced so that the Parachute Value of all
Payments, in the aggregate, equals the Safe Harbor Amount; provided, that if the
reduction of the amount payable under this Agreement would not result in a
reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no
amounts payable under the Agreement shall be reduced pursuant to this Section
10(a), and the Gross-Up Payment shall be made. The reduction of the amounts
payable hereunder, if applicable, shall be made by first reducing the payments
under Section 9(a)(ii), unless an alternative method of reduction is elected by
the Executive, and in any event shall be made in such a manner as to maximize
the Value of all Payments actually made to the Executive. For purposes of
reducing the Payments to the Safe Harbor Amount, only amounts payable under this
Agreement (and no other Payments) shall be reduced.

          (b) Subject to the provisions of Section 10(c), all determinations
required to be made under this Section 8, including whether and when a Gross-Up
Payment is required, the amount of such Gross-Up Payment and the assumptions to
be utilized in arriving at such determination, shall be made by
PriceWaterhouseCoopers, or such other nationally recognized certified public
accounting firm as may be agreed to by the Company and the Executive (the
"Accounting Firm"). The Accounting Firm shall provide detailed supporting
calculations both to the Company and the Executive within 15 business days of
the receipt of notice from the Executive that there has been a Payment or such
earlier time as is requested by the Company. All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive. As a result
of the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments that will not have been made by the Company should have been
made (the "Underpayment"), consistent with the calculations required to be made
hereunder. In the event the Company exhausts its remedies pursuant to Section
10(c) and the Executive thereafter is required to make a payment of any Excise
Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Executive.

          (c) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable, but no later than 10 business days after the Executive is informed
in writing of such claim. The Executive shall

                                       7

<PAGE>

apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid. The Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which the Executive gives
such notice to the Company (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the Company notifies the
Executive in writing prior to the expiration of such period that the Company
desires to contest such claim, the Executive shall:

                    (i) give the Company any information reasonably requested by
          the Company relating to such claim,

                    (ii) take such action in connection with contesting such
          claim as the Company shall reasonably request in writing from time to
          time, including, without limitation, accepting legal representation
          with respect to such claim by an attorney reasonably selected by the
          Company,

                    (iii) cooperate with the Company in good faith in order
          effectively to contest such claim, and

                    (iv) permit the Company to participate in any proceedings
          relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest, and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this Section 10(c),
the Company shall control all proceedings taken in connection with such contest,
and, at its sole discretion, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the applicable taxing
authority in respect of such claim and may, at its sole discretion, either
direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that, if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis, and shall indemnify and
hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties) imposed with respect to such
advance or with respect to any imputed income in connection with such advance;
and provided, further, that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company's control of the contest shall be limited to
issues with respect to which the Gross-Up Payment would be payable hereunder,
and the Executive shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other taxing
authority.

          (d) If, after the payment of any Gross-Up Payment or the receipt by
the Executive of an amount advanced by the Company pursuant to Section 10(c),
the Executive

                                       8

<PAGE>

becomes entitled to receive any refund with respect to such Gross-Up Payment or
claim, the Executive shall promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by the Executive of an amount advanced by the
Company pursuant to Section 10(c), a determination is made that the Executive
shall not be entitled to any refund with respect to such claim and the Company
does not notify the Executive in writing of its intent to contest such denial of
refund prior to the expiration of 30 days after such determination, then such
advance shall be forgiven and shall not be required to be repaid and the amount
of such advance shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid.

          (e) Notwithstanding any other provision of this Section 10, the
Company may, in its sole discretion, withhold and pay over to the Internal
Revenue Service or any other applicable taxing authority, for the benefit of the
Executive, all or any portion of any Gross-Up Payment, and the Executive hereby
consents to such withholding.

          (f) Definitions. The following terms shall have the following meanings
for purposes of this Section 10.

                    (i) "Excise Tax" shall mean the excise tax imposed by
          Section 4999 of the Code, together with any interest or penalties
          imposed with respect to such excise tax.

                    (ii) "Parachute Value" of a Payment shall mean the present
          value as of the date of the change of control for purposes of Section
          280G of the Code of the portion of such Payment that constitutes a
          "parachute payment" under Section 280G(b)(2), as determined by the
          Accounting Firm for purposes of determining whether and to what extent
          the Excise Tax will apply to such Payment.

                    (iii) A "Payment" shall mean any payment or distribution in
          the nature of compensation (within the meaning of Section 280G(b)(2)
          of the Code) to or for the benefit of the Executive, whether paid or
          payable pursuant to this Agreement or otherwise.

                    (iv) The "Safe Harbor Amount" means 2.99 times the
          Executive's "base amount," within the meaning of Section 280G(b)(3) of
          the Code.

                    (v) "Value" of a Payment shall mean the economic present
          value of a Payment as of the date of the change of control for
          purposes of Section 280G of the Code, as determined by the Accounting
          Firm using the discount rate required by Section 280G(d)(4) of the
          Code.

          11. Change in Control. As used herein, a "Change in Control" of the
Company shall mean the occurrence of any of the following:

                    (a) The acquisition by any individual, entity or group
          (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
          Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of
          beneficial ownership (within the meaning of Rule 13d-3 promulgated
          under the Exchange Act) of more than 50% of either: (i) the
          then-

                                       9

<PAGE>

          outstanding shares of the Company's Common Stock or (ii) the combined
          voting power of the then-outstanding voting securities of the Company
          entitled to vote generally in the election of directors ("Voting
          Stock"); provided, however, that for purposes of this subsection (a),
          the following acquisitions shall not constitute a Change in Control:
          (1) any acquisition directly from the Company, (2) any acquisition by
          the Company, (3) any acquisition by any employee benefit plan (or
          related trust) sponsored or maintained by the Company or any
          subsidiary of the Company, or (4) any acquisition by any Person
          pursuant to a transaction which complies with clauses (i), (ii) and
          (iii) of subsection (c) of this Section 11; or

                    (b) Individuals who constitute the Board of Directors of the
          Company as of the date hereof (the "Incumbent Board") cease for any
          reason (other than death or disability) to constitute at least a
          majority of the Board; provided, however, that (i) any individual
          designated as a director by any or all of New Mountain Partners L.P.,
          DB Capital Investors, L.P. and any other person to whom New Mountain
          Partners L.P. and its affiliates sells or transfers up to 1,346,154
          shares of Series A Preferred Stock of the Company (in the aggregate
          for all such persons) (including their respective affiliates, the
          "Investors") shall be deemed to be a member of the Incumbent Board,
          and (ii) any individual becoming a director subsequent to the date
          hereof whose election, or nomination for election by the Company's
          shareholders, was approved by a vote of at least a majority of the
          directors then comprising the Incumbent Board (either by a specific
          vote or by approval of the proxy statement of the Company in which
          such person is named as a nominee for director, without objection to
          such nomination) shall be considered as though such individual were a
          member of the Incumbent Board, but excluding for this purpose any such
          individual whose initial assumption of office occurs as a result of an
          actual or threatened election contest (within the meaning of Rule
          14a-11 of the Exchange Act) with respect to the election or removal of
          directors or other actual or threatened solicitation of proxies or
          consents by or on behalf of a Person other than the Board or any of
          the Investors; or

                    (c) Consummation of a reorganization, merger or
          consolidation or sale or other disposition of all or substantially all
          of the assets of the Company with or to any Person other than a person
          under the control of one or more of the Investors (a "Business
          Combination"), in each case, unless, following such Business
          Combination, (i) all or substantially all of the individuals and
          entities who were the beneficial owners, respectively, of the Common
          Stock and Voting Stock of the Company immediately prior to such
          Business Combination beneficially own, directly or indirectly, more
          than 50% of, respectively, the then-outstanding shares of common stock
          and the combined voting power of the then-outstanding voting
          securities entitled to vote generally in the election of directors, as
          the case may be, of the entity resulting from such Business
          Combination (including, without limitation, an entity which as a
          result of such transaction owns the Company or all or substantially
          all of the Company's assets either directly or through one or more
          subsidiaries) in substantially the same proportions relative to each
          other as their ownership, immediately prior to such Business
          Combination, of the Common Stock and Voting Stock of the Company, as
          the case may be, (ii) no Person (excluding any entity resulting from
          such Business Combination or any employee benefit plan (or related
          trust) sponsored or maintained by the Company or such entity resulting
          from such Business

                                       10

<PAGE>

          Combination) beneficially owns, directly or indirectly, more than 50%
          of, respectively, the then-outstanding shares of common stock of the
          entity resulting from such Business Combination, or the combined
          voting power of the then-outstanding voting securities of such
          corporation except to the extent that such ownership existed prior to
          the Business Combination and (iii) at least a majority of the members
          of the board of directors of the corporation resulting from such
          Business Combination were members of the Incumbent Board at the time
          of the execution of the initial agreement, or of the action of the
          Board providing for such Business Combination; or

                    (d) Approval by the shareholders of the Company of a
          complete liquidation or dissolution of the Company.

          12. Confidentiality Agreement.

          (a) The Executive acknowledges that, in the course of his employment
by the Company, he will or may have access to and become informed of
confidential or proprietary information which is a competitive asset of the
Company ("Confidential Information"), including, without limitation, (i) the
terms of any agreement between the Company and any employee, customer or
supplier, (ii) pricing strategy, (iii) merchandising and marketing methods, (iv)
product or course development ideas and strategies, (v) university and Company
personnel training and development programs, (vi) financial results, (vii)
strategic plans and demographic analyses, (viii) proprietary computer and
systems software, and (ix) any non-public information concerning the Company,
its employees, suppliers or customers. The Executive agrees that he will keep
all Confidential Information in strict confidence during his employment by the
Company and thereafter, and will never directly or indirectly make known,
divulge, reveal, furnish, make available, or use any Confidential Information
(except in the course of his regular authorized duties on behalf of the
Company). The Executive agrees that the obligations of confidentiality hereunder
shall be in effect at all times during the Employment Term and shall survive
termination of his employment at the Company regardless of any actual or alleged
breach by the Company of this Agreement, unless and until any such Confidential
Information shall have become, through no fault of the Executive, generally
known to the public or the Executive is required by law to make disclosure
(after giving the Company notice and an opportunity to contest such
requirement). The Executive's obligations under this Section 12 are in addition
to, and not in limitation of or preemption of, all other obligations of
confidentiality which the Executive may have to the Company under general legal
or equitable principles.

          (b) Except in the ordinary course of the Company's business, the
Executive may not make or cause to be made, any copies, pictures, duplicates,
facsimiles or other reproductions or recordings or any abstracts or summaries
including or reflecting Confidential Information. All such documents and other
property furnished to the Executive by the Company or otherwise acquired or
developed by the Company shall at all times be the property of the Company. Upon
termination of the Executive's employment with the Company, the Executive will
return to the Company any such documents or other property of the Company which
are in the possession, custody or control of the Executive.

          (c) Without the prior written consent of the Company, except in the
ordinary course of the Company's business, the Executive shall not at any time
following the date of this

                                       11

<PAGE>

Agreement use for the benefit or purposes of the Executive or for the benefit or
purposes of any other person, firm, partnership, association, trust, venture,
corporation or business organization, entity or enterprise or disclose in any
manner to any person, firm, partnership, association, trust, venture,
corporation or business organization, entity or enterprise any Confidential
Information.

          13. Investment in Company Common Stock. The Executive shall, prior to
December 31, 2001, purchase on the open market or pursuant to the Company's
stock purchase plan an amount of Company Common Stock at a cost not less than
$250,000, and shall hold such Company Common Stock at least until the first to
occur of December 31, 2004 or the termination of his employment with the
Company. During such period (if any) after December 31, 2004 while the
Executive's employment with the Company continues, he shall hold Company Common
Stock having a value at least equal to 70% of the amount of his Base Salary as
in effect from time to time.

          14. Covenant Not to Compete.

          (a) For three (3) years after the date of termination of employment
(as hereinafter defined), if (i) the Executive has received or is receiving
benefits under Section 9(a), (ii) the Executive terminates his employment before
the end of the Employment Term for any reason other than those specified in
Section 8(a), or (iii) the Company terminates the Executive's employment for
Cause, the Executive shall not, directly or indirectly, individually or on
behalf of any other person or entity, (A) engage or be interested in (whether as
owner, stockholder, partner, lender, consultant, employee, agent or otherwise)
any business, activity or enterprise which is then competitive with the business
of any division or operation of the Company or the Company's subsidiaries
(collectively, the "Company Group") in any region of the United States in which
such business is then being conducted, it being understood that the Company
Group currently is engaged primarily in the business of for-profit
post-secondary education, or (B) hire or employ any person who has been an
employee, representative or agent of any member of the Company Group at any time
during the Executive's employment or solicit, aid or induce such person to leave
his or her employment with any member of the Company Group to accept employment
with any other person or entity. The Executive's ownership of less than 1% of
any class of stock in a publicly-traded corporation or his membership on any
board of directors that the Board has approved in writing shall not be deemed a
breach of this Section 14.

          (b) The Executive acknowledges and agrees that a violation of Section
12 and the foregoing provisions of this Section 14 (referred to collectively as
the Confidentiality and Noncompetition Agreement) would cause irreparable harm
to the Company, and that the Company's remedy at law for any such violation
would be inadequate. In recognition of the foregoing, the Executive agrees that,
in addition to any other relief afforded by law or this Agreement, including
damages sustained by a breach of this Agreement and any forfeitures under
Section 9, and without the necessity or proof of actual damages, the Company
shall have the right to enforce this Agreement by specific remedies, which shall
include, among other things, temporary and permanent injunctions, it being the
understanding of the undersigned parties hereto that damages, the forfeitures
described above and injunctions shall all be proper modes of relief and are not
to be considered as alternative remedies.

                                       12

<PAGE>

          15. Agreement. This Agreement supersedes any and all prior and/or
contemporaneous agreements, either oral or in writing, between the parties
hereto, with respect to the subject matter hereof. Each party to this Agreement
acknowledges that no representations, inducements, promises, or other
agreements, orally or otherwise, have been made by any party, or anyone acting
on behalf of any party, pertaining to the subject matter hereof, which are not
embodied herein, and that no prior and/or contemporaneous agreement, statement
or promise pertaining to the subject matter hereof that is not contained in this
Agreement shall be valid or binding on either party.

          16. Withholding of Taxes. The Company may withhold from any amounts
payable under this Agreement all federal, state, city or other taxes as the
Company is required to withhold pursuant to any law or government regulation or
ruling.

          17. Successors and Binding Agreement.

          (a) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation, reorganization or otherwise) to
all or substantially all of the business or assets of the Company, by agreement
in form and substance satisfactory to the Executive, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent the
Company would be required to perform if no such succession had taken place. This
Agreement will be binding upon and inure to the benefit of the Company and any
successor to the Company, including without limitation any persons acquiring
directly or indirectly all or substantially all of the business or assets of the
Company whether by purchase, merger, consolidation, reorganization or otherwise
(and such successor shall thereafter be deemed the "Company" for the purposes of
this Agreement), but will not otherwise be assignable, transferable or delegable
by the Company.

          (b) This Agreement will inure to the benefit of and be enforceable by
the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees and legatees.

          (c) This Agreement is personal in nature and neither of the parties
hereto shall, without the consent of the other, assign, transfer or delegate
this Agreement or any rights or obligations hereunder except as expressly
provided in Sections 17(a) and 17(b). Without limiting the generality or effect
of the foregoing, the Executive's right to receive payments and benefits
hereunder will not be assignable, transferable or delegable by him, whether by
pledge, creation of a security interest, or otherwise, other than by a transfer
by the Executive's will or by the laws of descent and distribution and, in the
event of any attempted assignment or transfer contrary to this Section 17(c),
the Company shall have no liability to pay any amount so attempted to be
assigned, transferred or delegated.

          18. Notices. For all purposes of this Agreement, all communications,
including without limitation notices, consents, requests or approvals, required
or permitted to be given hereunder will be in writing and will be deemed to have
been duly given when hand delivered or dispatched by electronic facsimile
transmission (with receipt thereof confirmed), or five (5) business days after
having been mailed by United States registered or certified mail, return receipt
requested, postage prepaid, or three business days after having been sent by a
nationally

                                       13

<PAGE>

recognized overnight courier service such as Federal Express, UPS, or
Purolator, addressed to the Company (to the attention of the Secretary of the
Company) at its principal executive offices and to the Executive at his
principal residence, or to such other address as either party may have furnished
to the other in writing and in accordance herewith, except that notices of
changes of address shall be effective only upon receipt.

          19. Governing Law. The validity, interpretation, construction and
performance of this Agreement will be governed by and construed in accordance
with the substantive laws of the State of Maryland, without giving effect to the
principles of conflict of laws of such State.

          20. Validity. If any provision of this Agreement or the application of
any provision hereof to any person or circumstances is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement and the
application of such provision to any other person or circumstances will not be
affected, and the provision so held to be invalid, unenforceable or otherwise
illegal will be reformed to the extent (and only to the extent) necessary to
make it enforceable, valid or legal.

          21. Survival of Provisions. Notwithstanding any other provision of
this Agreement, the parties' respective rights and obligations under Sections 9
through 24, inclusive, will survive any termination or expiration of this
Agreement or the termination of the Executive's employment for any reason
whatsoever.

          22. Miscellaneous. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is in writing
and signed by the party against whom such modification, waiver or discharge is
sought to be enforced. No waiver by either party hereto at any time of any
breach by the other party hereto or compliance with any condition or provision
of this Agreement to be performed by such other party will be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. Unless otherwise noted, references to "Sections" are to
sections of this Agreement. The captions used in this Agreement are designed for
convenient reference only and are not to be used for the purpose of interpreting
any provision of this Agreement.

          23. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same agreement.

          24. Board Membership.

          (a) The Executive shall recuse himself from all decisions and actions
taken by the Board with respect to this Agreement, including without limitation
decisions whether the Company will give any notice that the Employment Term
shall not be extended pursuant to Section 2 and any decisions concerning the
termination of the Executive's employment by the Company.

          (b) Notwithstanding any other provision of this Agreement, upon the
termination of the Executive's employment with the Company for any reason,
unless otherwise requested by the Board he shall immediately resign from the
Board and from all boards of directors of subsidiaries and affiliates of the
Company of which he may be a member. The

                                       14

<PAGE>

Executive hereby agrees to execute any and all documentation of such
resignations upon request by the Company, but he shall be treated for all
purposes as having so resigned upon termination of his employment, regardless of
when or whether he executes any such documentation.

                  IN WITNESS WHEREOF, with the Company signatory listed below
having been duly authorized by the Company to enter into this Agreement by the
Company, the parties hereto have executed this Agreement as of the day and year
first written.

                                                STRAYER EDUCATION, INC.
                                                By: /s/  Steven B. Klinsky
                                                    ----------------------------
                                                    Name:  Steven B. Klinsky
                                                    Title:  Chairman

                                                /s/ Robert S. Silberman
                                                    ----------------------------
                                                       Robert S. Silberman

                                       15

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