Document:

Exhibit

SEPARATION AGREEMENT AND GENERAL RELEASE
This SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) dated August 28, 2017 (the “Agreement Date”), is by and between Robert W. Zentz (“Executive”) and Laureate Education, Inc. (together with its successors and assigns, the “Company” or “Laureate”, and together with Executive, a “Party”).
WHEREAS, Executive is employed by the Company on an “at-will” basis;
WHEREAS, the Company and Executive now desire to set forth the terms and conditions of Executive’s continued employment through and termination of employment with the Company on December 31, 2017, (the effective date Executive’s employment terminates shall be referred to as the “Separation Date”); and
WHEREAS, the Parties desire and intend to fully settle, release, and resolve any and all claims arising out of or relating in any way to Executive’s employment or termination of employment with the Company, on the terms and conditions set forth below.
NOW, THEREFORE, in consideration of the releases, promises, covenants, understandings, obligations, and agreements contained herein, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:
1.Separation from Employment.
a.Separation Date; Resignations.  From the Agreement Date through the date that the Board of Directors of the Company appoints a new Secretary and General Counsel, Executive will continue to perform services faithfully in the position of Senior Vice President, Secretary, and General Counsel reporting to Mr. Eilif Serck-Hanssen, the Company’s President, Chief Administrative Officer.  From and after such appointment, Executive shall remain an employee of the Company reporting to Mr. Serck-Hanssen and be available to provide transition assistance, consultation and advice through the Separation Date. Effective as of the Separation Date, Executive’s employment with the Company will terminate and Executive will resign as an officer of the Company and as an officer and/or director, as applicable, of all of the Company’s affiliated entities.  Executive hereby covenants and agrees, without the necessity of any further consideration, to execute and deliver any and all such further documents and take any and all such other actions as may be necessary or appropriate to carry out the intent and purposes of this Agreement, including without limitation to facilitate Executive’s resignation and/or removal as an officer and/or director, as applicable, of all of the Company’s affiliated entities.  Following the Separation Date, Executive shall have no role or relationship with the Company except as provided in Section 11 below. The Company will pay Executive his regular base salary, at an annualized rate of $506,545, through the Separation Date and will pay Executive, in the first payroll cycle following the Separation Date, for any unused vacation accrued through the Separation Date. The Company will also promptly pay, or reimburse Executive for, reasonable business expenses incurred prior to the Separation Date, pursuant to the Company’s expense reimbursement policy.

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b.Benefits. To the extent that Executive is currently participating in the Company’s group health, welfare benefit and/or retirement plans, Executive’s participation as an employee will continue until the Separation Date, when it will end. Pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Company will provide Executive with written notice of the right to elect to continue health coverage, effective on the Separation Date. Any conversion or continuation rights for other insurance or benefits plans will be governed by the terms of those plans.  
2.Separation Benefits. Provided that Executive (i) timely executes this Agreement, (ii) does not timely revoke this Agreement, (iii) executes a supplemental release of claims in substantially the form attached to this Agreement (the “Second Release”) on, or within 15 days following, the Separation Date, (iv) does not timely revoke the Second Release, and (v) has not committed a material breach of this Agreement or acted in a manner (or failed to take action) that has caused, or should reasonably be expected to cause, significant harm to the Company and that has remained uncured for fifteen (15) days after the Company delivers written notice to Executive describing the breach, action, or inaction in reasonable detail and requesting cure, the Company will provide Executive with the following payments and benefits to which he was not otherwise entitled (the “Separation Benefits”):
a.A separation payment equal to $1,013,090, less applicable taxes and withholdings, payable in a single lump sum in December 2017, provided that the Agreement Effective Date (as defined in Section 6(b) below) occurs before such payment date.
b.A payment, less applicable taxes and withholdings, in an amount determined in good faith under the factors applicable to the Company’s 2017 annual incentive plan, with such adjustments as the Company makes under such factors (using its negative discretion). The amount will be paid to Executive in a single lump sum at such time that the annual incentive payment would have been paid to Executive had he remained employed with the Company, provided that the Second Release Effective Date occurs before such date.
c.The stock option grant and other equity compensation benefits described in Section 3 below.
d.If Executive elects to continue his healthcare benefits pursuant to COBRA and enrolls on a timely basis, the Company shall pay the same percentage of the monthly cost of the COBRA medical, dental and vision coverage as it paid for Executive’s (and any covered dependents) coverage during Executive’s active employment through September 30, 2018, including the two percent (2%) COBRA administrative premium on Executive’s medical, dental and vision coverage. Thereafter, Executive may continue to receive healthcare coverage pursuant to COBRA at his own expense. Any failure by Executive to pay Executive’s portion of coverage will result in termination of continuation coverage. All payments pursuant to this paragraph will be paid by the Company directly to the COBRA benefit provider and be considered taxable income to Executive. 
3.Equity.  Executive will continue to vest in his outstanding equity grants consistent with the terms and conditions of the Company’s 2007 Stock Incentive Plan (the “2007 Plan”) and 

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the Company’s Amended and Restated 2013 Long-Term Incentive Plan (as amended from time to time, the “2013 Plan” and, together with the 2007 Plan, collectively, the “Plans”) and applicable grant agreements (collectively the “Equity Documents”) as an employee through the Separation Date. Notwithstanding anything to the contrary in the Equity Documents, if the Company terminates Executive’s employment before December 31, 2017, other than for Cause (as such term is defined in the Equity Documents) and provided Executive is not found to have materially breached this Agreement, the Company will recommend to the Compensation Committee of its Board of Directors (the “Committee”) that the Company accelerate the vesting of Executive’s unvested RSUs, PSUs and stock options so that the number of such RSUs, PSUs and stock options that otherwise would have vested had Executive remained employed through December 31, 2017, will become vested effective as of the date of such termination of employment (the “Accelerated Vesting”). Executive acknowledges and agrees that approval of the Accelerated Vesting will be determined by the Committee in its sole discretion as Administrator of the Plans. The following summarizes the effect of the termination of Executive’s employment pursuant to this Agreement on Executive’s remaining equity compensation grants under the Plans:
a.Performance Share Units.  Pursuant to Executive’s Performance Share Unit (“PSU”) grants dated October 2, 2013, July 10, 2014, March 4, 2015, and June 14, 2017, if Executive remains continuously employed through December 31, 2017, or if the Committee approves the Accelerated Vesting, up to the number of PSUs set forth on Exhibit A hereto remain eligible to become vested based on the Committee’s determination of performance for the 2017 fiscal year, which determination will be made in 2018.  If Executive’s employment is terminated by the Company for Cause, or by him voluntarily, prior to December 31, 2017, such PSUs will be immediately forfeited and of no further effect.  All unvested PSUs held by Executive, including the PSUs granted to Executive by agreements dated May 2, 2016 and October 25, 2016, will be forfeited and of no further effect on the Separation Date.
b.Restricted Stock Units.  Pursuant to Executive’s Restricted Stock Unit (“RSU”) grants dated May 2, 2016 and June 14, 2017, if Executive remains continuously employed through December 31, 2017, or if the Committee approves the Accelerated Vesting, up to the number of RSUs set forth on Exhibit A hereto will become vested.  If Executive’s employment is terminated by the Company for Cause, or by him voluntarily, prior to December 31, 2017, such RSUs will be immediately forfeited and of no further effect.  All unvested RSUs held by Executive, including the RSUs granted to Executive by agreements dated and October 25, 2016, will be forfeited and of no further effect on the Separation Date.
c.Stock Option.  Pursuant to Stock Option Agreements dated October 2, 2007, October 2, 2013, July 10, 2014, March 4, 2015, May 2, 2016, and June 14, 2017, (collectively, the “Option Agreements”) Executive was granted an aggregate of 537,209 stock options to purchase shares of the Company’s Class B common stock, par value $0.004 per share (“Class B common stock”), or Class A common stock, par value $0.004 per share (“Class A common stock”), as applicable, at exercise prices ranging from $17.44 to $18.36 per share (as adjusted from time to time) (collectively, the “Stock Options”). As of the Agreement Date, an aggregate of 399,927 Stock Options are vested and exercisable (collectively, the “Vested Options”). Pursuant to the Option Agreements, if Executive remains continuously employed through December 31, 2017, or the 

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Committee approves the Accelerated Vesting, Executive will become vested in the additional number of time-vested Stock Options set forth on Exhibit A, and will remain eligible to become vested in up to the additional number of performance-vested Stock Options set forth on Exhibit A, based on the Committee’s determination of performance for the 2017 fiscal year, which determination will be made in 2018 (the “2017 Performance Tranche”).  Except as set forth in the final sentence of this Section 3c, the 2017 Performance Tranche will remain outstanding until the Administrator determines whether the applicable performance goal has been achieved and will become Vested Options if and when the Administrator determines that the applicable performance goal has been achieved and will be forfeited without becoming vested on the date the Administrator determines that the Applicable Equity Value Target has not been achieved. Notwithstanding any provision of this Agreement to the contrary, the termination of Executive’s employment will be deemed to have been by reason of Retirement for all purposes under the Plans and the Equity Documents. Executive will have until the fifth anniversary of the Separation Date, but in no case beyond the expiration date of the Stock Options, to exercise the Vested Options to purchase shares of the Company’s common stock, on which day the Vested Options will expire and be of no further effect.  If Executive’s employment is terminated by the Company for Cause, or by him voluntarily, prior to December 31, 2017, all unvested Stock Options will be immediately forfeited and of no further effect. Except as expressly provided in this Section 3c all Stock Options that are not Vested Options on the Separation Date will automatically be forfeited without any payment therefor.
d.All equity grants described herein reflect the Company’s 4 to 1 reverse stock split in January 2017.  
e.Subject to the Committee’s approval, as soon as practicable following the Agreement Effective Date, the Company will grant to Executive 200,000 nonqualified stock options under the 2013 Plan with respect to the Class A common stock. The exercise price per share for the stock options will be equal to the greater of (i) $18.36 and (ii) the fair market value of the Class A Common Stock on the grant date. The stock options will be fully-vested on the grant date, will expire on March 31, 2020 notwithstanding the termination of Executive’s employment, and otherwise will contain the Company’s customary terms and conditions for such grants.
4.Tax Matters.
a.Withholding.  The Company will withhold required federal, state, local and foreign taxes from any and all payments contemplated by this Agreement and make all tax reporting it determines it should make based on this Agreement.
b.Section 409A.  The Company intends that this Agreement complies with or satisfies an exemption from application of Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable guidance thereunder (“Section 409A”).  The preceding provision, however, shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement.  For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  The reimbursement of expenses or provision of in-kind benefits pursuant to this Agreement shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement 

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or the amount of in-kind benefits provided in any other taxable year; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.  If a payment obligation under this Agreement or other compensation arrangement arises on account of Executive’s separation from service while Executive is a “specified employee” (as defined under Section 409A), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of Executive’s estate following his death. If any Separation Benefits are considered “deferred compensation” subject to Section 409A and the period to consider and revoke the Second Release spans two tax years, the Separation Benefits will be paid in the second tax year regardless of when it becomes effective (so long as it does become effective).
c.Responsibility for Taxes.  Other than the Company’s obligation and right to withhold federal, state and local taxes and to pay the employer portion of FICA, and its tax equalization obligations, Executive will be responsible for any and all taxes, interest, and penalties that may be imposed with respect to payments contemplated by this Agreement (including, but not limited to, those imposed under Section 409A).
5.Acknowledgments. Executive acknowledges and agrees that the Separation Benefits exceed any payment, benefit, or other thing of value to which Executive might otherwise be entitled under any policy, plan, or procedure of the Company or under applicable law. Executive acknowledges and agrees that the payments and benefits set forth in this Agreement constitute the entirety of the compensation and benefits of any nature due to Executive by the Company.  Executive specifically acknowledges and agrees that, in exchange for the Separation Benefits provided pursuant to this Agreement, Executive waives and relinquishes, to the extent set forth in Section 6, any claim or right to any payment or any other benefit (if any) due or provided pursuant to his employment with the Company.  For the avoidance of doubt, Executive specifically acknowledges and agrees that Executive does not dispute the wages that have been paid to Executive and that, other than as provided in this Agreement, no other compensation, salary, bonus payments, severance payments, equity, debt or option grants, or any other amounts are due and owing to Executive from the Company, either in connection with Executive’s employment or otherwise, or pursuant to any other agreement or arrangement.  If Executive revokes the Second Release before the Second Release Effective Date, Executive will not be entitled to the Separation Benefits under the Agreement, or if any Separation Benefits have already been paid or provided and Executive revokes the Second Release, the Company may discontinue or forfeit any Separation Benefits and Executive shall be required to repay any Separation Benefits immediately upon demand by the Company.
6.General Release of All Claims. 
a.General Release.  “Executive” (defined for the purpose of this Section as Executive and Executive’s agents, representatives, attorneys, assigns, heirs, executors, and 

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administrators) fully and unconditionally releases the “Released Parties” (hereby defined as the Company and any of its parents, equity holders, affiliates, subsidiaries, predecessors, successors, and assigns, and any of its past or present employees, officers, partners, members, managers, portfolio companies, trustees, investors, agents, insurers, attorneys, administrators, officials, directors, shareholders, divisions, employee benefit plans, and the sponsors, fiduciaries, or administrators of employee benefit plans) from, and agrees not to bring any action, proceeding or suit against any of the Released Parties regarding, any and all known or unknown claims, causes of action, liabilities, damages, fees, or remunerations of any sort, arising out of or in any way related to events, acts, conduct, or omissions occurring at any time up to and including the Agreement Effective Date (as defined in Section 6(b) below), including but not limited to claims:
i.arising out of or in any way related to Executive’s employment with the Company or termination of that employment or Executive’s equity interests in the Company; and/or
ii.for violation of any written or unwritten contract, agreement, policy, benefit plan, retirement or pension plan, equity incentive or option plan or agreement with the Company, or covenant of any kind, or failure to pay wages, bonuses, employee benefits, other compensation, attorneys’ fees, damages, or any other remuneration; and/or
iii.for discrimination, harassment, or retaliation on the basis of any characteristic protected under applicable law, including but not limited to race, color, national origin, sex, sexual orientation, religion, immigration status, disability, marital or parental status, age, union activity or other protected activity; and/or
iv.for violation of, or denial of protection or benefits under, any statute, ordinance, employee order, or regulation, including but not limited to claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993 (“FMLA”), the Workers’ Adjustment and Retraining Notification, the Employee Retirement Income Security Act of 1974, the Equal Pay Act, the National Labor Relations Act (the “NLRA”), the Rehabilitation Act of 1973, Sections 1981 through 1988 of Title 42 of the United States Code, the Genetic Information Nondiscrimination Act, Maryland’s anti-discrimination statute (MD. CODE ANN., STATE GOV’T §§ 20-101 to 20-1203), the Maryland Constitution, each as may have been amended, or any other federal, state or local law, statute, ordinance, or any other federal, state or local statute, ordinance, or regulation regarding employment, termination of employment, wage and hour issues, discrimination, harassment, retaliation, or other employment-related matter; and/or
v.for violation of any public policy or common law of any state relating to employment or personal injury, including but not limited to claims for wrongful discharge, defamation, invasion of privacy, infliction of emotional distress, fraud, negligence, or interference with contract; and/or
vi.for any breach of fiduciary duty, or implied duty of good faith, or any other similar duty or obligation, or any matter related to Executive’s employment with the Company.

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b.ADEA Waiver and Effective Date.  Executive acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the ADEA, and that the consideration given to him for the waiver and release in this Agreement is in addition to anything of value to which he was already entitled.  Executive further acknowledges that he has been advised by this writing, as required by the ADEA and the Older Workers Benefit Protection Act, that: (a) his waiver and release does not apply to any rights or claims that may arise after the date he signs this Agreement; (b) he should consult with an attorney prior to signing this Agreement (although he may voluntarily decide not to do so); (c) he has twenty-one (21) days to consider this Agreement (although he may choose voluntarily to sign this Agreement sooner); (d) he has seven (7) days following the date he executes this Agreement to revoke this Agreement; (e) this Agreement will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after Executive signs this Agreement provided that he does not revoke it (the “Agreement Effective Date”).  If Executive revokes this Agreement before the Agreement Effective Date, Executive will not be entitled to the Separation Benefits under this Agreement.  Nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law.
c.Excluded Claims.  Notwithstanding the broad scope of the general release, the following are not included in the Released Claims (the “Excluded Claims”): (i) any rights or claims for indemnification or advancement that Executive may have pursuant to any written indemnification agreement with the Company or any of its affiliates to which Executive is a party, or the charter, bylaws, or operating agreements of the Company or any of its affiliates, or under applicable law;  (ii) any rights that, as a matter of law, whether by statute or otherwise, may not be waived, such as claims for workers’ compensation benefits or unemployment insurance benefits; however, to the extent permitted by law, Executive waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on any Excluded Claims in which any of the Released Parties is a party; (iii) any rights to welfare, retirement, 401(k), vacation pay, COBRA, or pension benefits that Executive or his beneficiaries may have; and (iv) any rights arising under, or preserved by, this Agreement.  In addition, nothing in this Agreement prevents Executive from filing a charge or complaint, reporting to, cooperating with, communicating with, or participating in any proceeding before the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the United States Department of Labor, the National Labor Relations Board, or other similar state or local agency (the “Government Agencies”), or from exercising any rights pursuant to Section 7 of the NLRA, or from taking any action protected under the whistleblower provisions of any federal securities law (all the activities described in this sentence being “Protected Activities”), none of which activities shall constitute a breach of the release, cooperation, non-disparagement or confidentiality clauses of this Agreement.  Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information to any Parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any 

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Company attorney-client privileged communications, and that any such disclosure without the Company’s written consent shall constitute a material breach of this Agreement.
d.Representations.  By his signature below, Executive represents that: (a) the consideration given to him in exchange for the waiver and release in this Agreement is in addition to anything of value to which he was already entitled; (b) Executive has been provided by the Company all wages, severance, vacation, benefits, commissions, bonuses, expense reimbursements, or other amounts owed to Executive by the Company, other than amounts and other benefits to which he has a right under the terms of this Agreement and that have not yet been provided; (c) Executive has not been denied any request for leave to which he believes he was legally entitled, and Executive was not otherwise deprived of any of his rights under the FMLA or any similar state or local statute; (d) Executive is knowingly and voluntarily executing this Agreement waiving and releasing any claims he may have as of the date he executes it; and (e) he has not assigned or transferred, or purported to assign or transfer, to any person, entity, or individual whatsoever, any of the Released Claims.  Executive affirms that he has not filed or caused to be filed, and is not presently a party to, a Released Claim against any of the Released Parties.  Executive further affirms that he has no known workplace injuries or occupational diseases for which Executive has not already filed a claim.  Executive represents and warrants that he has not willfully engaged in conduct that would constitute fraud or material dishonesty with respect to his job duties for the Company.
7.Post-Termination Obligations. Executive acknowledges and agrees that the post-employment obligations and restrictions in the Confidentiality, Non-Competition and Non-Solicit Agreement by and between the Company and the Executive (“Confidentiality Agreement”) remain in effect and Executive hereby agrees to comply with such obligations and restrictions.  In addition, Executive will continue to be subject to the restrictions of the Management Stockholder’s Agreements dated October 2, 2007, October 2, 2013, July 10, 2014, March 4, 2015, May 2, 2016, and October 25, 2016. There shall be no contractual or similar restrictions on Executive’s post-employment activities other than those set forth in the documents referred to in this Section 7, and those set forth elsewhere in this Agreement.
8.Return of Company Material. Executive agrees that he has returned, or will return to the Company not later than fifteen (15) days after the Separation Date, or will (in the case of documents, electronic files, and the like) destroy not later than fifteen (15) days after the Separation Date, all Company property including, without limitation, all keys, phones, access cards, credit cards, computers, hardware, software, documents, records, policies, marketing information, design information, specification and plans, database information and lists, and any other property or information that he may have relating to the Company or reflecting or embodying its confidential and proprietary information.  Executive agrees that he will make a diligent search to locate any such documents, property and information within the required timeframe.  In addition, Executive agrees to furnish to the Company any personal computers, storage devices, media, or network/web-based storage services (including any cloud accounts) on which Company documents or work product may be stored so that the Company may recover such documents and work product and delete it from Executive’s personal property before returning such property to Executive.  Executive agrees that, after the applicable timeframes noted above, he will neither use nor possess any Company property.  Notwithstanding anything in this Agreement or elsewhere to the contrary, Executive and 

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Company agree that Executive will be permitted (i) to retain his Company owned cell phone (and the phone number associated with that cell phone), tablet, and laptop, provided however, that the Company has to its satisfaction deleted or removed all Company software, documents, or work product stored thereupon any of them, and (ii) to retain, and use appropriately (e.g., not in violation of any of his post-employment restrictions), (x) his rolodex (and electronic equivalents) and (y) documents and information relating to his personal entitlements and obligations.
9.No Disparagement or Encouragement of Claims. Executive shall not (x) encourage or assist any person or entity who may file, or has filed, a lawsuit, charge, claim or complaint against the Released Parties (as defined in Section 6 above) or (y) (other than in connection with carrying out his duties for the Company while employed, in good faith) make any oral or written statement that disparages or places any of the Released Parties (including any of their respective past or present officers, employees, products or services, and policies or practices) in a false or negative light.  The Company will instruct its executive officers and Board members not to make any oral or written statement that disparages or places Executive in a false or negative light.  Nothing in this Agreement or elsewhere shall prevent any person or entity from engaging in Protected Activity or responding to a lawful subpoena or complying with any legal obligation; provided, if Executive receives any subpoena or becomes subject to any legal obligation that implicates this Section, Executive will provide prompt written notice of that fact to the Company to the attention of Mr. Sean Mulcahy, Vice President and Assistant General Counsel, or his successor, and enclose a copy of the subpoena and any other documents describing the legal obligation, unless the Executive is engaging in Protected Activity or such notice is prohibited by applicable law. 
10.No Admission of Liability. This Agreement does not constitute an admission by the Company that any action it took with respect to Executive was wrongful, unlawful, or susceptible of inflicting any damages or injury on Executive, and the Company specifically denies any wrongdoing. This Agreement is entered into solely to resolve fully all matters related to or arising out of Executive’s employment with and separation from the Company, and neither this Agreement nor testimony regarding its execution or implementation may be admitted or used as evidence in a subsequent proceeding of any kind, except one alleging a breach of this Agreement.
11.Cooperation.  The Parties agree that certain matters in which Executive has been involved during his employment may necessitate his cooperation with the Company in the future.  Accordingly, during the time that Executive is receiving payments under this Agreement, to the extent reasonably requested by the Company and subject to such reasonable conditions as Executive may reasonably establish, Executive agrees to cooperate in connection with matters arising out of his service to the Company; provided that, the Company will make reasonable efforts to minimize disruption to Executive’s other activities.  Notwithstanding any provision of this Agreement to the contrary, Executive agrees to make himself available to provide consulting services, as and when requested by the Company. The Company shall reimburse Executive for reasonable out-of-pocket expenses incurred in connection with such cooperation and/or the provision of consulting services.
12.Confidentiality of Agreement. Except as may be specifically required by law or as reasonably necessary to enforce rights arising under, or preserved by, this Agreement, Executive will not in any manner disclose or communicate any part of this Agreement to any other person 

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except Executive’s spouse, accountants, financial advisors, tax advisors, and/or attorneys. Before any such authorized disclosure, Executive will inform each such person to whom disclosure is to be made that every term of this Agreement is confidential and obtain such person’s agreement to maintain the confidentiality of the entire Agreement. Executive affirms that Executive has not done anything before signing this Agreement that would violate this Section. If Executive is specifically required by law to disclose any of the terms of this Agreement (other than as part of tax filings), Executive will provide prompt written notice of that fact to the Company to the attention of Mr. Sean Mulcahy, or his successor, and enclose a copy of the subpoena and any other documents describing the legal obligation, unless Executive is engaging in Protected Activity or such notice is prohibited by applicable law.
13.Severability; Waiver. The provisions of this Agreement shall be severable such that the invalidity of any provision shall not affect the validity of other provisions; provided, however, that if a court or other binding authority holds that any release in Section 6 is illegal, void or unenforceable, Executive agrees to promptly execute a release and agreement that is legal and enforceable. Either party’s failure to insist upon strict compliance with any provision of this Agreement, or its failure to assert any right that it may have hereunder, will not be considered a waiver of such provision or right or any other provision of or right under this Agreement.
14.Governing Law; Waiver of Jury Trial; Choice of Venue. This Agreement shall be governed by and construed in accordance with the laws and judicial decisions of the State of Maryland, without regard to its principles of conflicts of laws. Notwithstanding anything in this Agreement or elsewhere to the contrary, Executive and the Company waive their respective rights to a jury trial of any claims and causes of action arising under or relating to this Agreement, and each Party agrees to have any matter or dispute arising under or relating to this Agreement heard and decided solely by a court of competent jurisdiction located in the state of Maryland. 
15.Contingent Separation Benefits.  The Company’s continuing obligations under this Agreement are contingent upon Executive not having committed a significant uncured breach of his obligations under it, as further described in this Section 15.  In the event that either (A) Executive breaches his obligations under this Agreement intentionally or as a result of Executive’s gross negligence and such breach results in harm to the Company, or (B)(i) Executive has significantly breached his obligations under this Agreement, (ii) such breach has caused, or should reasonably be expected to cause, significant harm to the Company, and (iii) such breach has not been cured on fifteen (15) days’ (which time may run concurrent with any other notice provisions of this Agreement) written notice from the Company describing such breach in reasonable detail and requesting cure,  the Company may cease making any further payments, and providing any further benefits, under this Agreement.
16.Specific Performance; Further Actions.  Each of the Parties agrees, upon reasonable written request, to execute any further instruments and to take any further action as may reasonably be necessary to carry out the intent of this Agreement.  Executive’s obligations under this Agreement are of a unique character that gives them particular value; Executive’s breach of any of such obligations will result in irreparable and continuing damage to the Company.  The Company will be entitled to injunctive relief and/or a decree for specific performance, without the necessity of 

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showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.  Any equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.  The prevailing party in any dispute relating to this Agreement, or the rights and obligations preserved by it, shall be entitled to full reimbursement of all costs, including reasonable attorney’s fees incurred in connection with such dispute.
17.Indemnification and Attorney’s Fees. Executive shall be entitled to any tail coverage under Company’s directors and officers insurance coverage if and as applicable to his service as an officer and/or director of the Company or its subsidiaries and affiliates prior to the Separation Date. In addition, Company shall continue to pay Executive’s reasonable attorney’s fees incurred by Executive in connection with certain ongoing matters.
18.Miscellaneous.  Notwithstanding anything in this Agreement or elsewhere to the contrary, neither the Company nor any of its affiliates shall be entitled to recoup or claw back any compensation from Executive unless Executive has engaged in either (A) intentional misconduct or grossly negligent behavior (whether by omission or commission) resulting in harm to the Company , or (B) misconduct that has caused, or should reasonably be expected to cause, significant harm to the Company and that is not cured on fifteen (15) days’ written notice from the Company describing the misconduct in reasonable detail and requesting cure (which time may run concurrent with any other notice provisions of this Agreement).  In the event of Executive’s death or a judicial determination of Executive’s incompetence, references in this Agreement to Executive shall be deemed, where appropriate, to be references to Executive’s estate, heir(s), beneficiar(ies), executor(s) and/or other legal representative(s).  In the event of any inconsistency between the provisions under this Agreement and those of any other document, the provisions of this Agreement shall control.  The Company represents that it is fully authorized, by any person or body when authorization is required, to enter into, and carry out the terms of, this Agreement and the Second Release.
19.Entire Agreement. This Agreement represents the entire agreement and understanding concerning Executive’s continued service for, and subsequent separation from, the Company. Except as provided in Section 7 above, this Agreement supersedes and replaces any and all prior agreements, understandings, discussions, negotiations, or proposals concerning the matters addressed herein and Executive’s employment with and termination from the Company. In deciding to sign this Agreement, neither Party has relied on any express or implied promise, statement, or representation by the other Party, whether oral or written, except as set forth herein.
To be valid and binding, this Agreement must be counter-signed by Executive, and returned to the Company, no later than September 15, 2017.  Signatures delivered by facsimile (including, without limitation, by “pdf”) shall be effective for all purposes.  
ACCEPTED AND AGREED BY:
EXECUTIVE                        COMPANY

ROBERT W. ZENTZ                LAUREATE EDUCATION, INC.

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/s/ Robert W. Zentz                    /s/ Douglas L. Becker                

Date: August 28, 2017                By:  Douglas L. Becker
Title: Chairman and CEO
Date: August 28, 2017

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Exhibit A

1. PSUs
	
		
	Grant Year
	# Units eligible to vest

	2013
	5,149

	2014
	651

	2015
	652

	2017
	4,228

2. RSUs
	
		
	Grant Year
	# Units eligible to vest

	2016
	1,383

	2017
	2,114

3. Stock options
	
						
	Grant Year
	Exercise price
	# Performance options eligible to vest
	# Time options eligible to vest

	2013
	

	$17.44
	

	6,512
	16,275

	2014
	

	$17.44
	

	1,239
	2,478

	2015
	

	$17.44
	

	1,246
	2,491

	2016
	

	$17.44
	

	0
	2,671

	2017
	

	$17.89
	

	0
	3,920

Page 1 of Supplemental Release of ClaimsExhibit

        

STOCK OPTION AGREEMENT

THIS AGREEMENT (the “Agreement”), dated as of September 13, 2017 (the “Grant Date”) is made by and between Laureate Education, Inc., a Delaware public benefit corporation (hereinafter referred to as “Laureate”), and the individual whose name is set forth on the signature page hereof, who is an Eligible Individual, hereinafter referred to as the “Optionee.”  Any capitalized terms herein not otherwise defined in this Agreement shall have the meaning set forth in the Laureate Education, Inc. Amended and Restated 2013 Long-Term Incentive Plan, as it may be amended from time to time (the “Plan”).

WHEREAS, Laureate wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement; and
WHEREAS, the Administrator has determined that it would be to the advantage and best interest of Laureate and its shareholders to grant the Option provided for herein to the Optionee as an incentive for increased efforts during the Optionee’s service relationship with the Company, and has advised Laureate thereof and instructed the undersigned officers to issue said Option.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:
ARTICLE I 
DEFINITIONS
Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary.
Section 1.1.      Cause
“Cause” shall mean “Cause” as such term may be defined in any employment or service agreement in effect at the time of termination of employment or service between the Optionee and the Company, or, if there is no such employment or service agreement or such term is not defined therein, “Cause” shall mean (i) gross negligence or willful malfeasance by the Optionee in connection with the performance of his or her duties with respect to the Company, (ii) the Optionee’s conviction of, or pleading guilty or nolo contendere to any felony, (iii) theft, embezzlement, fraud or other similar conduct by the Optionee in connection with the performance of his or her duties with the Company, or (iv) the Optionee’s willful and material breach of any other applicable agreements with the Company including, without limitation, engaging in any action in breach of any applicable restrictive covenants.
Section 1.2.      Company
“Company” shall mean Laureate and its Subsidiaries.

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Section 1.3.      Eligible Individual
“Eligible Individual” shall mean an officer or employee of, and other individual, including a non-employee director, who is a natural person providing bona fide services to or for, Laureate or any of its Subsidiaries, provided that such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for Laureate’s securities.
Section 1.4.      Good Reason  
“Good Reason” shall mean “Good Reason” as such term may be defined in any employment agreement in effect at the time of termination of employment between the Optionee and Laureate or any of its Subsidiaries, or, if there is no such employment agreement or such term is not defined therein, “Good Reason” shall mean, without the consent of the Optionee, (i) a material reduction in base salary (other than a general reduction in base salary that affects all similarly situated employees), (ii) a substantial diminution in the Optionee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith, or (iii) a transfer of the Optionee’s primary workplace by more than fifty (50) miles from his or her current workplace; provided, however, that in any event, such conduct is not cured within ten (10) business days after the Optionee gives the Company notice of such event.
Section 1.5.      Option
“Option” shall mean the option granted under Section 2.1 of this Agreement.
Section 1.6.      Permanent Disability
“Permanent Disability” shall mean “Disability” as such term is defined in any employment agreement between the Optionee and the Company, or, if there is no such employment agreement or such term is not defined therein, “Permanent Disability” shall mean a total and permanent disability as defined in the long-term disability plan of Laureate or the Subsidiary, as applicable, with which the Optionee is employed on the date as of which the existence of a Permanent Disability is to be determined.
Section 1.7.      Retirement
“Retirement” shall mean the voluntary termination of the Optionee’s employment with the Company if (a) the Optionee has provided the Company with no less than twelve months’ written notice of the Optionee’s intention to terminate employment; (b) the Optionee signs and returns to the Company a release of claims for the benefit of the Company, in the form provided by the Company, that has become irrevocable by its terms; and (c) on the effective date of Optionee’s termination of employment, the sum of (1) the length of time the Optionee has been in the continuous employment of Company (which must be no fewer than five (5) years) and (2) the age of the Optionee equals seventy (70) or more.  For the avoidance of doubt, service with the Company in any capacity other than as an employee of the Company will not be counted toward the determination of the Optionee’s length of continuous employment nor will employment with any 

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entity prior to the Company’s acquisition of such entity be counted toward the requisite five year period of continuous employment. 
Section 1.8.      Secretary
“Secretary” shall mean the Secretary of Laureate.
Section 1.9.      Share
“Share” shall mean a share of Common Stock.
ARTICLE II     
GRANT OF OPTION
Section 2.1.      Grant of Option
For good and valuable consideration, on and as of the Grant Date, Laureate grants to the Optionee an Option to purchase the number of Shares set forth on the signature page hereof, on the terms and conditions set forth in this Agreement.
Section 2.2.      Exercise Price
Subject to Section 2.5, the exercise price per Share covered by the Option (the “Exercise Price”) shall be as set forth on the signature page hereof.
Section 2.3.      No Guarantee of Employment or Service Relationship
Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ or service of the Company or shall interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved, to terminate the employment or service of the Optionee at any time for any reason whatsoever, with or without cause or notice, subject to the applicable provisions of, if any, the Optionee’s employment or service agreement with or offer letter provided by the Company to the Optionee and subject to applicable law.  Nothing in this Agreement or in the Plan shall serve as a limitation of the right of the Company to discharge the Optionee at any time with or without cause or notice, subject to applicable law, and whether or not such discharge results in the failure of any portion of the Option to become exercisable or any other adverse effect on the Optionee’s interests under the Plan.
Section 2.4.      Nonqualified Nature of the Option
The Option is not intended to qualify as an incentive stock option within the meaning of Code section 422, and this Agreement shall be so construed.

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Section 2.5.      Adjustments to Option
The Option shall be subject to the adjustment provisions of Sections 10, 11 and 12 of the Plan.  
ARTICLE III     
PERIOD OF EXERCISABILITY
Section 3.1.      Commencement of Exercisability
(a)    So long as the Optionee continues to be an Eligible Individual performing bona fide services to or for the Company through September 13, 2018 (the “Vesting Date”), the Option shall become vested and exercisable on that Vesting Date.
 

(b)    Notwithstanding the foregoing, if, before the Vesting Date, but on or within the eighteen (18) months after a Change in Control, the Optionee ceases to be an Eligible Individual either because the Company or its successor terminates the Optionee’s employment or other service relationship without Cause or the Optionee terminates due to Good Reason, the Option shall become exercisable as to 100% of the Shares subject to the Option on such termination date (but only to the extent such Option has not otherwise terminated or become exercisable).
 

(c)    If, before the Vesting Date, the Optionee ceases to be an Eligible Individual due to the Optionee’s death or Permanent Disability, the Optionee will vest on the Optionee’s termination date in the number of Shares subject to the Option that would have vested had the Optionee remained employed until the Vesting Date.
 

(d)    No portion of the Option shall become exercisable as to any additional Shares following the time the Optionee ceases to be an Eligible Individual, and any portion of the Option which is unexercisable as of the Optionee’s cessation of service as an Eligible Individual shall immediately expire without payment therefor.     

Section 3.2.      Expiration of Option
The Optionee may not exercise any vested portion of the Option to any extent after the first to occur of the following events:
(a)    The Expiration Date, so long as the Optionee remains an Eligible Individual through such date; 
(b)    The Expiration Date, if the Optionee’s employment is terminated by reason of Retirement;
(c)    The second anniversary of the date of the Optionee’s termination of employment with the Company, if the Optionee’s employment is terminated by reason of death or Permanent Disability;

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(d)    Except as otherwise provided in this Section 3, ninety (90) days after the date the Optionee ceases to be an Eligible Individual by reason of the Optionee’s voluntary resignation or the Company’s termination of the employment or service relationship without Cause (for any reason other than as set forth in clause (b) above), or by reason of the entity for which services are performed by the Optionee ceasing to be Laureate or a Subsidiary;
(e)    Immediately upon the date the Optionee ceases to be an Eligible Individual for Cause; or
(f)    At the discretion of the Company, if the Administrator so determines pursuant to Section 11 of the Plan.  
In no event may the Option be exercised after the Expiration Date of the Option set forth on the signature page hereof. 

ARTICLE IV     
EXERCISE OF OPTION
Section 4.1.      Person Eligible to Exercise
During the lifetime of the Optionee, only the Optionee (or his or her duly authorized legal representative) may exercise the Option or any portion thereof.  After the death of the Optionee, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person empowered to do so under the Optionee’s last will and testament or under the then applicable laws of descent and distribution.
Section 4.2.      Partial Exercise
Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole Shares only.
Section 4.3.      Manner of Exercise
The Option, or any exercisable portion thereof, may be exercised solely by delivering to the Secretary all of the following prior to the time when the Option or such portion becomes unexercisable under Section 3.2:
(a)    Notice in writing signed by the Optionee or the other person then entitled to exercise the Option or portion thereof, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator;
(b)    (i) Full payment (in cash, by check or by a combination thereof) for the Shares with respect to which such Option or portion thereof is exercised, (ii) to the extent permitted 

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by the Administrator in a manner that is compliant with the terms of the Plan, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee reduced by a number of Shares having an equivalent Fair Market Value to the payment that would otherwise be made by the Optionee to Laureate pursuant to clause (i) of this subsection (b), or (iii) a broker-assisted cashless exercise through a brokerage firm designated or approved by the Administrator;
(c)    (i) Full payment (in cash, by check or by a combination thereof) to satisfy the withholding tax obligation with respect to which such Option or portion thereof is exercised or (ii) to the extent permitted by the Administrator in a manner that is compliant with the terms of the Plan, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee upon exercise of such Option (or portion thereof) reduced by a number of Shares having an aggregate Fair Market Value, on the date of such exercise, equal to the payment to satisfy the minimum withholding tax obligation that would otherwise be required to be made by the Optionee to the Company pursuant to clause (i) of this subsection (c); and
(d)    In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the Option.
(e)    At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by the Company, the Optionee hereby authorizes withholding from payroll or any other payment of any kind due to the Optionee and otherwise agrees to make adequate provision for foreign (non-US), federal, state and local taxes required by law to be withheld, if any, which arise in connection with the Option.  The Company may require the Optionee to make a cash payment to cover any withholding tax obligation as a condition of exercise of the Option or issuance of Shares upon exercise.
Section 4.4.      Conditions to Issuance of Stock Certificates
The Shares deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued Shares or issued Shares, which have then been reacquired by Laureate.  Such Shares shall be fully paid and nonassessable.  In its discretion, Laureate may deliver share certificates or may retain such Shares in uncertificated book-entry form.  Laureate shall not be required to issue Shares or deliver any certificate or certificates for shares of stock purchased upon the exercise of an Option or portion thereof prior to fulfillment of all of the following conditions:
(a)    The obtaining of approval or other clearance from any state or federal governmental agency which the Administrator shall, in its reasonable and good faith discretion, determine to be necessary or advisable; and 
(b)    The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience or as may otherwise be required by applicable law.

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Section 4.5.      Rights as Stockholder
The holder of an Option shall not be, nor have any of the rights or privileges of, a stockholder of Laureate in respect of any Shares purchasable upon the exercise of the Option or any portion thereof unless and until certificates representing such Shares shall have been issued by Laureate to such holder upon satisfaction of the conditions set forth in Section 4.4 or unless book entry representing such Shares has been made and such Shares have been deposited with the appropriate registered book-entry custodian.  Upon fulfillment of such conditions, Laureate shall be required to issue and deliver such certificate or certificates, unless book entry representing such Shares has been made and such Shares have been deposited with the appropriate registered book-entry custodian.
ARTICLE V     
RESTRICTIVE COVENANTS
Section 5.1.      Confidential Information; Covenant Not to Compete; Covenant Not to Solicit
(a) In consideration of this Option grant, unless otherwise provided in any employment or severance agreement entered into by and between the Optionee and the Company (in which case the corresponding provisions therein shall control), the Optionee hereby agrees effective as of the date of the Optionee’s commencement of employment with the Company, without the Company’s prior written consent, the Optionee shall not, directly or indirectly:
(i) at any time during or after the Optionee’s employment with the Company, disclose or use any Confidential Information (as defined below) pertaining to the business of the Company or Affiliates, except when required to perform Optionee’s duties to the Company, by law or judicial process;
(ii) at any time during the Optionee’s employment with the Company and for a period of two years thereafter, directly or indirectly, act as a proprietor, investor, director, officer, employee, substantial stockholder, consultant, or partner in any business that directly competes, at the relevant determination date, with the post-secondary business of the Company or any of its Affiliates in any geographic area where the Company or its Affiliates manufactures, produces, sells, leases, rents, licenses or otherwise provides products or services; and
(iii) at any time during the Optionee’s employment with the Company and for a period of two years thereafter, directly or indirectly (A) solicit customers or clients of the Company or Affiliates to terminate their relationship with the Company or Affiliates or otherwise solicit such customers or clients to compete with any business of the Company or Affiliates or (B) solicit or offer employment to any person who is, or has been at any time during the twelve (12) months immediately preceding the termination of the Optionee’s employment employed by the Company or Affiliates.

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For the purposes of subsection (a)(ii) above, the Optionee may, directly or indirectly own, solely as an investment, securities of any entity engaged in the business of the Company or its Affiliates which are publicly traded on a national or regional stock exchange or quotation system or on the over-the-counter market if the Optionee (I) is not a controlling person of, or a member of a group which controls, such entity, and (II) does not, directly or indirectly, own 5% or more of any class of securities of such entity.
If the Optionee is bound by any other agreement with the Company regarding the use or disclosure of Confidential Information, the provisions of this Section shall be read in such a way as to further restrict and not to permit any more extensive use or disclosure of Confidential Information.
(b) Notwithstanding clause (a) above, if at any time a court holds that the restrictions stated in such clause (a) are unreasonable or otherwise unenforceable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area determined to be reasonable under such circumstances by such court will be substituted for the stated period, scope or area. Because the Optionee’s services are unique and because the Optionee has had access to Confidential Information, the Optionee agrees that money damages will be an inadequate remedy for any breach of this Section. In the event of a breach or threatened breach of this Section, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce, or prevent any violations of, the provisions hereof (without the posting of a bond or other security).
(c) In the event that the Optionee breaches any of the provisions of this Section, in addition to all other remedies that may be available to the Company, the Option shall terminate immediately for no consideration, and if any portion of the Option was exercised, the Optionee shall be required to pay to the Company the amount by which, at the time of exercise, the Fair Market Value of the Shares was greater than the aggregate Exercise Price paid for the Shares, on a net after-tax basis.
For purposes of this Section, “Confidential Information” shall mean all non-public information concerning trade secret, know how, software, developments, inventions, processes, technology, designs, the financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media.
ARTICLE VI     
MISCELLANEOUS
Section 6.1.      Administration
The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent 

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therewith and to interpret or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator shall be final and binding upon the Optionee, the Company and all other interested persons.  No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Option.  In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan and this Agreement.
Section 6.2.      Option Not Transferable
Neither the Option nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Optionee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 6.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.
Section 6.3.      Notices
Any notice to be given under the terms of this Agreement to the Company shall be addressed to Laureate in care of its Secretary, and any notice to be given to the Optionee shall be addressed to the Secretary at the physical or electronic address given beneath the Secretary’s signature hereto.  By a notice given pursuant to this Section 6.3, either party may hereafter designate a different address for notices to be given to him or it.  Any notice, which is required to be given to the Optionee, shall, if the Optionee is then deceased, be given to the Optionee’s personal representative if such representative has previously informed the Company of his status and address by written notice under this Section 6.3.  Any notice shall have been deemed duly given when (i) delivered in person, (ii) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, (iii) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier, or (iv) delivered by email to an electronic mail address provided by the Optionee.  
Section 6.4.      Titles; Pronouns
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.  The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.
		
	Section 6.5.  
	Applicability of Plan and Recoupment Policy

The Option and the Shares issued to the Optionee (or other proper holder of the Option) upon exercise of the Option shall be subject to all of the terms and provisions of the Plan.  In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control.  

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The Optionee acknowledges that the Optionee has received a copy of the Recoupment Policy and acknowledges and agrees that the terms of the Recoupment Policy shall be applicable to the Option and any Shares issued as a result of the Optionee’s exercise of the Option.
Section 6.6.      Service and Employment Acknowledgments.
By accepting the Option and signing this Agreement, the Optionee acknowledges and agrees that:  (i) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan or this Agreement; (ii) the Optionee is voluntarily participating in the Plan; (iii) the award of an Option is a one-time benefit which does not create any contractual or other right to receive future awards of Options, or compensation or benefits in lieu of Options, even if Options have been awarded repeatedly in the past; (iv) all determinations with respect to any such future awards, including, but not limited to, the times when Options shall be awarded or shall become vested or exercisable and the number of Options subject to each award, will be at the sole discretion of the Administrator; (v) the value of the Option is an extraordinary item of compensation which is outside the scope of the Optionee’s employment or service contract, if any; (vi) the value of the Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension, welfare or retirement benefits; (vii) the vesting of the Option ceases upon termination of service with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (viii) the value of the Options and the underlying Shares cannot be predicted with certainty and will change over time and the Company does not guarantee any future value; (ix) if the Optionee is not an employee of the Company, the Option grant will not be interpreted to form an employment contract or relationship with the Company; nothing in this Agreement shall confer upon the Optionee any right to continue in the service of the Company or interfere in any way with any right of the Company to terminate the Optionee’s service as a director, an employee or consultant, as the case may be, at any time, subject to applicable law; the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Optionee’s participation in the Plan or the Optionee’s acquisition or sale of the Shares underlying the Option; and (x) no claim or entitlement to compensation or damages arises if the value of the Option or the underlying Shares decreases and in consideration for the grant of the Option the Optionee irrevocably releases the Company from any claim or entitlement to compensation or damages that does arise in connection with the Option. 
Section 6.7.      Personal Data.  
For purposes of the implementation, administration and management of the Option and the Plan or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a “Corporate Transaction”), the Optionee explicitly and unambiguously consents, by accepting this Agreement, to the collection, receipt, use, retention and transfer, in electronic or other 

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form, of the Optionee’s personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction.  The Optionee understands that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social insurance number, tax identification number, date of birth, nationality, job title or duties, salary and payroll location, data for tax withholding purposes and Options awarded, cancelled, vested and unvested) is held by the Company and may be transferred to any broker designated by the Administrator or third parties assisting in the implementation, administration and management of the Options or the Plan or the effectuation of a Corporate Transaction and the Optionee expressly authorizes such transfer as well as the retention, use, and the subsequent transfer of the data, in electronic or other form, by the recipient(s) for these purposes.  The Optionee understands that these recipients may be located in the Optionee’s country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Optionee’s country.  The Optionee understands that personal data will be held only as long as is necessary to implement, administer and manage the Option or Plan or effect a Corporate Transaction.  The Optionee understands that, to the extent required by applicable law, the Optionee may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary.  The Optionee understands, however, that refusing or withdrawing the Optionee’s consent may affect the Optionee’s ability to accept an award of Options or otherwise participate in the Plan.
Section 6.8.      Electronic Delivery of Documents.
(a)    Methods of Delivery.  The Company may from time to time electronically deliver, via e-mail or posting on the Company’s website, this Agreement, information with respect to the Plan or the Option, any amendments to the Agreement, and any reports of the Company provided generally to the Company’s stockholders.  The Optionee may receive from the Company, at no cost, a paper copy of any electronically delivered documents by contacting the Secretary.
(b)    Consent and Acknowledgment.  By signing this Agreement, the Optionee (i) consents to the electronic delivery of this Agreement, all information with respect to the Plan and the Option and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledges that the Optionee may receive from the Company a paper copy of any documents delivered electronically at no cost to the Optionee by contacting the Company by telephone or in writing; (iii) further acknowledges that the Optionee may revoke the Optionee’s consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledges that the Optionee understands that the Optionee is not required to consent to electronic delivery of documents.
Section 6.9.      Amendment; Entire Agreement
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not be modified in a manner that would have a materially adverse effect on the Option or Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by the Optionee and 

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the Company.  This Agreement constitutes the entire agreement among the parties with respect to any agreements regarding the equity-based incentive awards referenced on the Optionee’s signature page hereto and supersedes all prior and contemporaneous agreements (including any change in control, executive retention, employment or other agreements regarding the vesting of the equity-based incentive awards referenced on the Optionee’s signature page hereto, or payment of cash or Shares in respect of these equity-based awards upon a termination of the Optionee’s employment with the Company or other termination of status as an Eligible Individual), discussions, understandings and negotiations, whether written or oral, with respect to any of the foregoing.  
Section 6.10.      Governing Law
The laws of the State of Maryland shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
Section 6.11.      Resolution of Disputes
Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby.  The Optionee agrees that before the Optionee may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement the Optionee will first exhaust his or her administrative remedies before the Administrator.  The Optionee further agrees that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to the Optionee’s satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s decision.
Section 6.12.      Section 409A
This Agreement and the Option granted hereunder are intended to be exempt from Section 409A of the Code.  This Agreement and the Option shall be administered, interpreted and construed in a manner consistent with this intent.  Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other than the deferral of recognition of income until the exercise of the Option.  Should any provision of the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given effect, in the sole discretion of the Administrator and without requiring the Optionee’s consent, in such manner as the Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code.  The foregoing, however, shall not be construed as a guarantee or warranty by the Company of any particular tax effect to the Optionee.

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Section 6.13.      Counterparts
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.  Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

Signature Pages to follow.

13
        
EAST\146727525.1 9/20/17 
020471-000001 

 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.
LAUREATE EDUCATION, INC.

By:               

		
	Name:
	  Robert W. Zentz

Title:     Senior Vice President, Secretary
  and General Counsel

[signature page to the Stock Option Agreement]
EAST\146727525.1 9/20/17 
020471-000001 

OPTIONEE NAME: Eilif Serck-Hanssen

I acknowledge that I have carefully read the Agreement, the Plan, and Plan prospectus.  I agree to be bound by all of the provisions set forth in the Agreement and Plan.  I acknowledge that I have received a copy of the Recoupment Policy and acknowledge and agree that the terms of the Recoupment Policy shall be applicable to the Option and any Shares issued upon exercise of the Option.  I also consent to electronic delivery of all notices or other information with respect to the Option or the Company.

OPTIONEE SIGNATURE:                                                      
 
Address: (to be completed by Optionee:)    ____________________________ 
                            
____________________________ 

____________________________ 

Shares subject to Option: 

Grant Date: September 13, 2017

Exercise Price:  $18.36

Expiration Date: 3 years from the Grant Date

 

[signature page to the Stock Option Agreement]
EAST\146727525.1 9/20/17 
020471-000001

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