<SEC-DOCUMENT>0001157523-16-007543.txt : 20161209
<SEC-HEADER>0001157523-16-007543.hdr.sgml : 20161209
<ACCEPTANCE-DATETIME>20161209163047
ACCESSION NUMBER:		0001157523-16-007543
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161209
DATE AS OF CHANGE:		20161209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEVRY EDUCATION GROUP INC.
		CENTRAL INDEX KEY:			0000730464
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363150143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0811

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13988
		FILM NUMBER:		162044405

	BUSINESS ADDRESS:	
		STREET 1:		3005 HIGHLAND PARKWAY
		CITY:			DOWNERS GROVE
		STATE:			IL
		ZIP:			60515
		BUSINESS PHONE:		6305157700

	MAIL ADDRESS:	
		STREET 1:		3005 HIGHLAND PARKWAY
		CITY:			DOWNERS GROVE
		STATE:			IL
		ZIP:			60515

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVRY EDUCATION GROUP
		DATE OF NAME CHANGE:	20131105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVRY INC
		DATE OF NAME CHANGE:	19940218
</SEC-HEADER>
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<DESCRIPTION>DEVRY EDUCATION GROUP INC. 8-K
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 8, 2016</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">DEVRY EDUCATION GROUP INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3005 Highland Parkway</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Downers Grove, Illinois</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(630) 515-7700</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement.</div>
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<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On December 8, 2016, DeVry Education Group Inc. (&#8220;DeVry Group&#8221;) entered into a letter agreement (the &#8220;Letter Agreement&#8221;) with Michael W. Malafronte and International Value Advisers, LLC, relating to the Support Agreement (the &#8220;Support Agreement&#8221;) previously entered into on June 29, 2016 by and among DeVry Group, International Value Advisers, LLC and affiliated parties listed therein (collectively, &#8220;IVA&#8221;), and Michael W. Malafronte, in his individual capacity and as a member of IVA.&#160; In particular, the Support Agreement provides that Mr. Malafronte&#8217;s resignation from the board of directors of DeVry Group shall become effective in the event IVA and IVA Affiliates (as defined in the Support Agreement) ceases collectively to beneficially own or have other ownership interest in aggregate Net Long Positions (as defined under the Support Agreement) of at least 10% of the outstanding shares of DeVry Group common stock (the &#8220;10% Ownership Requirement&#8221;).&#160; Pursuant to the Letter Agreement, DeVry Group has agreed that Mr. Malafronte may remain a member of the board of directors for the duration of his term ending at the 2017 annual meeting of shareholders even if the 10% Ownership Requirement is not otherwise met during such term.</div>

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<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 27pt">The foregoing description of certain terms contained in the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Letter Agreement&#160; filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Letter Agreement dated December 8, 2016.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date:&#160; December 8, 2016</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;</div>
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<div>/s/ Kathleen Carroll</div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 10.1</font><br>
</div>

<div style="TEXT-ALIGN: right">&#160;</div>

<div style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><img src="logo.jpg"></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BY E-MAIL</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">December 8, 2016</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt"><br>
<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>International Value Advisers, LLC<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>717 5th Avenue, 10th Floor<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> New York, New York 10022</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Attn:</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Michael Malafronte</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">michael.malafronte@ivafunds.com</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Shanda Scibilia</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">shanda.scibilia@ivafunds.com</div>

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</div>

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</div>

<div style="TEXT-ALIGN: justify">
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">&#160;&#160;&#160; Re:</td>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160; Invitation for Michael Malafronte to Complete 2016-2017 Term as a DeVry Education Group Inc. Director and Conditional Partial Waiver</div>
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<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dear Michael and Shanda:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Reference is made to Section 1(f) of that certain Support Agreement, dated June 29, 2016 (the &#8220;Support Agreement&#8221;), by and among persons affiliated with International Value Advisers, LLC described therein, DeVry Education Group Inc. (&#8220;DeVry Group&#8221;) and Michael Malafronte and that certain letter of Irrevocable Resignation of even date from Michael Malafronte (the &#8220;Resignation Letter&#8221;) delivered to DeVry Group in connection therewith.&#160; Capitalized but not defined terms shall have the meanings set forth in the Support Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">As discussed, under the terms of Section 1(f) of the Support Agreement and the Resignation Letter, Michael Malafronte&#8217;s resignation from the board of directors of DeVry Group (the &#8220;Board&#8221;) would become effective in the event &#8220;IVA, together with all of the IVA Affiliates, ceases collectively to beneficially own or have other ownership interest in aggregate Net Long Positions of at least 10% of the outstanding shares of Common Stock&#8221; (the aforementioned clause being the &#8220;10% Threshold Condition&#8221;).&#160; The Board has valued and appreciated Michael Malafronte&#8217;s contributions as a director and hereby extends an invitation for Mr. Malafronte to remain a member of the Board for the duration of the term ending at the 2017 Annual Meeting of Shareholders (the &#8220;2016-2017 Term&#8221;) in the event the 10% Threshold Condition would otherwise be satisfied.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">If Mr. Malafronte wishes to continue his service on the DeVry Group Board during the 2016-2017 Term, please sign this letter below and return a .pdf copy to Gregory S. Davis at gsdavis@devrygroup.com.&#160; Upon receipt of a countersigned version of this letter, DeVry Group hereby waives its rights under the 10% Threshold Condition and, accordingly, the Resignation Letter shall not become effective in the event the 10% Threshold Condition is otherwise satisfied.</div>

<div>&#160;</div>

<div><br>
<font style="FONT-WEIGHT: bold">&#160; DeVry Education Group&#160; <font style="FONT-FAMILY: Times New Roman">&#9679;&#160; <font style="FONT-WEIGHT: normal">3005 Highland Parkway <font style="FONT-FAMILY: Times New Roman">&#9679;&#160; Downers Grove, IL 60515&#160; <font style="FONT-FAMILY: Times New Roman">&#9679;&#160; 630.515.7700&#160; <font style="FONT-FAMILY: Times New Roman">&#9679;&#160; devryeducationgroup.com</font></font></font></font></font></font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><img src="logo.jpg"></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">If you have any questions, please contact me or Gregory S. Davis at 630-515-3135.</div>

<div><br>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z1ca5fa1b3d87473292a46d08e43df0be" border="0" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 2%; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="2">Best regards,</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 2%">&#160;</td>
<td style="WIDTH: 41%">
<div>&#160;</div>
</td>
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<td style="WIDTH: 59%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold" colspan="2">DEVRY EDUCATION GROUP INC.</td>
</tr>

<tr>
<td style="WIDTH: 59%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%">&#160;</td>
<td style="WIDTH: 41%">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 59%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%">&#160;</td>
<td style="WIDTH: 41%">
<div>&#160;</div>
</td>
</tr>

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<td style="PADDING-BOTTOM: 2px; WIDTH: 59%">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%">By:&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41%; FONT-FAMILY: 'Times New Roman', Times, serif">
<div style="MARGIN-LEFT: 18pt">&#160;/s/ Christopher Begley&#160;</div>
</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 2%">&#160;</td>
<td style="WIDTH: 41%">
<div style="MARGIN-LEFT: 18pt">Chair of the Board of</div>
</td>
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<div>&#160;</div>
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<td style="WIDTH: 2%">&#160;</td>
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</td>
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<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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</td>
<td style="WIDTH: 47%">
<div style="MARGIN-LEFT: 9pt">Murray A. Indick&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
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<div style="MARGIN-LEFT: 9pt">Morrison &amp; Foerster LLP&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<div>&#160;</div>
</td>
<td style="WIDTH: 47%">
<div style="MARGIN-LEFT: 9pt">mindick@mofo.com&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
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<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
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<div style="MARGIN-LEFT: 9pt">Agreed and Acknowledged this 8th day of&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
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<tr>
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<div style="MARGIN-LEFT: 9pt">December, 2016&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<td style="PADDING-BOTTOM: 2px; WIDTH: 3%">
<div style="MARGIN-LEFT: 9pt">By:</div>
</td>
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<div style="MARGIN-LEFT: 9pt">/s/ Michael Malafronte</div>
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<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 3%">
<div>&#160;</div>
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<td style="WIDTH: 47%">
<div style="MARGIN-LEFT: 9pt">Michael Malafronte</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<div style="MARGIN-LEFT: 9pt">INTERNATIONAL VALUE ADVISERS, LLC</div>
</td>
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<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

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<td style="WIDTH: 3%">&#160;</td>
<td style="WIDTH: 47%">&#160;</td>
<td style="WIDTH: 50%">&#160;</td>
</tr>

<tr>
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<div style="MARGIN-LEFT: 9pt">/s/ Michael Malafronte</div>
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</tr>

<tr>
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<td style="WIDTH: 47%">
<div style="MARGIN-LEFT: 9pt">Michael Malafronte&#160;</div>
</td>
<td style="WIDTH: 50%">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%">&#160;</td>
<td style="WIDTH: 47%">
<div style="MARGIN-LEFT: 9pt">Managing Partner&#160;</div>
</td>
<td style="WIDTH: 50%">&#160;</td>
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<div><br>
 &#160;</div>

<div>&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
