<SEC-DOCUMENT>0001157523-18-002563.txt : 20181212
<SEC-HEADER>0001157523-18-002563.hdr.sgml : 20181212
<ACCEPTANCE-DATETIME>20181212083026
ACCESSION NUMBER:		0001157523-18-002563
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20181211
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181212
DATE AS OF CHANGE:		20181212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adtalem Global Education Inc.
		CENTRAL INDEX KEY:			0000730464
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363150143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13988
		FILM NUMBER:		181230069

	BUSINESS ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
		BUSINESS PHONE:		630-515-7700

	MAIL ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education Inc.
		DATE OF NAME CHANGE:	20170519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170519
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51912911.htm
<DESCRIPTION>ADTALEM GLOBAL EDUCATION INC. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM&#160;8-K</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">CURRENT REPORT</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date of Report</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Date of earliest event reported):</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 11, 2018</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADTALEM GLOBAL EDUCATION INC.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exact name of registrant as specified in its
          charter</font>)</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" border="0" id="zfa48a5c086fa493f8abe36f9c42a598e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delaware</font></div>
          </td>
          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1-13988</font></div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36-3150143</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State of incorporation)</font></div>
          </td>
          <td style="width: 34%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission File</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Number)</font></div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(IRS Employer Identification No.)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z93e2b440a000423a9a77c9638bdb6fae" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 49.87%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">500 West Monroe</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chicago, IL</font></div>
          </td>
          <td style="width: 50.13%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">60661</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
          </td>
          <td style="width: 50.13%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Zip Code)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(630) 515-7700</font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant&#8217;s telephone number, including area code)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">N/A</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Former name or former address, if changed since last report)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
        of the following provisions:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font> Written communications pursuant to Rule&#160;425 under the
        Securities Act (17 CFR 230.425)</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font> Soliciting material pursuant to Rule&#160;14a-12 under the
        Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font> Pre-commencement communications pursuant to
        Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font> Pre-commencement communications pursuant to
        Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the
        Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
    <div style="text-align: left; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company &#160; &#9744;</font></div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160; &#9744;</font></div>
    <div><br>
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    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Introduction</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>SEC</u></font>&#8221;) by Adtalem Global Education Inc. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Adtalem</u></font>&#8221;) on December 4,
        2017, Adtalem is party to that certain Stock Purchase Agreement, dated as of December 4, 2017 (as amended or supplemented, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Agreement</u></font>&#8221;), by and between
        Adtalem and Cogswell Education, LLC (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Cogswell</u></font>&#8221;).</font></div>
    <div style="text-align: left; margin-top: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 1.01.</font>&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
        font-weight: bold;">Entry into a Material Definitive Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 11, 2018, Adtalem entered into Amendment No. 2 to the Agreement (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>Amendment No. 2</u></font>&#8221;) with Cogswell.&#160; Amendment No. 2 adds the U.S. Department of Education (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>DOE</u></font>&#8221;) as a party that Adtalem
        agrees to indemnify for certain losses related to certain pre-closing defense to repayment claims, increases the cap on Adtalem&#8217;s aggregate obligation for indemnification to $340,000,000 plus any amount by which the Letter of Credit, number
        68129526, issued by Bank of America, N.A. for the benefit of the DOE, dated as of November 3, 2016, including any replacement or successor letter of credit (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>DOE LC</u></font>&#8221;),




        is drawn on and other matters as described therein.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Also on December 11, 2018, Adtalem entered into Amendment No. 3 to the Agreement (&#8220;<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>Amendment No. 3</u></font>&#8221;) with Cogswell.&#160; Amendment No. 3 provides that (i) the annual fee equal to two percent of the amount of the DOE LC payable by Cogswell will be payable quarterly in
        arrears as opposed to once annually; (ii) extends by one year the period of time during which Adtalem will indemnify Cogswell for Borrower Defense Claims and clarifies that the indemnity is applicable to all pre-closing Borrower Defense Claims as
        well as claims made in the six-year period post-closing, provided they relate to pre-close enrollees at DeVry University; (iii) provides Cogswell a right of indemnification for liabilities associated with the Institutional Capital Contribution to
        the Federal Perkins Loan Program of DeVry University; and (iv) provides that if the DOE requires an additional letter of credit during the one year period following the closing as a result of any activities or operations prior to the closing,
        Adtalem will obtain such letter of credit in an amount not to exceed $10,000,000.</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The foregoing description of Amendments No. 2 and No. 3 do not purport to be complete and are qualified in their entirety
        by reference to the full text of Amendment No. 2, a copy of which is filed as Exhibit 2.3 and Amendment No. 3, a copy of which is filed as Exhibit 2.4, to this Current Report on Form 8-K and are incorporated herein by reference.</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with the closing of the Transaction (as defined below) Adtalem loaned to DeVry University, Inc. $10,000,000
        under the terms of the promissory note, dated as of December 11, 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Note</u></font>&#8221;).&#160; The Note bears interest at a rate of 4% per annum, payable annually in
        arrears and has a maturity date of January 1, 2022.</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the
        full text of the Note, a copy of which is filed as Exhibit 2.5 to this Current Report on Form 8-K and is incorporated herein by reference.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item&#160;2.01.&#160;&#160; Completion of Acquisition or Disposition of Assets.</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December&#160;11, 2018, and under the terms of the Agreement, Adtalem sold to Cogswell all of Adtalem&#8217;s right, title, and
        interest in and to the issued and outstanding shares of capital stock of DeVry University, Inc. and DeVry/New York Inc. (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>DVU Equity Interests</u></font>&#8221;).&#160; The
        DVU Equity Interests were sold free and clear of all liens (other than transfer restrictions imposed thereon by law) to Cogswell for deminimis consideration, subject to customary adjustments for working capital (such sale, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Transaction</u></font>&#8221;).</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The description of the Transaction set forth above does not purport to be complete and is qualified in its entirety by
        reference to (i)&#160;the Agreement, which was filed by Adtalem as Exhibit&#160;2.1 to Adtalem&#8217;s Current Report on Form 8-K filed on December 4, 2017, (ii)&#160;Amendment No.&#160;1 to the Agreement, which was filed by Adtalem as Exhibit 2.1 to Adtalem&#8217;s Current
        Report on Form 8-K filed on August 2, 2018, (iii)&#160;Amendment No.&#160;2 to the Agreement, which is filed as Exhibit 2.3 to this Current Report on Form 8-K and (iv) Amendment No.&#160;3 to the Agreement, which is filed as Exhibit 2.4 to this Current Report on
        Form 8-K, each of which are incorporated in this Item&#160;2.01 by reference.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item&#160;8.01.&#160;&#160; Other Events.</font></div>
    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Closing Date, Adtalem issued a press release announcing the closing of the Transaction.&#160; A copy of the press release
        is furnished as Exhibit 99.1 hereto.&#160; Such press release shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Exchange Act, or otherwise subject to the liabilities of that section.&#160; The information in this Item&#160;8.01, including Exhibit
        99.1, shall not be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div>
    <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"><br>
    </div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"> <br>
        </font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <font style="font-weight: bold;">Item 9.01.&#160;&#160; Financial Statements and Exhibits.</font><br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibits</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following is a list of the Exhibits filed with this report:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf190dbaf59b3475087c60ccb8ffb3a0b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>No.</font></div>
            </div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</font></div>
            </div>
          </td>
        </tr>
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          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/730464/000115752317003181/a51724790ex2_1.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.1</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="http://www.sec.gov/Archives/edgar/data/730464/000115752317003181/a51724790ex2_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock Purchase Agreement, dated as of
                  December 4, 2017, by and between Adtalem and Cogswell (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Adtalem on December 4, 2017)</font></a></div>
          </td>
        </tr>
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          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/730464/000115752318001708/a51848254ex2_1.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.2</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="http://www.sec.gov/Archives/edgar/data/730464/000115752318001708/a51848254ex2_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendment No. 1 to the Stock Purchase
                  Agreement, dated as of August 2, 2018, by and between Adtalem and Cogswell (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Adtalem on August 2, 2018)</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="a51912911ex2_3.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.3</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51912911ex2_3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendment No.
                  2 to the Stock Purchase Agreement, dated as of December 11, 2018, by and between Adtalem and Cogswell</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="a51912911ex2_4.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.4</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51912911ex2_4.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendment No.
                  3 to the Stock Purchase Agreement, dated as of December 11, 2018, by and between Adtalem and Cogswell</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="a51912911ex2_5.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.5</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51912911ex2_5.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promissory
                  Note, dated as of December 11, 2018, by and between Adtalem and DeVry University, Inc.</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="a51912911ex99_1.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99.1</font></a></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left;"><a href="a51912911ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Press
                  Release of Adtalem dated December 11, 2018</font></a></div>
          </td>
        </tr>

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      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SIGNATURES</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left;"><br>
    </div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADTALEM GLOBAL EDUCATION INC.</font></div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant)</font></div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">By:</font></div>
          </td>
          <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Stephen W. Beard</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stephen W. Beard</font></div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior Vice President, General Counsel</font></div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date: December 12, 2018</font></div>
          </td>
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<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>2
<FILENAME>a51912911ex2_3.htm
<DESCRIPTION>EXHIBIT 2.3
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.3</font><br>
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    <div style="text-align: center; margin-bottom: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">THIS AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT (this &#8220;<font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Amendment</u></font>&#8221;), dated as of December 11, 2018, is made and entered into by and between Adtalem Global Education Inc., a Delaware corporation (&#8220;<font style="font-size: 10pt;"><u>Seller</u></font>&#8221;)

        and Cogswell Education, LLC, a Delaware limited liability company (&#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Buyer</u></font>&#8221;). Each of the foregoing parties is referred to herein as a &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Party</u></font>&#8221; and collectively as the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Parties</u></font>&#8221;.</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>RECITALS</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">A.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
        font-size: 1px; width: 36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Parties desire to amend the Stock Purchase Agreement (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New
          Roman&quot;,Times,serif;"><u>Agreement</u></font>&#8221;), dated as of December 4, 2017, as amended by the Amendment No. 1 to Stock Purchase Agreement, dated as of August 2, 2018, by and between the Parties;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">B.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
        font-size: 1px; width: 36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">All capitalized terms used, but not defined, in this Amendment will have the meanings assigned to such terms in the
        Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">C.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
        font-size: 1px; width: 36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In accordance with Section 11.02 of the Agreement, the Parties have determined to amend the Agreement as set forth in this
        Amendment.</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>AGREEMENT</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Intending to be legally bound, the Parties hereby agree as follows:</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">ARTICLE 1</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">AMENDMENTS</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Section 1.01</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New
        Roman&quot;,Times,serif;">Section 1.01 of the Agreement is hereby amended to add immediately after the definition of &#8220;DOE&#8221; the following definition:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>DOE
            Indemnity Claim</u></font>&#8221; means any claim made by DOE as a Buyer Indemnitee under <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.02(a)(iii)(E)</u></font> of the Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Section 1.02</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt;"><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.02(a)</u></font> of the Agreement is hereby amended and restated and shall, following this Amendment, read in full as follows:</font></div>
    <div style="text-align: justify; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-left: 18pt; text-indent: 36pt;">&#8220;(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to <u>Article VI</u> relating to Taxes and the provisions of this <u>Article IX</u>,
      including the limitations set forth in <u>Section 9.04</u>, Seller agrees to indemnify Buyer and its Affiliates, directors, managers, officers, employees, successors, permitted assigns, agents and representatives with respect to the indemnities set
      forth in this <u>Section 9.02(a)</u> and, solely with respect to the indemnity set forth in <u>Section 9.02(a)(iii)(E)</u>, the DOE (collectively, the &#8220;<u>Buyer Indemnitees</u>&#8221;), against and agrees to hold each of them harmless from any and all
      Damages incurred or suffered by any Buyer Indemnitee to the extent arising out of or relating to:&#8221;</div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
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    <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Section 1.03</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt;"><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.03(a)</u></font> of the Agreement is hereby amended and restated and shall, following this Amendment, read in full as follows:</font></div>
    <div style="text-indent: 36pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Buyer Indemnitee or Seller Indemnitee seeking indemnification under this Agreement (an &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Indemnified Party</u></font>&#8221;) with respect to (i) any claim asserted against the Indemnified Party by a third party or (ii) any DOE Indemnity Claim (the claims set
        forth in clauses (i) or (ii), each a &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Third Party Claim</u></font>&#8221;) in respect of any matter that is subject to indemnification under <font style="font-size:
          10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.02</u></font> will promptly notify in writing (a &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Claim Notice</u></font>&#8221;) Buyer or
        Seller, as applicable (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Indemnifying Party</u></font>&#8221;), (or in the event of a DOE Indemnity Claim, Buyer and Seller, in which event Seller will be the
        Indemnifying Party) of the Third Party Claim (and, other than with respect to a DOE Indemnity Claim, in any event within 20 Business Days after receipt by such Indemnified Party of written notice of the Third Party Claim), which Claim Notice will
        describe in reasonable detail the nature of the Third Party Claim, including the basis of the Indemnified Party&#8217;s request for indemnification under this Agreement and a reasonable estimate of any Damages suffered or expected to be suffered with
        respect thereto; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>provided</u></font>, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>that</u></font>, failure to
        promptly provide such Claim Notice will not relieve the Indemnifying Party of its indemnification obligations provided under this Agreement except to the extent the Indemnifying Party will have been prejudiced as a result of such failure or delay.&#160;
        The Indemnified Party will promptly provide the Indemnifying Party, and in the event of a DOE Indemnity Claim, Buyer and Seller, with a copy of all papers served with respect to such claim (if any) promptly upon receipt thereof by the Indemnified
        Party.&#160; Solely with respect to any DOE Indemnity Claim, for purposes of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.03(b)</u></font> &#8211; <font style="font-size: 10pt; font-family: &quot;Times
          New Roman&quot;,Times,serif;"><u>Section 9.03(d)</u></font>, Buyer will be deemed to be the Indemnified Party.&#160; Notwithstanding anything to the contrary set forth herein, within five (5) Business Days of receipt by Seller of any (x) Claim Notice
        from the DOE related to a DOE Indemnity Claim or (y) papers served with respect to such DOE Indemnity Claim, Seller will provide copies of any and all such documents to Buyer.&#160; Notwithstanding the foregoing requirement of providing a Claim Notice,
        DOE shall not be required to provide a Claim Notice or papers served with respect to such claim upon receipt of claims by students or borrowers, but only upon DOE&#8217;s adjudication of such claims and assertion of its right to indemnification; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>provided</u></font>, that this provision shall not modify any notice requirements to the University or the DVU Transferred Entities under 34 CFR 685.222(e) or any
        successor regulation.&#8221;</font></div>
    <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Section 1.03</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New
        Roman&quot;,Times,serif;">The second sentence of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.03(b)</u></font> of the Agreement is hereby amended and restated and shall, following this
        Amendment, read in full as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 18pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;The Indemnifying Party will promptly notify the Indemnified Party (and in
        any event within 20 Business Days after having received any Claim Notice) with respect to whether or not it is exercising its right to assume and control the defense of any such Third Party Claim.&#8221;</font></div>
    <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"><br>
    </div>
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    </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 18pt; margin-bottom: 10pt;">Section 1.04&#160;&#160;&#160;&#160;&#160;&#160; <u>Section 9.04(d)</u> of the Agreement is hereby amended and restated and shall, following this Amendment, read in full as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 18pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;in no event will Seller&#8217;s aggregate Liability arising out of or relating
        to <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.02(a)</u></font> exceed $340,000,000, plus any amount by which the DOE LC is drawn on under <font style="font-size: 10pt; font-family:
          &quot;Times New Roman&quot;,Times,serif;"><u>Section 5.08</u></font> (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Cap</u></font>&#8221;); however, notwithstanding anything in this Agreement to the
        contrary, Seller&#8217;s aggregate Liability under this Agreement, and Seller&#8217;s obligation to indemnify any Buyer Indemnitee under <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 9.02(a)</u></font>, will
        not exceed the Cap.&#160; Notwithstanding the foregoing, nothing in this Agreement shall be deemed to limit, restrict, or modify the DOE&#8217;s statutory or regulatory authority to seek recourse from the DVU Transferred Entities for liabilities arising from
        their participation in the Title IV Programs.&#8221;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">ARTICLE 2</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MISCELLANEOUS</font></div>
    <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.01&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt;
        font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Effect of Amendment</u></font>.&#160; This Amendment will be effective as of the date first written above.&#160; After giving effect to this Amendment, unless the context otherwise requires, each
      reference in the Agreement and the Exhibits, Sections, Schedules and Disclosure Schedules thereto to &#8220;this Agreement&#8221;, &#8220;the Agreement&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221; or words of like import referring to the Agreement will refer to the Agreement as amended by
      this Amendment.&#160; Except as amended hereby, the Agreement will continue in full force and effect and will be otherwise unaffected hereby.</font></div>
  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
    </font></div>
  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.02</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size:
      10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Counterparts; Effectiveness</u></font>.&#160; This Amendment may be signed in any number of counterparts,
      each of which will be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment will become effective when each Party will have received a counterpart hereof signed by all of the other
      Parties. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Amendment will have no effect and no Party will have any right or obligation hereunder (whether by virtue of any other oral or written agreement
      or other communication). The exchange of a fully executed Amendment (in counterparts or otherwise) by electronic transmission in .PDF or other equivalent format or by facsimile will be sufficient to bind the Parties to the terms and conditions of
      this Amendment.</font></div>
  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
    </font></div>
  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.03</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt;
        font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Headings</u></font>. The headings in this Amendment are for reference only and shall not affect the interpretation of this Amendment.</font>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
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    </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">
      <div><br>
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      <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.04</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Other Miscellaneous Terms</u></font>.&#160; The provisions of Article XI of the Agreement shall apply <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
          font-style: italic;">mutatis mutandis</font> to this Amendment, and the Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms as modified hereby.</font> </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">[Signature Page Follows.]</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;"> <br>
      </font></div>
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      </font></div>
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    </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">&#160;</div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-indent: 54pt;">IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed by their respective authorized officers as of the
      day and year first above written.</div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z416c6092f0e94ee4bfc9e263bbaa9665">

          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">SELLER:</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">ADTALEM GLOBAL EDUCATION INC.</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%; padding-bottom: 2px;">By:<br>
            </td>
            <td style="width: 46%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">Name:<br>
            </td>
            <td style="width: 46%;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Stephen W. Beard</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">Title:<br>
            </td>
            <td style="width: 46%;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Senior Vice President and General Counsel</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">BUYER:</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">COGSWELL EDUCATION, LLC</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%; padding-bottom: 2px;">By:<br>
            </td>
            <td style="width: 46%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">Name:<br>
            </td>
            <td style="width: 46%;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Bradley Palmer</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">Title:<br>
            </td>
            <td style="width: 46%;">Manager<br>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;"> <br>
      </font></div>
    <font style="font-style: italic;"> <br>
    </font>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Amendment No. 2 to Stock Purchase Agreement</font><br>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;"> <br>
      </font></div>
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<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>3
<FILENAME>a51912911ex2_4.htm
<DESCRIPTION>EXHIBIT 2.4
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.4</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">AMENDMENT NO. 3 TO STOCK PURCHASE AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THIS AMENDMENT NO. 3 TO STOCK PURCHASE AGREEMENT (this &#8220;<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif;"><u>Amendment</u></font>&#8221;), dated as of December 11, 2018, is made and entered into by and between Adtalem Global Education Inc., a Delaware corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;"><u>Seller</u></font>&#8221;) and Cogswell Education, LLC, a Delaware limited liability company (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Buyer</u></font>&#8221;). Each of the foregoing parties is
        referred to herein as a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Party</u></font>&#8221; and collectively as the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Parties</u></font>&#8221;.</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>RECITALS</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Parties desire to amend the Stock Purchase Agreement (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Agreement</u></font>&#8221;), dated as
        of December 4, 2017, as amended by Amendment No. 1 to Stock Purchase Agreement, dated as of August 2, 2018 and Amendment No. 2 to Stock Purchase Agreement, dated as of the date hereof;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All capitalized terms used, but not defined, in this Amendment will have the meanings assigned to such terms in the Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with Section 11.02 of the Agreement, the Parties have determined to amend the Agreement as set forth in this Amendment.</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>AGREEMENT</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Intending to be legally bound, the Parties hereby agree as follows:</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ARTICLE 1</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">AMENDMENTS</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.01</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;">Section 5.08(c) of the Agreement is hereby amended and restated and shall, following this Amendment, read in full as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;During the first year following the Closing Date, for so long as the DOE LC is outstanding, Buyer
        will pay, or will cause to be paid, by wire transfer of immediately available funds to Seller, a fee equal to $1,368,718.16 (which amount constitutes two percent of the outstanding DOE LC as of the Closing Date) payable in four equal installments
        on a quarterly basis in arrears.&#160; The first quarterly payment, which is due on March 11, 2019, will equal $342,179.54.&#160; From and after the first anniversary of the Closing Date, for so long as the DOE LC is outstanding, Buyer will pay, or will
        cause to be paid, by wire transfer of immediately available funds to Seller, a fee equal to two percent of the outstanding amount of the DOE LC on the applicable anniversary of the Closing Date, payable in four equal installments on a quarterly
        basis in arrears.&#160; For example only, if on the first anniversary of the Closing Date the DOE LC is outstanding in an amount equal to $68,435,908, Buyer will pay, or will cause to be paid, by wire transfer of immediately available funds to Seller,
        an amount equal to $1,368,718.16 in four equal installments of $342,179.54 on each of March 11, 2020, June 11, 2020, September 11, 2020 and December 11, 2020.&#8221;</font></div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
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    </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.02</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;">Section 9.02(a)(iii) of the Agreement is hereby amended and restated and shall, following this Amendment, read in full as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;(iii) without duplication, any Liability arising directly from (A) any Action filed with or by any Governmental Authority
        prior to the Closing Date, (B) an Action set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3.09</u></font>, (C) any Action filed prior to the Closing Date, (D) any other Action against Buyer or
        any DVU Transferred Entity which Action (1) covers all or any part of the subject matter of any of the Actions set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3.09</u></font> and (2) is
        commenced within the four-year period following the Closing Date or (E) any (1) Borrower Defense Claims arising from applications for Title IV Program loan repayment relief made or submitted by Title IV Program loan borrowers to the DOE prior to
        the Closing and (2) Borrower Defense Claims arising from applications for Title IV Program loan repayment relief made or submitted by Title IV Program loan borrowers to the DOE within the first six years post-Closing but only to the extent such
        Borrower Defense Claims relate to Title IV Program loan borrowers who were enrolled at the University pre-Closing, even if the DOE has yet to adjudicate such applications for relief and make a recoupment claim against the University within the same
        six-year period and such claims are subsequently made against the University; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>however</u></font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>that</u></font> if there have been no Actions of the type described in clause (D) of this <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>Section 9.02(a)(iii)</u></font> commenced during any consecutive 12-month period beginning after the one-year anniversary of the Closing Date, then Buyer shall have no further right to
        indemnification pursuant to clause (D) of this <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section 9.02(a)(iii)</u></font> following the end of such 12-month period; or&#8221;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.03</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;">The Agreement is hereby amended to add a new Section 9.02(a)(v), which shall read as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;(v)</font>&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without
        duplication, and until December 31, 2031, (A) the good faith determination by Buyer after consultation with Seller that the net proceeds (including anticipated future proceeds) to any DVU Transferred Entity on the Institutional Capital Contribution
        to the Federal Perkins Loan Program will be less than $13,450,000, (B) the assignment of loans from any DVU Transferred Entity Federal Perkins Loan Program to the DOE or (C) the purchase of loans from any DVU Transferred Entity Federal Perkins Loan
        Program by any DVU Transferred Entity pursuant to CFR 34, Section 67450(g) of the Federal Perkins Loan Program regulations or as otherwise provided by the Federal Perkins Loan Program regulations, in each case of the matters described in clauses
        (A) and (C) of this <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section 9.02(a)(v)</u></font>, to the extent such Liability does not result solely from conduct of Buyer or any DVU Transferred Entity after the
        Closing.&#160; For the avoidance of doubt, (1) any assignment of, or attempt to assign, loans from any DVU Transferred Entity Federal Perkins Loan Program to the DOE or (2) liquidation of the Federal Perkins Loan Program, in each case, would not be
        deemed conduct of Buyer or any DVU Transferred Entity that would limit the obligations of Seller under this Section 9.02(a)(v).&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.04</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;">The Agreement is hereby amended to add a new Section 9.02(d), which shall read as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;(d)</font>&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding









        anything to the contrary set forth herein, in the event the DOE imposes a letter of credit (in addition to the DOE LC) upon the Buyer or the DVU Transferred Entities within the one year period following the Closing Date as a result of the
        activities and operations of the DVU Transferred Entities (including the University) at any time prior to Closing (including, without limitation, Liabilities arising out of the Borrower Defense Claims), Seller will promptly obtain and have issued
        such letter of credit on behalf of such Parties, in an amount not to exceed $10,000,000.&#160; For the avoidance of doubt, this covenant to obtain and issue a letter of credit is in addition to, and not in lieu of, any other indemnification obligation
        under this Agreement.&#8221;</font></div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.05</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
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          'Times New Roman', Times, serif;"><u>Cap</u></font>&#8221;); however, notwithstanding anything in this Agreement to the contrary, Seller&#8217;s aggregate Liability under this Agreement, and Seller&#8217;s obligation to indemnify any Buyer Indemnitee under <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section 9.02(a)</u></font>, will not exceed the Cap.&#160; Notwithstanding the foregoing, nothing in this Agreement shall be deemed to limit, restrict, or modify the DOE&#8217;s
        statutory or regulatory authority to seek recourse from the DVU Transferred Entities for liabilities arising from their participation in the Title IV Programs.&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.06</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;">The clause in Section 11.01 of the Agreement beginning with &#8220;if to Buyer, to:&#8221; is hereby amended and restated and shall, following this Amendment, read in full as follows:</font></div>
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    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 17%;">&#8220;If to Buyer, to: <br>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c/o Palm Ventures, LLC</font></td>
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19 W. Elm Street</font></td>
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          <tr>
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              <div>&#160;</div>
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            <td style="width: 17%;">
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greenwich, CT 06830</font></td>
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          <tr>
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              <div>&#160;</div>
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            <td style="width: 17%;">
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Bradley Palmer</font></td>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 17%;">
              <div>&#160;</div>
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">E-mail: bpalmer@palmventures.com</font></td>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 80%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Facsimile No.: (203) 302-7001&#8221;.</font></td>
          </tr>

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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ARTICLE 2</font></div>
    <div style="text-align: center; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">MISCELLANEOUS</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed by their
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                <div>&#160;</div>
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              <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SELLER:</font></td>
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                <div>&#160;</div>
              </td>
              <td style="width: 4%;">
                <div>&#160;</div>
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              <td style="width: 4%;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ADTALEM GLOBAL EDUCATION INC.</font></td>
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              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 4%;">
                <div>&#160;</div>
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              </td>
              <td style="width: 4%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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              <td style="width: 46%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
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              <td style="width: 46%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stephen W. Beard</font></td>
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                <div>&#160;</div>
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                <div>&#160;</div>
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              <td style="width: 4%;">
                <div>&#160;</div>
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              <td style="width: 50%;">
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              <td style="width: 4%;">
                <div>&#160;</div>
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              <td style="width: 46%;">
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                <div>&#160;</div>
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            <tr>
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                <div>&#160;</div>
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            <tr>
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              <td style="width: 4%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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              <td style="width: 50%;">
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            <tr>
              <td style="width: 50%;">
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      <div style="text-align: center;"><font style="font-style: italic;"> <br>
        </font></div>
      <font style="font-style: italic;"> <br>
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      <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Amendment No. 3 to Stock Purchase Agreement</font></div>
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<DOCUMENT>
<TYPE>EX-2.5
<SEQUENCE>4
<FILENAME>a51912911ex2_5.htm
<DESCRIPTION>EXHIBIT 2.5
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.5</font><br>
  </div>
  <div> <br>
  </div>
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    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <div>
        <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">PROMISSORY NOTE</div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: 400;"> <br>
        </div>
        <div style="margin-bottom: 12pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$10,000,000</font></td>
                <td style="width: 50%; text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">December 11, 2018</font></td>
              </tr>

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        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FOR VALUE RECEIVED, the undersigned, DeVry University, Inc. (&#8220;<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif;"><u>Debtor</u></font>&#8221;), hereby promises to pay to Adtalem Global Education Inc. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Payee</u></font>&#8221;), to an account
            or accounts designated in writing by Payee, the principal sum of $10,000,000 together with interest thereon calculated in accordance with the provisions of this Promissory Note (as amended, amended and restated, supplemented or otherwise
            modified, this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Note</u></font>&#8221;), in cash or currency of the United States of America.&#160; This Note is delivered in connection with that certain Stock Purchase
            Agreement, dated as of December 4, 2017 (as amended or supplemented, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Purchase Agreement</u></font>&#8221;), by and between Payee and Cogswell Education, LLC (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Cogswell</u></font>&#8221;).&#160; Capitalized terms used but not defined in this Note have the meaning given to them in the Purchase Agreement.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Interest</u></font>.&#160; Interest shall accrue on the
            unpaid principal amount of this Note outstanding from time to time from and including the date hereof until the Maturity Date (as defined below) at a rate per annum equal to 4.00%.&#160; Interest shall be due and payable annually in arrears on
            January 1 (with respect to the immediately preceding year)<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;</font>and on the Maturity Date, in like money to such account as Payee from time
            to time shall designate in writing. Debtor shall pay interest on this Note in cash to Payee in an aggregate amount equal to the accrued and unpaid interest on such date.&#160; Interest shall be computed on the basis of the actual number of days
            elapsed over a year consisting of 365 days.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Principal Payments</u></font>.&#160; The principal amount of
            this Note plus all accrued but unpaid interest shall be payable in full on the earliest of (i)&#160;January 1,<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;</font>2022, (ii)&#160;the date on
            which Cogswell or one of its Affiliates receives proceeds from the sale of (x) all or substantially all of the assets of the Debtor or the University or (y) at least a majority of the DVU Equity Interests, (iii)&#160;the date of the winding-up of
            Cogswell, the Debtor or the University, or (iv) the date on which this Note is earlier accelerated pursuant to <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 7</u></font> (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Maturity Date</u></font>&#8221;).&#160; Also, Debtor shall have the right at any time and from time to time to prepay, in whole or in part, without premium or penalty, the
            unpaid principal amount of this Note and accrued interest on such amount.&#160; Any such voluntary prepayments shall be applied first to reduce accrued but unpaid interest on the outstanding principal of this Note and then to reduce the outstanding
            principal amount of this Note.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Mandatory Principal Payments</u></font>.&#160; In addition to
            any payments required by <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Section 2</u></font>, on January 1, 2020 and January 1, 2021, Debtor shall be required to pre-pay the Note in immediately
            available funds to such account as Payee from time to time shall designate in writing, by an amount equal to the net cash actually received by Debtor, Cogswell or their Affiliates with respect to the Federal Perkins Loan Program of the
            University (&#8220;<font style="font-size: 10pt;"><u>Perkins Loan Proceeds</u></font>&#8221;) during the immediately preceding twelve month period ending December 31 for each such period.&#160; Any such mandatory prepayments shall be applied first to reduce
            accrued but unpaid interest on the outstanding principal of this Note and then to reduce the outstanding principal amount of this Note.</font></div>
        <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
        </div>
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        </div>
        <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
        </div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Payment Dates</u></font>.&#160; Notwithstanding anything
            contained herein to the contrary, in the event that any interest, principal or other payment is due on a date that is not a Business Day, then the payment shall be due on the first Business Day following such date.&#160; For purposes of this Note,
            the term &#8220;Business Day&#8221; means any day other than a Saturday, Sunday, legal holiday or day on which banks in Chicago, Illinois are authorized or required by Law to be closed.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Representations and Warranties</u></font>.&#160; Each Party
            represents and warrants that as of the date of this Note, such Party (a) has the legal capacity and, if applicable, corporate power and authority to execute and deliver this Note and to perform all of its obligations under this Note, and (b)
            this Note has been duly executed and delivered by each Party and is the legal, valid, binding obligation of such Party, enforceable against such Party in accordance with its terms.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Event of Default</u></font>.&#160; The occurrence of any of
            the following events shall result in Debtor being in default under this Note (each, an &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Event of Default</u></font>&#8221;):</font></div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(a)&#160; the failure of Debtor to pay any amount of the principal or interest due on this Note when due and
            such failure continues for five Business Days after written notice thereof from Payee;</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(b)&#160; Debtor or Cogswell (i) files, or consents by answer or otherwise to the filing against it of, a
            petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (ii) makes an
            assignment for the benefit of its creditors, (iii) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or (iv) is
            adjudicated as insolvent or to be liquidated;</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(c)&#160; a court or governmental authority of competent jurisdiction enters an order appointing, without
            consent by Debtor or Cogswell, as applicable, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of Debtor&#8217;s or Cogswell&#8217;s property, as applicable, or constituting an
            order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding up
            or liquidation of Debtor or Cogswell, or any such petition shall be filed against Debtor or Cogswell and such petition shall not be dismissed within 30 days of commencement;</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(d)&#160; any (i) change in ownership of more than 50% of the then outstanding equity interests of Debtor,
            Cogswell or DeVry New York Inc. or (ii) sale of all or a material portion of the assets of Debtor, Cogswell or DeVry New York Inc., unless all of the proceeds of such asset sale are used to pre-pay this Note; or</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(e)&#160; Debtor (i) breaches or fails to comply with or to perform any other material term, obligation or
            covenant contained in this Note, any instrument, agreement, certificate or document executed in connection with this Note, or (ii) any representation or warranty contained in this Note was false or misleading when made.</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promptly upon becoming aware of any Event of Default, and in any event within five Business Days, Debtor shall
            provide Payee written notice of the occurrence of such Event of Default.&#160; Any Event of Default pursuant to <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section 6(e)</u></font> may be cured, so long as (i)
            Debtor has not been given notice of a breach of the same provision of this Note in the preceding 12 months and (ii) Debtor cures such breach within ten Business Days of the occurrence of such default.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Acceleration; Remedies</u></font>.</font></div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(a)&#160; Upon the occurrence of any Event of Default, except under Sections 6(a), without any further
            action on the part of Payee, all liabilities and obligations of Debtor under this Note shall become immediately due and payable in full and Payee may exercise any rights or remedies provided under this Note or pursuant to any applicable law or
            agreement.&#160; Upon the occurrence of an Event of Default under Sections 6(a), Payee may declare all liabilities and obligations of Debtor under this Note immediately due and payable and the same shall thereupon become immediately due and payable
            without any further action on the part of Payee and Payee may exercise any rights or remedies as provided herein or pursuant to any applicable law or agreement.&#160; In addition to the foregoing, Payee may exercise those rights and remedies
            available to a secured party under the UCC.</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify; margin-left: 36pt; text-indent: 45pt;">(b)&#160; No right or remedy conferred upon or reserved to Payee hereunder or now or hereafter existing at
            law or in equity is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative and concurrent, and in addition to every other such right or remedy, and may be pursued singly, concurrently,
            successively or otherwise, at the sole discretion of Payee, and shall not be exhausted by any one exercise thereof but may be exercised as often as occasion therefor shall occur.&#160; No course of dealing between Debtor and Payee or any delay on
            the part of Payee in exercising any rights hereunder shall operate as a waiver of any right.</div>
          <div style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left;"> <br>
          </div>
        </div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Collateral</u></font>.&#160; As security for the prompt and
            complete payment when due of all of the obligations and liabilities of Debtor under this Note, Debtor hereby grants to Payee a lien on and security interest in all of its right, title and interest in, to and under all Accounts and all other
            rights to payment, in each case, solely with respect to the Perkins Loan Proceeds, whether such rights to payment constitute Accounts, Payment Intangibles or any other classification of property, or are evidenced in whole or in part by
            Instruments, Chattel Paper or Documents, whether now existing or hereafter from time to time acquired and wherever located (collectively, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Collateral</u></font>&#8221;).&#160;



            As used herein, the following terms shall be defined terms having the meaning set forth for such terms in the Uniform Commercial Code as in effect in the State of Delaware:&#160; &#8220;Account&#8221;, &#8220;Payment Intangibles&#8221;, &#8220;Instruments&#8221;, &#8220;Chattel Paper&#8221;,
            &#8220;Documents&#8221;.&#160; For the avoidance of doubt, so long as an Event of Default is not continuing, any Perkins Loan Proceeds received by Debtor may be used by Debtor in connection with the operation of Debtor&#8217;s business.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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        </div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
        </div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Right of Set-off</u></font>.&#160; Debtor <font style="font-size: 10pt;">shall have the right (but not the obligation) to withhold and set off against any amounts due </font>hereunder, the amount of Damages payable by Payee to any Buyer Indemnified Party, other than the DOE, under Section
            9.02(a) of the Purchase Agreement, which amount shall be set off first by any unpaid interest amounts followed by any principal amounts outstanding hereunder until such time as this Note is paid in full by Debtor or the full amount of this
            Note, including all principal and interest, has been offset.&#160; In the event of a dispute as to Seller&#8217;s Liability (including the amount of Damages) for a claim for indemnification under Section 9.02(a) of the Purchase Agreement, and Debtor
            notifies Payee in writing that Debtor elects to set off against any amounts due hereunder Damages related to such unresolved disputed claim (such disputed amount of Damages, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New
              Roman&quot;,Times,serif;"><u>Disputed Damages Amount</u></font>&#8221;), any required payments under this Note (principal or interest) shall be suspended (and interest on such amount will stop accruing) up to the Disputed Damages Amount for the
            unresolved claim until Damages for such claim have been resolved.&#160; If the indemnification claim or the amount of Damages is resolved in Payee&#8217;s favor (i.e. the amount of Damages as finally determined (the &#8220;<font style="font-size: 10pt;
              font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Actual Damages Amount</u></font>&#8221;) is less than the Disputed Damages Amount), Debtor will pay at the time such required payments are due, or if later, the time of such resolution, an
            amount equal to the Disputed Damages Amount less the Actual Damages Amount, plus interest accrued on such amount from the date of the suspension.&#160; For the avoidance of doubt, (i) any undisputed Damages for a claim may be set off immediately
            against any amounts due hereunder and (ii) the Actual Damages Amount may be set off against any amounts due hereunder immediately following the final determination of such amount.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices, requests, claims, demands and other communications required
            or permitted hereunder will be in writing and will be deemed sent, given and delivered (a)&#160;immediately if given by personal delivery, (b)&#160;one day after deposit with an overnight delivery service, (c)&#160;three days after deposit in the mail via
            registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other address for a Party as will be specified by like notice) and (d)&#160;upon confirmation of receipt if given by electronic mail,
            facsimile or other customary means of electronic communication as provided below:</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if to Debtor, to:<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Cogswell Education, LLC</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c/o Palm Ventures, LLC</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19 W. Elm Street</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greenwich, CT 06830</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Bradley Palmer</font></div>
        <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">E-mail: bpalmer@palmventures.com</font></div>
        <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Facsimile No.:&#160; (203) 302-7001</font></div>
        <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy (which will not constitute notice) to:<font style="font-size: 10pt; font-family: 'Times
              New Roman', Times, serif;"><br>
            </font><br>
            <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Greenberg Traurig, P.A.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>401 East Las Olas Blvd, Suite 2000<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Fort Lauderdale, FL 33301<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Attention:&#160; Matthew W. Miller, Esq.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>E-mail:&#160; millerma@gtlaw.com<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Facsimile No.:&#160; (954) 765-1477</font></div>
        <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if to Payee, to:<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Adtalem Global Education Inc.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>3005 Highland Parkway<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Downers Grove, Illinois 60515<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Attention:&#160; Stephen W. Beard<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>E-mail:&#160; stephen.beard@adtalem.com<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Facsimile No.:&#160; (630) 515-4555</font></div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
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        </div>
        <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
        </div>
        <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy (which will not constitute notice) to:<font style="font-size: 10pt; font-family: 'Times
              New Roman', Times, serif;"><br>
            </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Jones Day<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>77 W. Wacker Drive, Suite 3500<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Chicago, IL&#160; 60606<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Attention:&#160; Timothy P. FitzSimons<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>E-mail:&#160; tfitzsimons@jonesday.com<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Facsimile No.:&#160; (312) 782-8585</font></div>
        <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or to such other address or facsimile number as any Party will notify the other Parties (as
            provided above) from time to time.&#160; All such notices, requests and other communications will be deemed received on the date of receipt by the recipient thereof if received prior to 5:00&#160;p.m. in the place of receipt and such day is a Business
            Day in the place of receipt.&#160; Otherwise, any such notice, request or communication will be deemed not to have been received until the next succeeding Business Day in the place of receipt.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">11.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Note Register</u></font>.&#160; Debtor shall maintain a
            register of the holders of this Note as to both principal and stated interest and promptly reflect therein all transfers of this Note.&#160; Any transferee of this Note shall notify Debtor of such transfer, and upon entry by Debtor of such transfer
            in the register described in the preceding sentence, succeed to all of the rights of Payee under this Note and shall be deemed to be Payee for all purposes of this Note as of the date of such transfer. Any purported transfer of this Note that
            does not comply with the foregoing shall be null and void and of no effect. Debtor may treat the registered Payee of this Note as he, she or it appears on Debtor&#8217;s books at any time as Payee for all purposes.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Successors and Assigns</u></font>.&#160; This Note shall bind
            Debtor and its successors and assigns, and the benefits of this Note shall inure to the benefit of Payee and his, her or its successors and assigns.&#160; All references herein to the &#8220;Debtor&#8221; and &#8220;Payee&#8221; shall be deemed to apply to Debtor and
            Payee, respectively, and to their respective successors and permitted assigns.</font></div>
        <div style="margin-bottom: 12pt; text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">13.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
            36pt;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>Amendments and Waivers</u></font>.&#160; Any provision of
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            right to any stay of execution and the benefit of all exemption laws now or hereafter in effect.&#160; No delay on the part of Payee in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial
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            thereof, in any Action at law, in equity, in contract, in tort or otherwise based upon, arising out of or relating to this Note or the Transaction Documents or the transactions contemplated hereby or thereby or for recognition or enforcement of
            any judgment relating thereto, and each of the Parties hereby irrevocably and unconditionally (i)&#160;agrees not to commence any such Action except in such courts, (ii)&#160;agrees that any claim in respect of any such Action may be heard and determined
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            Court of Chancery of the State of Delaware or such federal court.&#160; Each of the Parties agrees that a final judgment in any such Action will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
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            TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION AT LAW, IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE DIRECTLY OR
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            remain in full force and effect and will in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party.&#160; Upon such
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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    <p style="text-align: right;"><font style="font-family: Times New Roman; font-size: 12pt;"><b> <font style="font-size: 10pt;">Exhibit 99.1</font><br>
        </b></font></p>
    <p style="text-align: center"> <font style="font-size: 12pt; font-family: Times New Roman"><b>Adtalem Global Education Completes Divestitures of DeVry University and Carrington College</b></font> </p>
    <p> CHICAGO--(BUSINESS WIRE)--December 11, 2018--Adtalem Global Education (NYSE: ATGE), a leading global education provider, today announced the completion of the transfer of ownership of DeVry University (DVU) and its Keller Graduate School of
      Management to Cogswell Education LLC. Today&#8217;s announcement closely follows Adtalem&#8217;s disclosure of the transfer of ownership of Carrington College to San Joaquin Valley College, Inc. (SJVC Inc.) which was completed on Dec. 4, 2018. Post divestitures,
      Adtalem Global Education&#8217;s U.S. postsecondary degree-granting institutions serve the high-demand, rapidly growing medical and healthcare markets. </p>
    <p> Cogswell Education, LLC assumed full ownership of DVU on Dec. 11, 2018. This transition enables DVU to further pursue its growth strategy while maintaining focus on successful student outcomes and students&#8217; ability to achieve their career goals. </p>
    <p> On Dec. 4, 2018, Adtalem completed the transfer of Carrington College to SJVC, Inc., a family-owned, California-based career college. Carrington College, which will retain its brand, will benefit from partnering with a comparable institution. </p>
    <p> &#8220;We are confident we have found the right partners for DVU and Carrington, as each institution begins the next chapter in its legacy of serving students,&#8221; said Lisa Wardell, president and CEO of Adtalem Global Education. &#8220;We are grateful for the
      incredible efforts over the past year on the part of the teams from Cogswell and SJVC to ensure a smooth transition for our students, faculty and employee teams. As we look ahead, Adtalem&#8217;s remaining institutions and companies create a focused,
      performance-oriented portfolio; competing in areas where we have the right to win with platforms upon which we have tremendous opportunities to grow.&#8221; </p>
    <p> <b>About Adtalem Global Education</b> </p>
    <p> The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE, member S&amp;P MidCap 400 Index) is a leading
      global education provider and the parent organization of Adtalem Educacional do Brasil (IBMEC, Dam&#225;sio and Wyden institutions), American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists,
      Becker Professional Education, Chamberlain University, EduPristine, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit&#160;adtalem.com. </p>
    <p> CONTACT:<br>
      Ernie Gibble<br>
      <u>ernie.gibble@adtalem.com</u><br>
      630-353-9920 </p>
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