<SEC-DOCUMENT>0001213900-15-003253.txt : 20150505
<SEC-HEADER>0001213900-15-003253.hdr.sgml : 20150505
<ACCEPTANCE-DATETIME>20150505100044
ACCESSION NUMBER:		0001213900-15-003253
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20150505
DATE AS OF CHANGE:		20150505
EFFECTIVENESS DATE:		20150505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-203860
		FILM NUMBER:		15830825

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>fs82015_strayereducation.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As
filed with the Securities and Exchange Commission on May 5, 2015</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registration
No.&nbsp;333-</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
S-8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REGISTRATION
STATEMENT</B><BR>
<B>UNDER</B><BR>
<B>THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Strayer
Education, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center; line-height: 110%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: left; line-height: 110%; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; line-height: 110%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>52-1975978</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 110%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; line-height: 110%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 110%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 110%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; line-height: 110%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 110%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Identification No.)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>2303
Dulles Station Boulevard, Herndon, VA 20171</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
of principal executive offices)&nbsp; (Zip code)</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Strayer
Education, Inc. 2015 Equity Compensation Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Full
title of the plan)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Daniel W. Jackson</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Executive Vice President and Chief
Financial Officer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Strayer Education, Inc.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="background-color: white"><B>2303
Dulles Station Boulevard</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="background-color: white"><B>Herndon,
VA 20171</B></FONT></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="background-color: white"><B>(703)
247-2500</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name,
address and telephone number of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Copy
to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Margaret
de Lisser</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Hogan
Lovells US LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Columbia
Square</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>555
Thirteenth Street, NW</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington,
DC 20004-1109</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(202)
637-5600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; and &ldquo;smaller
reporting company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 25%; padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large&nbsp;accelerated&nbsp;filer</FONT></td>
    <TD STYLE="width: 4%; padding: 0; text-indent: 0">&nbsp;&#9746;</TD>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></td>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 25%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated&nbsp;filer</FONT></td>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&#9744;</td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated
    filer</FONT></td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;&#9744;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(Do
    not check if a smaller reporting company)</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller&nbsp;reporting&nbsp;company</FONT></td>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid">Title of securities to be registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B> <B>to be registered</B> <B><SUP></SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">(1)&nbsp;(3)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Proposed <BR>maximum offering price per share (2)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Proposed maximum aggregate offering price(2)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Amount of <BR>registration fee (2)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif; text-align: left">Common Stock, par value $0.01 per share</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">50.705</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">25,352,500</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,946</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,870</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50.705</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">145,523</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">594,476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50.705</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,142,906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,097,346</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>N/A</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>N/A</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6,467</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></P></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
        to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement
        (the &ldquo;Registration Statement&rdquo;) covers, in addition to the number of shares of Common Stock, $0.01 par value
        (the &ldquo;Common Stock&rdquo;) of Strayer Education, Inc. (the &ldquo;Registrant&rdquo;) shown in the table, an indeterminate
        number of shares of Common Stock that may become issuable as a result of a stock split, stock dividend or similar adjustment
        of the outstanding Common Stock as specified in the Strayer Education, Inc. 2015 Equity Compensation Plan (the &ldquo;2015
        Plan&rdquo;).</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated
    pursuant to Rules 457(c) and 457(h) under the Securities Act solely for purposes of calculating the registration fee, based
    upon the average of the high and low sale prices of the Common Stock as reported on the NASDAQ Global Market on May 1, 2015.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents
the maximum number of shares of Common Stock available for issuance pursuant to the 2015 Plan (subject to adjustment by reason
of certain events specified in the 2015 Plan), consisting of the sum of (a) 500,000 shares of Common Stock initially authorized
for issuance pursuant to the 2015 Plan plus (b) 2,870 shares of Common Stock available for future awards but not subject to outstanding
awards under the existing Strayer Education, Inc. 2011 Equity Compensation Plan (the &ldquo;Prior Plan) as of the date of the
Registrant&rsquo;s Annual Meeting held in 2015, subject to stockholder approval of the 2015 Plan (the &ldquo;Amendment Date&rdquo;)
plus (c) 594,476 shares of Common Stock related to awards outstanding under the Prior Plan as of the Amendment Date that thereafter
terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares of Common Stock.</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
documents containing the information specified in Part&nbsp;I will be sent or given to employees as specified by Rule&nbsp;428(b)(1)
of the Securities Act. Such documents need not be filed with the Commission either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated
by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute
a prospectus that meets the requirements of Section 10(a) of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;3.
Incorporation of Documents by Reference.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registrant hereby incorporates by reference into this Registration Statement the following documents filed by it with the Commission:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31,
                                         2014 filed with the Commission on February 20, 2015 including information incorporated
                                         by reference in the Form 10-K from the Registrant&rsquo;s definitive proxy statement
                                         for its 2015 annual meeting of stockholders, which was filed on March 13, 2015;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on March 4, 2015;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         description of the Registrant&rsquo;s Common Stock as contained in the Registration Statement
                                         on Form 8-A, filed by the Registrant on July 18, 1996 to register its Common Stock under
                                         the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), and all
                                         amendments or reports filed for the purpose of updating such description prior to the
                                         termination of the offering of Common Stock made hereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, all documents and reports filed by the Registrant subsequent to the date hereof pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold, or which deregisters all securities remaining unsold (other than those furnished pursuant
to Item 2.02 or Item 7.01 of Form 8-K or other information &ldquo;furnished&rdquo; to the Commission), shall be deemed to be incorporated
by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;4.
Description of Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;5.
Interests of Named Experts and Counsel.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;6.
Indemnification of Directors and Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following summarizes certain arrangements by which controlling persons, directors and officers of the Registrant, a Maryland corporation,
are indemnified against liability which they may incur in such capacities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2-418 of the Maryland Corporations and Associations Law, as amended, provides that under certain circumstances a corporation may
indemnify any director or officer made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, or investigative by reason of service in that capacity unless it is established that the act or omission
of the director was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active
and deliberate dishonesty; or the director actually received an improper personal benefit in money, property, or services; or
in the case of any criminal proceeding, the director had reasonable cause to believe that the act or omission was unlawful. Indemnification
may be against judgments, penalties, fines, settlements, and reasonable expenses actually incurred by the director in connection
with the proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Article
VI of the Registrant&rsquo;s Bylaws provides:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the maximum extent permitted by Maryland law in effect from time to time, the Corporation, without requiring a preliminary determination
of the ultimate entitlement to indemnification, shall indemnify (a) any Director or officer or any former Director or officer
(including among the foregoing, for all purposes of this Article VI and without limitation, any individual who, while a Director
and at the request of the Corporation, serves or has served another corporation, partnership, joint venture, company, employee
benefit plan or any other enterprise as a director, officer, partner or Director of such corporation, partnership, joint venture,
Corporation, employee benefit plan or other enterprise), who has been successful, on the merits or otherwise, in the defense of
a proceeding to which he was made a party by reason of such status, against reasonable expenses incurred by him in connection
with the proceeding, and (b) any Director or officer or any former Director or officer against any claim or liability to which
he may become subject by reason of such status unless it is established that (i) his act or omission was committed in bad faith
or was the result of active and deliberate dishonesty, (ii) he actually received an improper personal benefit in money, property
or services or (iii) in the case of a criminal proceeding, he had reasonable cause to believe that his act or omission was unlawful.
In addition, the Corporation shall pay or reimburse, in advance of final disposition of a proceeding, reasonable expenses incurred
by a Director or officer or former Director or officer made a party to a proceeding by reason of his status as a Director or officer;
provided , that the Corporation shall have received (i) a written affirmation by the Director or officer of his good faith belief
that he has met the applicable standard of conduct necessary for indemnification by the Corporation as authorized by these Bylaws
and (ii) a written undertaking by or on his behalf to repay the amount paid or reimbursed by the Corporation if it shall ultimately
be determined that the applicable standard of conduct was not met. The Corporation may, with the approval of its Directors, provide
such indemnification and payment or reimbursement of expenses to any employee or agent of the Corporation. Neither the amendment
nor repeal of this Article VI, nor the adoption or amendment of any other provision of the Articles of Incorporation or these
Bylaws inconsistent with this Article VI, shall apply to or affect in any respect the applicability of this paragraph with respect
to any act or failure to act which occurred prior to such amendment, repeal or adoption. Any indemnification or payment or reimbursement
of the expenses permitted by these Bylaws shall be furnished in accordance with the procedures provided for indemnification and
payment or reimbursement of expenses under Section 2-4 18 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;) for
directors of Maryland corporations. The Corporation may provide to Directors, officers and stockholders such other and further
indemnification or payment or reimbursement of expenses as may be permitted by the MGCL, as in effect from time to time, for directors
of Maryland corporations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, the Registrant maintains liability insurance coverage for its officers and directors which entitles the Registrant to
be reimbursed for certain indemnity payments it is required or permitted to make to its directors and officers with respect to
actions arising out of the performance of such officer&rsquo;s or director&rsquo;s duties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;7.
Exemption from Registration Claimed.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;8.
Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: middle">Exhibit</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: middle">Number</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">Description</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; vertical-align: middle">5.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 88%; text-align: justify">Opinion of Hogan Lovells US LLP*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">23.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of Hogan Lovells US LLP (contained in Exhibit&nbsp;5.1)*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">23.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of PricewaterhouseCoopers LLP*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">24.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Power of Attorney (included with signature page to this Registration Statement)* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">99.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan (incorporated by reference to Exhibit A to the Company&rsquo;s definitive proxy statement filed on March 13, 2015). <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">99.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement (Time Based)* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">99.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement (Performance Based)*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">99.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement for Directors* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle">99.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Nonqualified Stock Option Agreement*</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></td>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
    herewith.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;9.
Undertakings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></td>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         undersigned Registrant hereby undertakes:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P></td></tr>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&#9;To
    file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: top; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
    reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
    recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
    set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
    (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low
    or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
    to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
    aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration
    Statement;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
    include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
    or any material change to such information in the Registration Statement.</FONT></td>
    </tr>
</table>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 3%; text-align: justify"></TD>
    <TD STYLE="padding: 0; text-indent: 0.5in; text-align: justify; width: 97%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Provided,
    however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included
    in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
    Registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
    in the Registration Statement.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">That,
                                         for the purpose of determining any liability under the Securities Act of 1933, each such
                                         post-effective amendment shall be deemed to be a new Registration Statement relating
                                         to the securities offered herein, and the offering of such securities at that time shall
                                         be deemed to be the initial bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         remove from registration by means of a post-effective amendment any of the securities
                                         being registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
The undersigned Registrant hereby further undertakes that, for the purposes of determining any liability under the Securities
Act of 1933, each filing of the Registrant&rsquo;s annual report pursuant to section 13(a) or section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to section
15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed
to be a new Registration Statement relating to the securities offered herein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that
in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in Herndon, Virginia, on this 5th day of May, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Strayer Education, Inc.</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 1.5pt; line-height: 115%; text-indent: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1.5pt; line-height: 115%; text-indent: 0; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; line-height: 115%; text-indent: 0; width: 37%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Daniel W. Jackson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel W. Jackson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
person whose signature appears below constitutes and appoints Karl McDonnell, Daniel W. Jackson and Viet D. Dinh, and each of
them individually, as his lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and
his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to
this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, with full power and
authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&#9;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the
capacities indicated on May 5, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0; width: 42%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; width: 55%; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Karl McDonnell</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Executive Officer and Director (Principal Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Karl
    McDonnell</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Daniel W. Jackson</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer (Principal Financial Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel
    W. Jackson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Thomas J. Aprahamian</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Accounting Officer (Principal Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas
                                         J. Aprahamian</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Robert S. Silberman</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive
    Chairman of the Board</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert
    S. Silberman</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0; width: 42%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; vertical-align: middle; width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0; width: 42%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s<FONT STYLE="font-variant: small-caps">/
    </FONT>Charlotte F. Beason</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 3%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charlotte
F. Beason</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    William E. Brock</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William
    E. Brock</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    John T. Casteen, III</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    T. Casteen, III</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Robert R. Grusky</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert
    R. Grusky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Robert L. Johnson</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert
    L. Johnson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Todd A. Milano</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd
    A. Milano</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">/</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s<FONT STYLE="font-variant: small-caps">/
                                         </FONT>G. Thomas Waite, III</FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">G.
    Thomas Waite, III</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">/</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s<FONT STYLE="font-variant: small-caps">/
                                         </FONT>J. David Wargo</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">J.
    David Wargo</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top">Exhibit</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: top">Number</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">Description</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; vertical-align: top">5.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 88%; text-align: justify">Opinion of Hogan Lovells US LLP*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">23.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of Hogan Lovells US LLP (contained in Exhibit&nbsp;5.1)*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">23.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of PricewaterhouseCoopers LLP*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">24.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Power of Attorney (included with signature page to this Registration Statement)* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">99.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan (incorporated by reference to Exhibit A to the Company&rsquo;s definitive proxy statement filed on March 13, 2015). <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">99.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement (Time Based)* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">99.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement (Performance Based)*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">99.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Restricted Stock Agreement for Directors* <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: top">99.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Strayer Education, Inc. 2015 Equity Compensation Plan Form of Nonqualified Stock Option Agreement*</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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    <TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></td>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
    herewith.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>fs82015ex5i_strayereducation.htm
<DESCRIPTION>OPINION OF HOGAN LOVELLS US LLP
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <td style="vertical-align: top; width: 52%; text-align: left; line-height: 110%; font-size: 10pt"><IMG SRC="im001_5i.jpg" ALT=""></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 47%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Hogan Lovells US LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">875 Third Avenue</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY 10022</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">T +1 212 918 3000</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">F +1 212 918 3100</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">www.hoganlovells.com</P></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">May 5, 2015</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Board of Directors</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Strayer Education, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="background-color: white">2303
Dulles Station Boulevard</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="background-color: white">Herndon,
VA 20171</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are acting
as counsel to Strayer Education, Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with its
registration statement on Form S-8 (the &ldquo;Registration Statement&rdquo;), filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the proposed offering
of up to  1,097,346 shares of common stock, par value $0.01 per share of the Company (the &ldquo;Shares&rdquo;), all of which
Shares are issuable pursuant to the Strayer Education, Inc. 2015 Equity Compensation Plan (the &ldquo;Plan&rdquo;). This
opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation
S-K, 17 C.F.R. &sect; 229.601(b)(5), in connection with the Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of this
opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on
which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness
of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the
authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as
copies (including telecopies). As to all matters of fact, we have relied on the representations and statements of fact made in
the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and
all statements herein are made, in the context of the foregoing.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion letter
is based as to matters of law solely on the Maryland General Corporation Law, as amended. We express no opinion herein as to any
other laws, statutes, ordinances, rules, or regulations. As used herein, the term &ldquo;Maryland General Corporation Law, as amended&rdquo;
includes the applicable statutory provisions contained therein, all applicable provisions of the Maryland Constitution and reported
judicial decisions interpreting these laws.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon, subject
to and limited by the foregoing, we are of the opinion that, following (i) effectiveness of the Registration Statement, (ii) issuance
of the Shares pursuant to the terms of the Plan and (iii) receipt by the Company of the consideration for the Shares specified
in the applicable resolutions of the Board of Directors and in the Plan, the Shares will be validly issued, fully paid, and nonassessable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion letter
has been prepared for your use in connection with the Registration Statement. We assume no obligation to advise you of any changes
in the foregoing subsequent to the effective date of the Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby consent
to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit
that we are an &ldquo;expert&rdquo; within the meaning of the Securities Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; line-height: 110%; font-size: 10pt; text-indent: 0; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Very truly yours,</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 110%; font-size: 10pt; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">/s/
    Hogan Lovells US LLP</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; line-height: 110%; font-size: 10pt; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">HOGAN LOVELLS US LLP</font></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>fs82015ex23ii_strayeredu.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<SUP>
</SUP></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">We hereby consent to the incorporation
by reference in this Registration Statement on Form S-8<FONT STYLE="font-size: 10pt"> </FONT>of our report dated<SUP> </SUP>February
20, 2015 relating to the Strayer Education, Inc. consolidated financial statements and the effectiveness of internal control over
financial reporting, which appears in the Strayer Education, Inc. Annual Report on Form 10-K for the year ended December&nbsp;31,
2014.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><I>/s/ PricewaterhouseCoopers LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">PricewaterhouseCoopers LLP<BR>
McLean, Virginia<BR>
May 5, 2015</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>fs82015ex99ii_strayeredu.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 2015 EQUITY COMPENSATION PLAN FORM OF RESTRICTED STOCK AGREEMENT (TIME BASED)
<TEXT>
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 99.2</B></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STRAYER
EDUCATION, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015
EQUITY COMPENSATION PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESTRICTED
STOCK AGREEMENT </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strayer
Education, Inc., a Maryland corporation (the &ldquo;Corporation&rdquo;), hereby grants shares of its common stock, $.01 par value
(the &ldquo;Stock&rdquo;) to the Grantee named below, subject to the vesting conditions set forth below and in the attachment.
Additional terms and conditions of the grant are set forth in this cover sheet, in the attached Restricted Stock Agreement (together
the &ldquo;Agreement&rdquo;), and in the Corporation&rsquo;s 2015 Equity Compensation Plan (the &ldquo;Plan&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grant
    Date:</FONT></td>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 58%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Name
of Grantee:</P></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Number
of Shares of Stock Covered by Grant:</P></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Vesting
Schedule:</P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Subject
to special provisions for Termination of Service and Change in Control Resulting in Termination as described in the Agreement
and Plan, the restricted stock will vest as follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vesting
    Start Date:</FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Cash
Dividends:</P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Grantee
will have the right to receive any cash dividends declared or paid on the restricted stock granted hereunder unless and until
forfeited.</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>By
signing this cover sheet, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which
is attached. <U>IN PARTICULAR, YOU ACKNOWLEDGE THAT THIS RESTRICTED STOCK GRANT CONSTITUTES CONSIDERATION FOR YOUR ACCEPTANCE
OF THE NON-COMPETITION PROVISIONS CONTAINED IN THE AGREEMENT.</U> You acknowledge that you have carefully reviewed the Plan, and
agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grantee:</FONT></td>
    <TD STYLE="width: 52%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Signature)</FONT></P></td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corporation:</FONT></td>
    <TD STYLE="width: 52%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Signature)</FONT></td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></td>
    <TD STYLE="width: 46%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Attachment</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>This
is not a stock certificate or a negotiable instrument</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STRAYER
EDUCATION, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015
EQUITY COMPENSATION PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESTRICTED
STOCK AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted
    Stock</B></FONT></td>
    <TD STYLE="width: 65%; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    grant is an award of Stock in the number of shares set forth on the cover sheet subject to the vesting conditions set forth
    in the cover sheet and described below (&ldquo;Restricted Stock&rdquo; or the &ldquo;Award&rdquo;).&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transfer
                                         of Unvested Restricted Stock</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
    the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or hypothecated, whether by operation
    of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.&nbsp;&nbsp;If
    you attempt to do any of these things, you will immediately forfeit the shares of Restricted Stock.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Issuance
    and Vesting</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Corporation will issue your Restricted Stock in the name set forth on the cover sheet
                                         of this Agreement as of the Grant Date.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
        right to the Stock under this Restricted Stock Agreement vests in accordance with the vesting criteria (if any) and schedule
        on the cover sheet and <U>Exhibit A</U>.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
        the vesting criteria (if any) and schedule on the cover sheet and in <U>Exhibit A</U>, the shares of Restricted Stock
        shall become fully vested upon the occurrence of your death or Disability, or a Change in Control Resulting in Termination.
        For purposes of this Agreement, a Change in Control Resulting in Termination shall occur when there is a Change in Control,
        as that term is defined in the Plan, and (1) your employment with the Corporation is terminated without cause within six
        (6) months of the effective date of the Change in Control or (2) there occurs a material reduction in your authority,
        functions, duties or responsibilities which causes your resignation from the Corporation within six (6) months of the
        effective date of the Change in Control.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
        additional shares of Restricted Stock will vest after your Service has terminated for any reason other than death or Disability,
        or a Change in Control Resulting in Termination.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
award of Restricted Stock, either at all or for particular periods, will not be applied or interpreted to provide any commission,
bonus, or other incentive payment based directly or indirectly upon success in securing enrollments or financial aid to any person
or entity engaged in any student recruiting or admission activities or in making decisions regarding the awarding of funds under
Title&nbsp;IV of the Higher Education Act, except as permitted by law.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Evidence
    of Issuance&#9;</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    issuance of the Stock under the grant of Restricted Stock evidenced by this Agreement shall be evidenced in such a manner
    as the Corporation, in its discretion, deems appropriate, including, without limitation, book-entry, direct registration or
    issuance of one or more share certificates (which may be held in escrow at the option of the Corporation until vested), with
    any unvested shares of Restricted Stock bearing the appropriate restrictions imposed by this Agreement.&nbsp;&nbsp;As your
    interest in the Restricted Stock vests, the recordation of the number of shares of Restricted Stock attributable to you will
    be appropriately modified if necessary.&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Forfeiture
    of Unvested Stock and Dividends</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the event that your Service terminates for any reason other than death, Disability, or a Change in Control Resulting in Termination,
    you will forfeit to the Corporation all of the shares of Stock subject to this grant that have not yet vested, and you agree
    to remit to the Corporation within thirty (30) days an amount in cash equal to all dividends paid to you by the Corporation
    with respect to such unvested Restricted Stock. </FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Death
    or Disability</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
    your Service terminates because of your death, then your shares of Restricted Stock will immediately become fully vested.&nbsp;&nbsp;If
    your Service terminates because of your Disability, then your shares of Restricted Stock will immediately become fully vested.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Leaves
    of Absence</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         purposes of this Agreement, your Service does not terminate when you go on a <I>bona
                                         fide</I> leave of absence that was approved by your employer in writing if the terms
                                         of the leave provide for continued Service crediting or when continued Service crediting
                                         is required by applicable law. Your Service terminates in any event when the approved
                                         leave ends unless you immediately return to active employee work.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
        employer may determine, in its discretion, which leaves count for this purpose and when your Service terminates for all
        purposes under the Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Board may determine,
        in its discretion, that a leave counts for this purpose even if your employer does not agree.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Escrow</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         the Restricted Stock is certificated, the certificates for the Restricted Stock shall
                                         be deposited in escrow with the Secretary of the Corporation to be held in accordance
                                         with the provisions of this paragraph. Each deposited certificate shall be accompanied
                                         by a duly executed Assignment Separate from Certificate in the form attached hereto as
                                         <U>Exhibit B</U>. The deposited certificates shall remain in escrow until such time or
                                         times as the certificates are to be released or otherwise surrendered for cancellation
                                         as discussed below. Upon delivery of the certificates to the Corporation, you shall be
                                         issued an instrument of deposit acknowledging the number of shares of Stock delivered
                                         in escrow to the Secretary of the Corporation.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
        so noted on the cover page all regular cash dividends on the Stock (or other securities at the time held in escrow) shall
        be paid directly to you and shall not be held in escrow. However, in the event of any stock dividend, stock split, recapitalization
        or other change affecting the Corporation's outstanding common stock as a class effected without receipt of consideration
        or in the event of a stock split, a stock dividend or a similar change in the Corporation Stock, any new, substituted
        or additional securities or other property which is by reason of such transaction distributed with respect to the Stock
        shall be immediately delivered to the Secretary of the Corporation to be held in escrow hereunder, but only to the extent
        the Stock is at the time subject to the escrow requirements hereof.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
        release of any vested shares (or other vested assets and securities) from escrow shall be effected within thirty (30)
        days following the date on which such shares first become vested.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withholding
    Taxes</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
    agree, as a condition of this Agreement, that you will make acceptable arrangements to pay any withholding or other taxes
    that may be due relating to your Restricted Stock and the issuance of shares of Stock with respect to the Restricted Stock
    under this Agreement.&nbsp;&nbsp;In the event that the Corporation or any Affiliate determines that any federal, state, local,
    or foreign tax or withholding payment is required relating to the Restricted Stock or the issuance of shares of Stock with
    respect to the Restricted Stock under this Agreement, the Corporation or any Affiliate will have the right to (i) require
    you to tender a cash payment, (ii) deduct from payments of any kind otherwise due to you, (iii) permit or require you to enter
    into a &ldquo;same day sale&rdquo; commitment with a broker-dealer that is a member of the Financial Industry Regulation Authority
    (a &ldquo;FINRA Dealer&rdquo;) whereby you irrevocably elect to sell a portion of the shares of Stock to be delivered in connection
    with the Restricted Stock to satisfy withholding obligations and whereby the FINRA Dealer irrevocably commits to forward the
    proceeds necessary to satisfy the withholding obligations directly to the Corporation or an Affiliate, or (iv) require you
    to deliver to the Corporation shares of Stock already owned by you to meet such obligations; provided that the shares of Stock
    delivered will have an aggregate Fair Market Value not exceeding the minimum amount of tax required to be withheld by applicable
    laws.</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
83(b) &nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Election</B></FONT></P></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
                                         Section 83 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
                                         the difference between the purchase price (if any) paid for the shares of Stock and their
                                         fair market value on the date any forfeiture restrictions applicable to such shares lapse
                                         will be reportable as ordinary income at that time. For this purpose, &ldquo;forfeiture
                                         restrictions&rdquo; include the forfeiture as to unvested Stock described above. You
                                         may elect to be taxed at the time the shares are acquired, rather than when such shares
                                         cease to be subject to such forfeiture restrictions, by filing an election under Section
                                         83(b) of the Code with the Internal Revenue Service within thirty (30) days after the
                                         Grant Date. You will have to make a tax payment to the extent the purchase price is less
                                         than the fair market value of the shares on the Grant Date. No tax payment will have
                                         to be made to the extent the purchase price is at least equal to the fair market value
                                         of the shares on the Grant Date. The form for making this election is attached as <U>Exhibit
                                         C</U> hereto. Failure to make this filing within the thirty (30) day period will result
                                         in the recognition of ordinary income by you (in the event the fair market value of the
                                         shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions
                                         lapse.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>YOU
ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO DETERMINE WHETHER OR NOT TO MAKE A FILING, AND
IF YOU DETERMINE TO MAKE SUCH A FILING, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE CORPORATION OR
ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION
AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION. </B></FONT></P></td></tr>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-Competition</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         the extent permitted by law and applicable professional regulations, during the period
                                         you are providing Services to the Corporation and for a period of one year thereafter,
                                         you shall not take actions in competition with the Corporation in any state or similar
                                         jurisdiction in which the Corporation conducts a material amount of its business. Unless
                                         otherwise specified in an employment or other agreement between the Corporation and you,
                                         you take actions in competition with the Corporation if you:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;
        &nbsp;&nbsp;&nbsp;&nbsp;Fail         to keep strictly confidential all confidential business information disclosed by the Corporation to you, or
        which is obtained         by you or otherwise disclosed to you in connection with performing Services for the Corporation, or
        use any such confidential         information for any purpose other than performing Services for the Corporation; provided,
        however, that the foregoing         shall not apply to information which (1) at the time of disclosure to you is already a
        matter of public knowledge, (2)         after disclosure to you becomes a matter of public knowledge, except by your breach
        of this provision , (3) was already         in your possession at the time of disclosure and does not solely constitute
        specific and detailed information regarding         the Corporation (it being acknowledged that you possessed extensive
        industry experience and general knowledge of the education         sector prior to joining the Corporation); or (4) which is
        required to be disclosed by law or regulation;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enter
        into any employment, consulting or similar relationships with third parties which will result in a direct and material
        conflict of interest with the Corporation&rsquo;s business;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act
        in any managerial capacity for or acquire an ownership interest in (except a minority interest of 5% or less acquired
        for investment purposes in a company whose stock is traded on a public exchange) any person or entity that is a direct
        and material competitor of the Corporation;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
        the written consent of the Corporation, solicit or direct anyone else to solicit any officer or key employee of the Corporation
        (y) to terminate his or her employment or other relationship with the Corporation or (z) to seek or accept employment
        with you or any third party; provided that the foregoing shall exclude actions which are the result of persons responding
        to general advertisements and do not involve any solicitation on your part.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
acknowledge and agree that any material breach by you of any of the provisions of this Section (the &ldquo;Restrictive Covenants&rdquo;)
would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if you
materially breach, or threaten to materially breach, any of the Restrictive Covenants, the Corporation and its Affiliates shall
have the right to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages)
by any court having equity jurisdiction, including, without limitation, the right to an entry against you of restraining orders
and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not
then continuing, of such covenants. This right and remedy shall be in addition to, and not in lieu of, any other rights and remedies
available to the Corporation and its Affiliates under law or in equity (including, without limitation, the recovery of damages).
In addition, in the event of such a material breach of the Restrictive Covenants the Corporation shall have the right to cause
a forfeiture of your Restricted Stock Agreement and the value of any shares of Restricted Stock that vested in the twelve (12)
months prior to your material breach.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retention
    Rights</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
your Restricted Stock nor this Agreement give you the right to be retained by the Corporation (or any Subsidiaries) in any capacity,
and subject to applicable legal requirements or contractual provisions, the Corporation (and any Subsidiaries) reserve the right
to terminate your Service at any time and for any reason subject to the terms of your employment agreement.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Clawback</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         Award is subject to mandatory repayment by you to the Corporation to the extent you are
                                         or in the future become subject to any Corporation &ldquo;clawback&rdquo; or recoupment
                                         policy that requires the repayment by you to the Corporation of compensation paid by
                                         the Corporation to you in the event that you fail to comply with, or violate, the terms
                                         or requirements of such policy.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
        the Corporation is required to prepare an accounting restatement due to the material noncompliance of the Corporation,
        as a result of misconduct, with any financial reporting requirement under the securities laws and you knowingly engaged
        in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or
        were grossly negligent in failing to prevent the misconduct, you shall reimburse the Corporation the amount of any payment
        in settlement of this Award earned or accrued during the 12-month period following the first public issuance or filing
        with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that contained
        information affected by such material noncompliance.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
        any other provision of the Plan or any provision of this Agreement, if the Corporation is required to prepare an accounting
        restatement, then you shall forfeit any cash or Stock received in connection with this Award (or an amount equal to the
        Fair Market Value of such Stock on the date of delivery if you no longer hold the Stock) if pursuant to the terms of this
        Agreement, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established
        performance goals set forth in this Agreement (including earnings, gains, or other performance criteria) that are later
        determined, as a result of the accounting restatement, not to have been achieved.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shareholder
    Rights</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
    have the right to vote the Restricted Stock and if so noted on the cover page, you have the right to receive any cash dividends
    declared or paid on such stock unless and until forfeited.&nbsp;&nbsp;Any stock distributions you receive as a result of any
    stock split, stock dividend, combination of shares or other similar transaction shall be deemed to be a part of the Restricted
    Stock and subject to the same conditions and restrictions applicable thereto.&nbsp;&nbsp;Except as described in the Plan,
    no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is
    issued.&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjustments</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the event of a stock split, a stock dividend or a similar change in the Corporation stock, the number of shares covered by
    this grant may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan.&nbsp;&nbsp;Your Restricted
    Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Corporation
    is subject to such corporate activity.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Legends</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
                                         certificates representing the Stock issued in connection with this grant shall, where
                                         applicable, have endorsed thereon the following legends:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;THE
        SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN
        THE CORPORATION AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE
        AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION
        BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.&rdquo;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Applicable
    Law</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of
    law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of
    another jurisdiction.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
Plan </B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         text of the Plan is incorporated in this Agreement by reference. <B><I>Certain capitalized
                                         terms used in this Agreement are defined in the Plan, and have the meaning set forth
                                         in the Plan.</I></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
        Agreement and the Plan constitute the entire understanding between you and the Corporation regarding this grant of Restricted
        Stock. Any prior agreements, commitments or negotiations concerning this grant are superseded.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consent
    to Electronic Delivery</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Corporation may choose to deliver certain informational materials relating to the Plan in electronic form.&nbsp;&nbsp;By accepting
    this grant you agree that the Corporation will deliver the Plan prospectus and the Corporation's annual report to you in an
    electronic format through the Corporation&rsquo;s intranet at [<FONT STYLE="background-color: White">website</FONT>].&nbsp;&nbsp;If
    at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Corporation would be
    pleased to provide copies.&nbsp;&nbsp;Please contact the General Counsel of the Corporation to request paper copies of these
    documents.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate
    Activity</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
    grant shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the
    Corporation is subject to such corporate activity.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Data
    Privacy</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         order to administer the Plan, the Corporation may process personal data about you. Such
                                         data includes, but is not limited to, information provided in this Agreement and any
                                         changes thereto, other appropriate personal and financial data about you such as your
                                         contact information, payroll information and any other information that might be deemed
                                         appropriate by the Corporation to facilitate the administration of the Plan.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By
accepting this grant, you give explicit consent to the Corporation to process any such personal data.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Code
    Section 409A</B></FONT></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A.&nbsp;&nbsp;To the extent that
    the Corporation determines that you would be subject to the additional 20% tax imposed on certain non-qualified deferred compensation
    plans pursuant to Code Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended
    to the minimum extent necessary to avoid application of such additional tax.&nbsp;&nbsp;The nature of any such amendment shall
    be determined by the Corporation.&nbsp;&nbsp;For purposes of this Award, a termination of Service only occurs upon an event
    that would be a Separation from Service within the meaning of Code Section 409A.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>By
signing the cover sheet of this Agreement, you agree to all of the terms and</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>conditions described above and in the Plan.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VESTING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 80%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Vesting Date(s)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>ASSIGNMENT
SEPARATE FROM CERTIFICATE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FOR
VALUE RECEIVED, _____________hereby assigns and transfers unto Strayer Education, Inc., a Maryland corporation (the &ldquo;Corporation&rdquo;),
____________(__________) shares of common stock of the Corporation represented by Certificate No. ___ herewith and does hereby
irrevocably constitute and appoint _______________________ as Attorney to transfer the said stock on the books of the Corporation
with full power of substitution in the premises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:____________,
______&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print
    Name</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Spouse
Consent (if applicable)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">___________________
(Purchaser's spouse) indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his
or her interests, whether as community property or otherwise, if any, in the shares of common stock of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INSTRUCTIONS:
PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE CORPORATION TO
CANCEL YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
C</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELECTION
UNDER SECTION 83(b) OF</B><BR>
<B>THE INTERNAL REVENUE CODE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described
below and supplies the following information in accordance with the regulations promulgated thereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The name, address and social security number of the undersigned:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social
Security No. : <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of property with respect to which the election is being made:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares
of common stock of Strayer Education, Inc., a Maryland corporation, (the &ldquo;Corporation&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The date on which the property was transferred is ____________&nbsp;____,
2015.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The taxable year to which this election relates is calendar year 2015.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nature of restrictions to which the property is subject:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Corporation. The
shares of stock are subject to forfeiture under the terms of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         fair market value of the property at the time of transfer (determined without regard
                                         to any lapse restriction) was $__________ per share, for a total of $__________.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The amount paid by taxpayer for the property was $__________.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A copy of this statement has been furnished to the Corporation.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated: _____________,
2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxpayer&rsquo;s
    Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxpayer&rsquo;s
    Printed Name</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROCEDURES
FOR MAKING ELECTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER&nbsp;INTERNAL&nbsp;REVENUE&nbsp;CODE&nbsp;SECTION&nbsp;83(b)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following procedures <B>must</B> be followed with respect to the attached form for making an election under Internal Revenue Code
section 83(b) in order for the election to be effective:<SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&#9;You
must file one copy of the completed election form with the IRS Service Center where you file your federal income tax returns within
<U>30 days</U> after the Grant Date of your Restricted Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&#9;At
the same time you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the
Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>3.&#9;You
must file another copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in
which the stock is transferred to you.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1.</SUP>&#9;<B>Whether
or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor
if you are unsure whether or not to make the election.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>fs82015ex99iii_strayeredu.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 2015 EQUITY COMPENSATION PLAN FORM OF RESTRICTED STOCK AGREEMENT (PERFORMANCE BASED)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 99.3</B></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STRAYER
EDUCATION, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015
EQUITY COMPENSATION PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESTRICTED
STOCK AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strayer
Education, Inc., a Maryland corporation (the &ldquo;Corporation&rdquo;), hereby grants shares of its common stock, $.01 par value
(the &ldquo;Stock&rdquo;) to the Grantee named below, subject to the vesting conditions set forth below and in the attachment.
Additional terms and conditions of the grant are set forth in this cover sheet, in the attached Restricted Stock Agreement (together
the &ldquo;Agreement&rdquo;), and in the Corporation&rsquo;s 2015 Equity Compensation Plan (the &ldquo;Plan&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grant
    Date:</FONT></td>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 58%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Name
of Grantee:</P></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Number
of Shares of Stock Covered by Grant:</P></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Vesting:</P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Subject
to special provisions for Termination of Service and Change in Control Resulting in Termination as described in the Agreement
and the Plan, the restricted stock will vest based on the attainment of specified performance goals, as set forth on the attached
<U>Exhibit A</U> and as follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vesting
Start Date</FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Cash
Dividends:</P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Grantee will have the right to receive any cash dividends declared or paid on the restricted stock unless
and until forfeited.</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>By
signing this cover sheet, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which
is attached. <U>IN PARTICULAR, YOU ACKNOWLEDGE THAT THIS RESTRICTED STOCK GRANT CONSTITUTES CONSIDERATION FOR YOUR ACCEPTANCE
OF THE NON-COMPETITION PROVISIONS CONTAINED IN THE AGREEMENT.</U> You acknowledge that you have carefully reviewed the Plan, and
agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grantee:</FONT></td>
    <TD STYLE="width: 52%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Signature)</FONT></P></td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corporation:</FONT></td>
    <TD STYLE="width: 52%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Signature)</FONT></td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 0 0 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></td>
    <TD STYLE="width: 46%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding-bottom: 1.5pt">&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Attachment</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>This
is not a stock certificate or a negotiable instrument</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STRAYER
EDUCATION, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015
EQUITY COMPENSATION PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESTRICTED
STOCK AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted
    Stock</B></FONT></td>
    <TD STYLE="width: 65%; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    grant is an award of Stock in the number of shares set forth on the cover sheet subject to the vesting conditions set forth
    in the cover sheet and described below (&ldquo;Restricted Stock&rdquo; or the &ldquo;Award&rdquo;).&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transfer
                                         of Unvested Restricted Stock</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
    the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or hypothecated, whether by operation
    of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.&nbsp;&nbsp;If
    you attempt to do any of these things, you will immediately forfeit the shares of Restricted Stock.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Issuance
    and Vesting</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Corporation will issue your Restricted Stock in the name set forth on the cover sheet
                                         of this Agreement as of the Grant Date.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
        right to the Stock under this Restricted Stock Agreement vests in accordance with the vesting criteria (if any) and schedule
        on the cover sheet and <U>Exhibit A</U>.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
        the vesting criteria (if any) and schedule on the cover sheet and in <U>Exhibit A</U>, the shares of Restricted Stock
        shall become fully vested upon the occurrence of your death or Disability, or a Change in Control Resulting in Termination.
        For purposes of this Agreement, a Change in Control Resulting in Termination shall occur when there is a Change in Control,
        as that term is defined in the Plan, and (1) your employment with the Corporation is terminated without cause within six
        (6) months of the effective date of the Change in Control or (2) there occurs a material reduction in your authority,
        functions, duties or responsibilities which causes your resignation from the Corporation within six (6) months of the
        effective date of the Change in Control.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
        additional shares of Restricted Stock will vest after your Service has terminated for any reason other than death or Disability,
        or a Change in Control Resulting in Termination.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
award of Restricted Stock, either at all or for particular periods, will not be applied or interpreted to provide any commission,
bonus, or other incentive payment based directly or indirectly upon success in securing enrollments or financial aid to any person
or entity engaged in any student recruiting or admission activities or in making decisions regarding the awarding of funds under
Title&nbsp;IV of the Higher Education Act, except as permitted by law.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Evidence
    of Issuance&#9;</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    issuance of the Stock under the grant of Restricted Stock evidenced by this Agreement shall be evidenced in such a manner
    as the Corporation, in its discretion, deems appropriate, including, without limitation, book-entry, direct registration or
    issuance of one or more share certificates (which may be held in escrow at the option of the Corporation until vested), with
    any unvested shares of Restricted Stock bearing the appropriate restrictions imposed by this Agreement.&nbsp;&nbsp;As your
    interest in the Restricted Stock vests, the recordation of the number of shares of Restricted Stock attributable to you will
    be appropriately modified if necessary.&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Forfeiture
    of Unvested Stock and Dividends</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the event that your Service terminates for any reason other than death, Disability, or a Change in Control Resulting in Termination,
    you will forfeit to the Corporation all of the shares of Stock subject to this grant that have not yet vested, and you agree
    to remit to the Corporation within thirty (30) days an amount in cash equal to all dividends paid to you by the Corporation
    with respect to such unvested Restricted Stock. </FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Leaves
    of Absence</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         purposes of this Agreement, your Service does not terminate when you go on a <I>bona
                                         fide</I> leave of absence that was approved by your employer in writing if the terms
                                         of the leave provide for continued Service crediting or when continued Service crediting
                                         is required by applicable law. Your Service terminates in any event when the approved
                                         leave ends unless you immediately return to active employee work.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
        employer may determine, in its discretion, which leaves count for this purpose and when your Service terminates for all
        purposes under the Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Board may determine,
        in its discretion, that a leave counts for this purpose even if your employer does not agree.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="margin: 0"><B>Death or Disability</B></P>


</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="margin: 0; text-align: justify">If your Service terminates because of your death, then your shares of Restricted Stock will immediately become
fully vested. If your Service terminates because of your Disability, then your shares of Restricted Stock will immediately become
fully vested.</P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Escrow</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         the Restricted Stock is certificated, the certificates for the Restricted Stock shall
                                         be deposited in escrow with the Secretary of the Corporation to be held in accordance
                                         with the provisions of this paragraph. Each deposited certificate shall be accompanied
                                         by a duly executed Assignment Separate from Certificate in the form attached hereto as
                                         <U>Exhibit B</U>. The deposited certificates shall remain in escrow until such time or
                                         times as the certificates are to be released or otherwise surrendered for cancellation
                                         as discussed below. Upon delivery of the certificates to the Corporation, you shall be
                                         issued an instrument of deposit acknowledging the number of shares of Stock delivered
                                         in escrow to the Secretary of the Corporation.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">If
so noted on the cover page, all regular cash dividends on the Stock (or other securities at the time held in escrow) shall be
paid directly to you and shall not be held in escrow. However, in the event of any stock dividend, stock split, recapitalization
or other change affecting the Corporation&rsquo;s outstanding common stock as a class effected without receipt of consideration
or in the event of a stock split, a stock dividend or a similar change in the Corporation Stock, any new, substituted or additional
securities or other property which is by reason of such transaction distributed with respect to the Stock shall be immediately
delivered to the Secretary of the Corporation to be held in escrow hereunder, but only to the extent the Stock is at the time
subject to the escrow requirements hereof.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
        release of any vested shares (or other vested assets and securities) from escrow shall be effected within thirty (30)
        days following the date on which such shares first become vested.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withholding
    Taxes</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
    agree, as a condition of this Agreement, that you will make acceptable arrangements to pay any withholding or other taxes
    that may be due relating to your Restricted Stock and the issuance of shares of Stock with respect to the Restricted Stock
    under this Agreement.&nbsp;&nbsp;In the event that the Corporation or any Affiliate determines that any federal, state, local,
    or foreign tax or withholding payment is required relating to the Restricted Stock or the issuance of shares of Stock with
    respect to the Restricted Stock under this Agreement, the Corporation or any Affiliate will have the right to (i) require
    you to tender a cash payment, (ii) deduct from payments of any kind otherwise due to you, (iii) permit or require you to enter
    into a &ldquo;same day sale&rdquo; commitment with a broker-dealer that is a member of the Financial Industry Regulation Authority
    (a &ldquo;FINRA Dealer&rdquo;) whereby you irrevocably elect to sell a portion of the shares of Stock to be delivered in connection
    with the Restricted Stock to satisfy withholding obligations and whereby the FINRA Dealer irrevocably commits to forward the
    proceeds necessary to satisfy the withholding obligations directly to the Corporation or an Affiliate, or (iv) require you
    to deliver to the Corporation shares of Stock already owned by you to meet such obligations; provided that the shares of Stock
    delivered will have an aggregate Fair Market Value not exceeding the minimum amount of tax required to be withheld by applicable
    laws.</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
83(b) &nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Election</B></FONT></P></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
                                         Section 83 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
                                         the difference between the purchase price (if any) paid for the shares of Stock and their
                                         fair market value on the date any forfeiture restrictions applicable to such shares lapse
                                         will be reportable as ordinary income at that time. For this purpose, &ldquo;forfeiture
                                         restrictions&rdquo; include the forfeiture as to unvested Stock described above. You
                                         may elect to be taxed at the time the shares are acquired, rather than when such shares
                                         cease to be subject to such forfeiture restrictions, by filing an election under Section
                                         83(b) of the Code with the Internal Revenue Service within thirty (30) days after the
                                         Grant Date. You will have to make a tax payment to the extent the purchase price is less
                                         than the fair market value of the shares on the Grant Date. No tax payment will have
                                         to be made to the extent the purchase price is at least equal to the fair market value
                                         of the shares on the Grant Date. The form for making this election is attached as <U>Exhibit
                                         C</U> hereto. Failure to make this filing within the thirty (30) day period will result
                                         in the recognition of ordinary income by you (in the event the fair market value of the
                                         shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions
                                         lapse.</FONT></P>
                                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>YOU ACKNOWLEDGE THAT IT IS YOUR
        SOLE RESPONSIBILITY, AND NOT THE CORPORATION&rsquo;S, TO DETERMINE WHETHER OR NOT TO MAKE A FILING, AND IF YOU DETERMINE
        TO MAKE SUCH A FILING, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE CORPORATION OR ITS REPRESENTATIVES
        TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER
        OR NOT TO FILE ANY 83(b) ELECTION.</B></P></td></tr>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-Competition</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         the extent permitted by law and applicable professional regulations, during the period
                                         you are providing Services to the Corporation and for a period of one year thereafter,
                                         you shall not take actions in competition with the Corporation in any state or similar
                                         jurisdiction in which the Corporation conducts a material amount of its business. Unless
                                         otherwise specified in an employment or other agreement between the Corporation and you,
                                         you take actions in competition with the Corporation if you:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fail         to keep strictly confidential all confidential business information disclosed by the Corporation to you, or
        which is obtained         by you or otherwise disclosed to you in connection with performing Services for the Corporation, or
        use any such confidential         information for any purpose other than performing Services for the Corporation; provided,
        however, that the foregoing         shall not apply to information which (1) at the time of disclosure to you is already a
        matter of public knowledge, (2)         after disclosure to you becomes a matter of public knowledge, except by your breach
        of this provision , (3) was already         in your possession at the time of disclosure and does not solely constitute
        specific and detailed information regarding         the Corporation (it being acknowledged that you possessed extensive
        industry experience and general knowledge of the education         sector prior to joining the Corporation); or (4) which is
        required to be disclosed by law or regulation;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enter
        into any employment, consulting or similar relationships with third parties which will result in a direct and material
        conflict of interest with the Corporation&rsquo;s business;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act
        in any managerial capacity for or acquire an ownership interest in (except a minority interest of 5% or less acquired
        for investment purposes in a company whose stock is traded on a public exchange) any person or entity that is a direct
        and material competitor of the Corporation;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the written consent of the Corporation, solicit or direct anyone else to solicit any officer or key employee of the Corporation
(y) to terminate his or her employment or other relationship with the Corporation or (z) to seek or accept employment with you
or any third party; provided that the foregoing shall exclude actions which are the result of persons responding to general advertisements
and do not involve any solicitation on your part.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
acknowledge and agree that any material breach by you of any of the provisions of this Section (the &ldquo;Restrictive Covenants&rdquo;)
would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if you
materially breach, or threaten to materially breach, any of the Restrictive Covenants, the Corporation and its Affiliates shall
have the right to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages)
by any court having equity jurisdiction, including, without limitation, the right to an entry against you of restraining orders
and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not
then continuing, of such covenants. This right and remedy shall be in addition to, and not in lieu of, any other rights and remedies
available to the Corporation and its Affiliates under law or in equity (including, without limitation, the recovery of damages).
In addition, in the event of such a material breach of the Restrictive Covenants the Corporation shall have the right to cause
a forfeiture of your Restricted Stock Agreement and the value of any shares of Restricted Stock that vested in the twelve (12)
months prior to your material breach.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retention
    Rights</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
your Restricted Stock nor this Agreement give you the right to be retained by the Corporation (or any Subsidiaries) in any capacity,
and subject to applicable legal requirements or contractual provisions, the Corporation (and any Subsidiaries) reserve the right
to terminate your Service at any time and for any reason subject to the terms of your employment agreement.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Clawback</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Award is subject to mandatory repayment by you to the Corporation to the extent you are or in the future become subject to any
Corporation &ldquo;clawback&rdquo; or recoupment policy that requires the repayment by you to the Corporation of compensation
paid by the Corporation to you in the event that you fail to comply with, or violate, the terms or requirements of such policy.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the Corporation is required to prepare an accounting restatement due to the material noncompliance of the Corporation, as a result
of misconduct, with any financial reporting requirement under the securities laws and you knowingly engaged in the misconduct,
were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or were grossly negligent in
failing to prevent the misconduct, you shall reimburse the Corporation the amount of any payment in settlement of this Award earned
or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange
Commission (whichever first occurred) of the financial document that contained information affected by such material noncompliance.</FONT></P>
                                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding any other provision of the Plan or any provision of this Agreement, if the Corporation is required to prepare an accounting restatement, then you shall forfeit any cash or Stock received in connection with this Award (or an amount equal to the Fair Market Value of such Stock on the date of delivery if you no longer hold the Stock) if pursuant to the terms of this Agreement, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in this Agreement (including earnings, gains, or other performance criteria) that are later determined, as a result of the accounting restatement, not to have been achieved.</FONT></P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shareholder
    Rights</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
    have the right to vote the Restricted Stock and if so noted on the cover page, you have the right to receive any cash dividends
    declared or paid on such stock unless and until forfeited.&nbsp;&nbsp;Any stock distributions you receive as a result of any
    stock split, stock dividend, combination of shares or other similar transaction shall be deemed to be a part of the Restricted
    Stock and subject to the same conditions and restrictions applicable thereto.&nbsp;&nbsp;Except as described in the Plan,
    no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is
    issued.&nbsp;&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjustments</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the event of a stock split, a stock dividend or a similar change in the Corporation stock, the number of shares covered by
    this grant may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan.&nbsp;&nbsp;Your Restricted
    Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Corporation
    is subject to such corporate activity.</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Legends</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
                                         certificates representing the Stock issued in connection with this grant shall, where
                                         applicable, have endorsed thereon the following legends:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;THE
        SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN
        THE CORPORATION AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE
        AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION
        BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.&rdquo;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Applicable
    Law</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of
    law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of
    another jurisdiction.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
Plan </B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         text of the Plan is incorporated in this Agreement by reference. <B><I>Certain capitalized
                                         terms used in this Agreement are defined in the Plan, and have the meaning set forth
                                         in the Plan.</I></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
        Agreement and the Plan constitute the entire understanding between you and the Corporation regarding this grant of Restricted
        Stock. Any prior agreements, commitments or negotiations concerning this grant are superseded.</FONT></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consent
    to Electronic Delivery</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Corporation may choose to deliver certain informational materials relating to the Plan in electronic form.&nbsp;&nbsp;By accepting
    this grant you agree that the Corporation will deliver the Plan prospectus and the Corporation's annual report to you in an
    electronic format through the Corporation&rsquo;s intranet at [website].&nbsp;&nbsp;If at any time you would prefer to receive
    paper copies of these documents, as you are entitled to, the Corporation would be pleased to provide copies.&nbsp;&nbsp;Please
    contact the General Counsel of the Corporation to request paper copies of these documents.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate
    Activity</B></FONT></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your
    grant shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the
    Corporation is subject to such corporate activity.</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Data
    Privacy</B></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         order to administer the Plan, the Corporation may process personal data about you. Such
                                         data includes, but is not limited to, information provided in this Agreement and any
                                         changes thereto, other appropriate personal and financial data about you such as your
                                         contact information, payroll information and any other information that might be deemed
                                         appropriate by the Corporation to facilitate the administration of the Plan.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By
accepting this grant, you give explicit consent to the Corporation to process any such personal data.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Code
    Section 409A</B></FONT></td>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A.&nbsp;&nbsp;To the extent that
    the Corporation determines that you would be subject to the additional 20% tax imposed on certain non-qualified deferred compensation
    plans pursuant to Code Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended
    to the minimum extent necessary to avoid application of such additional tax.&nbsp;&nbsp;The nature of any such amendment shall
    be determined by the Corporation.&nbsp;&nbsp;For purposes of this Award, a termination of Service only occurs upon an event
    that would be a Separation from Service within the meaning of Code Section 409A.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>By
signing the cover sheet of this Agreement, you agree to all of the terms and</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>conditions described above and in the Plan.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERFORMANCE GOALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND NUMBER OF SHARES OF STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: -10pt; padding-left: 10pt">Performance Goal</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0.7pt">Number of Shares Vesting</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0.7pt">Date <BR>Vesting</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.7pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>ASSIGNMENT
SEPARATE FROM CERTIFICATE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FOR
VALUE RECEIVED, _____________hereby assigns and transfers unto Strayer Education, Inc., a Maryland corporation (the &ldquo;Corporation&rdquo;),
____________(__________) shares of common stock of the Corporation represented by Certificate No. ___ herewith and does hereby
irrevocably constitute and appoint _______________________ as Attorney to transfer the said stock on the books of the Corporation
with full power of substitution in the premises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:____________,
______&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print
    Name</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Spouse
Consent (if applicable)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">___________________
(Purchaser's spouse) indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his
or her interests, whether as community property or otherwise, if any, in the shares of common stock of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INSTRUCTIONS:
PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE CORPORATION TO
CANCEL YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXHIBIT
C</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELECTION
UNDER SECTION 83(b) OF</B><BR>
<B>THE INTERNAL REVENUE CODE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described
below and supplies the following information in accordance with the regulations promulgated thereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The name, address and social security number of the undersigned:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social
Security No. : <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of property with respect to which the election is being made:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares
of common stock of Strayer Education, Inc., a Maryland corporation, (the &ldquo;Corporation&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The date on which the property was transferred is ____________&nbsp;____,
2015.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The taxable year to which this election relates is calendar year 2015.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nature of restrictions to which the property is subject:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Corporation. The
shares of stock are subject to forfeiture under the terms of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         fair market value of the property at the time of transfer (determined without regard
                                         to any lapse restriction) was $__________ per share, for a total of $__________.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The amount paid by taxpayer for the property was $__________.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A copy of this statement has been furnished to the Corporation.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated: _____________,
2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxpayer&rsquo;s
    Signature</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxpayer&rsquo;s
    Printed Name</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROCEDURES
FOR MAKING ELECTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER&nbsp;INTERNAL&nbsp;REVENUE&nbsp;CODE&nbsp;SECTION&nbsp;83(b)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following procedures <B>must</B> be followed with respect to the attached form for making an election under Internal Revenue Code
section 83(b) in order for the election to be effective:<SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&#9;You
must file one copy of the completed election form with the IRS Service Center where you file your federal income tax returns within
<U>30 days</U> after the Grant Date of your Restricted Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&#9;At
the same time you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the
Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>3.&#9;You
must file another copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in
which the stock is transferred to you.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1.</SUP>&#9;<B>Whether
or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor
if you are unsure whether or not to make the election.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>fs82015ex99iv_strayeredu.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 2015 EQUITY COMPENSATION PLAN FORM OF RESTRICTED STOCK AGREEMENT FOR DIRECTORS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit 99.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>STRAYER EDUCATION, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>2015 EQUITY COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>RESTRICTED STOCK AGREEMENT </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FOR DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Strayer Education, Inc.,
a Maryland corporation (the &ldquo;Corporation&rdquo;), hereby grants shares of its common stock, $.01 par value (the &ldquo;Stock&rdquo;)
to the Grantee named below, subject to the vesting conditions set forth below and in the attachment. Additional terms and conditions
of the grant are set forth in this cover sheet, in the attached Restricted Stock Agreement for Directors (together the &ldquo;Agreement&rdquo;),
and in the Corporation&rsquo;s 2015 Equity Compensation Plan (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 23%; padding: 0; font-size: 10pt; text-indent: 0">Grant<font style="letter-spacing: 0.2pt"> </font>Date:&#9;</td>
    <TD STYLE="width: 2%; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 75%; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name of Grantee:</P></td>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares of Stock Covered by Grant:</P></td>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vesting<font style="letter-spacing: 0.3pt"> </font>Schedule:</P></td>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Subject to special provisions for Termination of Service and Change
        in Control Resulting in Termination of Service as described in the Agreement and Plan, the restricted stock will vest as follows:</P>
<ul style="margin-top: 0in; list-style-type: disc; font-family: Times New Roman, Times, Serif">

        <LI STYLE="margin: 0; text-indent: 0.5in">&nbsp;</LI>
</ul style="font-family: Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vesting Start Date:</P></td>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>By signing this cover
sheet, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which is also attached.
<U>IN PARTICULAR, YOU ACKNOWLEDGE THAT THIS RESTRICTED STOCK GRANT CONSTITUTES CONSIDERATION FOR YOUR ACCEPTANCE OF THE NON-COMPETITION
PROVISIONS CONTAINED IN THE AGREEMENT.</U> You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will
control in the event any provision of this Agreement should appear to be inconsistent.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%; padding: 0; text-indent: 0">Grantee:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD>
    <TD STYLE="width: 20%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(Signature)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">Corporation:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(Signature)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0 0 1.5pt 20pt; text-align: left">Title:</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>Attachment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>This is not a stock certificate or a negotiable
instrument</I>.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>STRAYER EDUCATION, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2015 EQUITY COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>RESTRICTED STOCK AGREEMENT FOR DIRECTORS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 35%; padding: 0; font-size: 10pt; text-indent: 0"><b>Restricted Stock</b></td>
    <TD STYLE="width: 65%; padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">This grant is an award of Stock in the number of shares set forth on the cover sheet subject to the vesting conditions set forth in the cover sheet and described below (&ldquo;Restricted Stock&rdquo; or the &ldquo;Award&rdquo;).</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Transfer of Unvested Restricted Stock</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></P></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">To the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.&nbsp;If you attempt to do any of these things, you will immediately forfeit the shares of Restricted Stock.</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Issuance and Vesting</b></td>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Corporation will issue
        your Restricted Stock in the name set forth on the cover sheet of this Agreement as of the Grant Date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Your right to the Stock under
        this Restricted Stock Agreement vests in accordance with the vesting schedule set forth on the cover sheet.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Notwithstanding the vesting
        schedule on the cover sheet, the shares of Restricted Stock shall become fully vested upon the occurrence of your death or Disability,
        or a Change in Control Resulting in Termination. For purposes of this Agreement, a Change in Control Resulting in Termination shall
        occur when there is a Change in Control, as that term is defined in the Plan, and (1) you are asked to resign from the Board without
        cause within six (6) months of the effective date of the Change in Control or (2) there occurs a material reduction in your authority,
        functions, duties or responsibilities which causes your resignation from the Board within six (6) months of the effective date
        of the Change in Control.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">No additional shares
of Restricted Stock will vest after your Service has terminated for any reason other than death or Disability, or a Change in
Control Resulting in Termination.</P></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Evidence of Issuance&#9;</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">The issuance of the Stock under the grant of Restricted Stock evidenced by this Agreement shall be evidenced in such a manner as the Corporation, in its discretion, deems appropriate, including, without limitation, book-entry, direct registration or issuance of one or more share certificates (which may be held in escrow at the option of the Corporation until vested), with any unvested shares of Restricted Stock bearing the appropriate restrictions imposed by this Agreement.&nbsp;&nbsp;As your interest in the Restricted Stock vests, the recordation of the number of shares of Restricted Stock attributable to you will be appropriately modified if necessary.&nbsp;&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><b>Forfeiture of Unvested <BR>
Stock and Dividends</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt; width: 65%">In the event that your Service terminates for any reason other than death, Disability, or a Change in Control Resulting in Termination, you will forfeit to the Corporation all of the shares of Stock subject to this grant that have not yet vested, and you agree to remit to the Corporation within thirty (30) days an amount in cash equal to all dividends paid to you by the Corporation with respect to such unvested Restricted Stock. </td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Death or Disability</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">If your Service terminates because of your death, then your shares of Restricted Stock will immediately become fully vested.&nbsp;&nbsp;If your Service terminates because of your Disability, then your shares of Restricted Stock will immediately become fully vested.</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Escrow</b></td>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Restricted Stock is certificated, the
        certificates for the Restricted Stock shall be deposited in escrow with the Secretary of the Corporation to be held in accordance
        with the provisions of this paragraph. Each deposited certificate shall be accompanied by a duly executed Assignment Separate from
        Certificate in the form attached hereto as <u>Exhibit A</u>. The deposited certificates shall remain in escrow until such time
        or times as the certificates are to be released or otherwise surrendered for cancellation as discussed below. Upon delivery of
        the certificates to the Corporation, you shall be issued an instrument of deposit acknowledging the number of shares of Stock delivered
        in escrow to the Secretary of the Corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All regular cash dividends on the Stock (or
        other securities at the time held in escrow) shall be paid directly to you and shall not be held in escrow. However, in the event
        of any stock dividend, stock split, recapitalization or other change affecting the Corporation's outstanding common stock as a
        class effected without receipt of consideration or in the event of a stock split, a stock dividend or a similar change in the Corporation
        Stock, any new, substituted or additional securities or other property which is by reason of such transaction distributed with
        respect to the Stock shall be immediately delivered to the Secretary of the Corporation to be held in escrow hereunder, but only
        to the extent the Stock is at the time subject to the escrow requirements hereof.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The release of any vested shares (or
other vested assets and securities) from escrow shall be effected within thirty (30) days following the date on which such shares
first become vested.</P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Section 83(b) </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Election</b></P></td>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Section 83 of the Internal Revenue Code
        of 1986, as amended (the &ldquo;Code&rdquo;), the difference between the purchase price (if any) paid for the shares of Stock and
        their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary
        income at that time. For this purpose, &ldquo;forfeiture restrictions&rdquo; include the forfeiture as to unvested Stock described
        above. You may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such
        forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty
        (30) days after the Grant Date. You will have to make a tax payment to the extent the purchase price is less than the fair market
        value of the shares on the Grant Date. No tax payment will have to be made to the extent the purchase price is at least equal to
        the fair market value of the shares on the Grant Date. The form for making this election is attached as <u>Exhibit B</u> hereto.
        Failure to make this filing within the thirty (30) day period will result in the recognition of ordinary income by you (in the
        event the fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>YOU ACKNOWLEDGE THAT IT IS YOUR
SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO DETERMINE WHETHER OR NOT TO MAKE A FILING, AND IF YOU DETERMINE TO MAKE SUCH
A FILING, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE CORPORATION OR ITS REPRESENTATIVES TO MAKE THIS
FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
83(b) ELECTION. </B></P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><b>Non-Competition</b></td>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt">To the extent permitted
        by law and applicable professional regulations, during the period you are providing Services to the Corporation and for a period
        of one year thereafter, you shall not take actions in competition with the Corporation in any state or similar jurisdiction in
        which the Corporation conducts a material amount of its business. Unless otherwise specified in an employment or other agreement
        between the Corporation and you, you take actions in competition with the Corporation if you:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.9pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Fail to keep strictly confidential all confidential business information disclosed by the Corporation to you, or which
is obtained by you or otherwise disclosed to you in connection with performing Services for the Corporation, or use any such confidential
information for any purpose other than performing Services for the Corporation; provided, however, that the foregoing shall not
apply to information which (1) at the time of disclosure to you is already a matter of public knowledge, (2) after disclosure
to you becomes a matter of public knowledge, except by your breach of this provision , (3) was already in your possession at the
time of disclosure and does not solely constitute specific and detailed information regarding the Corporation (it being acknowledged
that you possessed extensive industry experience and general knowledge of the education sector prior to joining the Corporation);
or (4) which is required to be disclosed by law or regulation;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Symbol">&middot;</font><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Enter into any employment, consulting or similar relationships with third parties which will result in a direct and material
        conflict of interest with the Corporation&rsquo;s business;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Act in any managerial capacity for or acquire an ownership interest in (except a minority interest of 5% or less acquired
for investment purposes in a company whose stock is traded on a public exchange) any person or entity that is a direct and material
competitor of the Corporation;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Without the written consent of the Corporation, solicit or direct anyone else to solicit any officer or key employee of
the Corporation (y) to terminate his or her employment or other relationship with the Corporation or (z) to seek or accept employment
with you or any third party; provided that the foregoing shall exclude actions which are the result of persons responding to general
advertisements and do not involve any solicitation on your part.</P></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify; width: 65%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>
                                                                <P STYLE="margin-top: 0; margin-bottom: 0">You acknowledge
and agree that any material breach by you of any of the provisions of this Section (the &ldquo;Restrictive Covenants&rdquo;) would
result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if you materially
breach, or threaten to materially breach, any of the Restrictive Covenants, the Corporation and its Affiliates shall have the
right to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by
any court having equity jurisdiction, including, without limitation, the right to an entry against you of restraining orders and
injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then
continuing, of such covenants. This right and remedy shall be in addition to, and not in lieu of, any other rights and remedies
available to the Corporation and its Affiliates under law or in equity (including, without limitation, the recovery of damages).
In addition, in the event of such a material breach of the Restrictive Covenants the Corporation shall have the right to cause
a forfeiture of your Restricted Stock Agreement and the value of any shares of Restricted Stock that vested in the twelve (12)
months prior to your material breach.</P>
                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Clawback</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">This Award is subject to mandatory repayment by you to the Corporation to the extent you are or in the future become subject to any Corporation &ldquo;clawback&rdquo; or recoupment policy that requires the repayment by you to the Corporation of compensation paid by the Corporation to you in the event that you fail to comply with, or violate, the terms or requirements of such policy.</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Shareholder Rights</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">You have the right to vote the Restricted Stock and to receive any cash dividends declared or paid on such stock unless and until forfeited.&nbsp;&nbsp;Any stock distributions you receive as a result of any stock split, stock dividend, combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto.&nbsp;&nbsp;Except as described in the Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued.&nbsp;&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Adjustments</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">In the event of a stock split, a stock dividend or a similar change in the Corporation stock, the number of shares covered by this grant may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan.&nbsp;&nbsp;Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Corporation is subject to such corporate activity.</td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><b>Legends</b></td>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">All certificates representing
        the Stock issued in connection with this grant shall, where applicable, have endorsed thereon the following legends:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&ldquo;THE SHARES REPRESENTED
        BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED
        HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION AND
        WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY
        THIS CERTIFICATE.&rdquo;</P></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Applicable Law</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>The Plan </b><br>
<br>
</td>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The text of the Plan is incorporated
        in this Agreement by reference. <b><i>Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning
        set forth in the Plan.</i></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">This Agreement and the Plan
        constitute the entire understanding between you and the Corporation regarding this grant of Restricted Stock. Any prior agreements,
        commitments or negotiations concerning this grant are superseded.</P></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Consent to Electronic Delivery</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">The Corporation may choose to deliver certain
    informational materials relating to the Plan in electronic form.&nbsp;&nbsp;By<FONT STYLE="letter-spacing: 0.35pt"> </FONT>accepting
    this grant<FONT STYLE="letter-spacing: 1.1pt"> </FONT>you<FONT STYLE="letter-spacing: 1.6pt"> </FONT>agree<FONT STYLE="letter-spacing: 0.5pt">
    </FONT>that<FONT STYLE="letter-spacing: 1pt"> </FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.15pt">
    </FONT>will deliver<FONT STYLE="letter-spacing: 1pt"> </FONT>the<FONT STYLE="letter-spacing: 0.5pt"> </FONT>Plan prospectus
    and<FONT STYLE="letter-spacing: 0.85pt"> </FONT>the<FONT STYLE="letter-spacing: 1.25pt"> </FONT>Corporation's<FONT STYLE="letter-spacing: 2.1pt">
    </FONT>annual<FONT STYLE="letter-spacing: 1.1pt"> </FONT>report<FONT STYLE="letter-spacing: 1.6pt"> </FONT>to<FONT STYLE="letter-spacing: 1.15pt">
    </FONT>you<FONT STYLE="letter-spacing: 1.25pt"> </FONT>in<FONT STYLE="letter-spacing: 0.9pt"> </FONT>an electronic<FONT STYLE="letter-spacing: 1.3pt">
    </FONT>format through the Corporation&rsquo;s intranet at [<FONT STYLE="background-color: White">website</FONT>].&nbsp;&nbsp;If
    at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Corporation would be
    pleased to provide copies.&nbsp;&nbsp;Please contact the General Counsel of the Corporation to request paper copies of these
    documents.</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Corporate Activity</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">Your grant shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the Corporation is subject to such corporate activity.</td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><b>Data Privacy</b></td>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In order to administer the
        Plan, the Corporation may process personal data about you. Such data includes, but is not limited to, information provided in this
        Agreement and any changes thereto, other appropriate personal and financial data about you such as your contact information, payroll
        information and any other information that might be deemed appropriate by the Corporation to facilitate the administration of the
        Plan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By accepting this grant, you give explicit
        consent to the Corporation to process any such personal data.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><b>Code Section 409A</b></td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-size: 10pt">It is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A.&nbsp;&nbsp;To the extent that the Corporation determines that you would be subject to the additional 20% tax imposed on certain non-qualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax.&nbsp;&nbsp;The nature of any such amendment shall be determined by the Corporation.&nbsp;&nbsp;For purposes of this Award, a termination of Service only occurs upon an event that would be a Separation from Service within the meaning of Code Section 409A.</td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>By signing the cover sheet of this
Agreement, you agree to all of the terms and</I></B><BR>
<B><I>conditions described above and in the Plan.</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>ASSIGNMENT SEPARATE FROM CERTIFICATE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR VALUE RECEIVED, _____________hereby assigns
and transfers unto Strayer Education, Inc., a Maryland corporation (the &ldquo;Corporation&rdquo;), ____________(__________) shares
of common stock of the Corporation represented by Certificate No. ___ herewith and does hereby irrevocably constitute and appoint
_______________________ as Attorney to transfer the said stock on the books of the Corporation with full power of substitution
in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated:____________, ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; width: 60%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; width: 40%; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">Print Name</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">Signature</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Spouse Consent (if applicable)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_____________________ (Purchaser's spouse)
indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his or her interests, whether
as community property or otherwise, if any, in the shares of common stock of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">Signature</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INSTRUCTIONS: PLEASE DO NOT FILL
IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE CORPORATION TO CANCEL YOUR UNVESTED
SHARES AS SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.</B></P>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>EXHIBIT B </U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ELECTION UNDER SECTION 83(b) OF</B><BR>
<B>THE INTERNAL REVENUE CODE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned hereby makes an election pursuant
to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information
in accordance with the regulations promulgated thereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD COLSPAN="2">The name, address and social security number of the undersigned:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Address:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Social Security No. :</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD COLSPAN="2">Description of property with respect to which the election is being made:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">___________________shares of common stock of Strayer Education,
Inc., a Maryland corporation, (the &ldquo;Corporation&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The date on which the property was transferred is ____________&nbsp;__, 2015.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The taxable year to which this election
relates is calendar year 2015.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>5.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Nature of restrictions to which the property
is subject:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The shares of stock are subject to the
provisions of a Restricted Stock Agreement between the undersigned and the Corporation. The shares of stock are subject to forfeiture
under the terms of the Agreement.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>6.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was $__________
per share, for a total of $__________.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>7.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The amount paid by taxpayer for the property
was $__________.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>8.</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">A copy of this statement has been furnished
to the Corporation.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: _____________, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Taxpayer&rsquo;s Signature</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Taxpayer&rsquo;s Printed Name</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PROCEDURES FOR MAKING ELECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER&nbsp;INTERNAL&nbsp;REVENUE&nbsp;CODE&nbsp;SECTION&nbsp;83(b)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The following procedures
<B>must</B> be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b) in order
for the election to be effective:<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must file one
copy of the completed election form with the IRS Service Center where you file your federal income tax returns within <U>30 days</U>
after the Grant Date of your Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the same time
you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must file another
copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in which the stock is
transferred to you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;________________________________</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1. </SUP><FONT STYLE="font-size: 10pt"><B>Whether or not
to make the election is your decision and may create tax consequences for you. </B></FONT><B>You are advised to consult your
tax advisor if you are unsure whether or not to make the election.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">12</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>fs82015ex99v_strayeredu.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 2015 EQUITY COMPENSATION PLAN FORM OF NONQUALIFIED STOCK OPTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 0 0; text-align: right"><B>Exhibit 99.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 0 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>STRAYER<FONT STYLE="letter-spacing: 1.6pt">
</FONT>EDUCATION,<FONT STYLE="letter-spacing: 2.65pt"> </FONT>INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>2015 Equity Compensation Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>NONQUALIFIED<FONT STYLE="letter-spacing: 0.75pt">
</FONT>STOCK<FONT STYLE="letter-spacing: 1.3pt"> </FONT>OPTION<FONT STYLE="letter-spacing: 1.3pt"> </FONT>AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Strayer<FONT STYLE="letter-spacing: -0.55pt">
</FONT>Education,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Inc.,<FONT STYLE="letter-spacing: -0.6pt"> </FONT>a<FONT STYLE="letter-spacing: -0.9pt">
</FONT>Maryland<FONT STYLE="letter-spacing: 0.3pt"> </FONT>corporation (the<FONT STYLE="letter-spacing: -0.9pt"> </FONT>&ldquo;Corporation&rdquo;),<FONT STYLE="letter-spacing: -0.45pt">
</FONT>hereby<FONT STYLE="letter-spacing: 0.05pt"> </FONT>grants<FONT STYLE="letter-spacing: -0.65pt"> </FONT>an<FONT STYLE="letter-spacing: -0.8pt">
</FONT>option<FONT STYLE="letter-spacing: -0.65pt"> </FONT>to purchase<FONT STYLE="letter-spacing: 0.2pt"> </FONT>shares<FONT STYLE="letter-spacing: -0.45pt">
</FONT>of<FONT STYLE="letter-spacing: -0.85pt"> </FONT>its<FONT STYLE="letter-spacing: -0.6pt"> </FONT>common<FONT STYLE="letter-spacing: 0.1pt">
</FONT>stock,<FONT STYLE="letter-spacing: -0.45pt"> </FONT>$.01<FONT STYLE="letter-spacing: -0.95pt"> </FONT>par<FONT STYLE="letter-spacing: -0.15pt">
</FONT>value, (the<FONT STYLE="letter-spacing: -0.5pt"> </FONT>&ldquo;Stock&rdquo;)<FONT STYLE="letter-spacing: -0.55pt"> </FONT>to
the optionee named below. The<FONT STYLE="letter-spacing: -0.9pt"> </FONT>terms and conditions of the<FONT STYLE="letter-spacing: -0.55pt">
</FONT>option are<FONT STYLE="letter-spacing: -0.6pt"> </FONT>set forth in<FONT STYLE="letter-spacing: -0.5pt"> </FONT>this cover
sheet, in the attached Nonqualified Stock Option Agreement (together the &ldquo;Agreement&rdquo;), and in the Corporation's 2015
Equity Compensation Plan (the<FONT STYLE="letter-spacing: -0.55pt"> </FONT>&ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grant<FONT STYLE="letter-spacing: 0.2pt"> </FONT>Date:&#9;</FONT></TD>
    <TD STYLE="width: 2%; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 75%; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expiration<FONT STYLE="letter-spacing: 0.45pt"> </FONT>Date:</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">____________; subject to special provisions for earlier expiration
        for termination of Service or Change in Control Resulting in Termination as described in this Agreement and Plan.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name<FONT STYLE="letter-spacing: 0.5pt"> </FONT>of Optionee:</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares Covered by Option:</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Option Price per Share:&#9;</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vesting<FONT STYLE="letter-spacing: 0.3pt"> </FONT>Schedule:</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This option will vest in its entirety on the __________anniversary
        of the Grant Date; subject to special provisions for death, Disability or Change in Control Resulting in Termination of Service
        as described in this Agreement and Plan.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By signing this cover sheet,
you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which is also attached. <U>IN
PARTICULAR, YOU ACKNOWLEDGE THAT THIS OPTION GRANT CONSTITUTES CONSIDERATION FOR YOUR ACCEPTANCE OF THE NON-COMPETITION PROVISIONS
CONTAINED IN THE AGREEMENT</U>. <B><I>You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control
in the event any provision of this Agreement should appear to be inconsistent.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%; padding: 0; text-indent: 0"><P STYLE="margin: 0">Optionee:</P>


</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD>
    <TD STYLE="width: 20%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(Signature)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">Corporation:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(Signature)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0 0 1.5pt 10pt; text-align: left">Title:</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8pt 0 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: center"><U>Attachment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>This is not a stock certificate or a negotiable
instrument.</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.55pt; text-align: center"><B>STRAYER<FONT STYLE="letter-spacing: 2.05pt">
</FONT>EDUCATION,<FONT STYLE="letter-spacing: 2.8pt"> </FONT>INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.4pt; text-align: center"><B>2015 Equity Compensation Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.95pt; text-align: center"><B>NONQUALIFIED STOCK<FONT STYLE="letter-spacing: 1.25pt">
</FONT>OPTION<FONT STYLE="letter-spacing: 2.15pt"> </FONT>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nonqualified <FONT STYLE="letter-spacing: 0.55pt">&nbsp;</FONT>Stock Option</B></FONT></TD>
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This<FONT STYLE="letter-spacing: 0.95pt"> </FONT>option<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>is<FONT STYLE="letter-spacing: 0.05pt"> </FONT>not<FONT STYLE="letter-spacing: 1.1pt"> </FONT>intended<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>to<FONT STYLE="letter-spacing: 0.7pt"> </FONT>be<FONT STYLE="letter-spacing: 1.2pt"> </FONT>an<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>incentive<FONT STYLE="letter-spacing: 1.5pt"> </FONT>stock<FONT STYLE="letter-spacing: 1.05pt"> </FONT>option<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>under Section<FONT STYLE="letter-spacing: 0.6pt"> </FONT>422<FONT STYLE="letter-spacing: 1.35pt"> </FONT>of<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.05pt"> </FONT>Internal<FONT STYLE="letter-spacing: 1.3pt"> </FONT>Revenue<FONT STYLE="letter-spacing: 1.65pt">
        </FONT>Code<FONT STYLE="letter-spacing: 1pt"> </FONT>and<FONT STYLE="letter-spacing: 0.55pt"> </FONT>will be<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>interpreted accordingly.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Vesting</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify">This<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>option<FONT STYLE="letter-spacing: 1.55pt"> </FONT>is<FONT STYLE="letter-spacing: 0.5pt"> </FONT>only<FONT STYLE="letter-spacing: 0.55pt">
        </FONT>exercisable<FONT STYLE="letter-spacing: 0.95pt"> </FONT>before<FONT STYLE="letter-spacing: 1.5pt"> </FONT>it<FONT STYLE="letter-spacing: 0.75pt">
        </FONT>expires<FONT STYLE="letter-spacing: 1.05pt"> </FONT>and<FONT STYLE="letter-spacing: 0.6pt"> </FONT>then<FONT STYLE="letter-spacing: 1.25pt">
        </FONT>only<FONT STYLE="letter-spacing: 0.25pt"> </FONT>with respect<FONT STYLE="letter-spacing: 1.55pt"> </FONT>to<FONT STYLE="letter-spacing: 0.7pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.6pt"> </FONT>vested<FONT STYLE="letter-spacing: 0.75pt"> </FONT>portion<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>of<FONT STYLE="letter-spacing: 0.05pt"> </FONT>the<FONT STYLE="letter-spacing: 0.85pt"> </FONT>option. <FONT STYLE="letter-spacing: 1.4pt">
        </FONT>Subject<FONT STYLE="letter-spacing: 0.85pt"> </FONT>to<FONT STYLE="letter-spacing: 0.7pt"> </FONT>the preceding sentence,
        you may exercise this option,<FONT STYLE="letter-spacing: 0.85pt"> </FONT>in whole<FONT STYLE="letter-spacing: 1.25pt"> </FONT>or
        in part,<FONT STYLE="letter-spacing: 1.25pt"> </FONT>to purchase a whole number<FONT STYLE="letter-spacing: 1.5pt"> </FONT>of vested
        shares not less than 100 shares, unless the number of<FONT STYLE="letter-spacing: 0.8pt"> </FONT>shares purchased is the<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>total<FONT STYLE="letter-spacing: 0.8pt"> </FONT>number available for purchase<FONT STYLE="letter-spacing: 1.55pt"> </FONT>under<FONT STYLE="letter-spacing: 1.25pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.7pt"> </FONT>option,<FONT STYLE="letter-spacing: 0.6pt"> </FONT>by following<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>the procedures set<FONT STYLE="letter-spacing: 0.75pt"> </FONT>forth in<FONT STYLE="letter-spacing: 0.5pt"> </FONT>the<FONT STYLE="letter-spacing: 0.25pt">
        </FONT>Plan<FONT STYLE="letter-spacing: 0.85pt"> </FONT>and<FONT STYLE="letter-spacing: 0.5pt"> </FONT>below in<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>this<FONT STYLE="letter-spacing: 0.55pt"> </FONT>Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.05pt 0 0; text-align: justify">Your<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>right<FONT STYLE="letter-spacing: 0.95pt"> </FONT>to<FONT STYLE="letter-spacing: 0.4pt"> </FONT>purchase<FONT STYLE="letter-spacing: 2.15pt">
        </FONT>shares<FONT STYLE="letter-spacing: 0.7pt"> </FONT>of<FONT STYLE="letter-spacing: 0.6pt"> </FONT>Stock<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>under<FONT STYLE="letter-spacing: 1.15pt"> </FONT>this<FONT STYLE="letter-spacing: 0.95pt"> </FONT>option<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>vests<FONT STYLE="letter-spacing: 1.15pt"> </FONT>as<FONT STYLE="letter-spacing: 0.1pt"> </FONT>to the<FONT STYLE="letter-spacing: 0.45pt">
        </FONT>total<FONT STYLE="letter-spacing: 1.05pt"> </FONT>number<FONT STYLE="letter-spacing: 1.65pt"> </FONT>of<FONT STYLE="letter-spacing: 1.1pt">
        </FONT>shares<FONT STYLE="letter-spacing: 0.9pt"> </FONT>covered<FONT STYLE="letter-spacing: 1.05pt"> </FONT>by<FONT STYLE="letter-spacing: 0.55pt">
        </FONT>this<FONT STYLE="letter-spacing: 1.05pt"> </FONT>option,<FONT STYLE="letter-spacing: 1.05pt"> </FONT>as<FONT STYLE="letter-spacing: 0.45pt">
        </FONT>shown<FONT STYLE="letter-spacing: 0.95pt"> </FONT>on<FONT STYLE="letter-spacing: 0.45pt"> </FONT>the cover<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>sheet<FONT STYLE="letter-spacing: 1.25pt"> </FONT>(the<FONT STYLE="letter-spacing: 0.9pt"> </FONT>&ldquo;Option<FONT STYLE="letter-spacing: 1.25pt">
        </FONT>Shares&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: -0.5pt">Notwithstanding<FONT STYLE="letter-spacing: 2.5pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>vesting<FONT STYLE="letter-spacing: 1.6pt"> </FONT>schedule<FONT STYLE="letter-spacing: 1pt">
        </FONT>in<FONT STYLE="letter-spacing: 0.85pt"> </FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>preceding<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>paragraph, or any other term of this Agreement or the Plan, the<FONT STYLE="letter-spacing: 0.6pt"> </FONT>Option<FONT STYLE="letter-spacing: 1.6pt">
        </FONT>Shares<FONT STYLE="letter-spacing: 0.6pt"> </FONT>shall<FONT STYLE="letter-spacing: 0.5pt"> </FONT>become<FONT STYLE="letter-spacing: 1.8pt">
        </FONT>fully<FONT STYLE="letter-spacing: 0.5pt"> </FONT>vested upon<FONT STYLE="letter-spacing: 1.7pt"> </FONT>your<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>death<FONT STYLE="letter-spacing: 1.2pt"> </FONT>or Disability or upon a Change in Control Resulting in Termination. For
        purposes of this Agreement, a Change in Control Resulting in Termination shall occur when there is a Change in Control, as that
        term is defined herein, and (1) your Service is terminated without cause within six (6) months of the effective date of the Change
        in Control or (2) there occurs a material reduction in your authority, functions, duties or responsibilities which causes your
        resignation from the Corporation within six (6) months of the effective date of the Change in Control.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Term</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12.85pt 0 0; text-align: justify; text-indent: -0.5pt">Your
        option<FONT STYLE="letter-spacing: 1pt"> </FONT>will<FONT STYLE="letter-spacing: 1.25pt"> </FONT>expire<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>in<FONT STYLE="letter-spacing: 0.5pt"> </FONT>any<FONT STYLE="letter-spacing: 0.55pt"> </FONT>event<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>at<FONT STYLE="letter-spacing: 0.8pt"> </FONT>the<FONT STYLE="letter-spacing: 0.8pt"> </FONT>close<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>of<FONT STYLE="letter-spacing: 0.35pt"> </FONT>business<FONT STYLE="letter-spacing: 1.55pt"> </FONT>at Corporation
        headquarters<FONT STYLE="letter-spacing: 2.35pt"> </FONT>on<FONT STYLE="letter-spacing: 0.65pt"> </FONT>the<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>day<FONT STYLE="letter-spacing: 0.55pt"> </FONT>before<FONT STYLE="letter-spacing: 1.2pt"> </FONT>the<FONT STYLE="letter-spacing: 0.75pt">
        [</FONT><FONT STYLE="background-color: White">____</FONT><FONT STYLE="letter-spacing: 0.35pt">] </FONT>anniversary of
        the Grant Date,<FONT STYLE="letter-spacing: 1.25pt"> </FONT>as shown on the cover<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>sheet. <FONT STYLE="letter-spacing: 0.75pt"> </FONT>Your<FONT STYLE="letter-spacing: 1.25pt"> </FONT>option<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>will expire earlier<FONT STYLE="letter-spacing: 1.05pt"> </FONT>if<FONT STYLE="letter-spacing: 0.75pt"> </FONT>your
        Service<FONT STYLE="letter-spacing: 0.65pt"> </FONT>terminates, as<FONT STYLE="letter-spacing: 0.5pt"> </FONT>described
        below.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12.85pt 0 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Termination <FONT STYLE="letter-spacing: 0.1pt"> </FONT>of<FONT STYLE="letter-spacing: 1.5pt">
        </FONT>Service</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.05pt 0 0; text-align: justify; text-indent: 0.2pt">If
your<FONT STYLE="letter-spacing: 1.65pt"> </FONT>Service<FONT STYLE="letter-spacing: 0.8pt"> </FONT>terminates<FONT STYLE="letter-spacing: 2pt">
</FONT>for<FONT STYLE="letter-spacing: 0.65pt"> </FONT>any<FONT STYLE="letter-spacing: 0.25pt"> </FONT>reason<FONT STYLE="letter-spacing: 1.4pt">
</FONT>other<FONT STYLE="letter-spacing: 0.45pt"> </FONT>than<FONT STYLE="letter-spacing: 0.85pt"> </FONT>your<FONT STYLE="letter-spacing: 1.1pt">
</FONT>death<FONT STYLE="letter-spacing: 0.85pt"> </FONT>or Disability, or a Change in Control Resulting in Termination,<FONT STYLE="letter-spacing: 1.55pt">
</FONT>then<FONT STYLE="letter-spacing: 1.35pt"> the unvested portion of your option will immediately expire </FONT>as<FONT STYLE="letter-spacing: 0.35pt">
</FONT>of<FONT STYLE="letter-spacing: 0.4pt"> </FONT>the<FONT STYLE="letter-spacing: 0.65pt"> </FONT>date<FONT STYLE="letter-spacing: 0.65pt">
</FONT>of<FONT STYLE="letter-spacing: 0.4pt"> </FONT>termination<FONT STYLE="letter-spacing: 1.8pt"> </FONT>of Service. If your
Service terminates for a Change in Control Resulting in Termination, your option will become fully vested<FONT STYLE="letter-spacing: 1.65pt">
</FONT>as of<FONT STYLE="letter-spacing: 0.35pt"> </FONT>the<FONT STYLE="letter-spacing: 0.85pt"> </FONT>date<FONT STYLE="letter-spacing: 0.45pt">
</FONT>of termination<FONT STYLE="letter-spacing: 2pt"> </FONT>of Service and,<FONT STYLE="letter-spacing: 0.75pt"> </FONT>your
option will expire at the close of business<FONT STYLE="letter-spacing: 1.65pt"> </FONT>at<FONT STYLE="letter-spacing: 0.75pt">
</FONT>Corporation<FONT STYLE="letter-spacing: 1.55pt"> </FONT>headquarters twelve<FONT STYLE="letter-spacing: 1.35pt"> </FONT>(12)
months after<FONT STYLE="letter-spacing: 1.1pt"> </FONT>such termination dat<FONT STYLE="letter-spacing: 0.45pt">e</FONT>. During
that twelve-month period, you<FONT STYLE="letter-spacing: 1.65pt"> </FONT>may exercise<FONT STYLE="letter-spacing: 1.4pt"> </FONT>your
vested option.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 35%">
        <P STYLE="padding: 0; font-size: 10pt; text-indent: 0"><B>Death<FONT STYLE="letter-spacing: 2pt"> </FONT>or<FONT STYLE="letter-spacing: 1pt">
        </FONT>Disability</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0.2pt">If<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>your<FONT STYLE="letter-spacing: 1.8pt"> </FONT>Service<FONT STYLE="letter-spacing: 0.3pt"> </FONT>terminates<FONT STYLE="letter-spacing: 1.45pt">
        </FONT>because<FONT STYLE="letter-spacing: 1.9pt"> </FONT>of<FONT STYLE="letter-spacing: 0.45pt"> </FONT>your<FONT STYLE="letter-spacing: 1.35pt">
        </FONT>death,<FONT STYLE="letter-spacing: 0.6pt"> </FONT>then<FONT STYLE="letter-spacing: 1pt"> </FONT>your<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>option will<FONT STYLE="letter-spacing: 1.25pt"> </FONT>immediately<FONT STYLE="letter-spacing: 0.8pt"> </FONT>become<FONT STYLE="letter-spacing: 1.8pt">
        </FONT>fully<FONT STYLE="letter-spacing: 0.55pt"> </FONT>vested<FONT STYLE="letter-spacing: 1.75pt"> </FONT>and<FONT STYLE="letter-spacing: 1pt">
        </FONT>your<FONT STYLE="letter-spacing: 1.2pt"> </FONT>option<FONT STYLE="letter-spacing: 0.8pt"> </FONT>will<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>expire at the close of business at Corporation headquarters on the date<FONT STYLE="letter-spacing: 1.05pt"> </FONT>twelve
        (12) months<FONT STYLE="letter-spacing: 1.9pt"> </FONT>after the date of<FONT STYLE="letter-spacing: 0.6pt"> </FONT>death. <FONT STYLE="letter-spacing: 1.35pt">
        </FONT>During<FONT STYLE="letter-spacing: 1pt"> </FONT>that<FONT STYLE="letter-spacing: 1pt"> </FONT>twelve-month period, your
        estate<FONT STYLE="letter-spacing: 1pt"> </FONT>or<FONT STYLE="letter-spacing: 0.3pt"> </FONT>heirs<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>may<FONT STYLE="letter-spacing: 1.35pt"> </FONT>exercise your vested option.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.35pt 0 0; text-align: justify; text-indent: -0.25pt">If<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>your<FONT STYLE="letter-spacing: 1.95pt"> </FONT>Service<FONT STYLE="letter-spacing: 0.45pt"> </FONT>terminates<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>because<FONT STYLE="letter-spacing: 1.7pt"> </FONT>of<FONT STYLE="letter-spacing: 0.6pt"> </FONT>your<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>Disability,<FONT STYLE="letter-spacing: 1.45pt"> </FONT>then<FONT STYLE="letter-spacing: 1.35pt"> </FONT>your option<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>will<FONT STYLE="letter-spacing: 1.25pt"> </FONT>immediately<FONT STYLE="letter-spacing: 1.15pt"> </FONT>become<FONT STYLE="letter-spacing: 1.75pt">
        </FONT>fully<FONT STYLE="letter-spacing: -0.05pt"> </FONT>vested,<FONT STYLE="letter-spacing: 1.7pt"> </FONT>and<FONT STYLE="letter-spacing: 1.1pt">
        </FONT>your<FONT STYLE="letter-spacing: 1.65pt"> </FONT>option will expire<FONT STYLE="letter-spacing: 1.15pt"> </FONT>at the close<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>of business at Corporation<FONT STYLE="letter-spacing: 1.1pt"> </FONT>headquarters on<FONT STYLE="letter-spacing: 0.45pt">
        </FONT>the date twelve<FONT STYLE="letter-spacing: 1.25pt"> </FONT>(12) months after<FONT STYLE="letter-spacing: 0.9pt"> </FONT>the
        date of such termination. During that<FONT STYLE="letter-spacing: 1.25pt"> </FONT>twelve-month period,<FONT STYLE="letter-spacing: 1.7pt">
        </FONT>you<FONT STYLE="letter-spacing: 1.25pt"> </FONT>or your<FONT STYLE="letter-spacing: 1.35pt"> </FONT>legal representative<FONT STYLE="letter-spacing: 1.65pt">
        </FONT>may exercise your vested option.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Leaves of Absence</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.35pt 0 0; text-align: justify">For purposes of this Agreement,
        your Service does not terminate when you go on a <I>bona fide</I> leave of absence that was approved by your employer in writing
        if the terms of the leave provide for continued Service crediting or when continued Service crediting is required by applicable
        law. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.35pt 0 5.3pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.35pt 0 0; text-align: justify; text-indent: 0.2pt">Your employer
        may determine, in its discretion, which leaves count for this purpose and when your Service terminates for all purposes under the
        Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Board may determine, in its discretion,
        that a leave counts for this purpose even if your employer does not agree.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.35pt 0 0; text-align: justify; text-indent: 0.2pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notice<FONT STYLE="letter-spacing: 1.65pt"> </FONT>of<FONT STYLE="letter-spacing: 1pt"> </FONT>Exercise</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.35pt 0 0; text-align: justify; text-indent: 0.2pt">When<FONT STYLE="letter-spacing: 1.2pt">
        </FONT>you<FONT STYLE="letter-spacing: 0.65pt"> </FONT>wish<FONT STYLE="letter-spacing: 0.85pt"> </FONT>to<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>exercise<FONT STYLE="letter-spacing: 1.05pt"> </FONT>this<FONT STYLE="letter-spacing: 1.25pt"> </FONT>option,<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>you<FONT STYLE="letter-spacing: 0.9pt"> </FONT>must<FONT STYLE="letter-spacing: 1.2pt"> </FONT>notify<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>the Corporation<FONT STYLE="letter-spacing: 1pt"> </FONT>by<FONT STYLE="letter-spacing: 1.35pt"> </FONT>filing<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.15pt"> </FONT>proper<FONT STYLE="letter-spacing: 1.85pt"> </FONT>&ldquo;Notice<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>of<FONT STYLE="letter-spacing: 0.55pt"> </FONT>Exercise&rdquo;<FONT STYLE="letter-spacing: 1.5pt"> </FONT>form<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>at<FONT STYLE="letter-spacing: 0.65pt"> </FONT>the address<FONT STYLE="letter-spacing: 0.95pt"> </FONT>given<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>on the<FONT STYLE="letter-spacing: 1.35pt"> </FONT>form. <FONT STYLE="letter-spacing: 1.25pt"> </FONT>Your notice must<FONT STYLE="letter-spacing: 1.5pt">
        </FONT>specify how<FONT STYLE="letter-spacing: 1.15pt"> </FONT>many shares you<FONT STYLE="letter-spacing: 0.95pt"> </FONT>wish<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>to<FONT STYLE="letter-spacing: 0.85pt"> </FONT>purchase (in increments of at<FONT STYLE="letter-spacing: 0.9pt"> </FONT>least
        100 shares). Your<FONT STYLE="letter-spacing: 1.15pt"> </FONT>notice<FONT STYLE="letter-spacing: 0.9pt"> </FONT>must also<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>specify<FONT STYLE="letter-spacing: 0.65pt"> </FONT>how<FONT STYLE="letter-spacing: 1.25pt"> </FONT>your shares of Stock<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>should<FONT STYLE="letter-spacing: 0.65pt"> </FONT>be registered (in your<FONT STYLE="letter-spacing: 1pt"> </FONT>name<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>only or<FONT STYLE="letter-spacing: 0.65pt"> </FONT>in your<FONT STYLE="letter-spacing: 1.5pt"> </FONT>and<FONT STYLE="letter-spacing: 1pt">
        </FONT>your spouse's names as joint tenants<FONT STYLE="letter-spacing: 0.85pt"> </FONT>with right of survivorship). The notice<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>will be effective when it<FONT STYLE="letter-spacing: 1pt"> </FONT>is received<FONT STYLE="letter-spacing: 1.5pt"> </FONT>by<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.3pt"> </FONT>Corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If<FONT STYLE="letter-spacing: 0.8pt"> </FONT>someone<FONT STYLE="letter-spacing: 1.2pt">
        </FONT>else<FONT STYLE="letter-spacing: 0.1pt"> </FONT>wants<FONT STYLE="letter-spacing: 0.9pt"> </FONT>to<FONT STYLE="letter-spacing: 1.45pt">
        </FONT>exercise<FONT STYLE="letter-spacing: 1pt"> </FONT>this<FONT STYLE="letter-spacing: 1.05pt"> </FONT>option<FONT STYLE="letter-spacing: 1.55pt">
        </FONT>after<FONT STYLE="letter-spacing: 0.85pt"> </FONT>your<FONT STYLE="letter-spacing: 1.05pt"> </FONT>death,<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>that person<FONT STYLE="letter-spacing: 1.5pt"> </FONT>must<FONT STYLE="letter-spacing: 1.55pt"> </FONT>prove<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>to<FONT STYLE="letter-spacing: 0.9pt"> </FONT>the<FONT STYLE="letter-spacing: 1.35pt"> </FONT>Corporation's reasonable satisfaction<FONT STYLE="letter-spacing: 1.45pt">
        </FONT>that<FONT STYLE="letter-spacing: 1.2pt"> </FONT>he<FONT STYLE="letter-spacing: 0.7pt"> </FONT>or<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>she<FONT STYLE="letter-spacing: 0.3pt"> </FONT>is legally<FONT STYLE="letter-spacing: 1pt"> </FONT>entitled<FONT STYLE="letter-spacing: 1.2pt">
        </FONT>to<FONT STYLE="letter-spacing: 0.9pt"> </FONT>do<FONT STYLE="letter-spacing: 0.9pt"> </FONT>so.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Form<FONT STYLE="letter-spacing: 1.9pt"> </FONT>of<FONT STYLE="letter-spacing: 0.75pt"> </FONT>Payment</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When<FONT STYLE="letter-spacing: 1pt">
        </FONT>you<FONT STYLE="letter-spacing: 1.5pt"> </FONT>submit<FONT STYLE="letter-spacing: 1.2pt"> </FONT>your<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>notice<FONT STYLE="letter-spacing: 1.4pt"> </FONT>of<FONT STYLE="letter-spacing: 0.45pt"> </FONT>exercise,<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>you<FONT STYLE="letter-spacing: 1.05pt"> </FONT>must<FONT STYLE="letter-spacing: 1.5pt"> </FONT>include payment<FONT STYLE="letter-spacing: 2pt">
        </FONT>of<FONT STYLE="letter-spacing: 0.1pt"> </FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>option<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>price<FONT STYLE="letter-spacing: 1.4pt"> </FONT>and applicable<FONT STYLE="letter-spacing: 0.5pt"> </FONT>withholding<FONT STYLE="letter-spacing: 1.95pt">
        </FONT>taxes<FONT STYLE="letter-spacing: 1.45pt"> </FONT>for<FONT STYLE="letter-spacing: 0.5pt"> </FONT>the shares you are purchasing.
        Payment<FONT STYLE="letter-spacing: 1.4pt"> </FONT>may be made<FONT STYLE="letter-spacing: 1pt"> </FONT>in one<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>(or a combination) of<FONT STYLE="letter-spacing: 0.65pt"> </FONT>the following forms:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 22.45pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Cash,<FONT STYLE="letter-spacing: 1.15pt"> </FONT>your<FONT STYLE="letter-spacing: 0.75pt"> </FONT>personal<FONT STYLE="letter-spacing: 2.35pt">
        </FONT>check,<FONT STYLE="letter-spacing: 1.4pt"> </FONT>a<FONT STYLE="letter-spacing: 0.45pt"> </FONT>cashier's<FONT STYLE="letter-spacing: 1.55pt">
        </FONT>check,<FONT STYLE="letter-spacing: 1.45pt"> </FONT>a<FONT STYLE="letter-spacing: 0.15pt"> </FONT>money<FONT STYLE="letter-spacing: 1.3pt">
        </FONT>order<FONT STYLE="letter-spacing: 1.15pt"> </FONT>or another<FONT STYLE="letter-spacing: 1.65pt"> </FONT>cash<FONT STYLE="letter-spacing: 0.95pt">
        </FONT>equivalent<FONT STYLE="letter-spacing: 1.85pt"> </FONT>acceptable<FONT STYLE="letter-spacing: 1.45pt"> </FONT>to<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.1pt"> </FONT>Corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 26.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shares<FONT STYLE="letter-spacing: 0.65pt"> </FONT>of<FONT STYLE="letter-spacing: 0.9pt"> </FONT>Stock<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>of<FONT STYLE="letter-spacing: 0.25pt"> </FONT>the<FONT STYLE="letter-spacing: 1.2pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.25pt">
        </FONT>which<FONT STYLE="letter-spacing: 1.5pt"> </FONT>have<FONT STYLE="letter-spacing: 1.4pt"> </FONT>already<FONT STYLE="letter-spacing: 0.4pt">
        </FONT>been owned<FONT STYLE="letter-spacing: 0.5pt"> </FONT>by<FONT STYLE="letter-spacing: 1.1pt"> </FONT>you<FONT STYLE="letter-spacing: 1.15pt">
        </FONT>for<FONT STYLE="letter-spacing: 0.5pt"> </FONT>more<FONT STYLE="letter-spacing: 0.8pt"> </FONT>than<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>six<FONT STYLE="letter-spacing: 0.55pt"> </FONT>months<FONT STYLE="letter-spacing: 1.4pt"> </FONT>and<FONT STYLE="letter-spacing: 0.75pt">
        </FONT>which are surrendered to the Corporation. The Fair Market Value of the shares as of the effective date of the Option exercise
        will be applied to the Option Price.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
delivery<FONT STYLE="letter-spacing: 1.25pt"> </FONT>(on<FONT STYLE="letter-spacing: 0.8pt"> </FONT>a<FONT STYLE="letter-spacing: 0.55pt">
</FONT>form<FONT STYLE="letter-spacing: 0.8pt"> </FONT>prescribed<FONT STYLE="letter-spacing: 1.75pt"> </FONT>by<FONT STYLE="letter-spacing: 0.6pt">
</FONT>the<FONT STYLE="letter-spacing: 1.1pt"> </FONT>Corporation)<FONT STYLE="letter-spacing: 1.6pt"> </FONT>of<FONT STYLE="letter-spacing: 0.75pt">
</FONT>an irrevocable<FONT STYLE="letter-spacing: 1.65pt"> </FONT>direction<FONT STYLE="letter-spacing: 1.2pt"> </FONT>to (i)
a<FONT STYLE="letter-spacing: 0.6pt"> </FONT>licensed<FONT STYLE="letter-spacing: 1.6pt"> </FONT>securities<FONT STYLE="letter-spacing: 0.75pt">
</FONT>broker reasonably<FONT STYLE="letter-spacing: 2pt"> </FONT>acceptable<FONT STYLE="letter-spacing: 0.55pt"> </FONT>to<FONT STYLE="letter-spacing: 0.15pt">
</FONT>the<FONT STYLE="letter-spacing: 1.3pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.75pt"> </FONT>to<FONT STYLE="letter-spacing: 1.45pt">
</FONT>sell<FONT STYLE="letter-spacing: 1.45pt"> </FONT>Stock<FONT STYLE="letter-spacing: 1.2pt"> </FONT>of the Corporation and
to deliver<FONT STYLE="letter-spacing: 1.65pt"> </FONT>all or part<FONT STYLE="letter-spacing: 1.65pt"> </FONT>of the sale proceeds
to<FONT STYLE="letter-spacing: 0.8pt"> </FONT>the Corporation in payment of the<FONT STYLE="letter-spacing: 0.55pt"> </FONT>aggregate
option price and<FONT STYLE="letter-spacing: 1.25pt"> </FONT>any withholding taxes, or (ii) to the Corporation to effect a &ldquo;net
exercise&rdquo; by deducting an amount of shares of Stock of the Corporation covered by the option equal in market value to the
exercise price of the options to be exercised.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.1pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withholding</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You agree, as a condition of this
Agreement, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the
option exercise or the sale of Stock acquired under this option. In the event that the Corporation or any Affiliate determines
that any federal, state, local, or foreign tax or withholding payment is required relating to the exercise of this option or the
sale of Stock arising from this option, the Corporation or any Affiliate shall have the right to (i) require you to tender a cash
payment, (ii) deduct from payments of any kind otherwise due to you, (iii) permit or require you to enter into a &ldquo;same day
sale&rdquo; commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a &ldquo;FINRA Dealer&rdquo;)
whereby you irrevocably elect to sell a portion of the shares of Stock to be delivered in connection with the exercise of the
option to satisfy withholding obligations and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to
satisfy the withholding obligations directly to the Corporation or any Affiliate, or (iv) withhold the delivery of vested shares
of Stock otherwise deliverable under this Agreement to meet such obligations; provided that the shares of Stock so withheld will
have an aggregate Fair Market Value not exceeding the minimum amount of tax required to be withheld by applicable laws.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transfer
    of Option</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
        your lifetime, only you (or, in the event of your legal incapacity or incompetence, your guardian or legal representative)
        may exercise the option. Other than by will or the laws of descent and distribution, the option may not be sold, assigned,
        transferred, pledged, hypothecated, or otherwise encumbered, whether by operation or law or otherwise, nor may the option
        be made subject to execution, attachment, or similar process. If you attempt to do any of these things, you will immediately
        and automatically forfeit the option.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
        these restrictions on transfer, the Corporation may authorize, in its sole discretion, the transfer of a vested option
        (in whole or in part) to a member of your immediately family. You may also dispose of this option in your will or it may
        be transferred upon your death by the laws of descent and distribution.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Regardless
of any marital property settlement agreement, the Corporation is not obligated to honor a notice of exercise from your spouse,
nor is the Corporation obligated to recognize your spouse's interest in your option in any other way.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-Competition</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify; width: 65%">During<FONT STYLE="letter-spacing: 0.85pt"> </FONT>the<FONT STYLE="letter-spacing: 0.65pt">
</FONT>period<FONT STYLE="letter-spacing: 1.7pt"> </FONT>you<FONT STYLE="letter-spacing: 1.2pt"> </FONT>are<FONT STYLE="letter-spacing: 0.35pt">
</FONT>providing<FONT STYLE="letter-spacing: 2.1pt"> </FONT>Services<FONT STYLE="letter-spacing: 0.75pt"> </FONT>to<FONT STYLE="letter-spacing: 0.8pt">
</FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>Corporation and<FONT STYLE="letter-spacing: 0.9pt"> </FONT>for<FONT STYLE="letter-spacing: 0.45pt">
</FONT>a<FONT STYLE="letter-spacing: -0.2pt"> </FONT>period<FONT STYLE="letter-spacing: 1.65pt"> </FONT>of<FONT STYLE="letter-spacing: 0.45pt">
</FONT>____<FONT STYLE="letter-spacing: 0.35pt"> </FONT>years<FONT STYLE="letter-spacing: 0.8pt"> </FONT>thereafter,<FONT STYLE="letter-spacing: 1.5pt">
</FONT>you<FONT STYLE="letter-spacing: 1.3pt"> </FONT>shall not<FONT STYLE="letter-spacing: 0.9pt"> </FONT>take<FONT STYLE="letter-spacing: 0.85pt">
</FONT>actions<FONT STYLE="letter-spacing: 0.85pt"> </FONT>in competition<FONT STYLE="letter-spacing: 1.2pt"> </FONT>with<FONT STYLE="letter-spacing: 1.3pt">
</FONT>the Corporation in any<FONT STYLE="letter-spacing: 0.85pt"> </FONT>state or similar jurisdiction in which<FONT STYLE="letter-spacing: 0.95pt">
</FONT>the<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Corporation conducts<FONT STYLE="letter-spacing: 1.3pt"> </FONT>a material
amount of its business. Unless otherwise<FONT STYLE="letter-spacing: 1.65pt"> </FONT>specified in an<FONT STYLE="letter-spacing: 0.8pt">
</FONT>employment or other agreement between the<FONT STYLE="letter-spacing: 0.9pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.7pt">
</FONT>and you, you<FONT STYLE="letter-spacing: 0.85pt"> </FONT>take<FONT STYLE="letter-spacing: 0.85pt"> </FONT>actions<FONT STYLE="letter-spacing: 0.85pt">
</FONT>in competition<FONT STYLE="letter-spacing: 1.2pt"> </FONT>with the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>Corporation
if<FONT STYLE="letter-spacing: 0.45pt"> </FONT>you:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 0.5in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fail
to keep strictly confidential in accordance with the employment agreement all confidential business information disclosed by the
Corporation to you, or which is obtained by you or otherwise disclosed to you in connection with performing Services for the Corporation,
or use any such confidential information for any purpose other than performing Services for the Corporation; provided, however,
that the foregoing shall not apply to information which (1) at the time of disclosure to you is already a matter of public knowledge,
(2) after disclosure to you becomes a matter solely of public knowledge, except by your breach of this provision, (3) was already
in your possession at the time of disclosure and does not solely constitute specific and detailed information regarding the Corporation;
(it being acknowledged that you possessed extensive industry experience and general knowledge of the education sector prior to
joining the Corporation); or (4) which is required to be disclosed by law or regulation;</FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enter into any employment, consulting or similar relationships with third parties which will result in a direct and material conflict
        of interest with the Corporation's business;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act in any managerial capacity for or acquire an ownership interest in (except a minority interest of 5% or less acquired for investment
        purposes in a company whose stock is traded on a public exchange) any person or entity that is a direct and material competitor
        of the Corporation;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the written consent of the Corporation, solicit or direct anyone else to solicit any officer or key employee of the Corporation
        (y) to terminate his or her employment or other relationship with the Corporation or (z) to seek or accept employment with you
        or any third party; provided that the foregoing shall exclude actions which are the result of persons responding to general advertisements
        and do not involve any solicitation on your part.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You acknowledge and agree that any
material breach by you of any of the provisions of this Section (the &ldquo;Restrictive Covenants&rdquo;) would result in irreparable
injury and damage for which money damages would not provide an adequate remedy. Therefore, if you materially breach, or threaten
to materially breach, any of the Restrictive Covenants, the Corporation and its Affiliates shall have the right to seek to have
the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court having
equity jurisdiction, including, without limitation, the right to seek an entry against you of restraining orders and injunctions
(preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing,
of such covenants. This right and remedy shall be in addition to, and not in lieu of, any other rights and remedies available
to the Corporation and its Affiliates under law or in equity (including, without limitation, the recovery of damages). In addition,
in the event of such a material breach of the Restrictive Covenants the Corporation shall have the right to cause a forfeiture
of your rights under this Agreement, including the right to cause: (i) a forfeiture of this Agreement, and (ii) with respect to
the period commencing on the date of your termination of Service with the Corporation and ending twelve (12) months following
such termination of Service (A) a forfeiture of any net gain recognized by you upon the exercise of this Agreement or (B) a forfeiture
of any Stock acquired by you upon the exercise of this Agreement (but in such event the Corporation will repay you the option
exercise price without interest).</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retention<FONT STYLE="letter-spacing: 2.45pt"> </FONT>Rights</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither<FONT STYLE="letter-spacing: 1.55pt">
        </FONT>your<FONT STYLE="letter-spacing: 1.2pt"> </FONT>option<FONT STYLE="letter-spacing: 0.7pt"> </FONT>nor<FONT STYLE="letter-spacing: 0.7pt">
        </FONT>this<FONT STYLE="letter-spacing: 0.45pt"> </FONT>Agreement<FONT STYLE="letter-spacing: 2.15pt"> </FONT>give<FONT STYLE="letter-spacing: 0.45pt">
        </FONT>you<FONT STYLE="letter-spacing: 0.75pt"> </FONT>the<FONT STYLE="letter-spacing: 0.55pt"> </FONT>right<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>to<FONT STYLE="letter-spacing: 0.4pt"> </FONT>be retained<FONT STYLE="letter-spacing: 1.75pt"> </FONT>by<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.9pt"> </FONT>(or<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>any<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Subsidiaries)<FONT STYLE="letter-spacing: 1.3pt"> </FONT>in<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>any capacity, and subject to applicable legal requirements or contractual<FONT STYLE="letter-spacing: 0.9pt"> </FONT>provisions,
        the<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Corporation (and any Subsidiaries)<FONT STYLE="letter-spacing: 1.05pt"> </FONT>reserve
        the right<FONT STYLE="letter-spacing: 1.3pt"> </FONT>to terminate your Service<FONT STYLE="letter-spacing: 0.7pt"> </FONT>at any
        time and for<FONT STYLE="letter-spacing: 0.7pt"> </FONT>any<FONT STYLE="letter-spacing: 0.4pt"> </FONT>reason subject to the terms
        of your employment agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Clawback</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Award is subject to mandatory repayment
        by you to the Corporation to the extent you are or in the future become subject to any Corporation &ldquo;clawback&rdquo; or recoupment
        policy that requires the repayment by you to the Corporation of compensation paid by the Corporation to you in the event that you
        fail to comply with, or violate, the terms or requirements of such policy.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Corporation is required to prepare an
        accounting restatement due to the material noncompliance of the Corporation, as a result of misconduct, with any financial reporting
        requirement under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct,
        knowingly failed to prevent the misconduct or were grossly negligent in failing to prevent the misconduct, you shall reimburse
        the Corporation the amount of any payment in settlement of this Award earned or accrued during the 12-month period following the
        first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial
        document that contained information affected by such material noncompliance.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding any other provision
of the Plan or any provision of this Agreement, if the Corporation is required to prepare an accounting restatement, then you
shall forfeit any cash or Stock received in connection with this Award (or an amount equal to the Fair Market Value of such Stock
on the date of delivery if you no longer hold the Stock) if pursuant to the terms of this Agreement, the amount of the Award earned
or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in this Agreement
(including earnings, gains, or other performance criteria) that are later determined, as a result of the accounting restatement,
not to have been achieved.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shareholder<FONT STYLE="letter-spacing: -1.75pt"> </FONT>Rights</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You,<FONT STYLE="letter-spacing: 1pt">
</FONT>or<FONT STYLE="letter-spacing: 0.5pt"> </FONT>your<FONT STYLE="letter-spacing: 1.5pt"> </FONT>estate<FONT STYLE="letter-spacing: 0.8pt">
</FONT>or<FONT STYLE="letter-spacing: 0.25pt"> </FONT>heirs,<FONT STYLE="letter-spacing: 1.1pt"> </FONT>have<FONT STYLE="letter-spacing: 0.85pt">
</FONT>no<FONT STYLE="letter-spacing: 0.95pt"> </FONT>rights<FONT STYLE="letter-spacing: 1.35pt"> </FONT>as<FONT STYLE="letter-spacing: 0.65pt">
</FONT>a<FONT STYLE="letter-spacing: 0.3pt"> </FONT>shareholder<FONT STYLE="letter-spacing: 1.3pt"> </FONT>of<FONT STYLE="letter-spacing: 0.4pt">
</FONT>the Corporation<FONT STYLE="letter-spacing: 1.4pt"> </FONT>until<FONT STYLE="letter-spacing: 1.7pt"> </FONT>a certificate
for your<FONT STYLE="letter-spacing: 1.7pt"> </FONT>option's<FONT STYLE="letter-spacing: 1.7pt"> </FONT>shares has been issued
following<FONT STYLE="letter-spacing: 0.5pt"> </FONT>proper<FONT STYLE="letter-spacing: 1.7pt"> </FONT>exercise and payment therefore.
<FONT STYLE="letter-spacing: 1.5pt"> </FONT>No adjustments are<FONT STYLE="letter-spacing: 0.3pt"> </FONT>made for dividends<FONT STYLE="letter-spacing: 1.35pt">
</FONT>or<FONT STYLE="letter-spacing: 0.4pt"> </FONT>other rights<FONT STYLE="letter-spacing: 1.3pt"> </FONT>if<FONT STYLE="letter-spacing: 0.65pt">
</FONT>the<FONT STYLE="letter-spacing: 1pt"> </FONT>applicable record date<FONT STYLE="letter-spacing: 0.4pt"> </FONT>occurs<FONT STYLE="letter-spacing: 0.65pt">
</FONT>before your stock<FONT STYLE="letter-spacing: 1.1pt"> </FONT>certificate<FONT STYLE="letter-spacing: 1.1pt"> </FONT>is
issued (or an appropriate book entry is made), except as described in the Plan.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Adjustments</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the<FONT STYLE="letter-spacing: 1.45pt">
        </FONT>event<FONT STYLE="letter-spacing: 1.2pt"> </FONT>of<FONT STYLE="letter-spacing: 0.85pt"> </FONT>a<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>stock<FONT STYLE="letter-spacing: 1.4pt"> </FONT>split,<FONT STYLE="letter-spacing: 0.75pt"> </FONT>a<FONT STYLE="letter-spacing: 0.65pt">
        </FONT>stock<FONT STYLE="letter-spacing: 1.1pt"> </FONT>dividend<FONT STYLE="letter-spacing: 1.5pt"> </FONT>or<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>a<FONT STYLE="letter-spacing: 0.65pt"> </FONT>similar<FONT STYLE="letter-spacing: 1.05pt"> </FONT>change<FONT STYLE="letter-spacing: 1pt">
        </FONT>in the<FONT STYLE="letter-spacing: 1.4pt"> </FONT>Stock<FONT STYLE="letter-spacing: 1pt"> </FONT>of<FONT STYLE="letter-spacing: 0.2pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.35pt"> </FONT>Corporation,<FONT STYLE="letter-spacing: 1.15pt"> </FONT>the<FONT STYLE="letter-spacing: 0.5pt">
        </FONT>number of shares covered<FONT STYLE="letter-spacing: 1.15pt"> </FONT>by<FONT STYLE="letter-spacing: 0.65pt"> </FONT>this
        option and the<FONT STYLE="letter-spacing: 1.15pt"> </FONT>option price per share<FONT STYLE="letter-spacing: 1.1pt"> </FONT>shall
        be<FONT STYLE="letter-spacing: 1.2pt"> </FONT>adjusted appropriately (and rounded down<FONT STYLE="letter-spacing: 0.75pt"> </FONT>to<FONT STYLE="letter-spacing: 0.9pt">
        </FONT>the nearest<FONT STYLE="letter-spacing: 1.45pt"> </FONT>whole number) if required pursuant to<FONT STYLE="letter-spacing: 0.75pt">
        </FONT>the Plan. <FONT STYLE="letter-spacing: 1.4pt"> </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Applicable<FONT STYLE="letter-spacing: 1.15pt"> </FONT>Law</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This<FONT STYLE="letter-spacing: 0.65pt"> </FONT>Agreement<FONT STYLE="letter-spacing: 1.55pt">
        </FONT>will<FONT STYLE="letter-spacing: 0.8pt"> </FONT>be<FONT STYLE="letter-spacing: 1.1pt"> </FONT>interpreted<FONT STYLE="letter-spacing: 2pt">
        </FONT>and<FONT STYLE="letter-spacing: 0.85pt"> </FONT>enforced<FONT STYLE="letter-spacing: 1.15pt"> </FONT>under<FONT STYLE="letter-spacing: 1.5pt">
        </FONT>the<FONT STYLE="letter-spacing: 1.05pt"> </FONT>laws<FONT STYLE="letter-spacing: 0.8pt"> </FONT>of the<FONT STYLE="letter-spacing: 1.6pt">
        </FONT>State<FONT STYLE="letter-spacing: 0.8pt"> </FONT>of<FONT STYLE="letter-spacing: 0.35pt"> </FONT>Maryland,<FONT STYLE="letter-spacing: 2.15pt">
        </FONT>other<FONT STYLE="letter-spacing: 0.85pt"> </FONT>than<FONT STYLE="letter-spacing: 1.85pt"> </FONT>any<FONT STYLE="letter-spacing: 0.7pt">
        </FONT>conflicts<FONT STYLE="letter-spacing: 1.6pt"> </FONT>or<FONT STYLE="letter-spacing: 1.15pt"> </FONT>choice<FONT STYLE="letter-spacing: 1.35pt">
        </FONT>of law<FONT STYLE="letter-spacing: 0.85pt"> </FONT>rule or principle<FONT STYLE="letter-spacing: 1.6pt"> </FONT>that might
        otherwise refer<FONT STYLE="letter-spacing: 1.55pt"> </FONT>construction<FONT STYLE="letter-spacing: 2pt"> </FONT>or<FONT STYLE="letter-spacing: 0.85pt">
        </FONT>interpretation of this<FONT STYLE="letter-spacing: 1.15pt"> </FONT>Agreement to the<FONT STYLE="letter-spacing: 1.5pt">
        </FONT>substantive law of<FONT STYLE="letter-spacing: 0.85pt"> </FONT>another jurisdiction.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.3pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The<FONT STYLE="letter-spacing: -0.1pt"> </FONT>Plan</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The<FONT STYLE="letter-spacing: -0.6pt"> </FONT>text<FONT STYLE="letter-spacing: -0.15pt">
        </FONT>of<FONT STYLE="letter-spacing: -0.95pt"> </FONT>the<FONT STYLE="letter-spacing: -0.75pt"> </FONT>Plan<FONT STYLE="letter-spacing: -0.25pt">
        </FONT>is<FONT STYLE="letter-spacing: -0.75pt"> </FONT>incorporated<FONT STYLE="letter-spacing: 0.45pt"> </FONT>in<FONT STYLE="letter-spacing: -0.8pt">
        </FONT>this<FONT STYLE="letter-spacing: -0.55pt"> </FONT>Agreement<FONT STYLE="letter-spacing: -0.15pt"> </FONT>by<FONT STYLE="letter-spacing: -0.45pt">
        </FONT>reference. Certain<FONT STYLE="letter-spacing: 1.2pt"> </FONT>capitalized<FONT STYLE="letter-spacing: 1.45pt"> </FONT>terms<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>used<FONT STYLE="letter-spacing: 1.4pt"> </FONT>in<FONT STYLE="letter-spacing: 0.4pt"> </FONT>this<FONT STYLE="letter-spacing: 0.7pt">
        </FONT>Agreement are defined in<FONT STYLE="letter-spacing: 0.45pt"> </FONT>the Plan,<FONT STYLE="letter-spacing: 1.4pt"> </FONT>and<FONT STYLE="letter-spacing: 0.45pt">
        </FONT>have the meaning set<FONT STYLE="letter-spacing: 0.8pt"> </FONT>forth in the Plan. This Agreement and the Plan constitute
        the<FONT STYLE="letter-spacing: 1.2pt"> </FONT>entire<FONT STYLE="letter-spacing: 0.8pt"> </FONT>understanding between you and<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.7pt"> </FONT>Corporation regarding<FONT STYLE="letter-spacing: 1.2pt"> </FONT>this option.
        <FONT STYLE="letter-spacing: 1.4pt"> </FONT>Any<FONT STYLE="letter-spacing: 0.4pt"> </FONT>prior agreements, commitments or negotiations
        concerning this<FONT STYLE="letter-spacing: 1.4pt"> </FONT>option are superseded.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consent<FONT STYLE="letter-spacing: -0.85pt"> </FONT>to<FONT STYLE="letter-spacing: -1.2pt"> </FONT>Electronic Delivery</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The<FONT STYLE="letter-spacing: 1pt">
        </FONT>Corporation<FONT STYLE="letter-spacing: 1.65pt"> </FONT>may<FONT STYLE="letter-spacing: 1.2pt"> </FONT>choose<FONT STYLE="letter-spacing: 1.15pt">
        </FONT>to<FONT STYLE="letter-spacing: 1.3pt"> </FONT>deliver<FONT STYLE="letter-spacing: 1.6pt"> </FONT>certain<FONT STYLE="letter-spacing: 1.15pt">
        </FONT>informational materials<FONT STYLE="letter-spacing: 1.4pt"> </FONT>relating<FONT STYLE="letter-spacing: 1pt"> </FONT>to
        the<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Plan<FONT STYLE="letter-spacing: 1.1pt"> </FONT>in<FONT STYLE="letter-spacing: 1.05pt">
        </FONT>electronic<FONT STYLE="letter-spacing: 1.5pt"> </FONT>form. <FONT STYLE="letter-spacing: 1.75pt"> </FONT>By<FONT STYLE="letter-spacing: 0.35pt">
        </FONT>accepting<FONT STYLE="letter-spacing: 1.1pt"> </FONT>this option<FONT STYLE="letter-spacing: 1.5pt"> </FONT>grant
        you<FONT STYLE="letter-spacing: 1.6pt"> </FONT>agree<FONT STYLE="letter-spacing: 0.5pt"> </FONT>that<FONT STYLE="letter-spacing: 1pt">
        </FONT>the<FONT STYLE="letter-spacing: 0.95pt"> </FONT>Corporation<FONT STYLE="letter-spacing: 1.15pt"> </FONT>will deliver
        the<FONT STYLE="letter-spacing: 0.5pt"> </FONT>Plan prospectus and the Corporation's annual<FONT STYLE="letter-spacing: 1.1pt">
        </FONT>report<FONT STYLE="letter-spacing: 1.6pt"> </FONT>to<FONT STYLE="letter-spacing: 1.15pt"> </FONT>you in an electronic
        format through the Corporation&rsquo;s intranet at [<FONT STYLE="background-color: White">website</FONT>]. If at any time
        you would<FONT STYLE="letter-spacing: 0.95pt"> </FONT>prefer<FONT STYLE="letter-spacing: 1.5pt"> </FONT>to<FONT STYLE="letter-spacing: 1pt">
        </FONT>receive paper copies of these<FONT STYLE="letter-spacing: 1.2pt"> </FONT>documents, as<FONT STYLE="letter-spacing: 0.8pt">
        </FONT>you<FONT STYLE="letter-spacing: 1.6pt"> </FONT>are entitled<FONT STYLE="letter-spacing: 1.05pt"> </FONT>to, the
        Corporation would<FONT STYLE="letter-spacing: 1pt"> </FONT>be pleased to<FONT STYLE="letter-spacing: 0.8pt"> </FONT>provide
        copies. <FONT STYLE="letter-spacing: 1.4pt"> </FONT>Please<FONT STYLE="letter-spacing: 1.15pt"> </FONT>contact the General
        Counsel of the Corporation to<FONT STYLE="letter-spacing: 1.4pt"> </FONT>request paper copies<FONT STYLE="letter-spacing: 1.4pt">
        </FONT>of these documents.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate Activity</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Your grant shall be subject to the
terms of any applicable agreement of merger, liquidation or reorganization in the event the Corporation is subject to such corporate
activity.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Data Privacy</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to administer the Plan, the Corporation
        may process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any
        changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information
        and any other information that might be deemed appropriate by the Corporation to facilitate the administration of the Plan.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By accepting this grant, you give explicit
        consent to the Corporation to process any such personal data.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Code Section 409A</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">It is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A.&nbsp;&nbsp;To the extent that the Corporation determines that you would be subject to the additional 20% tax imposed on certain non-qualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax.&nbsp;&nbsp;The nature of any such amendment shall be determined by the Corporation.&nbsp;&nbsp;For purposes of this Award, a termination of Service only occurs upon an event that would be a Separation from Service within the meaning of Code Section 409A.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>By signing the cover sheet of this Agreement,
you agree to all of the terms and conditions described above and in the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
