Document:

Exhibit 10.3 January 31, 2013

Exhibit 10.3

CHANGE IN CONTROL AGREEMENT

AGREEMENT dated as of August 27, 2012, between RAVEN INDUSTRIES, INC., a South Dakota corporation (the “Company”), and STEPHANIE HERSETH SANDLIN (the “Executive”). 

WITNESSETH:

WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that the Executive’s contribution to the growth and success of the Company and its subsidiaries has been or will be substantial.

WHEREAS, the Board has determined that it is appropriate and in the best interests of the Company and its stockholders to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties.

WHEREAS, this Agreement sets forth the severance compensation which the Company agrees it will pay to the Executive if the Executive’s employment with the Company or a Subsidiary of the Company, as defined in Section 5(a), terminates under one of the circumstances described herein following a Change in Control (as defined herein).

NOW THEREFORE, in consideration of the mutual covenants and conditions herein contained and in further consideration of services performed and to be performed by the Executive for the Company, the parties hereto agree as follows:

1.Certain Definitions.  For purposes of this Agreement, the following terms have the meanings indicated:
(a)    Cause. “Cause” shall mean termination of the Executive by the Company for any of the following reasons:
(i)    Executive is terminated from employment for willful misconduct that materially injures or causes a material loss to the Company and a material benefit to Executive or third parties, as for example, by embezzlement, appropriation of corporate opportunity, conversion of tangible or intangible corporate property or the making of agreements with third parties in which Executive or anyone related to or associated with the Executive has a direct or indirect interest; the term “Cause” does not include a termination occasioned by ill-advised good faith judgment or negligence in connection with the Company’s business; or

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Exhibit 10.3

(ii)    The determination by the Company in good faith that Executive has violated paragraph 7 (Confidentiality) or 8 (Non-Competition) of the Employment Agreement for Senior Management. 
(b)    Change in Control.  A “Change in Control” shall mean:
(i)    The acquisition (other than from the Company directly) by any person, entity or “group”, within the meaning of Section 13(d) or 14(d) of the ’34 Act, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the ’34 Act) of 25% or more of the then outstanding shares of the Company’s common stock; or
(ii)    Individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company, under Rule 14a-12(c) of Regulation 14A promulgated under the ’34 Act) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or
(iii)    Approval by the shareholders of the Company of (A) a  reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power of the reorganized, merged or consolidated company's then outstanding voting securities entitled to vote generally in the election of directors of the reorganized, merged or consolidated company, or (B) a liquidation or dissolution of the Company or (C) the sale of all or substantially all of the assets of the Company. If Executive is employed by a Subsidiary, a sale of the assets, stock or business of the Subsidiary will not, in and of itself, be considered a “Change in Control” with respect to Raven Industries, Inc.
(c)    Code.  “Code” shall mean the Internal Revenue Code of 1986, as amended.
(d)    Constructive Termination.
(i)    “Constructive Termination” shall mean:
(a)    a material, adverse change of Executive’s responsibilities, authority, status, position, offices, titles, or duties; provided, that (1) the 

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Exhibit 10.3

fact that the Company is a subsidiary of an acquirer or a division of an acquirer, or (2) a change in Executive’s employment from a Subsidiary to the Company or another Subsidiary shall in either event not, in and of itself, be considered a material change to the Employee’s responsibilities, authority, status, position, offices, titles or duties, and any appropriate change in title related to such events shall not, in and of itself, be considered a material change to the Employee’s responsibilities, authority, status, position, offices, titles or duties;
(b)    an adverse change in Executive’s annual compensation or benefits; 
(c)    a requirement to relocate in excess of fifty (50) miles from Executive’s then current place of employment without Executive’s consent; or 
(d)    the breach by the Company of any material provision of this Agreement or failure to fulfill any other material contractual duties owed to the Executive.
For the purposes of this definition, Executive’s responsibilities, authority, status, position, offices, titles and duties are to be determined as of the date of this Agreement.
(ii)    Notwithstanding the provisions of subsection (i) above, no termination by the Executive will constitute a Constructive Termination unless the Executive shall have provided written notice to the Company within 90 days of an occurrence as described in paragraphs 1.(d)(i)(a) – 1.(d)(i)(d) above.  The notice will describe the Executive’s intention to so terminate this Agreement, which  sets forth in reasonable detail the conduct that the Executive believes to be the basis for the Constructive Termination, and the Company will thereafter have failed to correct such conduct (or commence action to correct such conduct and diligently pursue such correction to completion) within 30 days following the Company’s receipt of such notice.
(e)    Date of Termination.
“Date of Termination” shall mean:

(i)    if the Executive voluntarily terminates employment with the Company, the date on which the Executive delivers a Notice of Termination to the Company; or

(ii)    if the Executive’s employment is terminated by the Company, the date on which the Company delivers a Notice of Termination to the Executive.

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Exhibit 10.3

(f)    Notice of Termination.  A “Notice of Termination” shall mean a written notice which shall indicate those specific termination provisions in this Agreement that are being relied upon.  Any termination by the Company or the Executive shall be communicated by a Notice of Termination.
(g)    ‘34 Act.  “‘34 Act” shall mean the Securities Exchange Act of 1934, as amended.
2.    Term.  This Agreement shall commence on the date first above written and shall continue in effect until January 31, 2013.  Commencing on January 31, 2013, and each January 31 thereafter, the term of this Agreement shall automatically be extended for one additional year to January 31,  and each January 31, thereafter, unless at least sixty days immediately preceding such January 31, the Company shall have given the Executive written notice that the Company does not wish to extend this Agreement; provided that this Agreement shall continue in effect beyond the term provided herein if a Change in Control shall have occurred during such term or if any obligation of the Company hereunder remains unpaid as of such time.

3.    Severance Compensation upon a Change in Control and Termination of Employment.  If (a) a Change in Control of the Company shall have occurred while the Executive is an employee of the Company, and (b) within two (2) years after the date of such Change in Control (i) the Company, except in the case of the Executive’s death, terminates the Executive’s employment without Cause, or (ii) there is a Constructive Termination, then

(a)    the Company shall pay the Executive any earned and accrued but unpaid installment of base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and all other unpaid amounts to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, including, without limitation, all accrued vacation time; such payments to be made in a lump sum on or before the fifth day following the Date of Termination;
(b)    in lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination, the Company shall pay to the Executive an amount equal to the product of (A) the sum of (i) the Executive’s annual base salary in effect as of the Date of Termination and (ii) 60% of the maximum target or goal amount under the Management Incentive Plan for the year in which such Date of Termination occurs and (B) the number 1.0; such payment to be made in a lump sum six months following the Date of Termination;
(c)    the Executive shall, effective on the Date of Termination, be deemed a “Participant” and vested in all respects under the Company’s Senior Executive or Senior Management Retirement Benefits Policy, regardless of whether the Executive otherwise then satisfies the requirements for eligibility under such Policy; provided that the benefits specified under this Subsection 3(c) shall (A) not become payable until when the Executive reaches age 65 unless such benefits are payable at Executive’s age at that time 

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Exhibit 10.3

under the terms of the Policy, and (B) not be provided to the extent such benefits are provided to the Executive by another employer at no cost to the Executive; 
(d)    in the event a Change in Control of the Company shall have occurred while the Executive is an employee of the Company and, within two (2) years after the date of such Change in Control the Executive shall die while still an employee of the Company, the amount specified in Subsection 3(a) shall be paid by the Company to such Executive’s estate, and such deceased Executive’s spouse and eligible dependents shall be entitled to all of the benefits specified in the Company’s Senior Executive or Senior Management Retirement Benefits Policy as if such deceased Executive had delivered a Notice of Termination to the Company immediately prior to such death; 
(e)    the Company’s obligations to provide the payments and benefits in this Section 2 are conditioned on Executive signing a general release of legal claims and covenant not to sue in form and content satisfactory to the Company.

4.    No Obligation to Mitigate Damages; No Effect on Other Contractual Rights.  

(a)    The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as the result of employment by another employer after the Date of Termination.
(b)    The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, including post-retirement benefits or any other rights which would accrue solely as a result of the passage of time, under any benefit plan, employment agreement or other contract, Company policy, plan or arrangement.
5.    Successor to the Company.

(a)    The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 5 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.  If at any time during the term of this Agreement the Executive is employed by any corporation a majority of the voting securities of which is then owned by the Company (a 

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Exhibit 10.3

“Subsidiary”), (1) “Company” as used in this Agreement shall in addition include such Subsidiary, (2) the Company agrees that it shall pay or shall cause such Subsidiary to pay any amounts owed to the Executive pursuant to Section 3 hereof and (3) a transfer of Executive between the Subsidiary and the Company or another Subsidiary shall not be deemed a termination of employment.
(b)    This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  If the Executive should die while any amounts are still payable to the Executive hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate.
6.    Notice.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or when mailed by United States registered mail, return receipt requested, postage prepaid, as follows:

If to the Company:

Raven Industries, Inc.
205 East 6th Street
P.O. Box 5107
Sioux Falls, South Dakota 57117
Attention: President

If to the Executive:

(Address currently on file with the Company)

or such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

7.    Miscellaneous.  No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer of the Company as may be specifically designated by the Board.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provision or conditions at the same or at any prior or subsequent time.  This Agreement shall be governed by and construed in accordance with the laws of the State of South Dakota.

8.    Entire Agreement.  This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings between the parties with respect 

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Exhibit 10.3

to benefits payable upon a change in control, provided, that this Agreement shall not affect or reduce any benefit to which Executive shall be otherwise entitled under the 2010 Stock Incentive Plan, Employment Agreement dated August 27, 2012, or any other plan, agreement or policy of or with the Company. No modification, termination or attempted waiver of this Agreement shall be valid unless in writing and signed by the party against whom the same is sought to be enforced.

9.    Validity.  The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

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

11.    Fees and Expenses.  The Company shall pay all fees and expenses (including attorney’s fees) which the Executive may incur as a result of the Company’s contesting the validity, enforceability or the Executive’s interpretation of, or determinations under, this Agreement, regardless of whether the Company is successful in such contest.

12.    Confidentiality.  The Executive shall retain in confidence any and all confidential information known to the Executive concerning the Company and its business so long as such information is not otherwise publicly disclosed.

13.    Company’s Right to Terminate.  Notwithstanding anything contained in this Agreement to the contrary, the Company may terminate the Executive’s employment at any time, for any reason or no reason, and no provision contained herein shall affect the Company’s ability to terminate the Executive’s employment at any time, with or without cause.  Nothing in this Agreement shall in any way require the Company to provide any of the benefits specified in this Agreement prior to a Change in Control, nor shall this Agreement be construed in any way to establish any policies or other benefits for the Executive or any other employee of the Company whose employment with the Company is terminated prior to a Change in Control.

[Signature Page Follows]

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Exhibit 10.3

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.

ATTEST:                        RAVEN INDUSTRIES, INC.

By /s/ Karen M. Iverson                By /s/ Daniel A. Rykhus                           
Karen M. Iversen                    Daniel A. Rykhus
Finance Administrative Assistant            President & CEO

ATTEST:                        EXECUTIVE:

By/s/ Karen M. Iverson                /s/ Stephanie Herseth Sandlin                  
Karen M. Iversen                    Stephanie Herseth Sandlin
Finance Administrative Assistant

8PAYX10b-18Agreement_Mar2013

EXHIBIT 10.1

STOCK PURCHASE PLAN ENGAGEMENT AGREEMENT BETWEEN PAYCHEX, INC. AND JP MORGAN SECURITIES, LLC, DATED AS OF MARCH 26, 2013

10b-18 REPURCHASE AGREEMENT
(NON-EXCLUSIVE)

                               
March 26, 2013

Paychex, Inc.
911 Panorama Trail South
Rochester, NY  14625

This letter agreement (this “Letter Agreement”) confirms the terms and conditions under which J.P. Morgan Securities LLC (“JPMS”) will act as non-exclusive agent for Paychex, Inc. (the “Purchaser”) in connection with the Purchaser’s program (the “Program”) to repurchase shares of its common stock, par value $0.01 (the “Securities”).

		
	1.
	Appointment of JPMS.  The Purchaser hereby appoints JPMS as its non-exclusive agent to purchase Securities on behalf of the Purchaser in the open market.  It is the Purchaser’s intention that such purchases benefit from the safe harbor provided by Rule 10b-18 (“Rule 10b-18”) promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Accordingly, the Purchaser hereby agrees that it shall not take, nor permit any person or entity under its control to take, any action that could jeopardize the availability of Rule 10b-18 for purchases of Securities under the Program.  JPMS agrees that it shall use good faith efforts to execute all purchases of Securities under this Letter Agreement in accordance with the timing, price and volume restrictions contained in subparagraphs (2), (3) and (4) of paragraph (b) of Rule 10b-18, taking into account the rules and practices of the principal exchange on which the Securities are traded (the “Principal Market”), it being understood that JPMS shall not be responsible for delays between the execution and reporting of a trade in the Securities, any reporting errors of the Principal Market or third party reporting systems or other circumstances beyond JPMS’s control.  It is understood that the Purchaser may rotate its repurchase program; provided, however that the Purchaser agrees to use only one broker-dealer to make purchases of Securities under the Program on any day in accordance with Rule 10b-18(b)(1).

		
	2.
	Term.  JPMS’s appointment as agent under the Program shall continue until terminated in accordance with the provisions of the following sentence.  This Letter Agreement may be terminated by either party with written notice to the other party.  Such written notice may be made by facsimile, as provided in Paragraph 12, or by electronic mail.  Notwithstanding the termination of this Letter Agreement, the Purchaser shall be solely responsible for any purchases made by JPMS as the Purchaser’s agent prior to JPMS’s receipt of such verbal or written notice of termination. In addition, if JPMS receives any such notice, JPMS shall nevertheless be entitled to make, and the Purchaser shall be solely responsible for, a purchase hereunder pursuant to a bid made before such notice was received by JPMS.

		
	3.
	Suspension of Program.  The Purchaser shall promptly notify JPMS of the existence of any circumstances that render it advisable to suspend the Program for any given period of time (including, without limitation, purchases by “affiliated purchasers” (as defined in Rule 10b-18) of the Purchaser, distributions by the Purchaser within the meaning of Regulation M under the Exchange Act or the possession by the Purchaser of material non-public information), and upon receipt of the Purchaser’s direction to suspend the Program, JPMS shall do so.  Such suspension notice shall not include any other information about the nature of the circumstances giving rise to such suspension or its applicability to the Purchaser or otherwise communicate any material nonpublic information about the Purchaser or the Securities to JPMS.  The Purchaser shall be solely responsible for any purchases made by JPMS as the Purchaser’s agent prior to JPMS’s receipt of the Purchaser’s direction to suspend purchases. In addition, if JPMS receives any such notice, JPMS shall nevertheless be entitled to make, and the Purchaser shall be solely responsible for, a purchase hereunder pursuant to a bid made before such notice was received by JPMS.

		
	4.
	Purchases by Affiliates.  The Purchaser will notify JPMS of the intention on the part of any affiliated purchaser of the Purchaser to purchase Securities on any day, including any purchase of a “block” (as defined in Rule 10b-18) pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) under the Exchange Act, if such purchase is to be effected otherwise than through JPMS pursuant to this Letter Agreement. Such notice shall be given prior to 8:00 a.m., New York City time on such day, and upon receipt of such notification JPMS shall refrain from purchasing any Securities hereunder on such day.  The Purchaser shall be solely responsible for any purchases made by JPMS as the Purchaser’s agent prior to JPMS’s receipt of any such notice.  In addition, if JPMS receives any such notice, JPMS shall nevertheless be entitled to make, and the Purchaser shall be solely responsible for, a purchase hereunder pursuant to a bid made before such notice was received by JPMS.

		
	5.
	Purchasing Procedures.  

(a)     Unless otherwise agreed to, the Purchaser will provide JPMS with instructions on a daily basis in respect of the Program regarding the total number of Securities JPMS is authorized to purchase and target amounts of Securities to be acquired during the day succeeding such instruction and the maximum price or the range of prices to be paid therefore.  Except as otherwise provided in this Letter Agreement, JPMS shall determine, in its sole discretion, the timing, amount, prices and manner of purchase of Securities on any day, so long as such purchases are consistent with the instruction provided by the Purchaser for such day.

(b)    In the event that JPMS, in its discretion, determines that it is appropriate with regard to any legal, regulatory or self-regulatory requirements or related internal policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by JPMS) for JPMS to refrain from purchasing Securities or to purchase fewer than the number of Securities otherwise specified in the instructions provided by the Purchaser on any day, then JPMS may, in its sole discretion, elect that the number of Securities purchased shall be reduced for such day to an amount determined by JPMS in its discretion.

		
	6.
	Monitoring Procedures.  On any day on which JPMS purchases Securities hereunder, JPMS shall provide a daily email report confirming purchases of Securities to the Purchaser and to such other persons or agents of the Purchaser as the Purchaser shall designate.  Such report shall include the average price and number of shares purchased for the Purchaser and for affiliated purchasers, and the purchase price for each transaction.  

		
	7.
	Payment for and Delivery of Purchased Securities.  Payment for Securities purchased, together with any applicable fees, shall be made by the Purchaser within one standard settlement cycle after the purchase.  Purchased Securities will be held or delivered in accordance with instructions to be furnished by the Purchaser.

		
	8.
	Compensation.  For the services provided in this Letter Agreement, the Purchaser agrees to pay to JPMS a fee of $0.02 per share for the Securities purchased pursuant to the terms of this Letter Agreement.

		
	9.
	Representations, Warranties and Agreements.  The Purchaser represents and warrants to, and agrees with, JPMS as follows: 

(a)     This Letter Agreement and the transactions contemplated herein have been duly authorized by the Purchaser; this Letter Agreement is the valid and binding agreement of the Purchaser, enforceable in accordance with its terms; performance of the transactions contemplated herein will not violate any law, rule, regulation, order, judgment or decree applicable to the Purchaser or conflict with or result in a breach of or constitute a default under any agreement or instrument to which the Purchaser is a party or by which it or any of its property is bound or its certificate of incorporation or by-laws; and no governmental, administrative or official consent, approval, authorization, notice or filing is required for performance of the transactions contemplated herein.

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(b)    At any time during the term of this Letter Agreement that JPMS has been instructed to purchase Securities in connection with the Program, the Purchaser is not aware of any material nonpublic information regarding the Purchaser or the Securities.  In the event that the Purchaser affirmatively instructs JPMS not to purchase Securities on any day or for any period, the Purchaser agrees that it shall not communicate to JPMS the reason for such instruction.
(c)    The Purchaser is not entering into this Letter Agreement to create actual or apparent trading activity in the Securities (or any security convertible into or exchangeable for the Securities) or to raise or depress the price of the Securities (or any security convertible into or exchangeable for the Securities) for the purpose of inducing others to buy or sell Securities, and will not engage in any other securities or derivative transaction to such ends.

(d)    The Purchaser acknowledges that JPMS is a “financial institution” and “financial participant” within the meaning of Sections 101(22) and 101(22A), respectively, of Title 11 of the United States Code (the “Bankruptcy Code”).  The parties hereto further agree and acknowledge that each transaction under this Letter Agreement is intended to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and each payment or delivery of cash, Securities or other property or assets hereunder is a “settlement payment” within the meaning of Section 741(8) of the Bankruptcy Code, and the parties hereto are to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555 and 561 of the Bankruptcy Code.

(e)    Prior to 8:00 a.m., New York City time on each day on which JPMS is instructed to purchase Securities pursuant to this Letter Agreement, the Purchaser will provide to JPMS, in addition to the instructions described in Section 5(a), all information, other than publicly reported trading volumes, necessary for JPMS to calculate the maximum number of Securities that may be purchased on such day in accordance with the volume condition set forth in Rule 10b-18 including without limitation any block purchases by or on behalf of the Purchaser or any affiliated purchaser of the Purchaser, and JPMS shall be entitled to rely on such information so provided.

(f)    Without limiting the generality of Section 3 of this Letter Agreement, the Purchaser shall notify JPMS in writing at least five business days prior to engaging in any transaction that would cause the Securities (or any securities convertible into, exchangeable for or linked in value to the Securities) to be subject to a "restricted period" under, and as defined in, Regulation M under the Exchange Act. 
    
		
	10.
	Disclosure of Acquisition Program.  The Purchaser represents and warrants that it has publicly disclosed its intention to institute a program for the acquisition of the Securities.  

		
	11. 
	Other Purchases by JPMS. Nothing herein shall preclude the purchase by JPMS of Securities for JPMS’s own account, or the solicitation or execution of purchase or sale orders of Securities for the account of JPMS’s clients.  

		
	12.
	Notices.  Any written communication shall be sent to the address specified below and shall become effective upon receipt:  

(a)    if to JPMS, to it at

J.P. Morgan Securities LLC
383 Madison Avenue, 5th Floor
New York, NY 10179
Attention: Jim Smith
Telephone: (212) 622-2922 Fax: (212) 622-6002
        
or at such other address as may from time to time be designated by notice to the Purchaser in writing; and

(b)    if to the Purchaser, to it at

3

                
Paychex, Inc.
911 Panorama Trail South
Rochester, NY  14625        
Attn: Chief Legal Officer            
Telephone: (585) 383-3788   Fax: (585) 383-3441  

or at such other address as may from time to time be designated by notice to JPMS in writing.

		
	13.
	Governing Law.  This Letter Agreement and any claim relating hereto shall be governed by and construed in accordance with the law of the State of New York. The parties hereto irrevocably submit to the non-exclusive jurisdiction of the Federal and state courts located in the Borough of Manhattan, in the City of New York in any suit or proceeding arising out of or relating to this Engagement Letter or the transactions contemplated hereby. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

4

If the foregoing correctly sets forth our agreement, please sign the form of acceptance below.

J.P. MORGAN SECURITIES LLC

By:    /s/ Jemil Salih            
   Name: Jemil Salih
   Title: Executive Director

Agreed to and accepted as of:

PAYCHEX, INC.

By:  /s/ Efrain Rivera            
    Name:  Efrain Rivera
    Title:  SVP, CFO and Treasurer

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