Document:

Exhibit

PAREXEL INTERNATIONAL CORPORATION 
Restricted Stock Unit Agreement
PAREXEL International Corporation (the “Company”) hereby grants the following restricted stock units pursuant to its 2015 Stock Incentive Plan. The terms and conditions attached hereto are also a part hereof.
Notice of Grant
	
		
	Name of recipient (the “Participant”):
	«Name»

	Grant Date:
	«the Grant Date»

	Number of Restricted Stock Units (“RSUs”) granted:
	«Number of Awards Granted»

	Number, if any, of RSUs that vest immediately on the grant date:
	None.

	RSUs that are subject to vesting schedule:
	«Number of Awards Granted»

	Vesting Start Date:
	«the Grant Date»

Vesting Schedule:
	
		
	Vesting Date
	Number of Shares that Vest

	First Anniversary of Grant Date (“First Vesting Date”)
	33.333% of the RSUs (rounded in accordance with rounding conventions employed by the Plan administrator/custodian)

	Second Anniversary of Grant Date
	An additional 33.333% of the RSUs (rounded in accordance with rounding conventions employed by the Plan administrator/custodian)

	Third Anniversary of Grant Date
	All remaining unvested RSUs

	Except as provided herein, all vesting is dependent on the achievement of the performance condition set forth in Section 2(a) hereof and the Participant remaining an Eligible Participant on each applicable Vesting Date.

This grant of RSUs satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.
	
		
	Accepted and Agreed:
	PAREXEL INTERNATIONAL CORPORATION

	____________________________________ Signature of Participant
	

	____________________________________ Street Address
	By:
Josef H. von Rickenbach
Chairman and CEO

	____________________________________ City/State/Zip Code

PAREXEL INTERNATIONAL CORPORATION
Restricted Stock Unit Agreement
Incorporated Terms and Conditions
For valuable consideration, receipt of which is acknowledged, the Company and the Participant agree as follows: 
1.Grant of RSUs. In consideration of services rendered and to be rendered to the Company, by the Participant, the Company has granted to the Participant, subject to the terms and conditions set forth in this Restricted Stock Unit Agreement (this “Agreement”) and in the Company’s 2015 Stock Incentive Plan (the “Plan”), an award with respect to the number of restricted shares units (the “RSUs”) set forth in the Notice of Grant that forms part of this Agreement (the “Notice of Grant”). Each RSU represents the right to receive one share of common stock, $0.01 par value per share, of the Company (the “Common Stock”) upon vesting of the RSU, subject to the terms and conditions set forth herein
2.Vesting and Forfeiture. 
(a)The RSUs shall vest in accordance with the vesting schedule set forth in the Notice of Grant (the “Vesting Schedule” and each vesting date in the Vesting Schedule, a “Vesting Date”) if the Company had positive adjusted earnings in the fiscal year in which the RSUs were granted (the “Earnings Performance Goal”). For purposes of this Section 2, adjusted earnings shall mean the Company’s net income determined in accordance with U.S. non-Generally Accepted Accounting Principles, which shall be net income as set forth in the Company’s financial statements filed with the Securities and Exchange Commission, but taking into account (i) extraordinary items and any other unusual or non-recurring items, (ii) discontinued operations, (iii) gains or losses on the dispositions of discontinued operations, (iv) the cumulative effects of changes in tax or accounting principles, (v) the write down of any asset, (vi) charges for restructuring and rationalization programs, (vii) other non-cash charges or items, (viii) gains or losses related to financing activities, (ix) the effect of acquisitions, or (x) gains or losses as a result of foreign currency conversions or fluctuations in foreign currency exchange rates. The Compensation Committee shall certify within 90 days following the completion of the fiscal year, but in all events, before the First Vesting Date, that the Earnings Performance Goal has been achieved. Except as provided in Section 2(c) hereof, if the Earnings Performance Goal is not achieved and certified in accordance with this Section 2(a), the RSUs will immediately and automatically terminate as of the First Vesting Date. 
(b)Absent any contrary provision in the Plan, if the Participant ceases to be an Eligible Participant for any reason or no reason (other than as described in Section 2(c) below or as provided in Section 2(d) below), the Participant will immediately and automatically forfeit all rights to any of the Participant’s RSUs that have a Vesting Date after the date Participant ceases to be an Eligible Participant. The Participant shall be an “Eligible Participant” if he or she is an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants or advisors of which are eligible to receive awards of RSUs under the Plan.
(c)The Vesting Date for all unvested RSUs will be accelerated, if applicable, to the earliest of: 
(i)The Participant’s death; 
(ii)The Participant’s “Disability” (within the meaning of Treasury Regulation Section 1.409A-3(g)(4) or any successor regulation); and
(iii)To the extent provided in any other agreement between Participant and the Company (for example, employment agreements, severance agreements, or change in control agreements), upon Participant’s ceasing to be an Eligible Participant in connection with a change in control of the Company. 

For the avoidance of doubt, if Participant ceases to be employed for any reason or no reason (other than as described in paragraphs (i) through (iii) above or (d) below) prior to any Vesting Date, Participant will immediately and automatically forfeit all rights to any of Participant’s then-unvested RSUs.
(d)To the extent any other agreement between Participant and the Company would require that the Vesting Date for any then-unvested RSUs be accelerated to the date upon which Participant ceases to be an Eligible Participant as a result of a termination (other than due to death or Disability) unrelated to a change in control, the then-unvested RSUs shall accelerate pursuant to the terms of such agreement except that if Participant’s ceasing to be an Eligible Participant occurs prior to the certification by the Compensation Committee that the Earnings Performance Goal has been achieved, Participant’s RSUs shall remain outstanding and the Vesting Date for any then-unvested RSUs which would otherwise have been accelerated pursuant to the terms of such agreement shall be accelerated to the date on which the achievement of the Earnings Performance Goal is actually certified by the Compensation Committee. If the Compensation Committee determines that the Earnings Performance Goal has not been achieved, the Participant shall immediately and automatically forfeit all rights to any of Participant’s then unvested-RSUs. 
3.Issuance of Shares. Subject to the terms and conditions of this Agreement (including any Withholding Tax obligations), as soon as practicable after a Vesting Date, the Company shall deliver to the Participant, for each RSU that becomes vested, one share of Common Stock (together, the “Shares”). The Company must, in any event, issue the applicable Shares no later than the later of (i) December 31 of the calendar year in which an applicable Vesting Date occurs and (ii) the fifteenth day of the third calendar month following the Vesting Date. Subject to the previous sentence and the other terms of this Agreement and the Plan, the delivery date shall be in the sole and absolute discretion of the Company. Notwithstanding the foregoing, and solely to the extent necessary to avoid the penalty provisions under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), if the Vesting Date occurs because of the Participant’s termination of employment and if the Company determines that the Participant is a “specified employee” as defined under Section 409A, then the distribution of newly vested Shares shall be delayed until the earlier of (i) the date that is six months plus one day after the date of termination and (ii) the 10th day after the Participant’s date of death. Until the Vesting Date, the Participant will have no rights to any Shares or any rights associated with such Shares, including without limitation dividend or voting rights. 
4.Acceleration; Deferral.
(a)Acceleration. Subject to Sections 2(c) and (d), in no event may the Company deliver the Shares to the Participant earlier than an applicable Vesting Date, except as the Plan may otherwise provide; provided, however, that in no case shall the delivery of Shares be accelerated to a date earlier than the applicable Vesting Date unless such acceleration is permitted or required by Section 409A. Deferral. In no event may the Company or the Participant defer the delivery of the Shares beyond the date specified in Section 3 of this Agreement, unless such deferral is permitted or required by Section 409A. 
5.Transferability. The RSUs and shares they represent may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of (whether by operation of law or otherwise) (collectively, a “transfer”), except that this Agreement may be transferred by the laws of descent and distribution or as otherwise permitted under the Plan. The Participant may only transfer the Shares that may be issued pursuant to this Agreement following a Vesting Date that covers them. 
6.Tax Matters. 
(a)The Participant acknowledges that the Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the actions contemplated by this Agreement. The Participant affirms that the Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

(b)The Company’s obligation to deliver Shares to the Participant upon or after the vesting of the RSUs shall be subject to the Participant’s satisfaction of all income tax (including federal, state and local taxes), social insurance, payroll tax, payment on account or other tax related withholding requirements (“Withholding Taxes”). 
(c)The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any Withholding Taxes to be withheld with respect to the actions contemplated by this Agreement.
(d)The Participant hereby authorizes the Company to reduce the number of Shares delivered to Participant in accordance with Section 3 hereof following the applicable Vesting Date by the number of Shares (based on the fair market value of shares of Common Stock at such time) as is sufficient to satisfy the Company’s minimum statutory withholding requirements with respect to the income recognized by the Participant upon the vesting of such Shares (based on minimum statutory withholding rates for all tax purposes, including payroll and social security taxes, that are applicable to such income).  For purposes of this Section 6(d), “fair market value” shall mean the closing price per share of Common Stock on the NASDAQ stock market on the last trading day prior to the applicable Vesting Date. Participant’s acknowledgement and acceptance of these tax withholding provisions are conditions precedent to the right of Participant to receive the Shares under the Plan and this Agreement.
(e)In lieu of the reduction of Shares delivered to satisfy the Company’s withholding obligations as described in paragraph (d) above, Participant may either (i) pay to the Company the amount of tax required to be withheld in cash, by check or in another form satisfactory to the Company (“Cash Payment”) or (ii) at such time as the Participant is not aware of any material nonpublic information about the Company or the Common Stock, and the Participant is not subject to any restrictions on trading activities on the Common Stock imposed by the Company, the Participant may execute the instructions set forth in Annex A attached hereto (the “Automatic Sale Instructions”) as the means of satisfying such tax obligation.  Any election to make a Cash Payment must be communicated to the Company no later than seven days prior to the date the restrictions lapse, and any Cash Payment must be made by the Vesting Date or such later date as is established by the Company (not to exceed 15 days after the Vesting Date on which the restrictions lapse). Any Automatic Sale Instructions must be made not later than one month prior to a Vesting Date, and in the event the Participant subsequently cancels any Automatic Sale Instructions, he or she may not enter into any further Automatic Sale Instructions with regard to the Shares.
7.Securities Laws. Notwithstanding any other provision of the Plan or this Agreement, the Company will not be required to issue, and the Participant may not sell, assign, transfer or otherwise dispose of, any shares of Common Stock received as payment of the RSUs, unless (a) there is in effect with respect to the shares of Common Stock received as payment of the RSUs a registration statement under the Securities Act of 1933, as amended, and any applicable state or foreign securities laws or an exemption from such registration, and (b) there has been obtained any other consent, approval or permit from any other regulatory body that the Compensation Committee (the “Committee”) of the Company’s Board of Directors, in its sole discretion, deems necessary or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing Common Stock received as payment of the RSUs, as may be deemed necessary or advisable by the Company to comply with such securities law or other restrictions. 
8.Provisions of the Plan. This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. Any capitalized terms used in this Agreement but not defined in this Agreement shall have the same meaning as in the Plan.

9.Execution of Restrictive Covenant Agreement. If the Participant was requested by the Company to execute an agreement regarding confidentiality, non-disclosure, non-solicitation, assignments of inventions and intellectual property rights, and, if applicable, non-competition (the “Restrictive Covenant Agreement”) in connection with the above referenced award, Participant acknowledges and agrees that in consideration for such award, he/she has delivered to the Company an executed copy of such Restricted Covenant Agreement. The Participant acknowledges that he/she would not be entitled to receive the award referenced herein but for the Participant’s execution of such Restrictive Covenant Agreement prior to signing this Agreement.
10.Miscellaneous. 
(a)Section 409A. This Agreement is intended to be exempt from or to comply with the requirements of Section 409A and shall be construed consistently therewith. In any event, the Company makes no representations or warranty and will have no liability to the Participant or any other person, other than with respect to payments made by the Company in violation of the provisions of this Agreement, if any provisions of or payments under this Agreement are determined to constitute deferred compensation subject to Section 409A but not to satisfy the conditions of that section. 
(b)Unsecured Creditor. This Agreement shall create a contractual obligation on the part of Company to make payment of the RSUs credited to the Participant’s account at the time provided for in this Agreement. Neither the Participant nor any other party claiming an interest in the RSUs or related stock hereunder shall have any interest whatsoever in any specific assets of the Company. The Participant’s right to receive payments hereunder shall be that of an unsecured general creditor of Company.
(c)Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
(d)Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company or the Committee. 
(e)Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and its and the Participant’s respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 5 of this Agreement. 
(f)Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five calendar days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at, for the Company, its primary business address (attention Director of Human Resources) and, for the Participant, at the Participant’s home address as reflected in the records of the Company, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10(f). 
(g)Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. The provisions of this Agreement, including the vesting and performance requirements herein, amend and/or supersede, as the case may be, any other agreement between Participant and the Company regarding this Award.
(h)Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the Commonwealth of Massachusetts without regard to any applicable conflicts of laws. 
(i)Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan or awards granted under the Plan by electronic means or to request the Participant’s consent to participate in the Plan by electronic means. 

The Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 
(j)Acknowledgments. The Participant acknowledges that the Participant: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; (v) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr LLP is acting as counsel to the Company in connection with the actions contemplated by this Agreement, and is not acting as counsel for the Participant; and (vi) in accepting this award, agrees to be bound by any clawback policy that the Company may adopt in the future. 

Annex A
Automatic Sale Instructions
The undersigned hereby consents and agrees that any taxes due on a vesting date as a result of the vesting of RSUs on such date shall be paid through an automatic sale of shares as follows:
(a)    Upon any vesting of RSUs pursuant to Section 2 hereof, the Company shall sell, or arrange for the sale of, such number of shares of Common Stock issuable with respect to the RSUs that vest pursuant to Section 2 as is sufficient to generate net proceeds sufficient to satisfy the Company’s minimum statutory withholding obligations with respect to the income recognized by the Participant upon the vesting of the RSUs (based on minimum statutory withholding rates for all tax purposes, including payroll and social security taxes, that are applicable to such income), and the Company shall retain such net proceeds in satisfaction of such tax withholding obligations.

(b)    The Participant hereby appoints the Chief Financial Officer of the Company his attorney in fact to sell the Participant’s shares of Common Stock in accordance with this Annex A. The Participant agrees to execute and deliver such documents, instruments and certificates as may reasonably be required in connection with the sale of the Shares pursuant to this Annex A.

(c)    The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock. The Participant and the Company have structured this Agreement, including this Annex A, to qualify for the affirmative defense to liability under Section 10(b) of the Securities Exchange Act of 1934 under Rule 10b5-1(c) promulgated under such Act.

The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.

These instructions apply to the RSUs that vest on (check all that apply):

□    All Vesting Dates
□    First anniversary of the Grant Date
□    Second anniversary of the Grant Date
□    Third anniversary of the Grant Date

____________________________________

Participant Name:_____________________
Date: __________________________Exhibit

PAREXEL INTERNATIONAL CORPORATION 
NON-QUALIFIED Stock OPTION AGREEMENT

PAREXEL International Corporation (the “Company”) hereby grants the following stock option pursuant to its 2015 Stock Incentive Plan.  The terms and conditions attached hereto are also a part hereof.
Notice of Grant
	
		
	Name of optionee (the “Participant”):
	«Name»

	Grant Date:
	«the Grant Date»

	Number of shares of the Company’s Common Stock subject to this option (“Shares”):
	«Shares»

	Option exercise price per Share:
	«Exercise Price»

	Number, if any, of Shares that vest immediately on the grant date:
	None.

	Shares that are subject to vesting schedule:
	«Shares»

	Vesting Start Date:
	«1 year from Grant Date»

	Final Exercise Date:
	«8 years from Grant Date»

Vesting Schedule:

	
		
	Vesting Date
	Number of Shares that Vest

	First Anniversary of Grant Date
	25% of the Shares

	Second Anniversary of Grant Date
	An additional 25% of the Shares

	Third Anniversary of Grant Date
	An additional 25% of the Shares

	Fourth Anniversary of Grant Date
	An additional 25% of the Shares

	All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein.

This option satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.
	
		
	Accepted and Agreed:
	PAREXEL INTERNATIONAL CORPORATION

	____________________________________ Signature of Participant
	

	____________________________________ Street Address
	By:
Josef H. von Rickenbach
Chairman and CEO

	____________________________________ City/State/Zip Code

PAREXEL INTERNATIONAL CORPORATION 

Non-Qualified Stock Option Agreement 
Incorporated Terms and Conditions

1.    Grant of Option. 

This agreement evidences the grant by the Company, on the grant date (the “Grant Date”) set forth in the Notice of Grant that forms part of this agreement (the “Notice of Grant”), to the Participant of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2015 Stock Incentive Plan (the “Plan”), the number of Shares set forth in the Notice of Grant of common stock, $0.01 par value per share, of the Company (“Common Stock”), at the exercise price per Share set forth in the Notice of Grant. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the “Final Exercise Date”).

It is intended that the option evidenced by this Agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 

2.    Vesting of Option if Business Relationship Continues.

If the Participant has continued to serve the Company in the capacity of an employee, officer, director, consultant or advisor (such service is described herein as maintaining or being involved in a “Business Relationship” with the Company) on the dates set forth in the vesting schedule (the “Vesting Schedule”) in the Notice of Grant, subject to Section 3, the Participant may exercise this option for the number of shares of Common Stock in accordance with the Vesting Schedule.

The foregoing rights are cumulative and, while the Participant continues to maintain a Business Relationship with the Company may be exercised on or before the Final Exercise Date. All of the foregoing rights are subject to Section 3, as appropriate, if the Participant ceases to maintain a Business Relationship with the Company or retires, dies, becomes disabled or undergoes dissolution while involved in a Business Relationship with the Company.

3.     Exercise of Option

(a)Form of Exercise.  Each election to exercise this option shall be in writing, signed by the Participant, and received by the Company at its principal office, accompanied by this Agreement, and payment in full in the manner provided in the Plan, including pursuant to Section 5(f)(3) of the Plan. Such election shall state the number of Shares for which it is being exercised and the amount of the purchase price for such Shares. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share.  For purposes of this Section 3(a), in the event payment is made pursuant to Section 5(f)(3) of the Plan, “fair market value” shall mean the closing price per share of Common Stock on the NASDAQ stock market on the last trading day prior to the applicable exercise date.  

(b)Continuous Relationship with the Company Required.  Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has at all times since the Grant Date maintained or been involved in a Business Relationship with the Company (an “Eligible Participant”). For purposes of this Section 3, employment of any Participant shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such Participant’s right to reemployment is guaranteed by statute. A bona fide leave of absence with the written approval of the Board of Directors of the Company, or a Committee of such Board, if applicable, shall not be considered an interruption of employment under this Section 3, provided that such written approval contractually obligates the Company to continue the employment of the Participant after the approved period of absence. Options granted under the Plan shall not be affected by any change of employment within or among the Company, so long as the Participant continues to maintain or be involved in a Business Relationship with the Company.

(c)Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d), (e) and (f) below, the right to exercise this option shall terminate sixty (60) days after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

(d)Exercise Period Upon Death or Disability. If the Participant dies or becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one hundred eighty (180) days following the date of death or disability of the Participant (but in no event after the Final Exercise Date), by the Participant (or, in the case of death, by an authorized executor, personal representative or beneficiary), and any unexercisable installments of any stock options of the Company held by the Participant on the Participant’s last date of employment with the Company that have not expired, shall become exercisable on such last date of employment and shall remain exercisable for the period set forth herein, provided that this option shall not be exercisable after the Final Exercise Date. 

(e)Discharge for Cause. If the Participant is discharged by the Company for “cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. If the Participant is subject to an individual employment or severance agreement with the Company or eligible to participate in a Company severance plan or arrangement, in any case which agreement, plan or arrangement contains a definition of “cause” for termination of employment, “Cause” shall have the meaning ascribed to such term in such agreement, plan or arrangement.  Otherwise, “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. 

The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that discharge for cause was warranted.

(f)Exercise Period Upon Retirement. If the Participant ceases to be an Eligible Participant by reason of his or her Retirement from the Company, this Option shall be exercisable for a period of one hundred eighty (180) days following the date of Retirement of the Participant, by the Participant, provided that this option shall be exercisable only to the extent that it was exercisable by the Participant on the date of his or her Retirement and further provided that this Option shall not, in any case, be exercisable after the Final Exercise Date. For purposes of this Agreement, “Retirement” shall mean the voluntary termination by the Participant of his or her Business Relationship with the Company after completion of five (5) or more consecutive years of service with the Company and after reaching “normal retirement age” as such term is commonly understood in the jurisdiction of the Participant’s residence. 

(g)Dissolution. If the Participant is a corporation, partnership, trust or other entity that is dissolved, is liquidated, becomes insolvent or enters into a merger or acquisition with respect to which the Participant is not the surviving entity, at a time when the Participant is involved in a Business Relationship with the Company, this option shall immediately terminate as of the date of such event, and the only rights hereunder shall be those as to which this option was properly exercised before such dissolution or other event.

4.  Withholding. 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

5. Nontransferability of Option; Clawback. 

(a)This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

(b)In accepting this option, the Participant agrees to be bound by any clawback policy that the Company may adopt in the future.

6. Execution of Restrictive Covenant Agreement.  If the Participant was requested by the Company to execute an agreement regarding confidentiality, non-disclosure, non-solicitation, assignments of inventions and intellectual property rights, and, if applicable, non-competition (the “Restrictive Covenant Agreement”) in connection with the above referenced grant, Participant acknowledges and agrees that in consideration for such grant, he/she has delivered to the Company an executed copy of such Restricted Covenant Agreement.  The Participant acknowledges that he/she would not be entitled to receive the grant referenced herein but for the Participant’s execution of such Restrictive Covenant Agreement prior to signing this Agreement. 

7. Capital Changes and Business Successions. 

The Plan contains provisions covering the treatment of options in a number of contingencies such as stock splits and mergers. 

Provisions in the Plan for adjustment with respect to stock subject to options and related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.

8. Miscellaneous.

(a)Notices. All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered mail, postage prepaid, return receipt requested, to the address set forth below. The addresses for such notices may be changed from time to time by written notice given in the manner provided for herein. 

(b)Entire Agreement; Modification.  This Agreement constitutes the entire agreement between the parties relative to the subject matter hereof, and supersedes all proposals, written or oral, and all other communications between the parties relating to the subject matter of this Agreement. This Agreement may be modified, amended or rescinded only by a written agreement executed by both parties. 

(c)Severability. The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision.

(d)No Guarantee of Employment.  Nothing in this Agreement shall be construed or interpreted to provide the Participant with any guarantee of employment with the Company for any defined period of time or any continued employment with the Company. Nothing in this Agreement shall alter or modify the employment status of the Participant.

9.  Provisions of the Plan. 

This option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this option. 

NOTICE OF STOCK OPTION EXERCISE 

Date:                      
PAREXEL International Corporation 
200 West Street 
Waltham, MA 02451 
Attention: Senior Director of Investor Relations 
Dear Sir or Madam: 
I am the holder of              Stock Option granted to me under the PAREXEL International Corporation (the “Company”) 2015 Stock Incentive Plan on              for the purchase of              shares of Common Stock of the Company at a purchase price of $             per share. 
I hereby exercise my option to purchase              shares of Common Stock (the “Shares”), for which I have enclosed              in the amount of             . Please register my stock certificate as follows: 
 
	
					
	 
	 
	 
	 
	 

	Name(s):
	 
	 
	  
	 

	 
	 
	 

	 
	 
	 
	  
	 

	 
	 
	 

	Address:
	 
	 
	  
	 

	 
	 
	 

	Tax I.D. #:
	 
	 
	  
	 

 
	
	
	 

	Very truly yours,

	 

	 

	(Signature)

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