Document:

EX-10(j)

 

EXHIBIT 10(j)

PAYCHEX, INC.

2002 STOCK INCENTIVE PLAN

(as amended and restated effective October 12, 2005)

2007
MASTER RESTRICTED STOCK UNIT AWARD AGREEMENT

     1. Grant of Restricted Stock Units. This 2007 Master Restricted Stock Unit Award
Agreement (this “Award Agreement”) sets forth the terms and conditions of the Restricted Stock
Units (the “Award”) granted to you by the Governance and
Compensation Committee (the “Committee”)
of the Board of Directors of Paychex, Inc. (the “Company”) under the Company’s 2002 Stock Incentive
Plan, as amended and restated effective October 12, 2005 (the “Plan”), as described on your Award
Notice. The Award is subject to all of the provisions of the Plan, which is hereby incorporated by
reference and made a part of this Award Agreement. The capitalized terms used in this Award
Agreement are defined in the Plan.

     2. Restriction and Vesting. Subject to the terms set forth in this Award Agreement
and the Plan, and provided that you are still an employee of the Company at that time, 20 percent
of the Shares, as set forth on your Award Notice, represented by the Award will vest on each of the
first, second, third, fourth and fifth anniversaries of the date of grant, July 17, 2007, (each, a
“Vesting Date”). If your employment terminates before a Vesting Date, including, but not limited
to, Retirement, then the unvested portion of the Award shall be forfeited and cancelled
immediately. If your employment terminates due to death or Disability, your Award shall
immediately become 100% vested.

     3. Nature of Units. The Units represent book-keeping entries only, and constitute the
Company’s unfunded and unsecured promise to issue shares of Common Stock to you on a future date.
As a holder of Units, you have no rights other than the rights of a general creditor of the
Company.

     4. Issuance of Shares. The Company shall, provided that the conditions to vesting
specified in Section 2 of this Award Agreement are satisfied, issue a certificate or certificates
for Shares representing the vested portion of the Award as promptly as practicable following each
Vesting Date.

     5. Rights as a Stockholder. Prior to the Vesting Date, you will not have any of the
rights of a stockholder with respect to the Shares to be issued on vesting of the Units, including,
but not limited to, the right to receive such cash dividends, if any, as may be declared on such
shares from time to time and the right to vote (in person or by proxy) such shares at any meeting
of stockholders of the Company.

     6. Restrictions on Transfer of Shares. Units awarded under the Plan, may not, except
as otherwise provided in the Plan, be sold, assigned, transferred, pledged or encumbered in any way
prior to the Vesting Date or the date the Shares are issued, whichever is later, whether by
operation of law or otherwise, except by will or the laws of descent and distribution. After
the Vesting Date, the Shares may be issued during your lifetime only to you, or after your
death

 

 

to your designated beneficiary, or, in the absence of such beneficiary, to your duly
qualified personal representative.

     7. Restrictions on Issuance of Shares. If at any time the Company determines that
listing, registration or qualification of the Shares covered by the Award upon any securities
exchange or under any state or federal law, or the approval of any governmental agency, is
necessary or advisable as a condition to the Award or the issuance of certificate(s) for Shares
hereunder, such Award or issuance may not be made in whole or in part unless and until such
listing, registration, qualification or approval shall have been effected or obtained free of any
conditions not acceptable to the Company.

     8. Withholding. The vesting of the Award is conditioned upon your making arrangements
satisfactory to the Company for the payment to the Company of the amount of all taxes required by
any governmental authority to be withheld and paid over by the Company or any Affiliate to the
governmental authority on account of such vesting. The payment of such withholding taxes to the
Company may be made (i) by you in cash or by check, (ii) subject to the consent of the Company and
in accordance with any guidelines established by the Committee, by the Company retaining the number
of the Shares that would otherwise be delivered to you upon vesting that have an aggregate Fair
Market Value (at the time retained by the Company) equal to the amount of withholding taxes (using
your minimum required tax withholding rate or such other rate that the Company determines will not
trigger a negative accounting impact to the Company) required to be paid, or (iii) by the Company
or any Affiliate withholding such taxes from any other compensation owed to you by the Company or
any Affiliate. Unless you make arrangements prior to vesting to pay withholdings taxes in cash or
by check, or to have such withholding taxes withheld from other compensation owed to you by the
Company or any Affiliate, then at the time of vesting, the Company shall have the right to retain
the number of the Shares that would otherwise be delivered to you upon vesting that have an
aggregate Fair Market Value (at the time retained by the Company) equal to the amount of
withholding taxes (using your minimum required tax withholding rate or such other rate that the
Company determines will not trigger a negative accounting impact to the Company) required to be
paid.

     9. Limitation of Rights. Neither the Plan, the granting of the Award, the Award
Notice nor this Award Agreement gives you any right to remain in the employment of the Company or
any Affiliate.

     10. Rights of Company and Affiliates. This Award Agreement does not affect the right
of the Company or any Affiliate to take any corporate action whatsoever, including without
limitation its right to recapitalize, reorganize or make other changes in its capital structure or
business, merge or consolidate, issue bonds, notes, Shares or other securities, including preferred
stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or
business.

     11. Plan Controls. In the event of any conflict among the provisions of the Plan and
this Award Agreement, the provisions of the Plan will be controlling and determinative.

     12. Amendment. Except as otherwise provided by the Plan, the Company may only alter,
amend or terminate the Award with your consent.

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     13. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the State of New York, except as superseded by applicable federal law,
without giving effect to its conflicts of law provisions.

* * * * *

3EX-10(m)

 

EXHIBIT 10(m)

PAYCHEX, INC.

2002 STOCK INCENTIVE PLAN

(as amended and restated effective October 12, 2005)

2008 MASTER RESTRICTED STOCK AWARD AGREEMENT

     1. Grant of Restricted Stock. This 2008 Master Restricted Stock Award Agreement
(this “Award Agreement”) sets forth the terms and conditions of the Restricted Stock (the “Award”)
granted to you by the Governance and Compensation Committee (the “Committee”) of the Board of
Directors of Paychex, Inc. (the “Company”) under the Company’s 2002 Stock Incentive Plan, as
amended and restated effective October 12, 2005 (the “Plan”), as described on your Award Notice.
The Award is subject to all of the provisions of the Plan, which is hereby incorporated by
reference and made a part of this Award Agreement. The capitalized terms used in this Award
Agreement are defined in the Plan.

     2. Restriction and Vesting.

          (a) Subject to the terms set forth in this Award Agreement and the Plan, provided you are
still a member of the Board of Directors of the Company, the total number of Shares, as set forth
on your Award Notice, represented by the Award shall vest on the third anniversary of the date of
grant, July 17, 2007, (a “Vesting Date”). The Committee shall have discretion to accelerate
vesting in whole or in part for events including but not limited to Retirement from Board service.
For purposes of this Agreement, “Retirement” shall mean attainment of age 55 or older, with at
least ten years of service as a member of the Paychex Board of Directors.

          (b) Notwithstanding Section 2(a) of this Award Agreement, you shall not be permitted to sell
any vested Shares underlying the Award during the period of tenure as a member of the Company’s
Board of Directors, except as necessary to satisfy any tax obligations. The Company shall be
authorized to add a legend regarding this restriction on transfer to any certificate representing
the shares of Common Stock under the Award.

          (c) Unless the Committee determines otherwise, if your board tenure terminates for any reason
before the Shares represented by the Award have vested, then the unvested Shares underlying the
Award shall be forfeited and cancelled immediately.

     3. Book-Entry Registration. The Award initially will be evidenced by book-entry
registration only, without the issuance of a certificate representing the Shares underlying the
Award.

     4. Issuance of Shares. The Company shall, when the conditions to vesting
specified in Section 2 of this Award Agreement are satisfied, issue a certificate or certificates
representing the Shares underlying the Award that have vested as promptly as practicable following
the Vesting Date of such Shares.

     5. Rights as a Stockholder. Except as otherwise provided by this Section, you will
have the rights of a stockholder with respect to the Shares underlying the Award, including, but
not limited to, the right to receive such cash dividends, if any, as may be declared on such Shares from
time to time and the right to vote (in person or by proxy) such Shares at any meeting of
stockholders of the

 

 

Company. Notwithstanding the foregoing, the dividends paid on any unvested
Shares shall be retained by the Company and held in escrow, trust or similar manner, and shall only
be paid to you upon the vesting of the underlying Shares to which the dividends relate; upon the
forfeiture of any Shares represented by the Award, your right to the dividends paid on the
underlying Shares which are forfeited shall also be forfeited.

     6. Restrictions on Transfer of Shares. The Award, and the right to vote the Shares
underlying the Award and to receive dividends thereon, may not, except as otherwise provided in the
Plan, be sold, assigned, transferred, pledged or encumbered in any way prior to the vesting of such
Shares, whether by operation of law or otherwise, except by will or the laws of descent and
distribution. After a Vesting Date, the vested Shares may be issued during your lifetime only to
you, or after your death to your designated beneficiary, or, in the absence of such beneficiary, to
your duly qualified personal representative.

     7. Rights of Company and Affiliates. This Award Agreement does not affect the right
of the Company or any Affiliate to take any corporate action whatsoever, including without
limitation its right to recapitalize, reorganize or make other changes in its capital structure or
business, merge or consolidate, issue bonds, notes, Shares or other securities, including preferred
stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or
business.

     8. Plan Controls. In the event of any conflict among the provisions of the Plan and
this Award Agreement, the provisions of the Plan will be controlling and determinative.

     9. Amendment. Except as otherwise provided by the Plan, the Company may only alter,
amend or terminate the Award with your consent.

     10. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the State of New York, except as superseded by applicable federal law,
without giving effect to its conflicts of law provisions.

* * * * *

2

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