Document:

exv4wxcy

Exhibit 4 (c)

[FACE OF CERTIFICATE]

PAR VALUE $1 2/3

{Vignette}

PAR VALUE $1 2/3

NG

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

LOGO

THIS CERTIFICATE IN TRANSFERABLE IN CANTON, MASS. OR JERSEY CITY, N.J.

CUSIP 370442 10 5

SEE REVERSE FOR CERTAIN DEFINITIONS

This is to Certify that

Is the owner of

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK

Of General Motors Corporation, transferable in person or by duly authorized attorney upon surrender
of this Certificate properly endorsed. This Certificate and the shares represented hereby are
subject to all the terms, conditions and limitations of the Certificate of Incorporation and all
Amendments thereto and Supplements thereof. This Certificate is not valid until countersigned by
the Transfer Agent and registered by the Registrar.

Witness the signature of its duly authorized officers            Dated

[signature]

SECRETARY

[signature]

CHAIRMAN & CHIEF EXECUTIVE OFFICER

COUNTERSIGNED AND REGISTERED:

COMPUTERSHARE TRUST COMPANY, N.A.

TRANSFER AGENT AND REGISTRAR

BY

[SIGNATURE]

 

 

AUTHORIZED SIGNATURE

Printed in U.S.A.

[BACK OF CERTIFICATE]

GENRAL MOTORS CORPORATION

The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations:

	 	 	 
	TEN COM - as tenants in common
	 
	 	 
	TEN ENT - as tenants by the entireties
	 
	 	 
	JT TEN - as joint tenants with right of survivorship and not as tenants in common
	 
	 	 
	UNIF GIFT ACT-

	 	 	 	 	 	 	 
	 

	 	Custodian	 	 	 	 
	 

(Cust)

	 	 	 	 

(Minor)
	 	 

under Uniform Gifts to

	 	 	 	 	 
	Minors Act
	 	 	 	 
	 

	 	 

(State)
	 	 

Additional abbreviations may also be used though not in the above list.

THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS A STATEMENT OF THE
RIGHS, PRIVILEGES, RESTRICTIONS, VOTING POWERS, LIMITATIONS AND QUALIFICATIONS OF THE SEVERAL
CLASSES OF STOCK OF THE CORPORATION. REQUESTS MAY BE DIRECTED TO THE CORPORATION OR THE TRANSFER
AGENT.

FOR VALUE RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS THE SHARES OF THE CAPITAL
STOCK REPRESENTED BY THE WITHIN CERTIFICATE AS FOLLOWS:

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 	 	 
	 

	 	UNTO	 	 
	 

	 	 	 	 
	SHARES

	 	 	 	FULL NAME AND ADDRESS (INCLUDING ZIP CODE) OF

 

 

	 	 	 	 	 
	 

	 	 	 	ASSIGNEE SHOULD BE TYPEWRITTEN OR PRINTED LEGIBLY
	 

	 	“	 	 
	 

	 	 	 	 
	 

	 	“	 	 
	 

	 	 	 	 
	 

	 	“	 	 
	 

	 	 	 	 

AND HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS

	 	 	 
	 

	 	ATTORNEY
	 
	 	 

TO TRANSFER THE SAID STOCK ON THE BOOKS OF THE WITHIN-NAMED CORPORATION WITH FULL POWER OF
SUBSTITUTION IN THE PREMISES.

DATED         
                    
         
         

	 	 	 
	 

	 	 

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF
THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	 	 	 
	 

	 	 

SIGNATURE(S) GUARANTEED: THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVING AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.EX-10.1

EXHIBIT 10.1

PAYCHEX, INC.

2002 STOCK INCENTIVE PLAN

(as amended and restated effective October 12, 2005)

2008-2009 OFFICER PERFORMANCE INCENTIVE

AWARD AGREEMENT

	 	 	 
	Participant Name

	 	Jonathan J. Judge
	 
	 	 
	Award Date

	 	August 29, 2008
	 
	 	 
	Performance Period

	 	June 1, 2008 through May 31, 2009
	 
	 	 
	Total Target Value

	 	 $ 960,750
	 
	 	 
	Total Maximum Value

	 	 $1,647,000

     1. Grant of Award. This 2008-2009 Officer Performance Incentive Award Agreement (this
“Award Agreement”) sets forth the terms and conditions of the Performance Award (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”). 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. 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.

     2. Target Value and Components. The Total Target Value of the Award is set forth
above and consists of three components: (a) the Revenue Component; (b) the Operating Income
Component; and (c) the Operating Income to Revenue Ratio Component.

     3. Requirement of Employment. Your rights to the Actual Value (as that term is
defined below) under Section 5, shall be provisional and shall be canceled in whole or in part, as
determined by the Committee in its sole discretion if your continuous employment with the Company
terminates for any reason other than death or Disability on or before the last day of the
Performance Period. Whether and as of what date your employment with the Company shall terminate
if you are granted a leave of absence or commence any other break in employment intended by your
employer to be temporary, shall be determined by the Committee in its sole discretion. In the
event of your death or Disability, you or your estate shall be entitled to receive a pro-rata
payment of the Actual Value of the Award based on the ratio of the number of days from the
beginning of the Performance Period through the date of your death or Disability and the total
number of days in the Performance Period.

 

 

     4. Determination of Value.

          (a) Potential Value and Actual Value. As soon as practicable after the last day of the
Performance Period and prior to the payment of the Award, the Committee shall determine the Revenue
Value as of the last day of the Performance Period, if any, as provided in Section 4(b), the
Operating Income Value as of the last day of the Performance Period, if any, as provided in Section
4(c), and the Operating Income to Revenue Ratio Value as of the last day of the Performance Period,
if any, as provided in Section 4(d). The sum of the Revenue Value, Operating Income Value and the
Operating Income to Revenue Ratio Value shall be the Potential Value of the Award as so determined.
The Committee may, in its sole discretion, then reduce, but not increase, the Potential Value to
determine the Actual Value of the Award.

          (b) Revenue Value. The Revenue Value shall be your current annual base pay of $915,000 (the
“Base Value”), multiplied by the Revenue Payment Percentage from Exhibit A, based on the Revenue
for the Performance Period. “Revenue” for the Performance Period means Total Service Revenue for
the Performance Period.

          (c) Operating Income Value. The Operating Income Value shall be the Base Value, multiplied by
the Operating Income Payment Percentage from Exhibit A, based on the Operating Income for the
Performance Period. “Operating Income” means Operating Income, less Interest on Funds Held for
Clients, for the Performance Period.

          (d) Operating Income to Revenue Ratio Value. The Operating Income to Revenue Ratio Value
shall be the Base Value, multiplied by the Operating Income to Revenue Ratio Payment Percentage
from Exhibit A, based on the Operating Income to Revenue Ratio for the Performance Period;
provided, however, (i) the Operating Income to Revenue Ratio Payment Percentage may not exceed the
Threshold payment percentage unless the Revenue for the Performance Period meets or exceeds the
Revenue Threshold set forth in the Revenue Payment Percentage table on Exhibit A, and (ii) the
Operating Income to Revenue Ratio Payment Percentage may not exceed the Target payment percentage
unless the Revenue for the Performance Period meets or exceeds the Revenue Target set forth in the
Revenue Payment Percentage table on Exhibit A. “Operating Income to Revenue Ratio” for the
Performance Period means (1) Operating Income, less Interest on Funds Held for Clients, for the
Performance Period, over (2) Total Service Revenue for the Performance Period.

          (e) Calculation. In determining the Potential Value of the Award, “Total Service Revenue,”
“Operating Income” and “Interest on Funds Held for Clients” for a specified period shall mean the
total service revenue, operating income and interest on funds held for clients for such period,
respectively, each as reported in the Company’s annual audited financial statements for such
period, but in each case excluding the following (each, an “Exclusion Item”): asset write-downs;
litigation or claim judgments or settlements; changes in tax law, accounting principles or other
such laws or provisions affecting reported results; severance, contract termination and other costs
related to entering or exiting certain business activities; and gains or losses from the
acquisition or disposition of businesses or assets or from the early extinguishment of debt, or
other unusual items. In addition to its general authority to reduce the Potential Value, when
determining the Actual Value of the Award, the Committee may, in its sole discretion, take into
consideration the effect of the inclusion of one or more of the Exclusion

2

 

Items, provided, however, that the Actual Value may not exceed the Potential Value as
determined pursuant to this Section 4.

          (f) Committee’s Determinations Final. The Committee’s determination of the Revenue Value,
Operating Income Value, Operating Income to Revenue Ratio Value, Potential Value and Actual Value
pursuant to this Award Agreement shall be final, binding and conclusive upon you and all persons
claiming under or through you.

     5. Payment of Award. The Actual Value, as determined pursuant to Section 4, if any,
shall become payable to you in cash as promptly as practicable following the determination of such
amount by the Committee, but in no event later than the March 15th of the calendar year following
the calendar year in which the Performance Period ends (the “Payment Date”). Any payment made in
respect of the Award will be reduced by 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 payment.

     6. Miscellaneous.

          (a) Qualified Performance-Based Compensation. The Award is intended to qualify as “qualified
performance-based compensation” for purposes of Section 162(m) of the Code, and this Award
Agreement shall be interpreted and the Award shall be administered consistent with such intention.

          (b) Section 409A. The Award is intended to be exempt from the requirements of Section 409A of
the Code, and this Award Agreement shall be interpreted and the Award shall be administered
consistent with such intention.

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

          (d) No Right to Employment. Neither the Plan, the granting of the Award nor this Award
Agreement gives you any right to remain in the employment of the Company or any Affiliate.

          (e) Nontransferable. The Award may not be sold, assigned, transferred, pledged or encumbered
in any way prior to the payment thereof, whether by operation of law or otherwise.

          (f) 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.

* * * * *

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EXHIBIT A

(dollars in thousands)

Revenue Payment Percentage

	 	 	 	 	 	 	 	 	 
	Goals
	 	Revenue	 	Payment Percentage
	Threshold
	 	$	2,074,600	 	 	 	7.50	%
	Target
	 	$	2,138,800	 	 	 	26.25	%
	Maximum
	 	$	2,166,600	 	 	 	45.00	%

Operating Income Payment Percentage

	 	 	 	 	 	 	 	 	 
	Goals
	 	Operating Income	 	Payment Percentage
	Threshold
	 	$	755,500	 	 	 	7.50	%
	Target
	 	$	787,000	 	 	 	26.25	%
	Maximum
	 	$	801,000	 	 	 	45.00	%

Operating Income to Revenue Ratio Payment Percentage

	 	 	 	 	 	 	 	 	 
	 	 	Operating Income to	 	 
	Goals
	 	Revenue Ratio	 	Payment Percentage*
	Threshold
	 	 	36.0	%	 	 	15.00	%
	Target
	 	 	36.8	%	 	 	52.50	%
	Maximum
	 	 	37.0	%	 	 	90.00	%

If an actual performance level falls between two performance levels shown on the above grids, then
the applicable payment percentage will be determined using straight-line interpolation.*

 

			
	*	 	Subject to the limitations set forth in Section 4(d) of the Award Agreement.

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