Document:

Exhibit

Exhibit 10.3

DATED APRIL 12, 2017

ADVISORY AGREEMENT

between

IRON MOUNTAIN EUROPE PLC
and

MR MARC DUALE

EXECUTION VERSION

CONTENTS

CLAUSE 
	
				
	1.
	INTERPRETATION
	1
	

	2.
	TERM OF ENGAGEMENT
	3
	

	3.
	DUTIES AND OBLIGATIONS
	3
	

	4.
	FEES
	5
	

	5.
	EXPENSES
	5
	

	6.
	OTHER ACTIVITIES
	6
	

	7.
	CONFIDENTIAL INFORMATION AND CLIENT PROPERTY
	6
	

	8.
	DATA PROTECTION
	6
	

	9.
	INTELLECTUAL PROPERTY
	7
	

	10.
	LIABILITY
	7
	

	11.
	TERMINATION
	7
	

	12.
	OBLIGATIONS ON TERMINATION
	8
	

	13.
	STATUS
	8
	

	14.
	NOTICES
	9
	

	15.
	ENTIRE AGREEMENT
	9
	

	16.
	VARIATION
	9
	

	17.
	COUNTERPARTS
	9
	

	18.
	THIRD PARTY RIGHTS
	10
	

	19.
	FORCE MAJEURE
	10
	

	20.
	GOVERNING LAW AND JURISDICTION
	10
	

SCHEDULE
	
				
	SCHEDULE
	The Services
	12
	

EXECUTION VERSION

THIS AGREEMENT is dated April 12, 2017
PARTIES
		
	(1)
	IRON MOUNTAIN EUROPE PLC, incorporated and registered in England and Wales with company number 02321917 whose registered office is at Cottons Centre 3rd Floor, Tooley Street, London SE1 2TT (the “Client”).

		
	(2)
	MR MARC DUALE (the “Advisor”).

 
AGREED TERMS
		
	1.
	INTERPRETATION

		
	1.1
	The definitions and rules of interpretation in this clause apply in this agreement (unless the context requires otherwise).

Business of the Client: a global business dedicated to storing, protecting and managing information and assets.
Business Opportunities: any opportunities which the Advisor becomes aware of during the Engagement which relate to the Business of the Client or any Group Company or which the Client Representative reasonably considers might be of benefit to the Client or any Group Company.
Capacity: as agent, consultant, advisor, director, employee, owner, partner, shareholder or in any other capacity.
Client Property: all documents, books, manuals, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the Business or affairs of the Client or Group Company or its or their customers and business contacts, and any equipment, keys, hardware or software provided for the Advisor's use by the Client during the Engagement, and any data or documents (including copies) produced, maintained or stored by the Advisor on the computer systems or other electronic equipment of the Client or the Advisor  during the Engagement.
Client Representative: Bill Meaney, President and CEO.
Commencement Date: 1 May 2017.
Confidential Information: information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, customers, clients, products, affairs and finances of the Client or any Group Company for the time being confidential to the Client or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the Business of the Client or any Group Company or any of its or their suppliers, customers, clients, agents, 

1

EXECUTION VERSION

distributors, shareholders, management or business contacts, including (but not limited to) information that the Advisor creates, develops, receives or obtains in connection with this Engagement, whether or not such information (if in anything other than oral form) is marked confidential.
Engagement: the engagement of the Advisor by the Client on the terms of this agreement.
Group Company: the Client, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time.
Intellectual Property Rights: patents, rights to Inventions, copyright and related rights, trademarks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world.
Invention: any invention, idea, discovery, development, improvement or innovation made by the Advisor in connection with the provision of the Services, whether or not patentable or capable of registration, and whether or not recorded in any medium.
Pre-Contractual Statement: any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to this agreement or not) relating to the Engagement other than as expressly set out in this agreement or any documents referred to in it.
Services: the services described in the Schedule to this agreement.
Subsidiary and Holding Company: mean "subsidiary" and "holding company" as defined in section 1159 of the Companies Act 2006 and a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) a nominee.
Termination Date: the date of termination of this agreement, howsoever arising.
Works: all records, reports, documents, papers, drawings, designs, transparencies, photos, graphics, logos, typographical arrangements, software programs, inventions, ideas, discoveries, developments, improvements or innovations and all materials embodying them in whatever form, including but not limited to hard copy and electronic form, prepared by the Advisor  in connection with the provision of the Services.

2

EXECUTION VERSION

		
	1.2
	The headings in this agreement are inserted for convenience only and shall not affect its construction.

		
	1.3
	A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension or re-enactment and includes any subordinate legislation for the time being in force made under it.

		
	1.4
	Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

		
	1.5
	Unless the context otherwise requires, words in the singular include the plural and in the plural include the singular.

		
	1.6
	The Schedule to this agreement forms part of (and is incorporated into) this agreement.

		
	2.
	TERM OF ENGAGEMENT

		
	2.1
	The Client shall engage the Advisor to provide the Services on the terms of this agreement.

		
	2.2
	The Engagement shall commence on the Commencement Date and shall continue, subject to the remaining terms of this agreement, until twelve months from the date hereof with the parties having the option to mutually agree to extend such term upon the satisfactory completion of the Services, unless terminated earlier:

		
	(a)
	as provided for by the terms of this agreement; or

		
	(b)
	by either party giving to the other not less than two weeks’ written notice.

		
	3.
	DUTIES AND OBLIGATIONS

		
	3.1
	During the Engagement the Advisor shall:

		
	(a)
	provide the Services in accordance with the terms specified in the Schedule to this agreement;

		
	(b)
	provide the Services with all due care, skill and ability and use his reasonable endeavours to promote the interests of the Client and any Group Company;

		
	(c)
	devote  up to 33 (thirty-three) days in each calendar quarter to the carrying out of the Services, together with such additional time (if any) as may be necessary for their proper performance; and 

		
	(d)
	promptly give to the Client Representative all such information and reports as it may reasonably require in connection with matters relating to the provision of the Services or the Business of the Client or any Group Company.

		
	3.2
	If the Advisor is unable to provide the Services due to illness or injury, he shall advise the Client Representative of that fact as soon as reasonably practicable. For the avoidance of doubt, no fee 

3

EXECUTION VERSION

shall be payable in accordance with clause 4 in respect of any period during which the Services are not provided.
		
	3.3
	Unless he has been specifically authorised to do so by the Client Representative in writing: 

		
	(a)
	the Advisor  shall not have any authority to incur any expenditure in the name of or for the account of the Client; and

		
	(b)
	the Advisor shall not hold himself out as an employee, officer or agent of the Client and/or as having authority to bind the Client.

		
	3.4
	The Advisor shall comply with all reasonable standards of safety and comply with the Client's health and safety procedures from time to time in force at the premises where the Services are provided.

		
	3.5
	The Advisor shall comply with the following Client policies: Code of Ethics and Business Conduct, Insider Trading Policy, and Anti-corruption and Anti-bribery Policy.

		
	3.6
	The Advisor undertakes to the Client that, during the Engagement, he shall take all reasonable steps to offer (or cause to be offered) to the Client any Business Opportunities as soon as practicable after the same shall have come to his knowledge and in any event before the same shall have been offered by the Advisor (or caused by the Advisor to be offered) to any other party, provided that nothing in this clause shall require the Advisor to disclose any Business Opportunities to the Client if to do so would result in a breach by the Advisor of any obligation of confidentiality or of any fiduciary duty owed by it or him to any third party.

		
	3.7
	The Advisor shall comply with all applicable laws, regulations, codes and sanctions relating to anti-bribery and anti-corruption in connection with the provision of the Services, including but not limited to the Bribery Act 2010.

		
	3.8
	For the avoidance of doubt, the Client will not provide the Advisor with any equipment in connection with the provision of the Services unless agreed otherwise.

		
	4.
	FEES

		
	4.1
	The Client shall pay the Advisor a fee of £107,000 per quarter, such amount being exclusive of VAT.

		
	4.2
	On the last working day of each quarter during the Engagement, the Advisor shall submit to the Client Representative for approval an invoice for the amount of the fee payable (plus VAT, if applicable) for the Services during that quarter.  

		
	4.3
	In consideration of the provision of the Services, the Client shall pay each invoice submitted by the Advisor in accordance with clause 4.2 within 5 business days of the Client Representative’s review and approval, such review not to be unreasonably delayed.

4

EXECUTION VERSION

		
	4.4
	The Client shall be entitled to deduct from the fees (and any other sums) due to the Advisor any sums that the Advisor may owe to the Client or any Group Company at any time.

		
	5.
	EXPENSES

		
	5.1
	The Client shall not reimburse any expenses incurred by the Advisor in the course of the Engagement, other than with the prior approval of the Client Representative and subject to production of receipts or other appropriate evidence of payment.

		
	5.2
	If the Advisor is required to travel abroad in the course of the Engagement, he shall be responsible for any necessary insurances, inoculations and immigration requirements.

		
	6.
	OTHER ACTIVITIES

Nothing in this agreement shall prevent the Advisor from being engaged, concerned or having any financial interest in any Capacity in any other business, trade, profession or occupation during the Engagement, provided that:
		
	a)
	such activity does not cause a breach of any of the Advisor's obligations under this agreement; and

		
	b)
	the Advisor shall not engage in any such activity if it relates to a business which is similar to or in any way competitive with the Business of the Client or any Group Company without the prior written consent of the Client Representative. 

		
	7.
	CONFIDENTIAL INFORMATION AND CLIENT PROPERTY

		
	7.1
	The Advisor acknowledges that, in the course of the Engagement, he will have access to Confidential Information.  The Advisor has therefore agreed to accept the restrictions in this clause 7.

		
	7.2
	The Advisor shall not (except in the proper course of his duties), either during the Engagement or at any time after the Termination Date, use or disclose to any third party (and shall use his best endeavours to prevent the publication and disclosure of) any Confidential Information. This restriction does not apply to:

		
	(a)
	any use or disclosure authorised by the Client or required by law; or 

		
	(b)
	any information which is already in, or comes into, the public domain otherwise than through Advisor's unauthorised disclosure.

		
	7.3
	At any stage during the Engagement, the Advisor will on request as soon as is reasonably practicable return to the Client all and any Client Property in his possession.

		
	8.
	DATA PROTECTION

		
	8.1
	The Advisor  consents to the Client holding and processing data relating to him for legal, personnel, administrative and management purposes and, in particular, to the processing of any 

5

EXECUTION VERSION

"sensitive personal data" (as defined in the Data Protection Act 1998) relating to him including, as appropriate:
		
	(a)
	information about his physical or mental health or condition in order to monitor sickness absence;

		
	(b)
	his racial or ethnic origin or religious or similar beliefs in order to monitor compliance with equal opportunities legislation; and

		
	(c)
	information relating to any criminal proceedings in which he has been involved for insurance purposes and in order to comply with legal requirements and obligations to third parties.

		
	8.2
	The Advisor consents to the Client making such information available to any Group Company, those who provide products or services to the Client and any Group Company such as advisers, regulatory authorities, governmental or quasi-governmental organisations and potential purchasers of the Client or the Group or any part of its business.

		
	8.3
	The Advisor consents to the transfer of such information to the Client's and any Group Company's business contacts outside the European Economic Area in order to further their business interests.

		
	8.4
	The Advisor shall comply with the Client's data protection policy and relevant obligations under the Data Protection Act 1998 and associated codes of practice when processing personal data relating to any employee, worker, customer, client, supplier or agent of the Client.

		
	9.
	INTELLECTUAL PROPERTY

		
	9.1
	The Advisor warrants to the Client that he will comply with the Client’s policies and procedures in respect of intellectual property.

		
	10.
	LIABILITY

		
	10.1
	The Advisor shall have liability for, and shall indemnify the Client and any Group Company for any direct loss, liability, costs (including reasonable legal costs), damages or expenses, but excluding indirect or consequential losses, loss of profit and loss of reputation arising from any breach by the Advisor of the terms of this agreement, including any negligent or reckless act, omission or default in the provision of the Services.

		
	10.2
	The Advisor’s maximum liability under the indemnity in clause 10.1 shall be limited to a total of £100,000 in respect of all acts and/or omissions occurring within the term of the Engagement other than resulting from fraud, wilful breach or gross negligence by the Advisor.

		
	11.
	TERMINATION

		
	11.1
	Notwithstanding the provisions of clause 2.2, the Client may terminate the Engagement with immediate effect without notice and without any liability to make any further payment to the 

6

EXECUTION VERSION

Advisor (other than in respect of amounts accrued before the Termination Date) if, at any time, the Advisor:
		
	(a)
	commits any serious or repeated breach or non-observance of any of the provisions of this agreement or refuses or neglects to comply with any reasonable and lawful directions of the Client in connection with the provision of the Services; 

		
	(b)
	is convicted of any criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

		
	(c)
	is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court administration order made against him under the County Court Act 1984; 

		
	(d)
	commits any fraud or dishonesty or acts in any manner which, in the opinion of the Client, brings or is likely to bring the Advisor or the Client or any Group Company into disrepute or is materially adverse to the interests of the Client or any Group Company; 

		
	(e)
	commits any breach of the Client's policies and procedures that have been notified to the Advisor as applying to him in connection with the provision of the Services; or

		
	(f)
	commits any offence under the Bribery Act 2010.

		
	11.2
	The rights of the Client under clause 11.1 are without prejudice to any other rights that it might have at law to terminate the Engagement or to accept any breach of this agreement on the part of the Advisor as having brought the agreement to an end. Any delay by the Client in exercising its rights to terminate shall not constitute a waiver of these rights.

		
	12.
	OBLIGATIONS ON TERMINATION

12.1    On the Termination Date the Advisor shall:
		
	(a)
	deliver to the Client all Client Property which is in his possession or under his control; and

		
	(b)
	to the extent possible, delete any information relating to the Business of the Client or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in his possession or under his control outside the premises of the Client. 

		
	12.2
	The Client shall ensure that all monies due and payable to the Advisor in respect of the provision of the Services, together with any expenses incurred by the Advisor in accordance with clause 5, are paid in full within 10 days of the Termination Date.

7

EXECUTION VERSION

		
	13.
	STATUS

		
	13.1
	The relationship of the Advisor to the Client will be that of independent contractor and nothing in this agreement shall render him an employee, worker, agent or partner of the Client and the Advisor shall not hold himself out as such.

		
	13.2
	This agreement constitutes a contract for the provision of services and not a contract of employment and, accordingly, the Advisor shall be fully responsible for any income tax, National Insurance and social security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with either the performance of the Services or any payment or benefit received by the Advisor in respect of the Services, where such recovery is not prohibited by law. 

		
	13.3
	The Advisor shall further indemnify the Client against all reasonable costs, expenses and any penalty, fine or interest incurred or payable by the Client in connection with or in consequence of any such liability, deduction, contribution, assessment or claim.

		
	14.
	NOTICES

		
	14.1
	Any notice given under this agreement shall be in writing and signed by or on behalf of the party giving it and shall be served by delivering it personally, or sending it by pre-paid recorded delivery or registered post to the relevant party at its registered office for the time being. Any such notice shall be deemed to have been received:

		
	(a)
	if delivered personally, at the time of delivery; or

		
	(b)
	in the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting.

		
	14.2
	In proving such service, it shall be sufficient to prove that the envelope containing such notice was addressed to the address of the relevant party and delivered either to that address or into the custody of the postal authorities as a pre-paid recorded delivery or registered post.

		
	15.
	ENTIRE AGREEMENT

Each party on behalf of itself and (in the case of the Client, as agent for any Group Companies) acknowledges and agrees with the other party (the Client acting on behalf of itself and as agent for each Group Company) that this agreement, together with any documents referred to in it, constitutes the entire agreement and understanding between the Advisor and the Client (and any Group Company) and supersedes any previous agreement between them relating to the Engagement (which agreement shall be deemed to have been terminated by mutual consent).
		
	16.
	VARIATION

No variation of this agreement or of any of the documents referred to in it shall be valid unless it is in writing and signed by or on behalf of each of the parties.

8

EXECUTION VERSION

		
	17.
	COUNTERPARTS

This agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, and all the counterparts together shall constitute one and the same instrument.
		
	18.
	THIRD PARTY RIGHTS

		
	18.1
	Except as expressly provided elsewhere in this agreement, a person who is not a party to this agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement but this does not affect any right or remedy of a third party which exists, or is available, apart from under that Act. 

		
	18.2
	The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this agreement is not subject to the consent of any person that is not a party to this agreement.

		
	19.
	FORCE MAJEURE

		
	19.1
	Neither party shall be deemed to be in breach of this agreement by reason of any delay in performing, or any failure to perform, any of their respective obligations in relation to this agreement, if the delay or failure was due to any cause beyond its reasonable control, including but not limited to acts of God, explosions, floods, fire or accident, war or threat of war, terrorism or threat of terrorism, sabotage, civil disturbance, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority, import or export regulations or embargoes, or industrial actions or trade disputes (whether involving employees of either party or of a third party).

		
	20.
	GOVERNING LAW AND JURISDICTION

		
	20.1
	This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

		
	20.2
	The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

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EXECUTION VERSION

SIGNED by the parties on the date of this agreement:

April 12, 2017

Name: ......./s/ Charlotte Marshall......................................
For and on behalf of IRON MOUNTAIN EUROPE PLC

................/s/ Marc Duale....................................................
MR MARC DUALE

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EXECUTION VERSION

SCHEDULE – THE SERVICES

		
	1.
	The Advisor shall provide the Services detailed in this Schedule.

		
	2.
	The Services shall be provided to the Client at such times and from such locations as the Advisor shall determine in his reasonable discretion are appropriate.

		
	3.
	The Advisor is not subject to the control of the Client in relation to the provision of the Services. 

		
	4.
	The Services shall comprise:

		
	•
	Providing the CEO with strategic advice regarding the Client’s international operations;

		
	•
	Providing such other strategic advice as agreed between the Client Representative and Advisor.

	
	
	 

	 

11EX-10.1

 Exhibit 10.1 

RESTRICTED STOCK AWARD AGREEMENT 

TIME AND MARKET-BASED VESTING 

(CEO) 
 PAYCOM SOFTWARE,
INC. 
 2014 LONG-TERM INCENTIVE PLAN 

1.    Grant of Award. Pursuant to the Paycom Software, Inc. 2014 Long-Term Incentive Plan (the
“Plan”) for Employees, Contractors, and Outside Directors of Paycom Software, Inc., a Delaware corporation (the “Company”), the Company grants to 

Chad Richison 

 
 (the
“Participant”) 
 an Award of Restricted Stock in accordance with Section 6.4 of the Plan. The number of shares of Common Stock
awarded under this Restricted Stock Award Agreement (this “Agreement”) is
                    (            ) shares (the “Awarded Shares”),
as follows: 
 a.     [            ] percent
([    ]%) of the total Awarded Shares shall be subject to time-based vesting as set forth below (referred to herein as, the “Tranche A Shares”); and 

b.     [            ] percent
([    ]%) of the total Awarded Shares shall be subject to market-based vesting as set forth below (referred to herein as, the “Tranche B Shares”). 

The “Date of Grant” of this Award is [            
        ], 20[    ]. 
 2.    Subject to Plan;
Definitions. 
 a.    This Agreement is subject to the terms and conditions of the Plan, and the
terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. To the extent the terms of the Plan are inconsistent with the provisions of the Agreement, this Agreement shall control. This Agreement
is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing. 

b.    The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned
to them in the Plan; provided, that the following terms shall have the meanings set forth below: 

i.    “Appraised Value” means the value ascribed to a share of the subject Equity
Securities as set forth in the most recent written appraisal previously issued by an independent Person selected by the audit committee of the Company nationally recognized as having experience in providing investment banking or similar appraisal or
valuation services and with expertise generally in the valuation of securities; provided, that it being understood that neither the Board nor the audit committee shall have any obligation to obtain any such appraisal more than once per
calendar year. 

 ii.    “Cause” shall have the meaning set
forth in that certain Executive Employment Agreement, entered into on December 30, 2013, by and between the Participant and the Company. 

iii.    “Equity Securities” means, as applicable, (a) any capital stock,
membership interests or other share capital, (b) any securities directly or indirectly convertible into or exchangeable for any capital stock, membership interests or other share capital or containing any profit participation features,
(c) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, membership interests, other share capital or securities containing any profit participation features or to subscribe for or to purchase any
securities directly or indirectly convertible into or exchangeable for any capital stock, membership interests, other share capital or securities containing any profit participation features, (d) any share appreciation rights, phantom share
rights or other similar rights, or (e) any Equity Securities as defined in clauses (a) through (d) above issued or issuable with respect to the securities referred to in clauses (a) through (d) above in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization. 

iv.    “Equity Securities Value Per Share” means, for any class or series of Equity
Securities of the Company, for any date, the price determined by the first of the following clauses that applies: (a) if such Equity Securities are then listed or quoted on a Trading Market, the arithmetic average of the VWAP of a share of such
Equity Securities on each of the twenty (20) consecutive Trading Days immediately preceding such date; (b) if the Equity Securities are not then listed or quoted for trading on a Trading Market and if prices for such Equity Securities are
then reported on the OTC Bulletin Board (or a similar organization or agency succeeding to its functions of reporting prices), the arithmetic average of the closing bid price per share of the Common Stock so reported on each of the twenty
(20) consecutive Trading Days immediately preceding such date; or (c) in all other cases, the Appraised Value of a share of such Equity Securities. 

v.    “First TEV Threshold” means
$[        ] billion. 
 vi.    [“Initial Vesting
Date” means [                    ], 20[    ].] 

vii.    “Paycom” means the Company and its Subsidiaries collectively. 

viii.     “Second TEV Threshold” means
$[        ] billion. 
 ix.    “Total Enterprise
Value” means the sum of: (i) the product of (A) the Equity Securities Value Per Share of a share of Common Stock not subject to vesting or other restrictions multiplied by (B) the number of outstanding shares of Common
Stock, less (y) the number of outstanding shares of Restricted Stock or Other Awards of shares of Common Stock without vesting restrictions, in each case, issued after the date of this Agreement (including outstanding shares of Common Stock
resulting from the vesting of such Restricted Stock), and less (z) the number of shares of Common Stock issued by the Company after the date of this Agreement in connection with any merger, consolidation, share exchange or other transaction in
which, in each case, the Company acquires voting securities of another Person or all or any portion of another Person’s assets; (ii) for each other class or series of Equity Securities of the Company, if any, the product of (A) Equity
Securities Value Per Share for such class or series of such Equity Securities of the Company multiplied by (B) the number of shares of such class or series of such Equity 

  
 - 2 - 

 
Securities of the Company, less (y) the number of shares of such class or series of such Equity Securities issued under the Plan (or otherwise issued for compensatory purposes) after the
date of this Agreement, and less (z) the number of shares of such class or series of such Equity Securities issued by the Company after the date of this Agreement in connection with any merger, consolidation, share exchange or other transaction
in which, in each case, the Company acquires the voting securities of another Person or all or any portion of another Person’s assets; and (iii) the principal amount of all outstanding funded indebtedness of the Company as of the last day
of the month immediately preceding the date of calculation less the aggregate amount of cash and cash equivalents of the Company (exclusive of funds held on behalf of clients) as of the last day of the month immediately preceding the date of
calculation. 
 x.     “Trading Day” means each Monday, Tuesday, Wednesday,
Thursday and Friday, other than any day on which securities are not traded on the applicable Trading Market or in the applicable securities market. 

xi.     “Trading Market” means the primary securities exchange on which the Common
Stock is listed or quoted for trading on the date in question. 
 xii.     “VWAP”
means the daily volume weighted average price of a share of the Common Stock for such date on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (or successor thereto) using its
“Volume at Price” function (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)). 

3.     Vesting. Except as specifically provided in this Agreement and subject to certain restrictions and
conditions set forth in the Plan, the Awarded Shares shall vest as set forth below. Any Awarded Shares that become vested in accordance with this Section 3 shall be referred to as “Vested Shares” and any Awarded
Shares that, at the particular time of determination, have not become vested in accordance with this Section 3 shall be referred to as “Non-Vested Shares.” 

a.     The Tranche A Shares shall vest as follows: 

i.     [            ] percent
([    ]%) of the total Tranche A Shares shall vest on the [[first (1st) anniversary of the Date of Grant]/[Initial Vesting Date]], provided the Participant is
employed by the Company or a Subsidiary on that date; and 
 ii.     The remaining
[            ] percent ([    ]%) of the Tranche A Shares shall vest on the [[second (2nd) anniversary of the
Date of Grant]/[first (1st) anniversary of the Initial Vesting Date]], provided the Participant is employed by the Company or a Subsidiary on that date. 

b.     The Tranche B Shares shall vest as follows: 

i.     Fifty percent (50%) of the Tranche B Shares shall vest on the first date, if any, that the
Total Enterprise Value equals or exceeds the First TEV Threshold, provided that (A) the Participant is employed by the Company or a Subsidiary on that date and (B) such date occurs on or before the sixth (6th) anniversary of the Date of Grant; and 
 ii.    
Fifty percent (50%) of the Tranche B Shares shall vest on the first date, if any, that the Total Enterprise Value equals or exceeds the Second TEV Threshold, 

  
 - 3 - 

 
provided that (A) the Participant is employed by the Company or a Subsidiary on that date and (B) such date occurs on or before the sixth (6th) anniversary of the Date of Grant. 
 Notwithstanding the foregoing, all Awarded Shares not
previously vested shall immediately become vested in full upon a Termination of Service as a result of the Participant’s death or Total and Permanent Disability. In addition, in the event that (i) a Change in Control occurs, and
(ii) this Agreement is not assumed by the surviving corporation or its parent, or the surviving corporation or its parent does not substitute its own restricted shares, then immediately prior to the effective date of such Change in Control, all
Awarded Shares not previously vested shall thereupon immediately become fully vested. 
 Notwithstanding anything herein to the contrary, in the event of
the Participant’s Termination of Service by the Company without Cause, the Non-Vested Shares shall remain outstanding for a period of one (1) year following such Termination of Service (but no later than the sixth (6th) anniversary of
the Date of Grant) and shall remain eligible for vesting in accordance with this Section 3; provided, that any Non-Vested Shares that do not become Vested Shares within the one (1) year period immediately following such Termination
of Service shall be immediately forfeited and shall cease to be outstanding. 
 4.    Forfeiture of Awarded
Shares. Except as otherwise provided in Section 3, Awarded Shares that are not vested in accordance with Section 3 shall be forfeited and shall cease to be outstanding on the earlier of (i) (A) the
[[            ] ([    ]) anniversary of the Date of Grant/ [            ] ([    ])
anniversary of the Initial Vesting Date]] with respect to the Tranche A Shares, and (B) the sixth (6th) anniversary of the Date of Grant with respect to the Tranche B Shares, or
(ii) the date of the Participant’s Termination of Service with respect to all Awarded Shares. Upon forfeiture, all of the Participant’s rights with respect to the forfeited Awarded Shares shall cease and terminate, without any further
obligations on the part of the Company. 
 5.    Restrictions on Awarded Shares. The Participant shall not be
permitted to sell, transfer, pledge, hypothecate, margin, assign or otherwise encumber any of the Non-Vested Shares until such shares become Vested Shares in accordance with Section 3. The Committee may in its sole discretion, remove any
or all of such restrictions (or any other restrictions contained herein) on any Awarded Shares whenever it may determine that, by reason of changes in applicable law or changes in circumstances after the date of this Agreement, such action is
appropriate. 
 6.    Legend. The following legend shall be placed on all certificates issued representing
Awarded Shares: 
 On the face of the certificate: 

“TRANSFER OF THIS STOCK IS RESTRICTED IN ACCORDANCE WITH CONDITIONS PRINTED ON THE REVERSE OF THIS CERTIFICATE.”

 On the reverse: 

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN
PAYCOM SOFTWARE, INC. 2014 LONG-TERM INCENTIVE PLAN AND THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT, BY AND BETWEEN THE COMPANY AND 

  
 - 4 - 

 
THE PARTICIPANT, DATED AS OF                     20    , COPIES OF WHICH
ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY IN OKLAHOMA CITY, OKLAHOMA. NO TRANSFER OR PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF SAID PLAN. BY ACCEPTANCE OF THIS CERTIFICATE,
ANY HOLDER, TRANSFEREE OR PLEDGEE HEREOF AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SAID PLAN.” 
 The following legend shall be
inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws: 

“SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED BY THE HOLDER FOR INVESTMENT AND NOT FOR RESALE,
TRANSFER OR DISTRIBUTION, HAVE BEEN ISSUED PURSUANT TO EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF APPLICABLE STATE AND FEDERAL SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN PURSUANT TO EFFECTIVE REGISTRATION
UNDER SUCH LAWS, OR IN TRANSACTIONS OTHERWISE IN COMPLIANCE WITH SUCH LAWS, AND UPON EVIDENCE SATISFACTORY TO THE COMPANY OF COMPLIANCE WITH SUCH LAWS, AS TO WHICH THE COMPANY MAY RELY UPON AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY.”

 All Awarded Shares owned by the Participant shall be subject to the terms of this Agreement and shall be represented by a certificate or
certificates bearing the foregoing legend. 
 7.     Delivery of Certificates; Registration of Shares. The
Company shall deliver certificates for Awarded Shares to the Participant or shall register such Awarded Shares in the Participant’s name, free of restriction under this Agreement, promptly after, and only after, such Awarded Shares have become
Vested Shares in accordance with Section 3. In connection with any issuance of a certificate for Restricted Stock, the Participant shall endorse such certificate in blank or execute a stock power in a form satisfactory to the Company in
blank and deliver such certificate and executed stock power to the Company. 
 8.     Rights of a Stockholder.
Except as provided in Section 4 and Section 5 above, the Participant shall have, with respect to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right to
receive any dividends thereon, subject to the provisions of this Section 8. Any stock dividends paid with respect to Awarded Shares shall at all times be treated as Awarded Shares and shall be subject to all restrictions placed on such
Awarded Shares; any such stock dividends paid with respect to such Awarded Shares shall vest as the related Awarded Shares become vested. Any cash dividends paid with respect to Non-Vested Shares shall at all times be subject to the provisions of
this Agreement (including the vesting and forfeiture provisions set forth above); any such cash dividends paid with respect to such Non-Vested Shares shall vest as such shares become Vested Shares, and shall be paid to the Participant on the date
the Non-Vested Shares to which such cash dividends relate become Vested Shares. 

  
 - 5 - 

 9.    Voting. The Participant, as record
holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided that this Section 9
shall not create any voting right where the holders of such Awarded Shares otherwise have no such right. 

10.    Adjustment to Number of Awarded Shares. The number of Awarded Shares shall be subject to adjustment in
accordance with Articles 11-13 of the Plan. 
 11.    Specific Performance. The parties acknowledge that
remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of all of the rights and
remedies at law or in equity of the parties under this Agreement. 
 12.    Participant’s Representations.
Notwithstanding any of the provisions hereof, the Participant hereby agrees that he or she will not acquire any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Participant hereunder, if the issuance of
such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any such determination by the Company shall be final, binding, and conclusive. The rights and
obligations of the Company and the rights and obligations of the Participant are subject to all applicable laws. 

13.    Investment Representation. Unless the Awarded Shares are issued in a transaction registered under applicable
federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be purchased and or received hereunder will be acquired by the Participant for investment
purposes for his or her own account and not with any intent for resale or distribution in violation of federal or state securities laws. Unless the Common Stock is issued to him or her in a transaction registered under the applicable federal and
state securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal and state
securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required. 

14.    Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made
available for his review by the Company, and represents that he is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding,
conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement. 

15.    Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the State of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this agreement to the laws of another state). 

16.    No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant
the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee or as a Contractor or as an Outside Director, or interfere with or restrict in any way the right of the Company or any Subsidiary to
discharge the Participant as an Employee, Contractor, or Outside Director at any time. 

  
 - 6 - 

 17.    Legal Construction. In the event that any one or more of the
terms, provisions, or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision,
or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been
contained herein. 
 18.    Covenants and Agreements as Independent Agreements. Each of the covenants and
agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against Paycom, whether predicated
on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement. 

19.    Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and
agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter. All prior negotiations and agreements
between the parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party
or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or
effect. 
 20.    Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall
apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth
herein. No Person shall be permitted to acquire any Awarded Shares without first executing and delivering an agreement in the form satisfactory to the Company making such Person or entity subject to the restrictions on transfer contained herein.

 21.    Modification. No change or modification of this Agreement shall be valid or binding upon the parties
unless the change or modification is in writing and signed by the parties. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan. 

22.    Headings. The headings that are used in this Agreement are used for reference and convenience purposes only
and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement. 

23.    Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any
other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise. 

24.    Notice. Any notice required or permitted to be delivered hereunder shall be in writing and shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); or (c) on the third (3rd) day
after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid). Notices must be sent to the respective parties at the following addresses (or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith: 

  
 - 7 - 

 Notice to the Company shall be addressed and delivered as follows: 

Paycom Software, Inc. 
 7501 W.
Memorial Rd. 
 Oklahoma City, OK 73142 

Attn: Chief Financial Officer 

Notice to the Participant shall be addressed and delivered as set forth on the signature page. 

25.    Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax
advisor regarding the tax consequences of this Agreement, the method and timing for filing an election to include this Agreement in income under Section 83(b) of the Code, and the tax consequences of such election. By execution of this
Agreement, the Participant agrees that if the Participant makes such an election, the Participant shall provide the Company with written notice of such election in accordance with the regulations promulgated under Section 83(b) of the Code.
The Company or, if applicable, any Subsidiary (for purposes of this Section 25, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in
cash or other form in connection with the Plan, any Federal, state, local, or other taxes required by law to be withheld in connection with this Award. The Participant receiving shares of Common Stock issued under the Plan shall pay to the Company,
in accordance with the provisions of this Section 25, the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payment must be made prior
to the delivery of any certificate representing shares of Common Stock, as follows: (i) if the Participant is a Reporting Participant and/or is subject to the Company’s “Insider Trading Policy” at the time of vesting of Awarded
Shares, then the tax withholding obligation must be satisfied by the Company’s withholding of a number of shares to be delivered upon the vesting of such Awarded Shares, which shares so withheld have an aggregate Fair Market Value that equals
(but does not exceed) the required tax withholding payment (the “Net Settlement of Shares”), provided that, the Committee (excluding the Participant if the Participant is a member of the Committee) may, in its sole
discretion, instead require the satisfaction of the tax withholding obligation in accordance with (ii)(A), (ii)(B) or (ii)(D) below; or (ii) if the Participant is neither a Reporting Participant nor subject to the
Company’s “Insider Trading Policy” at the time of vesting of Awarded Shares, then such payment may be made (A) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional
shares) the required tax withholding obligations of the Company; (B) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock, other than Restricted Stock or
Common Stock that the Participant has acquired from the Company within six (6) months prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares) the required
tax withholding payment; (C) if the Company, in its sole discretion, so consents in writing, by the Net Settlement of Shares; or (D) any combination of (A), (B), or (C). The Company may, in its sole discretion, withhold any such taxes from
any other cash remuneration otherwise paid by the Company to the Participant. 
 [Remainder of Page Intentionally Left Blank. 

Signature Page Follows] 

  
 - 8 - 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof. 

 

			
	COMPANY:

 
			
	
	Paycom Software, Inc.

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 
			
	
	PARTICIPANT:

 
			
	
	  

	 Signature

		
	 Name:
	 	  

	 Address:
	 	  

		 	  

  

  
 Signature Page to
Restricted Stock Award Agreement – 
 Time and Market-Based Vesting (CEO)

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