Document:

Form of Restricted Stock Unit Agreement

 Exhibit 10.4 
 PAREXEL INTERNATIONAL CORPORATION 
 2010 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 
 AGREEMENT made between PAREXEL International Corporation, a Massachusetts corporation (the “Company”), and [PARTICIPANT] (“you”). 

For valuable consideration, receipt of which is acknowledged, the Company and you agree as follows: 

 

	 	1.	Grant of RSUs. 

 On [GRANT
DATE] (the “Date of Grant”) and subject to the terms and conditions set forth in this Agreement and in the Company’s 2010 Stock Incentive Plan, as amended (the “Plan”), the Company has granted you
Restricted Stock Units (“RSUs”) providing you with the right to receive [NUMBER] shares of common stock (“Common Stock”), $.01 par value, of the Company (the “Shares”).

  

	 	2.	Vesting and Forfeiture. 

(a) While you remain employed by, or engaged to provide services to, the Company, the RSUs will vest 100% on the third anniversary of the
Date of Grant (the “Vesting Date”). 
 (b) Absent any contrary provision in the Plan or any other
applicable agreement between you and the Company (for example, employment agreements, severance agreements or change-in-control agreements), if you cease to be employed by the Company for any reason or no reason (other than death or disability as
described in Section 2(c) below), you will immediately and automatically forfeit all rights to any of your RSUs that have a Vesting Date after the date your employment ends. 

(c) The Vesting Date for all unvested RSUs will be accelerated, if applicable, to the earliest of: 

(i) Your death; 
 (ii) Your “Disability” (within the meaning of Treasury Regulation Section 1.409A-3(g)(4) or any successor regulation); and 

(iii) As required pursuant to any applicable agreement between you and the Company (for example, employment agreements, severance
agreements or change-in-control agreements). 

	 	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 issue one or more certificates
representing the newly vested Shares to you or your estate, or, as directed by you, a brokerage account. 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 your termination of employment and if the Company determines that you are 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 your date of death. Until the Vesting Date,
you 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. In no event may the Company deliver the Shares to you 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 Vesting Date unless such acceleration is permitted or required by Section 409A. 

(b) Deferral. In no event may the Company or you 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. You may only transfer the Shares that may be issued pursuant to this Agreement following a Vesting Date that covers them. 

 

	 	6.	Withholding Taxes. 

 (a)
You acknowledge that you have reviewed with your own tax advisors the federal, state, local and foreign tax consequences of this investment and the actions contemplated by this Agreement. You affirm that you are 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 you upon or after the vesting of the RSUs shall be subject to your 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”). 

  
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 (c) You acknowledge and agree that the Company has the right to deduct from payments of any
kind otherwise due to you any Withholding Taxes to be withheld with respect to the actions contemplated by this Agreement. You must make appropriate arrangements to pay any required Withholding Taxes, which may include payment through payroll
withholding, by check, or through arranging for the delivery of proceeds from the sale on the market of enough Shares to satisfy the Withholding Taxes. You must execute Exhibit A to designate the manner in which you will satisfy the Withholding
Taxes. 
  

	 	7.	Securities Laws. 

Notwithstanding any other provision of the Plan or this Agreement, the Company will not be required to issue, and you 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. 

(a) This Agreement is subject to the provisions of the Plan, a copy of which is furnished to you with this Agreement. Any capitalized
terms used in this Agreement but not defined in the Agreement shall have the same meaning as in the Plan. 
 (b) (1)
Notwithstanding the foregoing, in connection with a Reorganization Event (as defined in the Plan), the Board may take any one or more of the following actions as to all or any (or any portion of) this Award on such terms as the Board determines
(except to the extent specifically provided otherwise in another agreement between you and the Company): (A) provide that the Award shall be assumed, or a substantially equivalent Award shall be substituted, by the acquiring or succeeding
corporation (or an affiliate thereof), (B) upon written notice to you, provide that all of the unvested portion of your Award will terminate immediately prior to the consummation of such Reorganization Event, (C) provide that the Award
shall become become fully vested and that the Shares shall become deliverable, in whole or in part prior to or upon such Reorganization Event, (D) in the event of a Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to you with respect to the Award equal to (I) the
number of shares of Common Stock subject to the vested portion of the Award (after giving effect to any acceleration of vesting that occurs upon or immediately prior to such 

  
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Reorganization Event) multiplied by (II) the Acquisition Price, less any applicable Withholding Taxes, in exchange for the termination of such Award, (E) provide that, in connection with a
liquidation or dissolution of the Company, the Award shall convert into the right to receive liquidation proceeds (if applicable, net of any applicable Withholding Taxes) and (F) any combination of the foregoing. In taking any of the actions
permitted under this Section 8(b)(1), and except to the extent otherwise provided in another agreement between you and the Company, the Board shall not be obligated by the Plan to treat all Awards, all Awards held by you, or all Awards of the
same type, identically. 
 (2) Notwithstanding the terms of Section 8(b)(1), in the case of outstanding Restricted Stock
Units that are subject to Section 409A of the Code: (A) if the applicable Restricted Stock Unit agreement or another agreement between you and the Company provides that the Restricted Stock Units shall be settled upon a “change in
control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes such a “change in control event”, then no assumption or substitution shall be permitted pursuant to
Section 8(b)(1)(A) and the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit or other agreement; and (B) the Board may only undertake the actions set forth in clauses (C),
(D) or (E) of Section 8(b)(1) if the Reorganization Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A-3(i)(5)(i) and such action is permitted or required by
Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so defined or such action is not permitted or required by Section 409A of the Code, and the acquiring or succeeding corporation does not
assume or substitute the Restricted Stock Units pursuant to clause (A) of Section 8(b)(1), then the unvested Restricted Stock Units shall terminate immediately prior to the consummation of the Reorganization Event without any payment in
exchange therefor. 
 (3) For purposes of Section 8(b)(1)(A), the Award shall be considered assumed if, following
consummation of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share of Common Stock subject to the Award immediately prior to the consummation of the Reorganization Event,
the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if
holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Reorganization
Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise or
settlement of the Award to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination or
another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 

  
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	 	9.	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 you 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 Code 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 your account at the time provided for in this Agreement. Neither you 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. Your 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 you
and its and your 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 you, at your 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 9(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. 
 (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 your consent to participate in the Plan by electronic means. You 

  
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hereby consent 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) Your Acknowledgments. You acknowledge that you:
(i) have read this Agreement; (ii) have been represented in the preparation, negotiation and execution of this Agreement by legal counsel of your own choice or have voluntarily declined to seek such counsel; (iii) understand the terms
and consequences of this Agreement; (iv) are fully aware of the legal and binding effect of this Agreement; and (v) understand 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 the Agreement, and is not acting as counsel for you. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

									
		 		 		 	PAREXEL INTERNATIONAL CORPORATION
				
		 		 		 	

					
	Date:	 	  
	 		 	By:	 	 /s/ Josef H. von Rickenbach

		 		 		 		 	Name: Josef H. von Rickenbach
		 		 		 		 	Title: Chairman and Chief Executive Officer

 PARTICIPANT’S ACCEPTANCE 
 I hereby accept the foregoing grant and agree to the terms and conditions thereof and acknowledge receipt of a copy of the Company’s 2010 Stock Incentive Plan, as amended. 

 

			
	PARTICIPANT
	
	  

		
	Print Name:	 	  

 

			
		
	Date:	 	  

  
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 Exhibit A 
 Election 
 [    ]    I elect to pay the Company any
Withholding Taxes by cash or check (and I acknowledge that the Company may also need to withhold some or all of the Withholding Taxes from cash due to me with respect to salary or wages). 
 [    ]    I elect to satisfy any Withholding Taxes in connection any Vesting Date or related later distribution of Shares satisfied by applying proceeds from a
market sale of Company securities issuable as a result of such Vesting Date. 
  

											
	Date:	 	  
	 		 	By:	 	  
	 	
		 		 		 		 	[Name of Participant]	 	

  
 - 8 -PAREXEL International Corporation Management Incentive Plan

 Exhibit 10.5 
 PAREXEL INTERNATIONAL 
 PAREXEL Management Incentive Plan 

Updated Effective July 1, 2011 

 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 TABLE OF CONTENTS 

 

					
	 I.
	 	PURPOSE	  	3
			
	 II.
	 	DEFINITIONS	  	3
			
	 III.
	 	ELIGIBILITY	  	4
			
	 IV.
	 	DETERMINATION OF PAYMENTS UNDER THE MIP	  	4
			
	 V.
	 	TARGET AWARDS	  	5
			
	 VI.
	 	PERFORMANCE MEASURES	  	6
	     1.
	 	    Company Performance Components	  	6
	         a.
	 	    Non-Backlog Financial Performance	  	7
	         b.
	 	    Backlog Financial Performance	  	8
	         c.
	 	    Customer Satisfaction Performance	  	9
	     2.
	 	Individual Performance Component	  	10
			
	 VII.
	 	TARGET AWARD PAYMENTS	  	10
			
	 VIII.
	 	TERMINATION OF EMPLOYMENT/LEAVE OF ABSENCE	  	11
			
	 IX.
	 	NEW HIRES AND PROMOTIONS	  	11
			
	 X.
	 	PARTICIPANT PERFORMANCE	  	11
			
	 XI.
	 	ADJUSTMENTS	  	12
			
	 XII.
	 	MIP ADMINISTRATION	  	12
			
	 XIII.
	 	ASSIGNMENT AND EMPLOYEE RIGHTS	  	13
			
	 XIV.
	 	AMENDMENT OR TERMINATION	  	13
			
	 XV.
	 	NO CLAIM AGAINST ASSETS	  	13
			
	 XVI.
	 	WITHHOLDING TAX	  	14
			
	 XVII.
	 	EFFECTIVE DATE/INTEGRATION	  	14
			
	 XVIII.
	 	VALIDITY	  	14
			
	 XIX.
	 	GOVERNING LAW	  	14

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	I.	PURPOSE 

 The MIP has been developed to
focus Managers and Key Individual Contributors on the accomplishment of organizational goals and specific individual performance objectives identified as critical to the success of the Company. 

The MIP serves as a means to communicate the Company’s priorities, support the Company’s business plans, and encourage cooperation among
employees within and between different organizational units. The MIP also provides a consistent means to reward successful Manager and Key Individual Contributor performance. 

 

	II.	DEFINITIONS 

 MIP: PAREXEL
Management Incentive Plan (otherwise referred to herein as the “Plan”) 
 Company: PAREXEL International Corporation

 Manager: An employee who has both administrative and functional responsibilities for subordinate staff, as determined by the Company.

 Key Individual Contributor: An employee who, although not managing staff, provides significant contributions to the overall attainment
of Corporate, SBU and/or Operating Unit goals, as determined by the Company. 
 Participant: An employee of the Company whom the Company
deems eligible to participate in the MIP. 
 Individual Performance Objectives: Measurable goals or objectives specific to the
Participant’s own role, as determined by the Company. Individual Performance Objectives are generally identified in a Participant’s Performance Management and Development (PMD) Plan. This term may also refer to strategic team goals for
certain selected Participants. Individual Performance Objectives are subject to change at any time, at the Company’s discretion, without prior notice. 
 SBU: Strategic Business Unit. 
 Operating Unit: Business segment or functional
group, reporting into the SBU Head/BRC Member. 
 Corporate: Relating to the Company as a whole. 

  
 3 

 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 Annual Salary Total: In the context of the MIP, Annual Salary Total
refers to the amount of base salary paid to the Participant during the MIP year as recorded in PAREXEL’s Human Resource Information System of record. It covers only periods when an employee is a Participant and has an active employment status.
Annual Salary Total includes only base salary paid through the Company’s standard payroll processes and it does not include any additional payments that may be made to a Participant, such as overtime pay, bonus payments, equity compensation,
the value of employee benefits, or any other forms of compensation. 
 Plan Year: The Plan Year corresponds to the Company’s fiscal
year, July through June. 
  

	III.	ELIGIBILITY 

 Employees in Manager and Key
Individual Contributor positions are recommended for participation in the MIP. New hires or promotions in positions not already approved for MIP participation require the approval of the Chief Executive Officer (or his designee) before being deemed
Participants in the MIP. Each Participant should receive a MIP Objectives Summary document regarding the goals and objectives established by the Company. Participation in the MIP shall be conditioned upon the Participant’s execution of and
compliance with a current version of the Company’s standard agreement regarding confidentiality, non-disclosure, non-solicitation, assignments of inventions and intellectual property rights, and, if applicable, non-competition, as determined by
the Company in its discretion. 
  

	IV.	DETERMINATION OF PAYMENTS UNDER THE MIP 

The MIP is funded at the Company’s discretion based on the achievement of PAREXEL Corporate targets and will generally be based on each
Participant’s Target Award and the achievement of financial performance measures and Individual Performance Objectives established by the Company, as described below. Whether and the extent to which MIP payments are funded remains at the
discretion of the Company and nothing herein should be construed or interpreted to promise or guarantee any MIP payment to any Participant or employee of the Company. 
 The final determination as to the amount of any incentive payment to be paid to a Participant under the MIP shall be made by the Chief Executive Officer (or his designee), acting in his sole discretion,
who shall have the right to adjust any target award, financial performance measure, Individual Performance Objective or award payment (including the right, in his discretion, to reduce any target award or award payment to zero notwithstanding the
achievement of any or all of 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 
the Company financial performance measures or Individual Performance Objectives). No Participant will have any right to any payment under the Plan and no payment will be considered due and
payable unless and until the amount is definitively determined by the Chief Executive Officer (or his designee). 
  

	V.	TARGET AWARDS 

 Participants have a
designated annual Target Award. The Target Award is expressed as a percent of each Participant’s Annual Salary Total. The Target Award varies by job level and the Participant’s anticipated impact on Company goal achievement, as determined
by the Company. The Target Award is established by the Company in its discretion and is subject to change at any time at the discretion of the Company, without prior notice. 
 If the Company determines that a Participant’s Target Award should change (due to job change or otherwise) during the Plan Year, the Target Award for the full Plan Year will be pro-rated based on the
portion of the Plan Year the Participant spent at each Target Award level. 
 Generally, Participants will be targeted at the following levels:

  

			
	 Level*
	  	Target Award
(% of Annual 
Salary Total)
		
	 Managers/ Individual Contributors
	  	10%
		
	 Associate Directors, Directors and Senior Directors (smaller/local/regional departments)
	  	15%
		
	 Senior Directors (larger departments spanning more than one region/ global departments)
	  	20%
		
	 Vice Presidents/Sr. VPs/Corporate VP
	  	Variable

  

	*	Levels will be established by Human Resources in consultation with the SBU Head/BRC Member. 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	VI.	PERFORMANCE MEASURES 

 A Target Award has
two components: (1) a Company performance component and (2) an individual performance component. Unless otherwise decided by the Company in its discretion, a Participant’s eligibility for payment of a Target Award will be evaluated on
the Company and individual performance measures in place for the majority of the Plan Year based on the applicable number of calendar days. 
  

	 	1.	Company Performance Components 

 Determination of a Participant’s Company performance component of the target award is dependent on the achievement of annually specified goals by Company. Such goals will generally fall in one or
more of the categories listed below or such other categories as the Chief Executive Officer (or his designee) may from time to time determine in his discretion, and may vary within or between each Plan Year: 

 

	 	•	 	 PAREXEL Worldwide Corporate Pre-Tax Income 

  

	 	•	 	 Earnings Per Share (generally for Executive Committee members) 

 

	 	•	 	 Business Operating Margin 

  

	 	•	 	 Backlog 

  

	 	•	 	 Customer Satisfaction 

 Such categories may be measured at the Corporate, SBU and/or Unit level, as established and determined by the Company in its discretion. The specific categories for a particular Plan Year, the weighting
of any category, and the exact financial target for each category for such Plan Year shall be determined by the Chief Executive Officer (or his designee), in his sole discretion. The exact target for each category will be based on approved budgets
for the Plan Year. 
 The Company targets shall include, as applicable, accruals for payments to be made pursuant to the MIP.

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	 	a.	Non-Backlog Financial Performance 

 The Company’s attainment of 100% of the non-backlog financial performance objectives will generally result in a payment of 100% of the non-backlog financial performance component of the Target Award.
Non-backlog financial performance between 90% and 100% of the objectives will generally result in reduced payments for the non-backlog financial performance component of the Target Award. Non-backlog financial performance above 100% of the
objectives will generally result in payments above target for the non-backlog financial performance component of the Target Award. Payments for the non-backlog financial performance component of the Target Award are capped at 150% of the Target
Award. Please see table and Figure 1 below for a representation of the non-backlog financial performance payout curve. 
  

											
	 	  	Non-Backlog Financial Performance Payout Chart
	 Achievement %
	  	<90	  	90	  	100	  	125	  	>125
	 Payout %
	  	0	  	20	  	100	  	150	  	150

 

 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	 	b.	Backlog Financial Performance 

 The Company’s attainment of at least 100% of the Corporate, SBU or Unit backlog financial performance objectives will generally result in a payout of 100% of the backlog financial performance
component of the Target Award. Payments for the backlog financial performance component of the Target Award are capped at 100% of the Target Award. The Company’s inability to attain 100% of the Corporate, SBU or Unit backlog financial
performance objectives will generally result in no payment for the backlog financial performance component of the Target Award. Please see table and Figure 2 below for a representation of the backlog financial performance payout curve. 

 

							
	 	  	Backlog Performance Payout Chart
	 Achievement %
	  	<100	  	100	  	>100
	 Payout %
	  	0	  	100	  	100

 

 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	 	c.	Customer Satisfaction Performance 

 Customer Satisfaction will be measured based on the Overall Customer Satisfaction scores as reported by the Corporate Quality group versus the target set each fiscal year. Performance above target will
generally result in an increase of the payout by 6.25% for each 0.1 change in Customer Satisfaction. Performance below target will generally result in a decrease in the payout by 12.5% for each 0.1 change in Customer Satisfaction. No payout under
50% will be made and the maximum payout is 125%. Please see the table and Figure 3 below for a representation of the customer satisfaction payout curve based on target of 7.8 for the graph. 

 

											
	 	  	Customer Satisfaction Performance Payout Chart
	 Achievement %
	  	Scores
 Below
	  	Target -
 0.4
	  	Target	  	Target +
 0.4
	  	Scores
 Above

	 Payout %
	  	0	  	50	  	100	  	125	  	125

 

 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	 	2.	Individual Performance Component 

Determination of a Participant’s eligibility to receive payment of the individual performance component of the Target Award is dependent on the
Participant’s achievement of annually specified Individual Performance Objectives generally identified in a Participant’s Performance Management and Development (PMD) Plan, as determined by the Company in its discretion. The amount paid of
a Participant’s individual performance component of the Target Award can range from 100% to 0%, at the Company’s discretion. Please see the table and Figure 4 below for a graphical representation of the individual performance objective
payout curve. 
  

									
	 	  	Individual Performance Payout Chart
	 Achievement %
	  	0	  	50	  	100	  	>100
	 Payout %
	  	0	  	50	  	100	  	100

 

 
  

	VII.	TARGET AWARD PAYMENTS 

 Payment of a
Participant’s Target Award will be determined by the Chief Executive Officer (or his designee) in his discretion. Payment of any Target Award will be made pursuant to the Company’s regular payroll practices in the employee’s active
currency at the time of payment and will be subject to all 

  
 10 

 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 
applicable taxes and withholdings. Currency changes will be calculated using the budgeted fiscal year exchange rate as identified by PAREXEL. Target Award payments will be made to each
Participant within one hundred and twenty (120) days after the end of the applicable Plan Year. 
  

	VIII.	TERMINATION OF EMPLOYMENT/LEAVE OF ABSENCE 

If a Participant resigns, gives notice of termination or his/her employment terminates with the Company for any reason (whether voluntarily or
involuntarily) prior to the date a Target Award payment is made, the Participant will not be eligible to receive any payment under the MIP for the Plan Year in which the termination occurs and/or any prior Plan Year (if the payment for the prior
Plan Year has not been made as of the date of the Participant’s resignation, notice of termination or separation from employment). Any exceptions to this rule must be approved by the Chief Executive Officer (or his designee). Participants must
have an active employment status at the time of payment to be eligible to receive any MIP award payment. If a Participant is on a leave of absence at the time of payment, the Participant will receive any applicable MIP payment when the Participant
returns to active employment status. If the Participant does not return to active employment status by reasons other than death or disability, he/she will not be eligible to receive any payment under the MIP, unless required under applicable law.

 Notwithstanding any other provision of the MIP, the Chief Executive Officer (or his designee) may, at his sole discretion, permit continued
participation, pro-ration or early distribution (or a combination thereof) of awards for which a Participant would otherwise be ineligible. 
  

	IX.	NEW HIRES AND PROMOTIONS 

 Individuals
hired or promoted into positions not previously eligible for MIP participation after the beginning of a Plan Year will be added as Participants under the MIP, subject to the approval of the Chief Executive Officer (or his designee) as of a date
determined by the Company. Participants added during the applicable Plan Year will be eligible to receive a pro-rated award based on the date they became eligible to participate in the MIP. 

 

	X.	PARTICIPANT PERFORMANCE 

 Participants
with less than satisfactory performance during the MIP Plan Year, as determined by the Company, will not be entitled to receive any award under the 

  
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 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 
MIP. If a Participant has undergone formal disciplinary action for poor performance or behavior during the MIP Year, has an Individual Performance Objective achievement of 0%, or is undergoing
formal disciplinary action for poor performance or behavior at the time the MIP payment is determined or made, he/she will not be eligible to receive any award payment. If the disciplinary action has been completed and/or performance/behavior has
reached the required standard, the Company may choose to make a partial or pro-rated payment to the Participant in its discretion. 
  

	XI.	ADJUSTMENTS 

 The Chief Executive Officer
(or his designee) may make performance measure adjustments (up or down) at any time during or at the end of the fiscal year, when the Chief Executive Officer (or his designee) determines that events have occurred or may occur that significantly
alter or impact established Company or business unit performance measures. Any such adjustments are final and binding upon all Participants and other parties concerned. Such events may include without limitation, changes in accounting rules or
regulations, changes in regulatory rulings that affect the business of the organization, and significant unexpected changes in economic conditions affecting the Company. 

 

	XII.	MIP ADMINISTRATION 

 The Chief Executive
Officer (or his designee) has the authority to interpret the provisions of the MIP and make decisions necessary to administer the MIP. Any decision by the Chief Executive Officer (or his designee) regarding eligibility for payments under the MIP, or
other interpretations of or decisions related to the provisions of the MIP, shall be final and binding on all Participants and other parties concerned. This authority includes but is not limited to the following administrative provisions:

  

	•	 	 Interpretation of Plan Provisions 

  

	•	 	 Approval of MIP Participants 

  

	•	 	 Establishment of MIP Levels 

  

	•	 	 Establishment of Performance Goals 

  

	•	 	 Weighting of Target Award Components 

  

	•	 	 Certification of Performance against established MIP Goals 

 

	•	 	 Adjustment of Performance Goals 

  

	•	 	 Determination, Approval and/or Timing of Payments under the MIP 

 Any determination made under this MIP regarding an “executive officer” of the Company (as defined by Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) must be approved by the
Compensation Committee of the Board of Directors of the Company and, as it relates to any determination made under this MIP regarding executive officers, the term “Chief Executive Officer” used herein shall mean and include the
Compensation Committee. 

  
 12 

 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
 The Chief Executive Officer (or his designee), in making any determination
under the MIP, is entitled to rely on opinions, reports or statements of employees of the organization, counsel, public accountants, and other experts or third parties. 

 

	XIII.	ASSIGNMENT AND EMPLOYEE RIGHTS 

 No
employee has any claim or right to be a Participant in the MIP or granted an award under the MIP, and there is no obligation for uniformity of treatment of eligible employees or Participants under the MIP. Nothing in this Plan shall be construed or
interpreted to provide any 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 Plan shall alter or modify the employment status of any
Participant. All interpretations of Plan provisions or decisions about any awards should be made under the Plan, in total or with respect to any Participant, are entirely within the discretion of the Chief Executive Officer (or his designee).

  

	XIV.	AMENDMENT OR TERMINATION 

 This MIP may be
amended, suspended or revoked at any time, for any reason, without prior notice. In the case of any amendment, suspension and/or termination of the MIP, the Chief Executive Officer (or his designee) may, in his discretion, authorize the pro-ration,
early distribution, or partial distribution of awards paid under the MIP. 
  

	XV.	NO CLAIM AGAINST ASSETS 

 Nothing in this
Plan shall be construed as giving any Participant, or his or her legal representative or designated beneficiary, any claim against any specific assets of the Company or any parent, subsidiary or affiliate of the Company as imposing any trustee
relationship upon the Company in respect of the Participant. The Company shall not be required to segregate any assets in order to provide for the satisfaction of the obligations hereunder. If and to the extent that the Participant or
his/her legal representative or designated beneficiary acquires a right to receive any payment pursuant to this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 

  
 13 

 PAREXEL MANAGEMENT INCENTIVE PLAN 

 
  

	XVI.	WITHHOLDING TAX 

 The Company withholds
any and all taxes or other withholdings required by law and/or Company plans and policies from all MIP awards. 
  

	XVII.	EFFECTIVE DATE/INTEGRATION 

 The MIP is
effective July 1, 2011 and shall remain in effect until terminated by the Company. Except as expressly provided in this MIP, or in a written agreement between the Company and a Participant that specifically refers to MIP awards, this MIP
represents the sole agreement between the Company and Participants concerning its subject matter and it supersedes all prior agreements, arrangements, understandings, warranties, representations, and statements between the parties concerning its
subject matter. 
  

	XVIII.	VALIDITY 

 In the event any provision of
the MIP is held invalid, void or unenforceable the same shall not affect in any respect whatsoever the validity of any other provision of the MIP. 
  

	XIX.	GOVERNING LAW 

 The MIP shall be governed
by and construed in accordance with the laws of the Commonwealth of Massachusetts without reference to its principles of conflict of laws. The state and federal courts in the Commonwealth of Massachusetts will have the exclusive jurisdiction to
resolve any disputes arising out of or related to the MIP, and any Participant hereunder voluntarily submits to the jurisdiction over his/her person by a court of competent jurisdiction located within the Commonwealth of Massachusetts. The Company
and any Participant hereunder expressly waive any right to a jury trial with respect to any dispute arising out of or related to the MIP. 

  
 14

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