SEC Contract Filing

Filing Date: 2017-02-09

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>prxl103q21712312016.htm
<DESCRIPTION>EXHIBIT 10.3
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<div><a name="sF3246F77CD4753881C9B1F7E4FED9817"></a></div><div></div><div><br></div><div style="line-height:138%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PAREXEL INTERNATIONAL COMPANY</font></div><div style="line-height:138%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2013 ANNUAL INCENTIVE AWARD PLAN</font></div><div style="line-height:138%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">I.&#160;&#160;&#160;&#160;General Purpose of Plan.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The PAREXEL International Company 2013 Annual Incentive Award Plan is designed to assist the Company and its Subsidiaries in attracting, retaining and providing incentives to Eligible Employees and to promote the identification of their interests with those of the Company&#8217;s shareholders by providing for the payment of Incentive Awards subject to the achievement of specified Performance Goals.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">II.&#160;&#160;&#160;&#160;Definitions.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Terms not otherwise defined herein shall have the following meanings:</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A.&#160;&#160;&#160;&#160;&#8220;Award Period&#8221; means the calendar year, except to the extent the Committee determines otherwise.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">B.&#160;&#160;&#160;&#160;&#8220;Board&#8221; means the Board of Directors of the Company.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C.&#160;&#160;&#160;&#160;&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">D.&#160;&#160;&#160;&#160;&#8220;Committee&#8221; means the Compensation Committee of the Board, or any other committee appointed by the Board to administer the Plan; provided that the Committee shall be comprised solely of two or more directors eligible to serve on a committee making awards qualifying as &#8220;performance-based compensation&#8221; under Code Section 162(m). </font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E.&#160;&#160;&#160;&#160;&#8220;Company&#8221; means PAREXEL International Corporation, a Massachusetts corporation, and its successors and assigns and any corporation which shall acquire substantially all of its assets. </font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">F.&#160;&#160;&#160;&#160;&#8220;Covered Employee&#8221; means a &#8220;covered employee&#8221; within the meaning of Section 162(m) of the Code. </font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">G.&#160;&#160;&#160;&#160;&#8220;Eligible Employee&#8221; means an employee described in Section IV hereof.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">H.&#160;&#160;&#160;&#160;&#8220;Incentive Award&#8221; means a contingent award made to a Participant that, subject to Section V hereof, entitles the Participant to cash payment to reflect the relative level of attainment of Performance Goals established by the Committee for an Award Period and such other factors as the Committee may determine.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">I.&#160;&#160;&#160;&#160;&#8220;Participant&#8221; means any Eligible Employee who receives an Incentive Award under the Plan for an Award Period.</font></div><div style="line-height:138%;padding-top:6px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">J.&#160;&#160;&#160;&#160;&#8220;Performance Goals&#8221; means one or more of the following objective performance measures, which shall be based on the relative or absolute attainment of specified levels of one or any combination of the following which may be determined pursuant to generally accepted accounting principles (&#8220;GAAP&#8221;) or on a non-GAAP basis, as determined by the Committee: (1) earnings per share, (2) earnings, (3) earnings growth, (4) earnings before interest, taxes and amortization (EBITA), (5) operating income, (6) operating margins, (7) revenues, (8) expenses, (9) stock price, (10) market share, (11) chargeoffs, (12) reductions in non-performing assets, (13) return on sales, assets, equity or investment, (14) regu