<SEC-DOCUMENT>0000723531-17-000029.txt : 20170908
<SEC-HEADER>0000723531-17-000029.hdr.sgml : 20170908
<ACCEPTANCE-DATETIME>20170908145815
ACCESSION NUMBER:		0000723531-17-000029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170908
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170908
DATE AS OF CHANGE:		20170908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAYCHEX INC
		CENTRAL INDEX KEY:			0000723531
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700]
		IRS NUMBER:				161124166
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11330
		FILM NUMBER:		171076310

	BUSINESS ADDRESS:	
		STREET 1:		911 PANORAMA TRAIL S
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14625-0397
		BUSINESS PHONE:		5853856666

	MAIL ADDRESS:	
		STREET 1:		911 PANORAMA TRAIL SOUTH
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14625-0397
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>payx-20170908x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			PAYX-8K-090817
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			<a name="_GoBack"></a><font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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		<p style="margin:0pt 0pt 12pt;line-height:120%;text-align:center;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;">Washington, DC 20549</font>
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		<p style="margin:0pt;line-height:120%;text-align:center;font-family:Calibri;font-size: 14pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">FORM 8-K</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">CURRENT REPORT</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">Pursuant To Section&nbsp;13 or 15(d) of the</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">Date of Report: </font><font style="display: inline;font-family:Arial;font-weight:bold;">September </font><font style="display: inline;font-family:Arial;font-weight:bold;">6</font><font style="display: inline;font-family:Arial;font-weight:bold;">, 2017</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">(Date of earliest event reported)</font>
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		<p style="margin:0pt;line-height:120%;text-align:center;font-family:Calibri;font-size: 14pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">PAYCHEX,&nbsp;INC.</font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:center;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;">(Exact name of registrant as specified in its charter)</font>
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			<font style="display: inline;font-family:Arial;">&#xFEFF;</font>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">DELAWARE</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">0-11330</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">16-1124166</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(State or other jurisdiction</font></p>
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">of incorporation)</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Commission</font></p>
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">File Number)</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(IRS Employer</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">Identification Number)</font></p>
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						<font style="display: inline;font-family:Arial;font-size:1pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:48.72%;padding:0pt 0pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td colspan="5" valign="bottom" style="width:48.64%;padding:0pt 3.6pt 0pt 3.6pt;height:28.80pt">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;">911 PANORAMA TRAIL SOUTH,</font><font style="display: inline;font-family:Arial;font-weight:bold;">&nbsp;</font><font style="display: inline;font-family:Arial;font-weight:bold;">ROCHESTER, NEW YORK</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt 0pt 0pt 3.6pt;height:28.80pt">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:48.72%;padding:0pt 3.6pt 0pt 3.6pt;height:28.80pt">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">14625-2396</font></p>
				</td>
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				<td colspan="5" valign="top" style="width:48.64%;padding:0pt 3.6pt 0pt 3.6pt;height:12.00pt">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices)</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt 0pt 0pt 3.6pt;height:12.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:48.72%;padding:0pt 3.6pt 0pt 3.6pt;height:12.00pt">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Zip Code)</font></p>
				</td>
			</tr>
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		<p style="margin:12pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;">(585) 385-6666</font>
		</p>
		<p style="margin:0pt 0pt 8pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Registrant&#x2019;s telephone number, including area code)</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;">N/A</font>
		</p>
		<p style="margin:0pt 0pt 8pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 8pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Former name or former address, if changed since last report.)</font>
		</p>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:16.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:17.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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				<td valign="top" style="width:05.88%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:05.88%;padding:0pt 2.4pt 0pt 3.6pt;height:15.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;color:#000000;">&#x2610;</font></p>
				</td>
				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:15.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
				</td>
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			<tr>
				<td valign="top" style="width:05.88%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:1.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:05.88%;padding:0pt 2.4pt 0pt 3.6pt;height:15.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;color:#000000;">&#x2610;</font></p>
				</td>
				<td valign="top" style="width:94.12%;padding:0pt 2.4pt 0pt 3.6pt;height:15.00pt">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7; 240.12b-2 of this chapter). </font>
		</p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Emerging growth company </font><font style="display: inline;">&#x2610;</font><font style="display: inline;font-family:PMingLiU;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 12pt">
			<font style="display: inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display: inline;">&#x2610;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 8pt 68.4pt;text-indent: -68.4pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">ITEM 5.02</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 41pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</font>
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		<p style="margin:0pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">On September 6, 2017, </font><font style="display: inline;font-family:Arial;font-size:10pt;">the </font><font style="display: inline;font-family:Arial;font-size:10pt;">Governance and Compensation Committee (the &#x201C;Committee&#x201D;) of the Board of Directors</font><font style="display: inline;font-family:Arial;font-size:10pt;"> of Paychex, Inc. (the &#x201C;Company&#x201D;)</font><font style="display: inline;font-family:Arial;font-size:10pt;">, awarded</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">Efrain Rivera, </font><font style="display: inline;font-family:Arial;font-size:10pt;">the Company&#x2019;s Senior Vice President, Chief Finan</font><font style="display: inline;font-family:Arial;font-size:10pt;">cial Officer, and Treasurer</font><font style="display: inline;font-family:Arial;font-size:10pt;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">a one-time grant of </font><font style="display: inline;font-family:Arial;font-size:10pt;">performance-based restricted stock under the Company&#x2019;</font><font style="display: inline;font-family:Arial;font-size:10pt;">s 2002 Stock Incentive Plan, </font><font style="display: inline;font-family:Arial;font-size:10pt;">as amended and rest</font><font style="display: inline;font-family:Arial;font-size:10pt;">ated effective October 14, 2015 (the &#x201C;2002 Plan&#x201D;)</font><font style="display: inline;font-family:Arial;font-size:10pt;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;">The </font><font style="display: inline;font-family:Arial;font-size:10pt;">restricted stock</font><font style="display: inline;font-family:Arial;font-size:10pt;"> cliff vest</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> upon the Committee&#x2019;s certification of net income for the</font><font style="display: inline;font-family:Arial;font-size:10pt;"> fiscal years ended May 31, 2018, 2019 and 2020</font><font style="display: inline;font-family:Arial;font-size:10pt;"> after the completion of the fiscal year ended May 31, 2020 (the &#x201C;</font><font style="display: inline;font-family:Arial;font-size:10pt;">Vest D</font><font style="display: inline;font-family:Arial;font-size:10pt;">ate&#x201D;)</font><font style="display: inline;font-family:Arial;font-size:10pt;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;">The performance criteria for the grant is that the restricted shares </font><font style="display: inline;font-family:Arial;font-size:10pt;">will vest</font><font style="display: inline;font-family:Arial;font-size:10pt;"> in full on the Vest D</font><font style="display: inline;font-family:Arial;font-size:10pt;">ate</font><font style="display: inline;font-family:Arial;font-size:10pt;"> if net income for each of the fiscal years 2018, 2019, and 2020 equal</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> or exceed</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> $500 million.&nbsp; </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">In the event of death or disability, the award automati</font><font style="display: inline;font-family:Arial;font-size:10pt;">cally vests in full.&nbsp;&nbsp;In the eve</font><font style="display: inline;font-family:Arial;font-size:10pt;">nt of </font><font style="display: inline;font-family:Arial;font-size:10pt;">termination without cause or resignation for good reason, if the net income for the fiscal year in which the termination occurs equals or exceeds the $500 million requirement, then the award will immediately vest upon the Committee&#x2019;s review and certification of the net income.&nbsp;&nbsp;Upon termination for a reason other than death, disability, termination without cause or resignatio</font><font style="display: inline;font-family:Arial;font-size:10pt;">n for good reason prior to the Vest D</font><font style="display: inline;font-family:Arial;font-size:10pt;">ate, the award shall be forfeited and cancelled immediately.&nbsp;&nbsp;No dividends will be p</font><font style="display: inline;font-family:Arial;font-size:10pt;">aid on any unvested restricted </font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;">tock</font><font style="display: inline;font-family:Arial;font-size:10pt;">.&nbsp;&nbsp;However, the restricted stock does impart voting rights.</font>
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		<p style="margin:0pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">In addition to the one-time grant of performance-based restricted stock, the Committee also approved an amendment to Mr. Rivera&#x2019;s award agreements for </font><font style="display: inline;font-family:Arial;font-size:10pt;">stock </font><font style="display: inline;font-family:Arial;font-size:10pt;">options previously granted to him under the 2002 Plan</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">and any future grants of stock options under the </font><font style="display: inline;font-family:Arial;font-size:10pt;">2002 P</font><font style="display: inline;font-family:Arial;font-size:10pt;">lan to extend the post-termination exercise period for </font><font style="display: inline;font-family:Arial;font-size:10pt;">stock options</font><font style="display: inline;font-family:Arial;font-size:10pt;"> vested as of the termination date to a period of three years.&nbsp;&nbsp;This extension applies if any of the following conditions </font><font style="display: inline;font-family:Arial;font-size:10pt;">with respect to Mr. Rivera </font><font style="display: inline;font-family:Arial;font-size:10pt;">are met: (1) termination not for cause; (2) resignation for good reason; or (3) remaining employed through September 6, 2020.&nbsp;&nbsp;However, no exercise period can extend beyond the 10-year term of the option.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;">Further Information</font>
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			<font style="display: inline;font-family:Arial;">Additional information regarding compensation awarded to certain of the Company&#x2019;s executive officer</font><font style="display: inline;font-family:Arial;">s for the </font><font style="display: inline;font-family:Arial;">fiscal </font><font style="display: inline;font-family:Arial;">year ended May 31, 201</font><font style="display: inline;font-family:Arial;">7 &nbsp;</font><font style="display: inline;font-family:Arial;">will be</font><font style="display: inline;font-family:Arial;"> provided in the Compa</font><font style="display: inline;font-family:Arial;">ny&#x2019;s proxy statement for its 201</font><font style="display: inline;font-family:Arial;">7 Annual Meeting of Stockholders, which </font><font style="display: inline;font-family:Arial;">the Company expects to file</font><font style="display: inline;font-family:Arial;"> with the Securities and Exchange Commission </font><font style="display: inline;font-family:Arial;">on September 8, 2017.</font>
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		<p style="margin:0pt 0pt 8pt;text-indent:36pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">ITEM 9.01</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Arial;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">FINANCIAL STATEMENTS AND EXHIBITS</font>
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		<p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">The following exhibits relating to Item </font><font style="display: inline;font-family:Arial;font-size:10pt;">5.02 </font><font style="display: inline;font-family:Arial;font-size:10pt;">of this </font><font style="display: inline;font-family:Arial;font-size:10pt;">Current Report on </font><font style="display: inline;font-family:Arial;font-size:10pt;">Form 8-K are filed herewith:</font>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;font-family:Arial;">Exhibit 10.1</font></p>
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						<a href="payx-20170908xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-family:Arial;">Paychex, Inc. 2002 Stock Incentive Plan (as amended and restated effective October 14, 2015) Performance-Based Restricted Stock Award Agreement.</font></a></p>
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						<font style="display: inline;font-family:Arial;">Exhibit 10.2</font></p>
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					<p style="margin:2pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<a href="payx-20170908xex10_2.htm" style="-sec-extract:exhibit"><font style="display: inline;font-family:Arial;">Paychex, Inc. 2002 Stock Incentive Plan (as amended and restated effective October 14, 2015) Amendment to Award Agreements.</font></a></p>
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		<p style="margin:0pt 0pt 8pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">SIGNATURES</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Arial;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
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			<font style="display: inline;font-size:9pt;">&#xFEFF;</font>
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						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">PAYCHEX,&nbsp;INC.</font></p>
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						<font style="display: inline;font-family:Arial;color:#000000;">Date:</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
						<font style="display: inline;font-family:Arial;color:#000000;">September </font><font style="display: inline;font-family:Arial;color:#000000;">8</font><font style="display: inline;font-family:Arial;color:#000000;">, 2017</font></p>
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						<font style="display: inline;font-family:Arial;color:#000000;">/s/&nbsp;Martin&nbsp;Mucci</font></p>
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						&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>payx-20170908xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
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			Exhibit 10.1
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			<font style="display: inline;font-weight:bold;">EXHIBIT 10.1</font>

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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">PAYCHEX, INC.</font><br /><font style="display: inline;font-weight:bold;">2002 STOCK INCENTIVE PLAN</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">(as amended and restated effective October 14, 2015)</font><br /><font style="display: inline;font-weight:bold;"></font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">PERFORMANCE-BASED RESTRICTED STOCK AWARD AGREEMENT </font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">&#xFEFF;</font>
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						<font style="display: inline;font-weight:bold;">Participant Name</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Efrain Rivera</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">Award Date</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 6, 2017</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">Performance Period</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 1, 2017 through May 31, 20</font><font style="display: inline;">20</font></p>
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					<p style="margin:6pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">Maximum Number of Restricted Shares</font></p>
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						<font style="display: inline;">21,089</font></p>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 1.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Grant of Restricted Stock</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Performance-Based Restricted Stock Award Agreement (this &#x201C;Award Agreement&#x201D;), made as of September 6, 2017 (the &#x201C;Date of Grant&#x201D;), serves to notify you that the Governance and Compensation Committee (the &#x201C;Committee&#x201D;) of the Board of Directors of Paychex, Inc. (the &#x201C;Company&#x201D;) hereby grants to you, under the Company&#x2019;s 2002 Stock Incentive Plan, as amended and restated effective October 14, 2015 (the &#x201C;Plan&#x201D;), an award of Restricted Stock (the &#x201C;Re</font><font style="display: inline;color:#000000;">stricted Stock&#x201D; or &#x201C;Award&#x201D;) of </font><font style="display: inline;color:#000000;">21,089</font><font style="display: inline;color:#000000;"> shares of the Company&#x2019;s $.01 par value common stock (the &#x201C;Common Stock,&#x201D; and the shares awarded by this Agreement, the &#x201C;Restricted Stock Shares&#x201D;).&nbsp;&nbsp;The Plan is incorporated herein by reference and made a part of this Award Agreement.&nbsp;&nbsp;You may obtain a copy of the Plan from the Office of the Corporate Secretary.&nbsp;&nbsp;You should review the terms of this Award Agreement and the Plan carefully.&nbsp;&nbsp;The capitalized terms used in this Award Agreement are defined in the Plan.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 2.</font>
			<a name="_Ref451417131"></a><font style="display: inline;text-decoration:underline;color:#000000;">Vesting of </font><font style="display: inline;text-decoration:underline;color:#000000;">Restricted Stock</font><font style="display: inline;color:#000000;">.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Time </font><font style="display: inline;font-style:italic;color:#000000;">Vesting</font><font style="display: inline;font-style:italic;color:#000000;"> Condition</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Vesting is contingent on your continued employment </font><font style="display: inline;color:#000000;">as an executive of the Company or </font><font style="display: inline;color:#000000;">one of its Affiliates through the date of the Committee&#x2019;s review and certification of the 2018, 2019 and 2020 Net Income following completion of fiscal year 2020 (the &#x201C;Vesting Date&#x201D;).&nbsp;&nbsp;Except as otherwise provided by Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">, if your employment as an executive of the Company or one of its Affiliates</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">terminates before the Vesting Date for any reason, then the Award shall be forfeited and cancelled immediately</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Performance Vesting Condition</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Subject to the terms set forth in this Award Agreement and the Plan, </font><font style="display: inline;color:#000000;">and except as otherwise </font><font style="display: inline;color:#000000;">provided by Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">, the Award will vest </font><font style="display: inline;color:#000000;">in full upon the Committee&#x2019;s review and certification of the 2018, 2019 and 2020 Net Income following completion of fiscal year 2020, if the Net Income for each of the 2018 fiscal year, 2019 fiscal year and 2020 fiscal year equals or exceeds the $500 million for such fiscal year, respectively.&nbsp;&nbsp;If the Restricted Stock Shares do not vest pursuant to this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">2</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> (after the application of Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">), the Restricted Stock Shares shall be forfeited.&nbsp;&nbsp;&#x201C;Net Income&#x201D; for a specified period means the Net Income, as determined by the values</font><font style="display: inline;color:#000000;"> reported in the Company&#x2019;s </font>
		</p>
		<p><font size="1"> </font></p></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">annual audited financial statements for such period, but excluding the following:&nbsp; </font><font style="display: inline;color:#000000;">asset write-downs or impairments; litigation or claim judgments or settlements; </font><font style="display: inline;color:#000000;">material </font><font style="display: inline;color:#000000;">changes in tax law, or other such laws or provisions affecting reported results; cumulative effect of accounting changes as defined by generally accepted accounting principles, and as identified in the Company</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s audited financial statements;</font><font style="display: inline;color:#000000;"> gains or </font><font style="display: inline;color:#000000;">losses from the acquisition or disposition of businesses or assets, or discontinued operations; restructuring charges; severance, contract termination and other costs related to entering or exiting certain business activities; and unusual or infrequently occurring items.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 3.</font>
			<a name="_Ref491623921"></a><font style="display: inline;text-decoration:underline;color:#000000;">Effect of Certain Events</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Effect of Death and Disability</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;In the event of your death or Disability before the Vesting Date, the Award will automatically vest in full as of the date of your death or Disability.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Termination without Cause or Resignation for Good Reason</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> (i)</font>
			<font style="display: inline;color:#000000;">In the event of your termination without Cause or resignation for Good Reason on or before the last day of the 2018 fiscal year, then as soon as practicable following the end of the 2018 fiscal year, the Committee shall review and certify the Net Income for the 2018 fiscal year, and if the Net Income for of the 2018 fiscal year equals or exceeds $500 million, the Award will immediately vest in full upon the Committee&#x2019;s review and certification of the Net Income for the 2018 fiscal year.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 24pt 0pt 0pt;"> (ii)</font>
			<font style="display: inline;color:#000000;">In the event of your termination without Cause or resignation for Good Reason after the last day of the 2018 fiscal year and before the Award has vested or been forfeited, then unless the Committee (in its sole and absolute discretion) waives the performance vesting condition for the fiscal year in which your termination occurs, as soon as practicable following the end of the fiscal year in which your termination occurs, the Committee shall review and certify the Net Income for the fiscal year in which your termination occurs, and if the Net Income for the fiscal year in which your termination occurs equals or exceeds $500 million, the Award will immediately vest in full upon the Committee&#x2019;s review and certification of the Net Income for the fiscal year in which your termination occurs.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (iii)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Effect of Other Termination</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Upon your termination for a reason other than death, Disability, termination without Cause or resignation for Good Reason prior to the Vesting Date, </font><font style="display: inline;color:#000000;">then the Award shall be forfeited and cancelled immediately</font><font style="display: inline;color:#000000;">.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;font-style:italic;color:#000000;">Definitions</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;For purposes of this Award Agreement, the following terms shall have the following meanings.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> (i)</font>
			<font style="display: inline;color:#000000;">&#x201C;Base Salary&#x201D; means your annual gross salary on the Date of Grant before any deductions, exclusions or any deferrals or contributions under any Company plan or program.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (iv)</font>
			<font style="display: inline;color:#000000;">&#x201C;Bonus Amount&#x201D; means your annual cash incentive as established by the Committee at target for the applicable performance period.&nbsp;&nbsp;If your annual cash incentive </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">has not been established, the Bonus Amount will mean the prior year&#x2019;s target annual cash incentive.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (v)</font>
			<font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">C</font><font style="display: inline;color:#000000;">ause&#x201D; means your (1</font><font style="display: inline;color:#000000;">) dereliction of dut</font><font style="display: inline;color:#000000;">y to the Company; (2)&nbsp;your conviction for a felony; or (3</font><font style="display: inline;color:#000000;">) &nbsp;</font><font style="display: inline;color:#000000;">your </font><font style="display: inline;color:#000000;">willful misconduct that has a substantial adverse effect on the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (vi)</font>
			<font style="display: inline;color:#000000;">&#x201C;Good Reason&#x201D; means:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (1)</font>
			<font style="display: inline;color:#000000;">the Company removes you from, or fails to re-elect or appoint you to, any material duties or position with the Company that were assigned or held by </font><font style="display: inline;color:#000000;">you as of the Date of Grant, except that a nominal change in your title that is merely descriptive and does not affect your rank, duties, or position shall not constitute such an event; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (2)</font>
			<font style="display: inline;color:#000000;">the Company assigns you any duties inconsistent with your position (including offices, titles and reporting requirements), authority, duties or responsibilities with the Company in effect as of the Date of Grant and materially adverse to you; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (3)</font>
			<font style="display: inline;color:#000000;">the Company takes any action that results in a material diminution of your position, authority, duties or responsibilities with the Company in effect as of the Date of Grant or otherwise takes any action that materially interferes therewith; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (4)</font>
			<font style="display: inline;color:#000000;">the Company reduces your Base Salary, Bonus opportunity or other elements of Total Compensation (performance-based elements being measured based on the value of the award opportunity), as in effect immediately prior to such reduction, other than a reduction that is immaterial (for this purpose, reductions aggregating $10,000 will be deemed to be material);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (5)</font>
			<font style="display: inline;color:#000000;">the Company relocates your principal workplace to an area that is located outside of a radius of fifty (50) miles from the location of your principal workplace immediately prior to the Date of Grant; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:144pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size:12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;;;padding:0pt 23pt 0pt 0pt;"> (6)</font>
			<font style="display: inline;color:#000000;">the failure of any successor to the Company to assume this Award Agreement.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Upon the occurrence of an event that would constitute Good Reason, you shall notify the Company of the occurrence of such event within ninety (90) days after you obtain actual knowledge thereof.&nbsp;&nbsp;If the Company has taken action within thirty (30) days after receipt of such notice to fully cure such event so that it would no longer constitute Good Reason, then Good Reason will be deemed to not have arisen based on the cured event.&nbsp;&nbsp;If Good Reason arises and is not cured, the Good Reason will be deemed to exist for a period of one year after the last day of the cure period.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> (vii)</font>
			<font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Total Compensation</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> means </font><font style="display: inline;color:#000000;">your</font><font style="display: inline;color:#000000;"> Base Salary, Bonus Amount, equity compensation and all other items of </font><font style="display: inline;color:#000000;">your</font><font style="display: inline;color:#000000;"> compensation</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 4.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Withholding</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The grant and the vesting of the </font><font style="display: inline;color:#000000;">Restricted Stock</font><font style="display: inline;color:#000000;"> is conditioned upon your making arrangements satisfactory to the Company for the payment to the Company of the </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">amount of all taxes required by any governmental authority to be withheld and paid over by the Company or any Affiliate to the governmental authority on account of such grant or vesting.&nbsp;&nbsp;The payment of such withholding tax</font><font style="display: inline;color:#000000;">es to the Company may be made (a) by you in cash or by check, (b</font><font style="display: inline;color:#000000;">) subject to the consent of the Company and in accordance with any guidelines established by the Committee, by the Company retaining the number of the </font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">hares </font><font style="display: inline;color:#000000;">of Common Stock </font><font style="display: inline;color:#000000;">that would otherwise be delivered to you upon vesting </font><font style="display: inline;color:#000000;">of the Restricted Stock </font><font style="display: inline;color:#000000;">that have an aggregate Fair Market Value (at the time retained by the Company) equal to the amount of withholding taxes (using your minimum required tax withholding rate or such other rate that the Company determines will not trigger a negative accounting impact to the Comp</font><font style="display: inline;color:#000000;">any) required to be paid, or (c</font><font style="display: inline;color:#000000;">) by the Company or any Affiliate withholding such taxes from any other compensation owed to you by the Company or any Affiliate.&nbsp;&nbsp;Unless you make arrangements prior to vesting </font><font style="display: inline;color:#000000;">of the Restricted Stock </font><font style="display: inline;color:#000000;">to pay withholdings taxes in cash or by check, or to have such withholding taxes withheld from other compensation owed to you by the Company or any Affiliate, then at the time of vesting</font><font style="display: inline;color:#000000;"> of the Restricted Stock</font><font style="display: inline;color:#000000;">, the Company shall have the right to retain the number of the </font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">hares </font><font style="display: inline;color:#000000;">of Common Stock </font><font style="display: inline;color:#000000;">that would otherwise be delivered to you upon vesting </font><font style="display: inline;color:#000000;">of the Restricted Stock </font><font style="display: inline;color:#000000;">that have an aggregate Fair Market Value (at the time retained by the Company) equal to the amount of withholding taxes (using your minimum required tax withholding rate or such other rate that the Company determines will not trigger a negative accounting impact to the Company) required to be paid.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 5.</font>
			<a name="_Ref451420410"></a><font style="display: inline;text-decoration:underline;color:#000000;">Non-competition, Non-solicitation, Confidentiality, and Detrimental Conduct.</font><font style="display: inline;color:#000000;"> &nbsp;In consideration for the Award, you agree that during your employment and for a period of twelve (12)&nbsp;months following termination of employment for any reason, you will not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, board member, director, or in any other individual or representative capacity, engage or attempt to engage in any activity that is competitive to the business of the Company within the geographic and substantive area or areas of responsibility assigned to the you during the last twenty-four (24)&nbsp;months of employment.&nbsp;&nbsp;In addition, you agree that for a period of eighteen (18)&nbsp;months following the termination of employment for any reason, you will not directly or </font><font style="display: inline;color:#000000;">indirectly by assisting others, solicit Company clients, prospects or referral resources; nor will you recruit or hire, or attempt to recruit or hire any other employee of the Company or its Affiliates, or induce or attempt to induce any employee of the Company to terminate employment with the Company. You also agree and acknowledge that during the course of your employment with the Company, you will obtain, have access and be privy to nonpublic information important to the Company</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s business solely as a result of employment with the Company, which</font><font style="display: inline;color:#000000;"> information you hereby acknowledge and agree to be confidential (&#x201C;Confidential Information&#x201D;).&nbsp;&nbsp;You agree that during and after employment, you shall not divulge or make use of any Confidential Information, directly or indirectly, personally or on behalf of any other person, business, corporation, or entity without prior written consent of the Company.&nbsp;&nbsp;You further agree that you will not, during your employment, engage in conduct which is detrimental to the Company, including violation of the Company&#x2019;s Code of Business Ethics and Conduct, criminal conduct, fraud, or willful misconduct.&nbsp;&nbsp;These covenants are not intended to, and do not, limit in any way the rights and remedies provided to the Company under the Plan, other agreements with you, or under common or statutory law.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 6.</font>
			<a name="_Ref451420773"></a><font style="display: inline;text-decoration:underline;color:#000000;">Repayment of Financial Gain</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">If you fail to comply with Section </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">5</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">of this Award Agreement, the Company may cancel this Award, and recover from you</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">the total number or </font><font style="display: inline;color:#000000;">V</font><font style="display: inline;color:#000000;">esting </font><font style="display: inline;color:#000000;">Da</font><font style="display: inline;color:#000000;">te value of </font><font style="display: inline;color:#000000;">the number of vested Restricted Stock Shares </font><font style="display: inline;color:#000000;">during the </font><font style="display: inline;color:#000000;">twenty-four (</font><font style="display: inline;color:#000000;">24</font><font style="display: inline;color:#000000;">)&nbsp;</font><font style="display: inline;color:#000000;">month period preceding your breach of any covenant in Section </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">5</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> of this Award Agreement.&nbsp;&nbsp;The total number or </font><font style="display: inline;color:#000000;">Vesting Date </font><font style="display: inline;color:#000000;">value of the </font><font style="display: inline;color:#000000;">number of </font><font style="display: inline;color:#000000;">vested </font><font style="display: inline;color:#000000;">Restricted Stock S</font><font style="display: inline;color:#000000;">hares shall not be reduced for the payment of applicable taxes or other amounts</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (e)</font>
			<a name="_Ref451420775"></a><font style="display: inline;color:#000000;">If you fail to comply with Section </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">5</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> of this Award Agreement, upon demand by the Company, you will repay the Company in accordance with the terms of Section&nbsp;12(a), and the Company shall be entitled to offset the amount of any such repayment obligation against any amount owed to you by the Company.&nbsp;&nbsp;The remedies set forth in this Section are in addition to any other remedies the Company may have, at law or equity, for your violation of the terms of this Award Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 7.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Transfer of Award</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Restricted Stock</font><font style="display: inline;color:#000000;">, and the right to vote the </font><font style="display: inline;color:#000000;">Restricted Stock Shares</font><font style="display: inline;color:#000000;">, may not, except as otherwise provided in the Plan, be sold, assigned, transferred, pledged or encumbered in any way prior to the vesting of </font><font style="display: inline;color:#000000;">the Restricted Stock Shares</font><font style="display: inline;color:#000000;">, whether by operation of law or otherwise, except by will or the laws of descent and distribution.&nbsp;&nbsp;After the </font><font style="display: inline;color:#000000;">V</font><font style="display: inline;color:#000000;">esting </font><font style="display: inline;color:#000000;">D</font><font style="display: inline;color:#000000;">ate, the vested </font><font style="display: inline;color:#000000;">Restricted Stock S</font><font style="display: inline;color:#000000;">hares may be issued during your lifetime only to you, or after your death to your designated beneficiary, or, in the absence of such beneficiary, to your duly qualified personal representative.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 8.</font>
			<a name="_Ref451420674"></a><font style="display: inline;text-decoration:underline;color:#000000;">Rights as a Stockholder</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><a name="_Ref451420675"></a><font style="display: inline;color:#000000;">Except as </font><font style="display: inline;color:#000000;">otherwise provided by this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">, you will have the rights of a stockholder with respect to the Restricted Stock Shares, including, but not limited to, the right to vote (in person or by proxy) such Restricted Stock Shares at any meeting of stockholders of the Company.&nbsp;&nbsp;Notwithstanding the foregoing, no dividends will be paid on any unvested Restricted Stock Shares</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 9.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Limitation of Rights</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Neither the Plan, the granting of the </font><font style="display: inline;color:#000000;">Award</font><font style="display: inline;color:#000000;"> nor this Award Agreement gives you any right to remain in the employment of the Company or any Affiliate.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 10.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Rights of Company and Affiliates</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Award Agreement does not affect the right of the Company or any Affiliate to take any corporate action whatsoever, including without limitation its right to recapitalize, reorganize or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, shares of Common Stock or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 11.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Plan Controls</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Award is subject to all of the provisions of the Plan, which is hereby incorporated by reference, and is further subject to all the interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted by the Committee pursuant to the Plan.&nbsp;&nbsp;In the event of any conflict among the provisions of the Plan and this Award Agreement, the provisions of the Plan will be controlling and determinative.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 12.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Amendment</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Except as otherwise provided by the Plan, the Company may only alter, amend or terminate the Award with your consent.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 13.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Governing Law</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Award Agreement shall be governed by and construed in accordance with the laws of the State of New York, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.&nbsp;&nbsp;All parties consent to exclusive personal jurisdiction in </font><font style="display: inline;color:#000000;">New York</font><font style="display: inline;color:#000000;"> courts and agree that venue shall be New York State Supreme Court, </font><font style="display: inline;color:#000000;">Monroe</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">County</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 14.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Section 409A</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Restricted Stock is intended to qualify for an exemption from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the treasury regulations promulgated and other official guidance issued thereunder (collectively, &#x201C;Section&nbsp;409A&#x201D;), and the Plan and this Award Agreement shall be administered and interpreted consistent with such intention.&nbsp;&nbsp;The Company&#x2019;s right to offset pursuant to Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">6</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> is limited to the extent that and until the application of an offset at a given time would not result in a violation of Section 409A.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> 15.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Dodd-Frank Clawback</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Notwithstanding any provision of this Award Agreement to the contrary, </font><font style="display: inline;color:#000000;">this Award is subject to clawback under any policy adopted by the Company implementing </font><font style="display: inline;color:#000000;">Section 10D of the Securities Exchange Act of 1934, as amended, and any regulations promulgated, or national securities exchange listing conditions adopted, with respect thereto</font><font style="display: inline;color:#000000;">, as described in the Plan.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;*</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>payx-20170908xex10_2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.9.0.4-->
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			Exhibit 10.2
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			<font style="display: inline;font-weight:bold;">EXHIBIT 10.2</font>

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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">PAYCHEX, INC.</font><br /><font style="display: inline;font-weight:bold;">2002 STOCK INCENTIVE PLAN</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">(as amended and restated effective October 14, 2015)</font><br /><font style="display: inline;font-weight:bold;"></font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">AMENDMENT TO AWARD AGREEMENTS </font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">&#xFEFF;</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 1.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Amendment</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">This </font><font style="display: inline;color:#000000;"> Amendment to</font><font style="display: inline;color:#000000;"> Award Agreement</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">this</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&#x201C;Amendment&#x201D;</font><font style="display: inline;color:#000000;">), made as </font><font style="display: inline;color:#000000;">of September 6, 2017 (the &#x201C;Effective Date&#x201D;), serves to notify you that the Governance and Compensation Committee (the &#x201C;Committee&#x201D;) of the Board of Directors of Paychex, Inc. (the &#x201C;Company&#x201D;) hereby amends the Award</font><font style="display: inline;color:#000000;"> Agreements for the Options granted</font><font style="display: inline;color:#000000;"> to you, under the Company</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s 2002 Stock Incentive Plan, as amended and restated effective </font><font style="display: inline;color:#000000;">October&nbsp;</font><font style="display: inline;color:#000000;">14, 2015 </font><font style="display: inline;color:#000000;">(the &#x201C;Plan</font><font style="display: inline;color:#000000;">&#x201D;), prior to the Effective Date</font><font style="display: inline;color:#000000;">, as well as the Award Agreements for any Options granted to you on or after the Effective Date</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">collectively, </font><font style="display: inline;color:#000000;">the</font><font style="display: inline;color:#000000;"> &#x201C;Option Award Agreements&#x201D;) as described below.&nbsp; </font><font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he capitalized terms used in this Amendment </font><font style="display: inline;color:#000000;">are defined in the Plan</font><font style="display: inline;color:#000000;"> or the Option Award Agreements</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 2.</font>
			<a name="_Ref491623921"></a><font style="display: inline;text-decoration:underline;color:#000000;">Post-Termination Exercise Period</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;Notwithstanding the terms of the Option Award Agreements, in the event of (a) the termination of your employment without Cause, (b) your resignation for Good Reason, or (c) any termination or resignation of your employment after the three-year anniversary of the Effective Date, prior to the complete exercise of the Options subject to such Award Agreements, such Option may be exercised to the extent of the number of vested Option Shares (as defined in the respective Prior Award Agreement), in whole or in part, subject to all of the conditions on exercise imposed by the Plan and the applicable Prior Award Agreement, within three years after the date of such termination, but only (i) </font><a name="OLE_LINK1"></a><a name="OLE_LINK2"></a><font style="display: inline;color:#000000;">to the extent that the Option was vested and exercisable on the date of such termination</font><font style="display: inline;color:#000000;">, and (ii) prior to the close of business on the Expiration Date of the respective Option.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 3.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Definitions</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;For purposes of this Amendment, the following terms shall have the following meanings.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">&#x201C;Base Salary&#x201D; means your </font><font style="display: inline;color:#000000;">annual gross </font><font style="display: inline;color:#000000;">salary on the date of the Effective Date before any deductions, exclusions or any deferrals or contributions under any Company plan or program.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Bonus Amount</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> means </font><font style="display: inline;color:#000000;">your</font><font style="display: inline;color:#000000;"> annual cash incentive as established by the </font><font style="display: inline;color:#000000;">Committee</font><font style="display: inline;color:#000000;"> at target for the applicable performance period.&nbsp;&nbsp;If </font><font style="display: inline;color:#000000;">your </font><font style="display: inline;color:#000000;">annual cash incentive has not been established, the Bonus Amount will mean the prior year</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s target annual cash incentive</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">C</font><font style="display: inline;color:#000000;">ause&#x201D; means your (1</font><font style="display: inline;color:#000000;">) dereliction of dut</font><font style="display: inline;color:#000000;">y to the Company; (2)&nbsp;your conviction for a felony; or (3</font><font style="display: inline;color:#000000;">) &nbsp;</font><font style="display: inline;color:#000000;">your </font><font style="display: inline;color:#000000;">willful misconduct that has a substantial adverse effect on the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;color:#000000;">&#x201C;Good Reason&#x201D; means:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> (i)</font>
			<font style="display: inline;color:#000000;">the Company removes you from, or fails to re-elect or appoint you to, any material duties or position with the Company that were assigned or held by you as of the </font>
		</p>
		<p><font size="1"> </font></p></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">Effective Date, except that a nominal change in your title that</font><font style="display: inline;color:#000000;"> is merely descriptive and does not affect your rank, duties, or position shall not constitute such an event; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 24pt 0pt 0pt;"> (ii)</font>
			<font style="display: inline;color:#000000;">the Company assigns you any duties inconsistent with your position (including offices, titles and reporting requirements), authority, duties or responsibilities with the Company in effect as of the Effective Date and materially adverse to you; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (iii)</font>
			<font style="display: inline;color:#000000;">the Company takes any action that results in a material diminution of your position, authority, duties or responsibilities with the Company in effect as of the Effective Date, or otherwise takes any action that materially interferes therewith; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (iv)</font>
			<font style="display: inline;color:#000000;">the Company reduces your Base Salary, Bonus opportunity or other elements of Total Compensation (performance-based elements being measured based on the value of the award opportunity), as in effect immediately prior to such reduction, other than a reduction that is immaterial (for this purpose, reductions aggregating $10,000 will be deemed to be material); or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:108pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (v)</font>
			<font style="display: inline;color:#000000;">the Company relocates your principal workplace to an area that is located outside of a radius of fifty (50) miles from the location of your principal workplace immediately prior to the Effective Date.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Upon the occurrence of an event that</font><font style="display: inline;color:#000000;"> would constitute Good Reason, you shall notify the Company of the occurrence of such event within ninety (90) days after you obtain actual knowledge thereof.&nbsp;&nbsp;If the Company has taken action within thirty (30) days after receipt of such notice to fully cure such event so that it would no longer constitute Good Reason, then Good Reason will be deemed to not have arisen based on the cured event.&nbsp;&nbsp;If Good Reason arises and is not cured, the Good Reason will be deemed to exist for a period of one year after the last day of the cure period.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Total Compensation</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> means </font><font style="display: inline;color:#000000;">your</font><font style="display: inline;color:#000000;"> Base Salary, Bonus Amount, equity compensation and all other items of </font><font style="display: inline;color:#000000;">your</font><font style="display: inline;color:#000000;"> compensation</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 4.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Limitation of Rights</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Neither the Plan, the </font><font style="display: inline;color:#000000;">Option Award Agreements</font><font style="display: inline;color:#000000;"> nor </font><font style="display: inline;color:#000000;">this Amendment</font><font style="display: inline;color:#000000;"> gives you any right to remain in the employment of the Company or any Affiliate.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 5.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Rights of Company and Affiliates</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Amendment does not affect the right of the Company or any Affiliate to take any corporate action whatsoever, including without limitation its right to recapitalize, reorganize or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, shares of Common Stock or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 6.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Plan Controls</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Amendment is subject to all of the provisions of the Plan, which is hereby incorporated by reference, and is further subject to all the interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted by the Committee pursuant to the Plan.&nbsp;&nbsp;In the event of any conflict among the provisions of the Plan and this Amendment, the provisions of the Plan will be controlling and determinative.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 7.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Governing Law</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Amendment shall be governed by and construed in accordance with the laws of the State of New York, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.&nbsp;&nbsp;All parties consent to exclusive personal jurisdiction in </font><font style="display: inline;color:#000000;">New York</font><font style="display: inline;color:#000000;"> courts and agree that venue shall be New York State Supreme Court, </font><font style="display: inline;color:#000000;">Monroe</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">County</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:24pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">To indicate your consent to the amendment of the Option Award Agreements described in this Amendment, please sign and date where indicated below, and return a signed copy of this Amendment to the Corporate Secretary.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;color:#000000;">/s/ Efrain Rivera</font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Date: </font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;">9/6/17</font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Efrain Rivera</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

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