Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 30

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 30
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Paychex, Inc. 2025 Proxy Statement •25

| Corporate Governance |

| identifiable interest in this transaction. During a portion of fiscal 2024, Mr. Golisano also served as a director on Kodak’s Board of Directors as the designee of GO EK Ventures IV, LLC (“GO EK Ventures”). GO EK Ventures IV, LLC beneficially owns greater than 5% of Kodak’s outstanding shares, and Mr. Golisano is its sole member. Mr. Golisano did not participate in the negotiation, decision-making process, or approval of the agreement between the Company and Kodak. Our N&G Committee considered the relevant information and approved the transaction after finding the transaction to be on arm’s length terms and in the best interests of the Company. |

| • |     | The Company provides payroll and other ancillary services to The Bonadio Group (“Bonadio “). Pursuant to the agreement between the Company and Bonadio, Bonadio paid the Company approximately $0.2 million in fees for these services during fiscal 2025. As a director, Mr. Bonadio may be deemed to have an interest in this transaction, but is not expected to have any direct identifiable interest therein. In addition to serving as a Board member of the Company, Mr. Bonadio is the founder and also serves as the Chairman of the Board of Directors of Bonadio. Mr. Bonadio did not participate in the negotiation, decision-making process, or approval of the agreement between the Company and Bonadio. Our N&G Committee considered the relevant information and approved the transaction after finding the transaction to be on arm’s length terms and in the best interests of the Company. |

| • |     | During 2024, the Company entered into an agreement to resell certain HelloTeam, Inc. (“HelloTeam”) services to customers. Pursuant to the agreement between the Company and HelloTeam, HelloTeam paid the Company approximately $0.9 million in fees during fiscal 2025. As a director and a beneficial owner of greater than 5% of the Company’s common stock, Mr. Golisano may be deemed to have an interest in this transaction, but is not expected to have any direct identifiable interest therein. In addition to having served as a Board member of the Company until he stepped down from the Board effective July 9, 2025, as previously disclosed, Mr. Golisano also owns a greater than 10% interest in HelloTeam. Mr.