Company: ADP
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001308179-25-000607
Chunk: 71

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 71
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3, 2024, and 2025, tranches are linked to adjusted net income and revenue ex-ZMPT goals, and include a relative TSR modifier at the end of the respective three-year performance period. Remaining tranches of PSUs granted in fiscal year 2025 will be linked to adjusted net income and revenue ex-ZMPT goals for fiscal years 2026 and 2027, respectively, and will be reported in the Summary Compensation Table in such fiscal years. The remaining tranche of PSUs granted in fiscal year 2024 will be linked to adjusted net income and revenue ex-ZMPT goals for fiscal year 2026, and will be reported in such fiscal year. The grant date fair value of the PSUs granted in fiscal years 2025, 2024, and 2023, respectively, assuming achievement of the maximum level of performance are: Ms. Black, $21,068,602, $14,237,313, and $8,725,677; Mr. McGuire, $7,476,508, $6,018,596, and $4,201,121; Mr. Bonarti, $5,988,494, $4,987,310, and $4,738,237; Mr. DeSilva, $5,120,802, $3,609,314, and $2,123,071; Mr. Kutam, $5,408,622; and Mr. Ayala, $7,295,772, $6,650,057, and $6,204,392.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (2) | Performance-based bonuses paid under the annual cash bonus plan are shown in this column. A discussion of our annual cash bonus plan may be found in our Compensation Discussion and Analysis under “Cash Compensation - Annual Cash Bonus.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (3) | Amounts shown reflect the aggregate increase during the last fiscal year in the present value of the executive’s benefit under our tax-qualified cash balance pension plan, the Automatic Data Processing, Inc. Pension Retirement Plan, and our non-qualified supplemental retirement plan, the Supplemental Officers Retirement Plan (“SORP”). Our SORP was frozen as of July 1, 2019. Therefore, actual accrued SORP benefits will not change going forward. However, the Change in Pension Value disclosed in column (h) will fluctuate